Business
Upexi Fiscal 2023 Revenue Increases 250% Year-Over-Year to $80.7 Million and Provides Revenue Guidance Range for Fiscal 2023 First Quarter
Management provides revenue guidance range for fiscal 2023 first quarter of $26 million to $27 millionTAMPA, FL / ACCESSWIRE / October 2, 2023 / Upexi, Inc.
About this update from Upexi, Inc.
[{"type":"text","content":"Management provides revenue guidance range for fiscal 2023 first quarter of $26 million to $27 millionTAMPA, FL / ACCESSWIRE / October 2, 2023 / Upexi, Inc. (NASDAQ:UPXI) (the \"Company\" or \"Upexi\"), a multi-faceted Amazon and Direct to Consumer brand owner and innovator in aggregation, today announced its financial results for the fiscal year ending June 30, 2023.\"Revenue growth year-over-year was predominately driven by the performance of our leading brands, VitaMetica, Lucky Tail and Tytan Tiles, as well as our re-commerce business. Even as we continue to integrate the operations of our acquisitions and reduced non-acquisition operating expenses by $1.9 million, we were able to report $1.27 million in Adjusted EBITDA. We remain on track for our year end guidance and have seen strength in our businesses to start our fiscal first quarter of 2024. Revenue is on track with a range for the first quarter to be between $26 million and $27 million.\"Financial Highlights for the Fiscal Year Ending June 30, 2023:Revenue totaled $80.7 million, an increase of 250% year-over-year, as compared to $23.1 million year-over-year.Gross profit totaled $33.6 million, an increase of 126%, as compared to $14.9 million year-over-year.Gross profit margins were 41.6% as compared to 64.5% for the prior year period.Adjusted EBITDA totaled $1.27 million as compared to an adjusted EBITDA loss of $(4.1) for the same period in the prior year.Net loss attributable to Upexi, Inc. shareholders was $16.9 million as compared to a net loss of approximately $2.1 million for the same period last year.As of June 30, 2023, cash and cash equivalents totaled $4.5 million, working capital of $5.8 million and availability on the line of credit of over $6 million. On September 30, 2023, the Company had availability of over $9.8 million on the line of credit.Operational Highlights for 2023:$1.9 million reduction in operational expenses.In August 2022, Upexi acquired E-Core, Inc and its subsidiaries, New England Technology, Inc. (NETi), a company specializing in re-commerce of overstocked and discontinued merchandise for hundreds of retailers, and Tytan Tiles, a children's educational toy brand.Tytan Tiles exceeded sales expectations during initial 2,200 store launch and will increase its rollout of the brand to over 3,900 stores through the second half of 2023.Tytan Ti...