PlantX Life Inc has announced first-quarter 2022 gross revenue of C$4,089,705, an increase of $3,956,815 from the same period last year as demand for its plant-based products accelerated.
The company also achieved a gross margin of 28% during the quarter, up from 23% in 4Q 2021.
“PlantX continues to invest its efforts and resources strategically to grow and meet the demand for our plant-based products,” PlantX founder Sean Dollinger said in a statement.
“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,” Dollinger added.
PlantX ended the quarter with C$13,573,427 in cash as of June 31, 2021.
The company also recorded a 1Q net loss of C$10,283,084, or $0.09 per share, of which C$5,937,614 was due to share-based compensation.
Vancouver-based PlantX Life styles itself as the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently added meal service delivers chef-created dishes straight to the doors of Western Canada. All in all, the company offers more than 10,000 plant-based products.
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