- ParcelPal Logistics (PKG) has announced impressive growth in its 2022 first quarter financial results
- The company’s revenue grew by 125 per cent to approximately $2.7M
- It experienced continued record margins and a 74 per cent decrease in net loss when compared to the first quarter of 2021
- The financial performance was the second largest quarter revenue rise in the history of the company
- ParcelPal is a Vancouver, British Columbia-based company that specializes in last-mile delivery service and logistics solutions
- ParcelPal Logistics Inc was unchanged at $0.025 at 12:47 ET
ParcelPal Logistics (PKG) has announced impressive growth in its 2022 first quarter financial results.
The company’s revenue grew by 125 per cent to approximately $2.7M. ParcelPal also reported continued record margins and a 74 per cent decrease in net loss compared to the first quarter of 2021.
The financial performance was the second-largest quarter revenue rise in the company’s history.
The company believes that since Q1 2022 is traditionally its slowest quarter, it anticipates that the upward trend will continue as expansion occurs.
The company’s margins rose to 15.4 per cent in comparison to the 0.3 per cent it had in Q1 2021.
Furthermore, the company’s net loss stood at $359,215, a 74 per cent decrease compared to Q1 2021, which was $1,392,616.
The company’s revenue growth continued with solid margins, and significantly lower losses were majorly driven by expansion into the United States.
“The actions we have taken to grow our revenue, increase our operating margins and diversify our customer base have placed our company in a better position to deliver value to our customers,” stated ParcelPal’s CEO, Rich Wheeless.
“Hopefully, everyone is paying attention to the continued positive trends in our financial performance. I am very encouraged by the massive drop in our net loss, which I see continuing as the company expands into new and profitable markets in the current and future quarters,” he added.
The company’s strategic priorities for the remainder of fiscal 2022 include continued improvement in operating performance, diversification of its customer base and building an exceptional and world-class brand with a focus on signing quality partners.
ParcelPal is a Vancouver, British Columbia-based company that specializes in last-mile delivery service and logistics solutions.
ParcelPal Logistics Inc was unchanged at $0.025 at 12:47 ET.
