Veji Holdings Ltd has posted second-quarter revenue of $1,223,540 compared to $315,680 for the same quarter a year ago.
The British Columbia-based online marketplace for plant-based and sustainable products said the consolidated gross margin percentage for the three months ended June 30, 2022 was 45.2% compared to 9.4% for the three months ended June 30, 2021.
"We're pleased to report our financial results for Q2, 2022,” Veji CEO Kory Zelickson said in the results statement. “The company's management and its board of directors remain engaged in our previously-announced strategic review process, with the intention of maximizing value through a potential transaction. We anticipate providing further updates in due course."
READ: Veji Holdings operates a growing digital marketplace that features thousands of plant-based and sustainable-living products
In an announcement earlier this month, Veji said its board of directors has approved management to initiate a process to identify, examine and pursue strategic alternatives to its existing business given current market conditions and the cash needs of the company.
As part of the review, the company said it will pursue opportunities, including, but not limited to, equity/debt investment from a strategic partner, the potential sale of all or a material portion of the company's assets, operating businesses and wholly-owned subsidiaries, as well as pursuing M&A opportunities.
For now, the company said it narrowed its net loss for the second quarter ended June 30, 2022, to $1,861,462, down from $2,884,044 in the year-ago period.
The company offers thousands of plant-based and sustainable-living products from a growing list of vendors via its easy-to-use platform that provides an omnichannel experience for both vendors and buyers.
Veji leverages big data and artificial intelligence to elegantly connect brands with a targeted consumer base, both organically and through specialized marketing programs. Dynamic fulfillment services empower brands to offer tier-one service, with ongoing engagement being driven through features like smart lists, subscription programs, reordering functions, sampling programs, and more.
The company also owns and operates the US-based Veg Essentials LLC (VeganEssentials.com), a staple of the plant-based community. Vegan Essentials was established in 1997 and contributed to more than 20 years of consumer insight, data, and buying power. VeganEssentials.com was awarded best online vegan store from 2005-2018, as well as best online vegan grocery from 2018-2021 by VegNews Magazine.
The company also owns and operates VEDGEco USA Inc. (VEDGEco.com). Headquartered in Kailua, Hawaii and launched in 2020, VEDGEco is the first nationwide plant-based foodservice distributor, providing restaurants with high-quality plant-based options. With the goal of bringing the freedom of food choice to all restaurants and businesses, VEDGEco distributes plant-based products in bulk to the restaurant and wholesale food industry, as well as to consumers across the US.
Contact the author at jon.hopkins@proactiveinvestors.com