PlantX Announces 2024 Financial Results: Achieves $7.3 Million in Revenue and 8% Increase in Gross Margins Year-Over-Year

VANCOUVER, BC / ACCESSWIRE / July 30, 2024 / PlantX Life Inc. (CSE:VEGA)(Frankfurt: WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today reported its audited consolidated financial results for the fiscal year ended March 31, 2024. All amounts are reported in Canadian dollars unless otherwise stated.

Fiscal 2024 Highlights

• Significant Reduction in Net Loss: Net loss decreased dramatically to $5,014,710 in 2024 from $21,384,656 in 2023, reflecting our successful cost-reduction and efficiency strategies.

• Improved Gross Margin: Gross margin increased by 8%, reaching 46% ($3,405,421) in 2024 compared to 38% ($5,088,767) in 2023, indicating stronger profitability and more efficient operations.

• Revenue: While revenue decreased to $7,302,666 in 2024 from $13,299,891 in 2023, the company is in a stronger financial position due to improved gross margins and a substantial reduction in net losses. This strategic shift allows us to focus on sustainable growth and long-term profitability.

Lorne Rapkin, PlantX CEO, commented, "Fiscal 2024 saw significant updates in partnerships and operational shifts aimed at reducing costs and divesting assets that were consuming too much cash. Opening the largest vegan food hall in the USA was a remarkable achievement, and engaging in a share purchase agreement with VEG House to offload some high cash-burning assets has helped position PlantX for a brighter future."

Business Review

During the fiscal year ended March 31, 2024, PlantX strategically focused on enhancing profitability and optimizing operations. Key actions included:

• Closure of Underperforming Locations: Closed two Canadian locations inside Hudson's Bay (Yorkdale, Toronto, and Rideau, Ottawa) due to insufficient foot traffic. Inventory was transferred to the Chicago warehouse for online sales on PlantX.com and VeganEssentials.com. Equipment was repurposed for the XMarket uptown store.

• Expansion of Vegan Food Hall: XMarket Uptown opened Chicago's pioneering Vegan Food Hall on October 5, 2023. The hall features six local vegan restaurants, a coffee shop run by PlantX's Portfolio Coffee brand, and a fully licensed bar with an extensive selection of vegan-friendly beverages.

• Consolidation for Efficiency: Consolidated XMarket Squamish and the Cloudburst Coffee shop at the Locavore Bar and Grill, expanding the lounge area to enhance customer experience and increase sales through hosting private events.