LFTD Partners Inc. Reports Fourth Quarter and Full Year 2023 Financial Results

JACKSONVILLE, FL / ACCESSWIRE / April 1, 2024 / LFTD Partners Inc. ("LFTD Partners" or the "Company") (OTCQB:LIFD), the corporate parent of leading hemp and psychoactive products maker Lifted Made, today reported its financial results for the fourth quarter and year ended December 31, 2023. Financial results are reported in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and all currency is in U.S. dollars.

Income Statement - Q4 2023 Compared to Q4 2022:

• Revenue increased 19% to $13,519,947, up from $11,313,878
• Operating margin decreased 100% to a loss of $517,140, down from income of $716,724
• Net income decreased 96% to $23,640, down from net income of $608,589
• Basic earnings per share ("EPS") decreased 97% to $0.00 per share, down from $0.04 per share
• Diluted EPS decreased 97% to $0.00 per share, down from $0.04 per share
• Basic and diluted weighted average shares outstanding for the three months ended December 31, 2023 were 14,805,678 and 16,689,876, respectively

Income Statement - 2023 Compared to 2022:

• Revenue decreased 10% to $51,610,562, down from $57,416,535
• Operating margin decreased 75% to $2,410,189, down from $9,812,727
• Net income decreased 70% to $2,159,007, down from $7,196,327
• Basic EPS decreased 71% to $0.15 per share, down from $0.51 per share
• Diluted EPS decreased 71% to $0.13 per share, down from $0.45 per share
• Basic and diluted weighted average shares outstanding for the year ended December 31, 2023 were 14,555,279 and 16,439,477, respectively

Balance Sheet - December 31, 2023 Compared to December 31, 2022:

• Cash on hand increased 23% to $4,357,539, up from $3,530,623
• Inventory increased 69% to $10,174,667, up from $6,023,967
• Current assets increased 56% to $21,668,980, up from $13,853,949
• Current ratio increased to 2.49, from 2.23
• Working capital increased 70% to $12,982,236, up from $7,643,816

Earnings Conference Call and Webcast Information:

LFTD Partners will host an earnings conference call and webcast today, Monday, April 1, 2024 at 8:30 AM ET to discuss the foregoing financial results, and also to provide updates on certain Company developments, including product and geographical expansions, and potential stock buybacks, as well as challenges currently faced by the Company, including regulatory challenges and inventory write offs.