Upexi, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Upexi Inc. Fiscal Q2 2024 Earnings Summary

  • Revenue: $21.8 million, down from $27.3 million in fiscal Q1 2024 and $26.7 million in Q2 2023. The decline was mainly due to lower re-commerce revenue through Amazon and wholesale channels.
  • Brand Product Sales: Increased 16.7% sequentially to $7.7 million (from $6.6 million in Q1 2024), emphasizing a strategic focus on higher-margin and recurring revenue streams through subscription-based models.
  • Gross Margin: Improved to 38%, up from 31.8% in Q1 2024 and flat compared to Q2 2023. The margin improvement is attributable to a higher percentage of branded product sales.
  • Adjusted EBITDA: Positive $29,000 in Q2 2024, a decrease from $750,000 in Q1 2024 and $557,000 in Q2 2023.
  • Net Income/Loss: Net loss from continuing operations of $2.4 million in Q2 2024, compared to a $1.4 million loss in Q1 2024 and $2.7 million net income in Q2 2023.
  • Cash & Equity: $1.8 million in cash and $25.5 million in total stockholders’ equity as of December 31, 2023.
  • Marketing Spend: Sales and marketing expenses declined by 18% YoY and were reduced by $160,000 sequentially, despite continued investment in branded subscription models like VitaMedica, with a 5% MoM subscription revenue growth.

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Operator: Good day and welcome to the Upexi Inc. Fiscal Second Quarter 2024 Financial Results Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Valter Pinto, Managing Director at KCSA Strategic Communications. Please go ahead. Valter Pinto: Thank you, operator. Good evening and welcome everyone to Upexi fiscal second quarter 2024 financial results conference call. I'm joined today by Allan Marshall, Chief Executive Officer and Andrew Norstrud, Chief Financial Officer. Before we begin, I'm going 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 Security Litigation Reform Act of 1995. 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'll 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 the call, we may refer to non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the Un

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