Vext Science, Inc. VEXTF VEXT has released the financial results for the period ending on March 31, 2023. They reported revenue of $9.1 million which is a decrease of 15.6% as compared to $10.8 million in Q1 2022. However, the company’s net income after taxes was $73,059, compared to $3.5 million in Q1 2022. On the other hand, the gross profit was $4.7 million compared to $9.3 million in Q1 2022, while the adjusted EBITDA stood at $2.9 million compared to $3.8 million in Q1 2022. The cash at the end of the period was $3.4 million.
Eric Offenberger, the CEO of Vext, commented on the results, stating that “the first quarter of 2023 marked a solid start to the year for Vext in the context of a challenging environment across the board for consumer-facing businesses.” He explained that although Arizona reported a 15% decrease in overall sales in the first two months of the year as compared to the same period in 2022, their dispensaries outperformed the state average. He added that the company is focused on driving higher traffic and maintaining a recurring customer base while compensating for lower average basket sizes as consumers continue to watch their discretionary spending. Offenberger also mentioned that Vext’s vertically integrated operations, efficient retail operations, and proven track record of driving efficiencies will help the company navigate through this period while also setting it up for growth as the economic backdrop improves.
Photo: Benzinga edit with photo by Kindel Media on Pexels
Related News
Vext Science FY22 Revenue Declines 4.92% To $35.41M, What About Adjusted EBITDA?
Vext Science Revenue Declines 18% YoY, What About Adjusted EBITDA?
Cannabis Company Vext Science Secures $22.2M Credit Facility
