PlantX Life Inc posted fiscal fourth-quarter results that saw its revenue jump 134% over the fiscal third quarter as the company’s sustained investments in operational activities boosted growth.
For the period ended March 31, 2021, the Vancouver-based company, which is spearheading the movement towards a plant-based lifestyle, reported gross revenue of C$4,294,016, compared to gross revenue of C$1,832,484 in the fiscal third quarter in 2021.
The firm calculated that the cost of goods sold for the fiscal 4Q worked out to $3,295,120, and it generated a gross margin of 23%, compared to 20% in the 3Q.
READ: PlantX Life is poised to become a major player in the plant-based lifestyle movement
Meanwhile, PlantX said that gross revenue for the year ended March 31, 2021, totaled C$6,586,392, compared to C$1,349, starting with the company’s incorporation on October 11, 2019, to March 31, 2020.
Again, the cost of goods sold for the year ended March 31, 2021, panned out to $5,194,391 with gross margin for the year, working out to 21%.
The company had sufficient working capital of $22,140,276, which included a cash pile of $20,364,895 as of March 31, 2021.
"The latest financial results continue to highlight the growing impact of our efforts and also PlantX's potential as a key player leading the evolution of the plant-based industry," said PlantX founder Sean Dollinger.
"PlantX has been growing its revenue each quarter. We are attributing this to the company's investments in operational activities designed to strategically support PlantX's growth plan.”
Dollinger emphasized that PlantX is “thoroughly focused on six key pillars” to ensure the success of its growth strategy, which hinges on marketing activities, boosting product and service diversity, supply chain expansion, geographic expansion and completing strategic acquisitions.
PlantX styles itself as the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently added meal service delivers chef-created dishes straight to the doors of western Canada. All in all, the company offers more than 10,000 plant-based products.
In addition to offering meal and indoor plant deliveries, PlantX currently has plans to expand its product lines to include cosmetics, clothing, and its own water brand. It also offers a restaurant directory, unique recipes and a community forum to share plant-based ideas with other like-minded individuals.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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