VPR Brands Reports Second Quarter Financial Results
VPR Brands, LP (OTCQB: VPRB), a leading provider of electronic cigarettes, vaporizers, and accessories, today announced its financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
For the second quarter of 2024, VPR Brands reported significant financial metrics:
- Total Revenues: $1,769,133, compared to $1,909,529 in Q2 2023
- Gross Profit: $451,469, down from $1,095,092 in Q2 2023
- Net Income: $176,052, decreased from $928,322 in Q2 2023
- Operating Expenses: $680,765, increased from $452,903 in Q2 2023
- Net Cash Provided by Operating Activities: $23,444, compared to net cash used of $281,528 in Q1 2024
- Total Assets: $3,218,641, compared to $3,191,246 at the end of last year
- Total Liabilities: $2,225,220, reduced from $2,576,936
Six-Month 2024 Highlights
For the first half of 2024, the company experienced the following:
- Total Revenues: $3,287,892, compared to $4,990,550 for the same period in 2023
- Gross Profit: $928,325, down from $1,618,765 in the first half of 2023
- Net Income: $379,111, decreased from $953,636 in the previous year
- Operating Expenses: $1,327,631, up from $857,564 last year
Revenues for the quarter showed a slight decline from the previous year, totaling $1,769,133. However, product sales significantly increased to $1,611,190 from $1,196,805 in the prior year, reflecting growing demand for VPR Brands' products. Despite a decrease in royalty revenue, core product line performance remains strong, driving a focused strategy for market share expansion.
The cost of sales for Q2 2024 was $1,317,664, resulting in a significant gross profit. While gross profit decreased compared to the same quarter last year, the gross margin remains stable, showcasing the company's effective cost management efforts even amid changing market conditions.
Operating expenses rose due to strategic investments in marketing, product development, and infrastructure improvements, aiming for long-term financial benefits.
Net income for the quarter was $176,052, down from the previous year, but the year-to-date figures reflect the company's underlying strength, achieving $379,111.
Liquidity and Capital Resources
As of June 30, 2024, VPR Brands reported total assets of $3,218,641, marking an increase from the previous period, along with a reduction in total liabilities. The company's cash balance was noted at $1,295,447, reflecting its ongoing commitment to prudent financial management and investment in growth initiatives.
CEO Commentary
Kevin Frija, CEO of VPR Brands, stated, "While the second quarter presented some challenges, the solid growth in product sales offers encouragement. Our strategic investments position us optimally for future success, and we remain dedicated to advancing innovation and enhancing our market presence to drive shareholder value."
Outlook
VPR Brands is committed to expanding its product lines and enhancing its market footprint. With a robust balance sheet and a strong team, the company is poised to seize emerging opportunities in the electronic cigarette and vaporizer sectors, focusing on delivering sustainable long-term value.
About VPR Brands, LP
VPR Brands, LP is a technology company with issued U.S. and Chinese patents related to atomization products, including technology for medical marijuana vaporizers and electronic cigarettes.
Frequently Asked Questions
What financial results did VPR Brands report for Q2 2024?
VPR Brands reported total revenues of $1,769,133 and net income of $176,052 for Q2 2024.
How did specific revenues change compared to Q2 2023?
Product sales increased substantially to $1,611,190 despite an overall revenue decline.
What were the operating expenses for the second quarter?
Operating expenses for Q2 2024 were $680,765, rising from $452,903 in Q2 2023.
What is the company's outlook for future performance?
VPR Brands aims to expand its product offerings and strengthen its market presence moving forward.
How can I contact VPR Brands for more information?
For inquiries, you can contact VPR Brands, LP via phone at (954) 715-7001 or email at IR@vprbrands.com.
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