PlantX Announces 2024 Financial Results: Achieves $7.3 Million in Revenue and 8% Increase in Gross Margins Year-Over-Year

Vancouver, BC – PlantX Life Inc. has released its consolidated financial results for the fiscal year ending March 31, 2024. The company reported a significant decrease in net loss to $5.01 million from $21.38 million in 2023, showcasing the success of its cost-reduction and efficiency strategies.

The gross margin improved by 8% to 46%, amounting to $3.41 million, compared to 38% in the previous year. Despite a revenue drop to $7.3 million from $13.3 million in 2023, the firm stands in a stronger financial position due to higher gross margins and lower net losses.

Key operational changes included the closure of underperforming locations in Canada and the opening of Chicago’s largest vegan food hall. Additionally, PlantX restructured its business by adjusting its portfolio and focusing on asset consolidation and profitable ventures.

Notably, the company exchanged several assets for 6 million shares of Veg House Holdings Inc. and successfully sold part of these shares, generating over $2.69 million in cash. The remaining shares are held as equity instruments, reflecting a strategic investment decision.

The appointment of Abu-Farah Professional Corporation as the new auditor marks another key transition aimed at maintaining compliance and boosting transparency.