Source: Plant & Co. Brands Ltd.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Plant&Co. Brands (VEGN) released its financial results and corporate update for the three months ended June 30, 2022
  • Q2 2022 was a record quarter for the company delivering $620,176 in revenue vs $324,682 in Q1 2022, representing a 91 per cent increase in sales quarter over quarter and the 3rd consecutive quarter of increased sales
  • The company’s gross margin was 40 per cent in Q2 2022 and 42.2 per cent in the first half of the year, which is notable given the rising costs of labour and ingredients in this inflationary climate
  • Plant&Co. Brands (VEGN) is down 4.55 per cent trading at C$0.105 as of 10:45 am ET

Plant&Co Brands (VEGN) released its financial results and corporate update for the three months ended June 30, 2022.

Q2 2022 was a record quarter for the company delivering $620,176 in revenue vs $324,682 in Q1 2022, representing a 91 per cent increase in sales quarter over quarter and the 3rd consecutive quarter of increased sales.

The first half of 2022 was a record half with revenue of $944,858, compared to $623,338 in the first half of 2021, representing an increase of 66 per cent.

The company’s gross margin was 40 per cent in Q2 2022 and 42.2 per cent in the first half of the year, which is notable given the rising costs of labour and ingredients in this inflationary climate.

General and administrative expenses were $590,009 in Q2 2022 and $1,010,696 in 2022’s first half, a decrease of 42 per cent over Q2 2021 and a 70 per cent decrease over the six months ended June 30, 2021.

Shawn Moniz, CEO of Plant&Co. explained that since the team developed its revised company vision and strategy for the business in Q3 2021, it started executing an organic and inorganic growth plan.

“Each quarter has resulted in significant quarter-over-quarter growth. Since our strategic reset in Q3 2021, management has been focused on execution, and these financials are a significant indication that the company is on a solid path to profitability for 2023.”

Plant&Co. is a quick serve restaurant (QSR) and consumer packaged goods (CPG) wellness company in the health and wellness space curating plant-based foods.

Plant&Co. Brands (VEGN) is down 4.55 per cent trading at C$0.105 as of 10:45 am ET.


More From The Market Herald

" Royal Canadian Mint (TSX:MNT) commemorative coin celebrates hockey history

The Royal Canadian Mint (MNT) is releasing a commemorative $2 coin in celebration of the 50-year anniversary of hockey’s 1972 Summit Series.

" TAAT Global Alternatives (CSE:TAAT) sponsors “Boundary” Music Festival in Brighton (U.K.)

TAAT (TAAT) was a sponsor of the Boundary music festival in Brighton (population 290,000).

" The Gummy Project (CSE:GUMY) receives purchase order from Canada Life Centre in Winnipeg

The Gummy Project (GUMY) has received a purchase order from Canada Life Centre, home of the Winnipeg Jets and Manitoba Moose.