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PlantX reports monthly results for June 2023

Gross profit margin continued to improve across all key growth areas of the business, with consolidated margins expanding approximately 50 basis points sequentially to 45.8% compared to 45.3% in May

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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 June 2023. The Company is reporting $901,000 in revenue for June 2023, with continued increases from Little West cold-pressed juices and PlantX Midwest offset by strategic actions to improve profitability.

Gross profit margin continued to improve across all key growth areas of the business, with consolidated margins expanding approximately 50 basis points sequentially to 45.8% compared to 45.3% in May.

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“Our sharpened focus on profitability is bearing fruit,” said PlantX CEO, Lorne Rapkin. “While we continue to fuel the growth of business units such as ecommerce fulfillment and Little West, we are also taking necessary steps to de-emphasize business units which do not meet our stringent near-term margin hurdles.

These actions contributed to another 50 basis point improvement in gross profit margins during the month of June, and set the company up for an even stronger back half of 2023. We are well positioned to become a profitable company as we fulfill our mission to be the platform of choice for the plant-based community.”

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Continued Mr. Rapkin, “In particular, our growth is increasingly being driven by our emerging ecommerce fulfillment business.

We are now supporting some of the top performing and most well known brands in the vegan space, including Good Planet, Hungry Planet, No Evil Foods, Good 2 Go Veggie, Tofutti, The be Hive and Vegan Wines. We are in the process of adding additional exciting brands, so we expect this vertical to experience continued growth, while also benefiting from SEO/Marketing initiatives from these brands.”

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.

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