- The growing plant-based consumer market one-stop shopping solution PlantX Life announced its most recent Q1 financials on Aug. 30
- The financial statement notes revenue growth of $3.95 million YOY (Canadian) as part of PlantX’s drive to build a number of verticals to support its one-stop- shop mission since the company acquired PlantX Living in a reverse takeover in August 2020
- PlantX Life also improved on the previous quarter’s 23 percent gross margin to achieve a gross margin of 28 percent
- The company is expanding from its flagship store in Squamish, British Columbia to open similar stores in Southern California and Israel with a significant e-commerce operation seeking to educate and provide a wide variety of products for the plant-based community
Canadian e-commerce and plant-based community builder PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is celebrating reports of its growing revenues and operational foothold following the announcement of its Q1 financial statement’s filing.
The Vancouver, British Columbia-based company is developing a one-stop shopping experience for the plant-based community, simultaneously working to educate consumers about the virtues of plant-based living and help develop a cohesive coterie of like-minded food enthusiasts.
PlantX Life’s interim unaudited condensed consolidated financial results for the three months ended June 30 note the company generated gross revenue of more than $4 million (Canadian), which was an increase of $3.95 million YOY (https://nnw.fm/1Kxt0).
During the past year, the company has undergone a period of rapid vertical building as part of its mis sion to grow a model similar to e-commerce giant Amazon’s but devoted to plant-based consumer interests.
PlantX sells more than 5,000 products in line with its mission and plans to expand its offerings to include cosmetics, clothing, and its own water brand. While e-commerce is a significant part of its operations, the company maintains a flagship storefront in Squamish, British Columbia and is establishing additional physical stores in San Diego, California and Tel Aviv in the state of Israel to serve those nationalities (https://nnw.fm/nkV7U).
According to the financial statement, the company achieved a gross margin of 28 percent for the quarter, compared to 23 percent during the previous quarter. As of June 30, PlantX had working capital of nearly $15 million, inclusive of $13.5 million in cash.
“PlantX continues to invest its efforts and resources strategically to grow and meet the demand for our plant-based products,” founder Sean Dollinger stated. “It is encouraging to see the impact of our work. We are more committed than ever to continue building our business by executing on our mission and expansion goals.”
Those investments include the acquisition of PlantX Living Inc. in a reverse takeover completed Aug. 5, 2020; the acquisition of Bloombox Club Ltd. completed Nov. 6; the acquisition of Score Enterprises Ltd. completed Jan. 7 of this year; the acquisition of Little West LLC completed May 10; the acquisition of all of the issued and outstanding membership interests of MK Cuisine Global LLC’s Plant-Based Deli LLC completed on May 27; and the acquisition of certain assets of LIV Marketplace LLC completed June 25, according to the company management’s accompanying discussion and analysis found on its SEDAR profile (https://nnw.fm/l46aB).
Bloombox is a service that hand-delivers locally grown plants and gardening supplies to consumers. Score Enterprises operated the Squamish restaurant location’s related operations that became the company’s flagship store. Little West LLC is a privately owned, California-based cold-pressed juice company. Deli LLC, also known as New Deli, is a sustainable and plant-based retail store in Venice Beach, Calif. LIV Marketplace, also part of the New Deli operation, is the San Diego, Calif., retail partner responsible for the fulfillment of PlantX’s online product distribution within the United States.
The San Diego store will open in September, and PlantX announced July 28 that its XFood delivery service in Southern California will use a ghost kitchen in central Los Angeles as part of an operation modeled after its food delivery services in British Columbia.
For more information, visit the company’s websites at www.PlantX.com, www.PlantX.ca, and https://investor.plantx.com/ and view PlantX for Plant-Based Investors.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://nnw.fm/PLTXF
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