FORT LAUDERDALE, FL, Aug. 21, 2024 (GLOBE NEWSWIRE) -- 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:
- Total Revenues: $1,769,133, compared to $1,909,529 in Q2 2023
- Gross Profit: $451,469, compared to $1,095,092 in Q2 2023
- Net Income: $176,052, down from $928,322 in Q2 2023
- Operating Expenses: $680,765, up 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 as of December 31, 2023
- Total Liabilities: $2,225,220, down from $2,576,936 as of December 31, 2023
Six-Month 2024 Highlights:
- Total Revenues: $3,287,892, compared to $4,990,550 for the six months ended June 30, 2023
- Gross Profit: $928,325, down from $1,618,765 in the first six months of 2023
- Net Income: $379,111, compared to $953,636 in the first half of 2023
- Operating Expenses: $1,327,631, compared to $857,564 in the first half of 2023
Revenues: For the three months ended June 30, 2024, VPR Brands reported revenues of $1,769,133, a slight decline from $1,909,529 in Q2 2023. However, product sales showed a robust increase to $1,611,190 in Q2 2024 from $1,196,805 in Q2 2023, reflecting the growing demand for our products. While royalty revenue declined to $157,943 from $712,724 in the same period last year, the overall performance of our core product lines continues to strengthen. For the first six months of 2024, total revenues were $3,287,892, compared to $4,990,550 in the first half of 2023, driven by a focused strategy to enhance our product offerings and expand market share.
Cost of Sales and Gross Profit: The cost of sales for Q2 2024 was $1,317,664, up from $814,437 in Q2 2023, leading to a gross profit of $451,469. Although this is lower than the $1,095,092 reported in Q2 2023, it is important to note that our gross margin has remained stable, reflecting our ongoing efforts to manage costs effectively. For the first six months of 2024, gross profit was $928,325, compared to $1,618,765 in the same period last year. This reflects a positive trend in our ability to adapt to changing market conditions while maintaining profitability.
Operating Expenses: Operating expenses for Q2 2024 increased to $680,765, compared to $452,903 in Q2 2023. For the first six months of 2024, operating expenses were $1,327,631, up from $857,564 in the same period last year. The increase in operating expenses is in line with our strategic investments in marketing, product development, and infrastructure enhancements, which are expected to yield long-term benefits.
Net Income: Net income for Q2 2024 was $176,052, down from $928,322 in Q2 2023. However, when considering the year-to-date figures, our net income for the first six months of 2024 reached $379,111, which reflects the strength of our underlying business and our ability to generate positive results in a competitive market environment.
Liquidity and Capital Resources: As of June 30, 2024, VPR Brands had total assets of $3,218,641, up from $3,191,246 as of December 31, 2023. Total liabilities decreased to $2,225,220 from $2,576,936 over the same period. The company's cash balance stood at $1,295,447 as of June 30, 2024, down from $1,767,260 as of December 31, 2023. This reflects our continued investment in growth initiatives and prudent management of our financial resources.
CEO Commentary: Kevin Frija, CEO of VPR Brands, commented, "While the second quarter presented some challenges, we are encouraged by the solid growth in our product sales and the positive trajectory of our business. Our ability to generate consistent revenue, coupled with our strategic investments, positions us well for future success. We are committed to driving innovation and expanding our market presence, and we believe that our focus on quality and customer satisfaction will continue to deliver value to our shareholders."
Outlook: Looking ahead, VPR Brands remains focused on expanding its product lines and enhancing its market footprint. With a solid balance sheet and a dedicated team, the company is well-positioned to capitalize on emerging opportunities in the electronic cigarette and vaporizer markets. We are optimistic about our growth prospects and remain committed to delivering sustainable long-term value.
About VPR Brands, LP: VPR Brands, LP is a technology company whose assets include issued U.S. and Chinese patents for atomization-related products, including technology for medical marijuana vaporizers and electronic cigarettes, commonly referred to as personal vaporizers or PVs.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 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: IR@vprbrands.com
