Business
Upexi Announces Record Quarter-to-Date Retail and DTC Gross Revenue of Approximately $19 Million Gross and $17 Million Net of Discontinued Operations
Record revenue to date for the current quarter driven by consumer demand across all product categories, including Tytan Tiles' toys and electronics
About this update from Upexi, Inc.
[{"type":"text","content":"Record revenue to date for the current quarter driven by consumer demand across all product categories, including Tytan Tiles' toys and electronics\nCLEARWATER, Fla., Dec. 14, 2022 /PRNewswire/ -- Upexi Inc. (NASDAQ: UPXI) (the \"Company\" or \"Upexi\"), a multi-faceted brand owner and innovator in aggregation, today announced record net revenue of approximately $17 million through November 30th, the Company's fiscal 2023 second quarter, which ends December 31, 2022.\nGross revenue thus far in the current quarter is attributable to strong consumer demand across each of the Company's product vertical markets including; health, wellness, pets, toys and discount electronics. Sales across all channels, including retail and direct-to-consumer, saw flat to positive growth in volume amidst a slowing consumer demand environment. This overall positive trend was particularly driven by the Company's toy brand, Tytan Tiles, and strong initial results from our E-Core acquisition.\nAllan Marshall, Upexi Chief Executive Officer commented, \"We are on pace for our best quarter in the Company's existence, even through this transitional period. The diverse nature of our brands and products within key industry verticals helps the Company navigate through and stabilize among volatile consumer market trends. Our revenue thus far in combination with a robust pipeline of new products and acquisitions firmly position us to achieve the $100 million dollar revenue projected for 2023.\"\nAbout Upexi, Inc.Upexi is a multifaceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies. We utilize our in-house, SaaS programmatic ad technology to help achieve a lower cost per acquisition ...