Digipath, Inc. (OTCQB:DIGP) announced financial results for the first quarter ended December 31, 2021 of its fiscal year ended September 30, 2022.
First Quarter 2022 Financial Highlights
- The net loss was significantly reduced, from $390,637 in the first quarter of 2021 to $290,325 in the corresponding period of 2022, i.e. a decrease of 26%.
- Revenues have increased significantly compared to the same quarter last year, going from $500,385 in the first quarter of 2021 to $699,585 in the current quarteran increase of $199,200, or 40%.
- The gross margin was also significantly increased, from $79,500 in the first quarter of 2021, to $276,984 in the current quarter.
- General and administrative expenses increased by 7%.
- Professional fees were also accelerated, increasing by 134%.
“We are delighted with the significant progress detailed in our latest quarterly report,” Stone Douglass, Chief Financial Officer at Digipath, Inc., noted. “While there is certainly work to be done to further improve efficiency and our margins, we believe we have an action plan to address these issues as we are spending a little extra capital now to generate more come back later.”
“All of this brings us to a position of significant optimism as we continue to make progress in our efforts to complete the acquisition of a majority stake in the Steep Hill California laboratory in Berkeley,” Todd Denkin, Founder and President of Digipath, commented.
Digipath is an independent, service-oriented analytical testing laboratory, data analytics company focused on the cannabis and hemp markets.
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