Business
Wildpack Beverage Announces Strong Growing Q2 2023 Financial Results
Second Quarter 2023 Highlights (in USD): Q2 2023 Sales Revenue grew 70% to $15.18 million co...
About this update from Wildpack Beverage Inc.
[{"type":"text","content":"Wildpack Beverage Announces Strong Growing Q2 2023 Financial ResultsSecond Quarter 2023 Highlights (in USD):Q2 2023 Sales Revenue grew 70% to $15.18 million compared to $8.91 million in Q2 2022.Production volume for Q2 2023 grew 118% to 110.63 million cans compared to 50.75 million cans in Q2 2022.Plant Utilization in Q2 2023 grew to 45.3% from 31.9% in Q2 2022.Gross Profit in Q2 2023 reached a record 16.55% compared to 4.49% in Q2 2022.Confirmed Customer Orders grew 11.5% in Q2 2023 to $22.87 million from $20.52 million the previous quarter.VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) (\"Wildpack Beverage\" or the \"Company\") a leading US middle market co-packer of canned goods announces unaudited financial results for the second quarter (\"Q2\") ending June 30, 2023. All currencies referenced herein are US Dollars, unless otherwise indicated.\"The momentum we built in Q1 2023 carried into a strong growing Q2 from an operation and sales standpoint,\" commented Mitch Barnard, CEO of Wildpack Beverage. \"The thesis we have long been committed to is that higher volume throughput would drive up gross profit, as the business is subject to considerable operating leverage on its fixed assets. In Q2 we began to realize that, while also continuing to push towards greater efficiencies in operations and broadening our customer base.\"Q2 2023 Condensed Consolidated Interim Statements of Loss & Comprehensive Loss (Unaudited) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Restated, note 20) (Restated, note 20) Sales$15,181 $8,911 $27,794 $17,440 Cost of sales Production costs 12,098 7,959 23,503 15,695 Depreciation and amortization 571 552 1,163 1,309 Cost of sales 12,669 8,511 24,666 17,004 Gross profit 2,512 400 3,128 436 Operating expenses Selling 1,034 713 1,895 1,306 Salaries, wages, and benefits 1,732 1,782 3,425 3,667 Depreciation and amortization 934 963 1,833 1,890 Office and administrative 786 390 1,183 920 Share-based compensation 512 80 532 181 Professional fees 563 765 887 922 Bad debt 78 107 380 126 Other operating 131 (104) 292 (188)Operating expenses 5,770 4,696 10,427 8,824 Other expenses Bank and finance charges 155 7 156 21 Interest on long-term debt 1,818 1,420 3,127 2,520 Interest on lease obligations 97 191 259 393 Loss on derivative a...