VPR Brands Announces Q2 2023 and Year to Date Financial
Results
Fort Lauderdale, Fl -- August 16th, 2023 -- InvestorsHub
NewsWire -- VPR Brands LP (OTC:
VPRB) a licensing company owning patents and trademarks
as well as a market leader for the design and sale of electronic
cigarettes (vaporizers) for nicotine, cannabis and cannabidiol
(CBD) and other related accessories such as Lighters has recently
announced its second quarter 2023 financial results, posting
increased revenues and record profits as compared to previous
quarters.
While increasing its Q2 2023 revenues over 2022 by approximately
one million dollars to $1,909,529, and year to date six month
revenue by more than two million dollars to $4,990,550 the
company also reduced its operating expenses for both periods. Net
income increased to over $928,322 in Q2 2023 from $73,733 in Q2
2022 and $953,636 Year to Date compared to a net loss of $73,508
for the six 6 months end June 30th reported in 2022.
"We have been able to successfully license and monetize our ELF
brand trademark this year while aggressively protecting the mark jn
the courts and creating a monumental asset for the company and we
are now focusing on developing business for our other trademarks as
well” said Kevin Frija CEO of VPR Brands “We believe partnering as
a Licensor with experienced and well capitalized licensees to
expand our Brand portfolios business is the model that will
work best for the company in the long run.”
I’m very proud of our team for successfully cultivating our
Intellectual Properties and building a foundation so they can be
licensed and monetized effectively. This has had a large-scale
positive impact on our revenues as well as net income and will be a
core business segment for our company’s future. “Said Dan Hoff COO
of VPR Brands
Results of Operations for the Three Months Ended
June 30, 2023, Compared to the Three Months Ended June 30,
2022
Revenues
Our revenues for the three months ended June 30, 2023, and 2022
were $1,909,529 and $920,705, respectively. The increase was a
result of royalty revenue from the licensing of intellectual
property.
Cost of Sales
Cost of sales for the three months ended June 30, 2023, and 2022
was $814,437 and $553,122, respectively. Gross margins decreased to
32% in 2023 compared to 40% in 2022, due to higher volume of lower
margin sales in 2023.
Operating Expenses
Operating expenses for the three months ended June 30, 2023,
were $452,903 as compared to $460,470 for the three months ended
June 30, 2022.
Other Income
Net other income for the three months ended June 30, 2023, was
$286,133 compared to $166,620 for the three months ended June 30,
2022.
Net Income
Net income for the three months ended June 30, 2023, was
$928,322 compared to $73,733 for the three months ended June 30,
2022.
Results of Operations for the Six Months Ended
June 30, 2023, Compared to the Six Months Ended June 30,
2022
Revenues
Our revenues for the six months ended June 30, 2023, and 2022
were $4,990,550 and $1,975,937, respectively. The increase was a
result of a large distribution sales order compared to 2022 and
royalty revenue from the licensing of intellectual property.
Cost of Sales
Cost of sales for the six months ended June 30, 2023, and 2022
was $3,371,785 and $1,182,242, respectively. The decrease was a
result of 2022 including higher online direct to customer sales
compared to 2023.
Operating Expenses
Operating expenses for the six months ended June 30, 2023, were
$857,564 as compared to $975,913 for the six months ended June 30,
2022.
Other Income
Net other income for the six months ended June 30, 2023, was
$192,435 as compared to net other income of $108,710 for the six
months ended June 30, 2022. The change is due primarily to an
increase in settlement income and a decrease in interest
expenses.
Net Income (Loss)
Net income for the six months ended June 30, 2023, was $953,636
compared to a net loss of ($73,508) for the six months ended June
30, 2022.
About VPR Brands, LP:
VPR Brands is a technology company, as well as an IP holding
company. The Company is engaged in various monetization strategies
of a U.S. patent that the Company owns covering electronic
cigarette, electronic cigar and personal vaporizer patents, as well
as a patent for an inverted pocket lighter. The Company also has
several trademarks (ELF, PHANTOM, HRB, VPOD, VAPOR X, and RIPPER)
for which it is also engaged in licensing and various monetization
strategies. The Company also designs, develops, markets and
distributes products (the HoneyStick brand of vaporizers and the
Goldline CBD products) oriented toward the cannabis markets. This
allows us to capitalize on the rapidly growing expansion within the
cannabis markets. The Company is also identifying electronic
cigarette companies that may be infringing our patents and
trademarks and exploring options to license and/or enforce our
patents. The Company is now also selling DISSIM brand pocket
lighters for which it holds a U.S. patent and patents pending. The
Company also has patents pending in the cigar accessory space and
sells these proprietary accessories.
For more information about VPR Brands, please visit the company on
the web at 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:
kevin.frija@vprbrands
VPR Brands (QB) (USOTC:VPRB)
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