FORT LAUDERDALE, FL -- May 17, 2024 -- InvestorsHub NewsWire --
VPR Brands, LP (OTCQB:
VPRB), a market leader in the manufacturing, distribution and
Licensing of electronic cigarettes, vaporizers, and accessories
brands and technologies, today announced its financial results for
the first quarter ended March 31, 2024.
Key Financial Highlights for Q1 2024:
Total Revenues: $1,518,759, compared to
$3,081,021 in Q1 2023
Gross Profit: $476,856, compared to
$523,673 in Q1 2023
Net Income: $203,059, up from $25,314 in
Q1 2023
Operating Expenses: $646,866, compared to
$404,665 in Q1 2023
Net Cash Provided by Operating
Activities: $23,444, compared to net cash used of
$281,528 in Q1 2023
Total Assets: $3,103,269, compared to
$3,191,246 as of December 31, 2023
Total Liabilities: $2,285,900, down from
$2,576,936 as of December 31, 2023
Revenues: For the three months ended March
31, 2024, VPR Brands reported revenues from product sales of
$1,183,701, down from $3,039,354 in the same period in 2023.
Royalty revenues, however, saw a significant increase, rising to
$335,058 from $41,667. The decrease in total revenues was primarily
driven by lower product sales, while the increase in royalty
revenues was due to higher licensing income from intellectual
property.
Cost of Sales and Gross Profit: The cost
of sales for Q1 2024 was $1,041,903, a decrease from $2,557,348 in
Q1 2023. Gross profit for the first quarter of 2024 was $476,856,
compared to $523,673 in the same period last year. The gross margin
for the first quarter of 2024 was 31%, up from 17% in Q1 2023,
primarily due to a favorable product sales mix with a higher
proportion of lower margin products.
Operating Expenses: Operating expenses for
the quarter increased to $646,866, compared to $404,665 in Q1 2023.
This increase was mainly attributable to higher administrative
costs and strategic investments in growth initiatives.
Other Income: Net other income for Q1 2024
was $442,007, a substantial increase from a net expense of $93,694
in Q1 2023. This increase was driven by legal settlement income of
$486,639.
Net Income: Net income for the first
quarter of 2024 was $203,059, a notable improvement compared to
$25,314 in the same period last year. This increase was primarily
due to higher royalty revenues and improved gross margins.
Liquidity and Capital Resources: Net cash
provided by operating activities was $23,444 for Q1 2024, compared
to net cash used of $281,528 in Q1 2023. The positive cash flow
from operations was mainly a result of the company's net income,
increases in vendor deposit assets, and royalty receivables,
partially offset by increased inventory and decreased customer
deposit liabilities.
Assets and Liabilities: As of March 31,
2024, VPR Brands had total assets of $3,103,269, slightly down from
$3,191,246 as of December 31, 2023. Total liabilities decreased to
$2,285,900 from $2,576,936 over the same period. The decrease in
liabilities was due to repayments of convertible notes payable,
notes payable to related parties, and lease liability
principal.
CEO Commentary: Kevin Frija, CEO of VPR
Brands, commented, "We are pleased with our financial performance
in the first quarter of 2024, particularly the strong growth in
royalty revenues and significant improvement in gross margins. Our
strategic focus on licensing intellectual property and optimizing
our product mix has yielded positive results. We remain committed
to driving sustainable growth and enhancing shareholder value."
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.
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. This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These statements are based on
management's current expectations and involve risks and
uncertainties that may cause actual results to differ from those
described. VPR Brands undertakes no obligation to update these
statements following the date of this release.
For more information, please visit www.vprbrands.com.
Contact: VPR Brands, LP Investor Relations
Phone: (954) 715-7001 Email: Kevin.Frija@vprbrands.com
VPR Brands (QB) (USOTC:VPRB)
Historical Stock Chart
From Nov 2024 to Dec 2024
VPR Brands (QB) (USOTC:VPRB)
Historical Stock Chart
From Dec 2023 to Dec 2024
