VANCOUVER, BC, Canada – PlantX Life Inc., the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced unaudited monthly financial metrics for April 2023. PlantX generated monthly gross revenue of $897,000 in April 2023, up approximately 11% sequentially compared to $807,000 in March 2023.
The increase was driven by strong growth from PlantX Midwest, PlantX UK and Vegan Essentials. In addition, the Company continued to generate double-digit growth for its Locavore Bar & Grill concept and its Portfolio Coffee beverage business, as well as 6% growth for its Little West cold-pressed juice business.
In addition, gross profit improved significantly across all key growth areas of the business, with consolidated margins improving 323 basis points to 44.2% compared sequentially to 41.0% gross margins.
“Our geographic expansion, building on our growing reputation in California, Canada, and online, is driving top and bottom-line growth,” said PlantX CEO, Lorne Rapkin.
“We have established a robust platform, representing the most valuable plant-based assets in the ecosystem, and this portfolio is leading to greater brand awareness, increasing cross-selling and cross-promotion opportunities and facilitating geographic expansion. We continue to drive notable growth in the Chicagoland area, as well as the UK, and we recently launched our Israeli ecommerce site, furthering our global expansion.”
“Importantly, our geographic expansion and the concepts and products where we are focusing our efforts all generated improved profit margins, demonstrating significant progress in our path to profitability,” continued Rapkin.
“We are nearing a key inflection point, where additional growth should drive disproportionate improvement in our profitability as we more effectively leverage our established platform and our competitive position in the marketplace. The addition of leading brands to our ecommerce properties is another example of this, as we add profitable revenue with little or no fixed costs, accelerating our profitability initiatives.”
The financial metrics disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.