PlantX Life Inc has announced that its monthly gross revenue for July 2022 was up 35% year-over-year as its Little West cold-pressed juice brand saw strong sales.
The Vancouver-based company generated revenue of $1.2 million in July 2022, compared to $910,000 in July 2021.
Gross profit for the month came in at $468,000, or 39% gross margin, compared to $318,000 or 35% in the same month a year prior.
READ: PlantX brings Little West cold-pressed juices to Canada
"As we see continued strong topline growth that, we are sharply focused on accelerating our path to profitability," said PlantX CEO, Lorne Rapkin.
Rapkin told investors that the company has refined its operations – especially when it comes to staffing, optimizing marketing activities, and securing more favorable terms with suppliers.
“We are highly confident that these initiatives will translate into near-term further improvement in gross margins and a reduction in our net loss as our business continues to grow,” the CEO added.
READ: PlantX Life sees its gross revenue hit nearly C$1.5M in June 2022
Additionally, PlantX provided an update pertaining to a previously announced management cease trade order issued earlier in August. The MCTO was issued in connection with the delay in filing its audited annual financial statements, management's discussion and analysis and related officer certifications for the fiscal year ended March 31, 2022, before the deadline of July 29, 2022.
PlantX said it is “working diligently” with its auditors and expects to have the audit of the required filings completed and filed within 30 days, no later than September 27, 2022.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas