PlantX Life Inc. (CSE:VEGA) has revealed preliminary financial results for its fiscal third quarter, highlighted by more than doubling revenue from its PlantX Living unit.
Consolidated revenue for the three months ended December 31, 2022, was $2.8 million, up from $2.7 million in the third quarter last year. PlantX Living revenue was up 136.8%, PlantX Deli revenue increased 56.1%, EH & Portfolio Coffee revenue increased 46% and Little West Cold-Pressed Beverages revenue increased 25%, the company said.
Year-to-date revenue was $11.7 million, up from $6.8 million in 2021. PlantX Deli revenue doubled, Little West Cold-Pressed Beverages revenue increased by 92.3% and PlantX Living revenue was up 16.3%.
READ: PlantX Life up to date with all regulatory financial statement filings
“We continue to build a diversified platform for sustainable growth, leveraging our expanding presence in the plant-based ecosystem and greater cross-promotional capabilities,” PlantX Life CEO Lorne Rapkin said in a statement.
“Recent acquisitions of Little West and EH & Portfolio Coffee are playing key roles in our growth, and our new Deli and PlantX Living expansions are contributing to revenue diversification and market awareness. Geographically, our expansion to the UK and Israel have been successful, and we are growing our presence in these important regions," he added.
PlantX remains focused on becoming profitable in 2023, the company said. For the time being, the company said has paused operations in Israel and Plainfield, Illinois to focus on eCommerce and to conserve capital to accelerate growth in its other verticals.
Meanwhile, Peter Simeon, an independent director, has resigned from the company’s board of directors. He will continue to act as the company's Canadian legal counsel.
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