Business
Upexi Revenue Increases 144% Year-Over-Year and 53.5% Sequentially to $27.3 Million for Fiscal First Quarter 2024
TAMPA, FL / ACCESSWIRE / November 20, 2023 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct to Consumer brand owner
About this update from Upexi, Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / November 20, 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 first quarter 2024 ending September 30, 2023.\"Revenue for our fiscal first quarter 2024 grew 144% year-over-year and 53.5% sequentially driven by growth in both branded products and re-commerce,\" commented CEO of Upexi, Allan Marshall. \"While our cost cutting measures are now beginning to yield material year-over-year decreases in operating expenses as a percentage of revenue, we have also continued to invest significantly in the future growth of our brands.\"Fiscal First Quarter 2024 Financial Highlights:Revenue totaled $27.3 million, an increase of 144% year-over-year and 53.5% sequentially.Re-commerce revenue, 76% of total revenue, increased 187% and branded product revenue, 24% of total revenue, increased 65.3% year-over-year.Gross profit totaled $8.7 million, an increase of 49.7%, as compared to $5.8 million for the same period the prior year.Sales and marketing expense totaled $2.9 million, an increase of 65%, as compared to $1.7 million the prior year.General and administrative expenses totaled $2.3 million or 8.2% of revenue, an increase of 6%, as compared to $2.1 million or 19% of revenue, for the same period the prior year.Adjusted EBITDA was approximately $750 thousand as compared to an Adjusted EBITDA loss of approximately $525 thousand the prior year, approximately a $1.28 million improvement year-over-year.Net loss attributable to Upexi, Inc. shareholders was $1.35 million, or $0.07 per basic and diluted share, as compared to a net loss of approximately $2.6 million, or $0.16 per basic and diluted share, for the same period last year.Shareholder equity was $27.5 million as of September 30, 2023.Cash and cash equivalents totaled $417 thousand as of September 30, 2023, and availability on the line of credit was $6.2 million.Fiscal First Quarter 2024 and Subsequent Operational HighlightsChildren's toy brand, Tytan Tiles, launched its first licensed Disney Frozen Product on Amazon through its partnership with The Walt Disney Company.In the first month of launch on Amazon, Tytan Tiles is on a run rate to move 115 units per day and increased its rank on Amazon from 20,000 to 4,0...