PlantX ends fiscal quarter with a working capital of C$14.9 million after closing three acquisitions
Plant-based grocery and meal delivery platform PlantX has reported C$4.1 million (US$3.2 million) in gross revenue for its fiscal Q1 2022 which covers the three months to June 30.
Net loss was C$10.3 million (US$8.16 million), of which C$5.9 million (US$4.7 million) was the result of share-based compensation and a loss per share of $0.09.
Losses in Q1 2022 increased 7572% on the previous year as the company invested heavily in M&A and marketing
The company achieved a gross margin of 28%, up 5% from the previous quarter, as revenue grew almost 3000% year-over-year.
PlantX closed its fiscal Q1 with a working capital of C$14.9 million (US$11.8 million), including C$13.6 million (US$10.76 million) in cash.
In May, the company completed its acquisition of cold-pressed juicery Little West in a deal that included $385,000 and up to 12.7 million shares.
In the same month, PlantX purchased Los Angeles plant-based independent grocery store New Deli for $471,000 in cash and 2.5 million common shares.
The New Deli business went on to acquire certain assets from online fulfilment partner and retail distributor LIV Marketplace in June for $3.2 million.
The company is planning to open three storage facilities across North America to increase its delivery capacity and accommodate next-day-delivery demand from consumers.
Locations will include Nevada and Toronto.
PlantX currently operates two brick-and-mortar stores, including its new Deli location in California. An additional store will be launched shortly in San Diego.
It is also in the process of retrofitting a brick-and-mortar location in Tel Aviv to the PlantX brand in its first expansion outside of North America.
The Israel-based warehouse and store is expected to cost $950,000 to build.
PlantX has no immediate plans to raise additional capital as management believes it has sufficient cash reserves to fund operational growth and future acquisitions.
Date published: 31 August 2021