Upexi, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter End: September 30, 2022
  • Revenue: $11.6 million, up 199% year-over-year (YoY) from $3.9 million
  • Gross Profit: $6 million, up $3.4 million YoY
  • Gross Margin: 52%, down from prior period due to increased distributor sales and discounts
  • Operating Expenses: $9 million, up 159% from $3.5 million YoY
  • Net Loss from Continuing Operations: $2.7 million vs. net income of $511,000 YoY
  • Cash & Equivalents: $3.3 million
  • Stockholder’s Equity: $27 million
  • Outstanding Shares: 17,960,748 (as of Nov 11, 2022)
  • FY2023 Revenue Estimate: $100 million baseline (calendar year)

Business Context & Updates

  • Vertically integrated brand owner focusing on health, wellness, pet, beauty, and toy markets.
  • Significant shift in focus post-sale of CBD assets ($23.5 million sale), reallocating into higher margin, high-growth sectors.
  • Major acquisitions contributing to revenue growth:
    • Cygnet Online (1,200+ SKUs in OTC health & wellness)
    • VitaMedica (triple-digit YoY growth, strong Amazon performance)

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Operator: Good afternoon. I will be your conference operator today. At this time, I would like to welcome everyone to the Upexi's 2023 Fiscal First Quarter Financial Results Conference Call. Please be advised that today's call is being recorded. I will now turn the call over to Valter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead. Valter Pinto: Thank you, operator. Good evening, and welcome everyone to the Upexi 2023 fiscal first quarter financial results conference call. I'm joined today by Allan Marshall, Chief Executive Officer; and Andrew Norstrud, Chief Financial Officer. Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially due to a variety of risks, uncertainties, and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the Company's business, I will refer you to the press release issued this evening and filed with the SEC on Form 8-K, as well as the Company's reports filed periodically with the SEC. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law. In addition, during the course of this call, we may refer to non-GAAP financial measures

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