PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTC: PLTXF), the digital face of the plant-based community operating a one-stop shop for plant-based products, is seeing continued gross margin improvement as the company has executed its strategic path to profitability. The company has released its unaudited monthly financial metrics for June 2023 and is reporting $901,000 in revenue for the month. According to the announcement, profit margin improved across all key growth areas of the business, with continued revenue increases coming from Little West cold-pressed juices. The report noted that consolidated margins expanded approximately 50 basis points sequentially to 45.8% compared to 45.3% in May. “Our sharpened focus on profitability is bearing fruit,” said PlantX Life CEO Lorne Rapkin in the press release. “While we continue to fuel the growth of business units such as ecommerce fulfillment and Little West, we are also taking necessary steps to de-emphasize business units which do not meet our stringent near-term margin hurdles. These actions contributed to another 50 basis point improvement in gross profit margins during the month of June, and set the company up for an even stronger back half of 2023. We are well-positioned to become a profitable company as we fulfill our mission to be the platform of choice for the plant-based community. In particular, our growth is increasingly being driven by our emerging ecommerce fulfillment business. We are now supporting some of the top-performing and most well-known brands in the vegan space, including Good Planet, Hungry Planet, No Evil Foods, Good 2 Go Veggie, Tofutti, The be Hive and Vegan Wines. We are in the process of adding additional exciting brands, so we expect this vertical to experience continued growth, while also benefiting from SEO/marketing initiatives from these brands.”
To view the full press release, visit https://ibn.fm/m0Vf9
About PlantX Life Inc.
PlantX is committed to being the digital face of the plant-based community as well as the one-stop shop for plant-based products. With its fast-growing category verticals, the company offers customers across North America more than 5,000 plant-based products. PlantX also has other brands in the PlantX portfolio, including a juice brand, a coffee company, a plant shop and brick-and-mortar grocery stores. PlantX uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. PlantX’s digital presence eliminates entry barriers for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life. For more information about this company, please visit www.PlantX.com and www.PlantX.ca.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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