The Company Reported a Net Income of $2,951,216 for Q3 2023, a Significant Turnaround From a Net Loss of $54,521 in Q3 2022
FORT LAUDERDALE, FL, Nov. 15, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - VPR Brands LP (OTC: VPRB), a market leader in the design, development, and licensing of trademarks and patents for electronic cigarettes, vaporizers, and related accessories, today announced its third quarter 2023 financial results. The company posted increased revenues and record profits as compared to previous quarters.
Third Quarter 2023 Highlights:
- Revenues: Total revenues for Q3 2023 reached $3,540,409, a substantial increase from $1,231,057 in Q3 2022. This growth is primarily due to $2,735,224 in royalty revenues from the licensing of intellectual property.
- Cost of Sales: Cost of sales decreased to $570,124 from $813,252 in Q3 2022. Gross margins decreased to 29% in 2023 due to a shift in sales mix towards lower margin products.
- Operating Expenses: Increased slightly to $533,688 in Q3 2023 from $410,810 in Q3 2022.
- Net Income: The company reported a net income of $2,951,216 for Q3 2023, a significant turnaround from a net loss of $54,521 in Q3 2022.
Nine Months Ended September 30, 2023 Highlights:
- Revenues: Total revenues for the nine months were $8,530,959, a considerable rise from $3,206,994 in the same period of 2022.
- Cost of Sales: Were $3,941,293 compared to $1,995,494 in 2022.
- Operating Expenses: Remained stable at $1,391,264 in 2023.
- Net Income: Showcased a net profit of $3,904,852 for the nine months of 2023, compared to a net loss of $128,029 in 2022.
Liquidity and Capital Resources:
- Cash flow from operations was $3,064,516 in 2023, a notable improvement from a net cash use of $192,379 in 2022.
Balance Sheet Highlights as of September 30, 2023:
- Assets: Increased to $3,445,920 from $1,632,528 at the end of 2022.
- Liabilities: Decreased to $1,859,560 from $3,951,020 at the end of 2022.
CEO Comments:
Kevin Frija, CEO of VPR Brands LP, commented, "This quarter reflects the strategic shifts we have made in our business model, focusing on high-margin opportunities in licensing and intellectual property. Our robust financial performance, marked by record revenues and a strong balance sheet, positions us favorably for sustainable growth. We remain committed to innovation and exploring new markets to further expand our presence in the industry."
COO Comments:
Dan Hoff, COO of VPR Brands LP, added, "Our team's dedication to operational excellence has been a key driver in achieving these outstanding results. We've focused our efforts to further monetize our IP and we just started releasing our new products for 2024. Looking ahead, we are focused on leveraging our technological expertise and diverse product portfolio to capture new opportunities and deliver more value to our shareholders."
About VPR Brands LP:
VPR Brands is a technology company and an IP holding company engaged in various monetization strategies of its U.S. patents covering electronic cigarette, vaporizer technologies, and related accessories. The company designs, develops, markets, and distributes products oriented towards the cannabis markets, including the ELF and HONEYSTICK brand of vaporizers and DISSIM Lighters. VPR Brands is actively enforcing its patents and exploring and monetizing licensing opportunities.
For more information about VPR Brands, please visit www.vprbrands.com.
Forward-looking statements:
This news release contains statements that involve expectations, plans, or intentions, and other factors discussed from time to time in the company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Corporate Communications:
For further information, please contact Kevin Frija at kevin.frija@vprbrands.com.
