- PlantX reported strong results for the three months ended September 30, 2021 (Q2 2022), with year-on-year increases in both gross revenue and gross profits
- Q2 2022 has seen PlantX roll out numerous initiatives designed to enhance its e-commerce impact, including launching as a third-party seller on Amazon Marketplace and Walmart Marketplace; opening new brick-and-mortar locations in California under its XMarket brand; and launching a meal delivery service
- The company also facilitated educational programming on plant-based lifestyles
- The accomplishments from these initiatives demonstrate PlantX’s increased effectiveness and commitment to its e-commerce expansion in line with its goal to add value to the plant-based industry
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF), a company redefining the plant-based community through e-commerce initiatives, educational programs, and more, recently released its interim unaudited financials for the three and six months ended September 30, 2021, constituting Q2 and H1 2022 results (https://ibn.fm/B1wdW).
Key Q2 2022 highlights from the November 29 announcement included a gross revenue of CA$2.8 million, representing a year-on-year increase of roughly CA$2.5 million from Q2 2021 figures. PlantX also recorded gross profits of $1.3 million in Q2 2022, an 8025% year-on-year growth compared to $15,913 recorded in Q2 2021. As of September 30, the company had working capital of $10.2 million, inclusive of cash of $9.6 million.
In addition to the stellar year-on-year growth reported, Q2 2022 also saw the company make significant progress in diversification and implementation of new technology, the launch of physical retail stores, and facilitation of education programming on the plant-based lifestyle.
PlantX launched as a third-party seller on Amazon Marketplace in both Canada and the United States as well as on Walmart Marketplace in the United States, further augmenting its e-commerce operations by leveraging Amazon’s and Walmart’s world-class e-commerce resources. The move is likely to help PlantX position itself as a leader in the plant-based space and increase its impact as it expands its in-house brands.
The company also launched a meal delivery service, XFood, in Southern California with plans to later expand throughout the U.S. A collaborative effort between itself and celebrity chef Matthew Kenney, who is also PlantX’s partner at XMarket, XFood aims to reach as many people with plant-based options as possible.
In addition, PlantX announced the launch of its redesigned Shopify-powered Canadian website. The refreshed site offers a modern design, upgraded functionality and search tools, and more straightforward navigation.
Q2 2022 also saw PlantX implement novel initiatives that complement its e-commerce operations. For instance, the company launched new brick-and-mortar locations in San Diego, California, and Venice Beach, California, expanding the number of XMarket sites to three, with the third located in Squamish, British Columbia. At the same time, PlantX announced new physical locations opening up inside the Hudson Bay stores in Toronto and Ottawa (https://ibn.fm/EHDEh).
Notably, PlantX’s XMarket brand represents the company’s redefined physical retail presence. The XMarket ecosystem, PlantX says, is focused on boosting brand awareness and customer engagement, improving plant-based education, creating new supply chain infrastructure, establishing a core consumer base, and driving sustainable e-commerce growth.
“It has been an active quarter for PlantX as we continue to devote our efforts towards achieving our strategic expansion plan,” stated PlantX Founder Sean Dollinger. “From scaling our operational capabilities, to expanding our customer base and enhancing our educational pursuits, we have demonstrated increased effectiveness in line with our goal to add value and increase our impact in the fast-growing plant-based industry.”
“As we approach the end of 2021, our focus is to support our community as best we can throughout the holiday season and advance our progress with creativity and passion,” Dollinger concluded.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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