Vext Science, Inc. VEXTF VEXT released its financial results for the period ended March 31, 2023, revealing revenue of $9.1 million a decrease of 15.6% compared to $10.8 million in Q1 2022.
Gross profit of $4.7 million compared to $9.3 million in Q1 2022.
Net income after taxes was $73,059 compared to $3.5 million in Q1 2022.
Adjusted EBITDA was $2.9 million, compared to $3.8 million in Q1 2022.
Cash at the end of the period was $3.4 million.
Eric Offenberger, CEO of Vext, stated, “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. In Arizona, the state reported a ~15% decrease in overall sales in the first two months of the year, as compared to the same period in 2022. Despite these challenges, our operated dispensaries outperformed the overall state average. Our team has been successful at driving higher traffic and maintaining a recurring customer base, to help compensate for lower average basket sizes, as consumers continue to watch their discretionary spending. Vext’s vertically integrated operations, where we only cultivate flower that we can sell through our own retail footprint, our focus on efficient retail operations and our proven track record of driving efficiencies set the company up well both through this period, as well as for growth as the economic backdrop improves.”
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