Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF, AQSE:YOOM) said it is starting to see the early results of its streamlining and rationalisation efforts as it provided a quarterly financial update.
Revenues were up 50% year over year at US$3.3mln in the three months ended 30 June 2022, while the cost base shrank by 32% to US$2.3mln, resulting in a net loss of around US$1.1mln (down 65% over 12 months).
Yooma chief executive Jordan Greenberg said the company’s Vitality CBD in operation in Europe and Vertex Co in Japan were "continuing to perform".
“We are also starting to see some early results from the streamlining and rationalisation exercise that we undertook earlier this year in the form of reduced expenses for the quarter, a trend that we expect will continue in the near-term as our efforts continue,” he added.
“The company also continues to explore opportunities for the sale of assets or further M&A if financing can be secured on acceptable terms."