PlantX Life Inc reported 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, up from $910,000 in July 2021.
Gross profit for the month was $468,000 or 39% gross margin, compared to $318,000 or 35% the same month a year ago.
“As we see continued strong revenue growth, we are strongly focused on accelerating our path to profitability,” said PlantX CEO Lorne Rapkin.
Rapkin told investors that the company has been fine-tuning its operations, particularly in terms of staffing, optimizing marketing activities and securing more favorable terms with suppliers.
“We are very confident that these initiatives will result in further near-term improvement in gross margins and a reduction in our net loss as our business continues to grow,” added the CEO.
Additionally, PlantX provided an update regarding a previously announced management cease trade order issued earlier in August. The OCTM was issued due to the delay in filing its audited annual financial statements, MD&A and related management certificates for the fiscal year ended March 31, 2022, prior to the July 29, 2022 deadline.
PlantX said it is “working diligently” with its auditors and expects the audit of required documents to be completed and filed within 30 days, no later than September 27, 2022.
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