Business
Upexi Reports Record Revenue of $27.1 Million for Fiscal 2023 Second Quarter, an Increase of 444% Year-Over-Year
HENDERSON, Nev., Feb. 14, 2023 /PRNewswire/ -- Upexi, Inc. (NASDAQ: UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct to Consumer brand
About this update from Upexi, Inc.
[{"type":"text","content":"HENDERSON, Nev., Feb. 14, 2023 /PRNewswire/ -- 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 2023 second quarter ending December 31, 2022.\nFiscal 2023 Second Quarter Financial Highlights:\nRevenue totaled $27.1 million, an increase of 444% year-over-year, and an increase of 134% sequentially.Gross profit totaled $10.3 million, an increase of $6 million or an increase of 141% year-over-year and an increase of 71% sequentially.Adjusted EBITDA for the quarter totaled $119,054 as compared to an adjusted EBITDA loss of $1.3 million year over year, and an improvement of $1.1 million over the prior quarter.Net Income from continued operations attributable to Upexi, Inc. shareholders was $2.7 million, as compared to a net loss of approximately $258,247 for the same period in the prior year. This includes a one-time gain of $7.6 million as a result of the sale of Infusionz and select assets.Shareholder equity increased $8.2 million to $36.9 million as of December 31, 2022, as compared to $28.7 million as of June 30, 2022.Cash and cash equivalents totaled $4.5 million as of December 31, 2022.\"The strategic measures we have taken during the last nine months have resulted in record revenue and positive Adjusted EBITDA for our fiscal 2023 second quarter,\" stated Allan Marshall, Upexi Chief Executive Officer. \"During that period we divested our select CBD operations and focused our resources on our diverse business mix of non-discretionary brands in health, wellness, pet, toys, and liquidation in wholesale, DTC and Amazon.\"\nMr. Marshall continued, \"During the quarter we transitioned sequentially from an Adjusted EBITDA loss to positive Adjusted EBITDA. Throughout the remainder of calendar 2023 we expect to see further efficiency in our operations, which will drive higher EBITDA margins. The business is well positioned to meet our projected revenue goal of $100 million for calendar 2023 and we expect EBITDA margins to increase steadily throughout the calendar year to trend towards 8% to 12% by end of year.\"\nFiscal 2023 Second Quarter and Subsequent Operational Highlights:\nTytan Tiles launched branded Amazon storefront and into over 2,000 Walmart storefronts.Eliminated outstanding ba...