Vext Science, Inc. (OTCQX:VEXTF) (CSE:VEXT) revenue in the Q3 2022 was $7.7 million, a decrease of 18% compared to $9.4 million in Q3 2021, and a decrease of 12% compared to 8.8 million in Q2 2022.
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Gross profit was $4.9 million compared to $4.1 million in Q3 2021.
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Gross margin before fair value adjustments was 60% compared to 44% in Q3 2021.
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Adjusted EBITDA was $3.3 million compared to $3.5 million in Q3 2021.
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Total comprehensive income was $423,533 compared to $860,234 in Q3 2021.
Eric Offenberger, CEO of Vext stated, “During Q3, Vext continued to execute in an environment where pressure on consumer discretionary income continues to grow. With inflation in Phoenix topping 13% in September, we maintained an emphasis on value, rapid innovation, targeted promotions, and mix to generate 60% adjusted gross margins in the quarter. In addition, our consistent focus on driving efficiencies led to a reduction in core cash operating expenses compared to Q2 and contributed to adjusted EBITDA margins of 43%. The impact of inflation on discretionary spending will persist for the foreseeable future, however, we expect that Vext’s proven strategy of meeting the customer’s needs, complemented by the company’s financial flexibility, cash flow, and a growing presence in two limited license states position Vext well for revenue and profitability growth.”
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