Business
Upexi Revenue Increases 199% Year-Over-Year to $11.6 Million for Fiscal 2023 First Quarter
HENDERSON, Nev., Nov. 14, 2022 /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., Nov. 14, 2022 /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 first quarter ending September 30, 2022.\nFiscal 2023 First Quarter Financial Highlights:Revenue totaled $11.6 million, an increase of 199% year-over-year.Gross profit totaled $6 million, an increase of 132% year-over-year.Gross profit margin was 52%.Net loss from continued operations was $2.7 million compared to net income of approximately $512,000 for the same period in the prior year.Cash and cash equivalents totaled $3.3 million as of September 30, 2022.\"Our revenue growth year-over-year was predominantly driven by multiple accretive acquisitions. Moving forward, our growth strategy will continue to focus on both acquisitions and organic growth, while also expanding to international markets,\" said Allan Marshall, Upexi's Chief Executive Officer. \"During the quarter we entered the more than $200 billion pet market through the acquisition of LuckyTail, a balanced business, with direct-to-consumer and Amazon distribution, and double-digit year-over-year growth. Going forward, our acquisition pipeline remains robust with valuations in line with our strategic guidelines. We have made significant strides over the last two years and the Company today is in the best position for growth and profitability in its history, with approximately $100 million in sales projected for calendar 2023.\"\nFiscal 2023 First Quarter and Subsequent Operational Highlights:Acquired international pet care brand, LuckyTail, Inc.Saas ad-tech division, Interactive Offers, filed a patent for its single click-to-opt-in technology.Closed on sale of select CBD assets for $23.5 million.Closed on acquisition of E-Core and its subsidiaries, Tytan Products, a children's toy brand and maker of popular magnetic tiles and building blocks, and New England Technology, Inc., a national distributor for branded consumer products.Eliminated outstanding balance of $15 million senior secured debt facility with expectation to reduce annualized interest expense by approximately $900,000.Financial Highlights for Fiscal 2023 First QuarterRevenue for the three months ended September 30, 2022 totaled $11.6 million, an increase of ...