PlantX Life Inc announced second-quarter 2022 revenue of C$2,826,790, an increase of $2,499,788 from the same period last year, as the company focused on diversification and the implementation of new technology, physical retail stores and educational programming to complement its multi-channel e-commerce impact.
The company ended the September quarter with C$9,582,510 in cash and working capital of C$10,153,199.
“It has been an active quarter for PlantX as we continue to devote our efforts towards achieving our strategic expansion plan,” PlantX founder Sean Dollinger said in a statement.
READ: PlantX Life launches product subscription service and social media marketing initiative
“From scaling our operational capabilities, to expanding our customer base and enhancing our educational pursuits, we have demonstrated increased effectiveness in line with our goal to add value and increase our impact in the fast-growing plant-based industry,” Dollinger added.
PlantX noted that its revenue-boosting strategies included launching new brick-and-mortar locations in San Diego and Venice Beach, California and announcing new physical locations in Toronto and Ottawa, Ontario.
It added that other e-commerce-enhancing strategies executed in the quarter included launching XFood, the company's meal delivery service in the US, and launching sales as a third-party seller on Walmart Marketplace in the US and on Amazon Marketplace in the US and Canada.
The company also recorded a net loss for the quarter of C$7,617,163, or $0.07 per share, of which C$3,394,397 was the result of share-based compensation.
Vancouver-based PlantX Life, 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.
Contact Sean at sean@proactiveinvestors.com