PlantX Life Inc has announced third-quarter 2022 revenue of C$2,740,419, an increase of $907,935 from the same period last year, while gross profit almost trebled to C$996,512 million.
The Vancouver-based company ended the December quarter with working capital of C$2,246,893, inclusive of cash of $1,979,429. After the quarter-end, it completed an oversubscribed non-brokered private placement, raising gross proceeds of $5,491,150.
"To see the growth in revenue since we started PlantX is inspiring,” PlantX founder Sean Dollinger said in a statement. “While we are strategically targeting long term expansion, PlantX's results show that the hard work that has been put in is paying off,” he added.
READ: PlantX launches XFitness, the XVIP Membership Program; completes oversubscribed private placement for C$5.49M
PlantX noted that it issued 52,296,660 units at C$0.105 under the private placement. Each unit consists of one common share and one purchase warrant, entitling the holder to buy one additional share at an exercise price of C$0.14 for two years from February 17, 2022. However, it can accelerate the expiry date if its share price equals or exceeds C$1.50 for 10 consecutive trading days.
Cost of sales for the three months ended December 31, 2021, was $1,743,907 and it reported a net loss of $7,385,845 and a loss per share of $0.07. It explained that $1,911,612 of the loss was the result of share-based compensation.
"We are proud to be the face of the plant-based community and to have a loyal customer base that loves the brand,” Dollinger concluded. “The diligent management team at PlantX, led by chief executive officer Lorne Rapkin, continues to build PlantX as a leading brand in the expanding plant-based industry."
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. The company offers more than 10,000 plant-based products.
Contact the author at stephen.gunnion@proactiveinvestors.com