JACKSONVILLE, FL/ACCESSWIRE/May 12, 2022/ LFTD Partners Inc. (“LFTD Partners” or the “Company”) (OTCQB: LIFD)the parent company of leading cannabis and psychedelic and consumer packaged goods maker Lifted Made, today announced record quarterly revenue, net income and diluted earnings per share for the first quarter of 2022.
Financial Highlights – Q1 2022 vs. Q4 2021
- Revenue up 41% to $18,088,877 from $12,787,566 in Q4 2021
- Net income up 118% to $2,944,793, up from $1,349,292 in Q4 2021
- Basic earnings per share up 110% to $0.21 per share, up from basic earnings per share of $0.10 in Q4 2021
- Diluted earnings per share up 125% to $0.18 per share, up from diluted earnings per share of $0.08 in Q4 2021
Financial Highlights – Q1 2022 vs. Q1 2021
- Revenue up 439% to $18,088,877 from $3,353,270 in Q1 2021
- Net income up 376% to $2,944,793, up from $618,359 in Q1 2021
- Basic earnings per share up 163% to $0.21 per share, up from basic earnings per share of $0.08 in Q1 2021
- Diluted earnings per share up 350% to $0.18 per share, up from diluted earnings per share of $0.04 in Q1 2021
The first quarter of 2022 is LFTD Partners’ seventh consecutive quarter of positive GAAP earnings per share.
During the first quarter of 2022, sales of products under Lifted Made’s hemp-derived brand, Urb Finest Flowers, accounted for 96% of Lifted Made’s sales; Lifted Made’s non-hemp psychedelic product sales under the Silly Shruum brand accounted for the remaining 4% of Lifted Made’s sales.
Nicholas S. Warrender, Vice President and COO of LFTD Partners, and Founder and CEO of Lifted Made, said, “Our tremendous quarter-over-quarter growth in revenue and profitability during the Q1 2022 reflects Lifted Made’s talented team and diverse product portfolio, including our award-winning hemp-derived cannabinoid products brand Urb Finest Flowers and our psychedelic brand Silly Shruum which successfully launched in January. We are on track to meet our revenue target of $75 million or more for 2022.”
William C. “Jake” Jacobs, CPA, President and Chief Financial Officer of LFTD Partners, said, “Our balance sheet continues to strengthen, driven by our healthy EBITDA margin, which was 23% in the first quarter of 2022. For example , despite recently paying off millions of dollars in debt and taxes, and accumulating millions of dollars in inventory, our cash on hand is currently over $3.4 million.Nevertheless, Lifted Made’s skyrocketing sales growth has made it very difficult maintaining sufficient raw materials, packaging and finished goods in stock Therefore, LFTD Partners continues to explore the possibility of raising $10-15 million in debt which would be used to repay our remaining promissory note of $2.75 million to be paid to Nick Warrender, to buy Lifted Made’s Kenosha headquarters for $1.375 million, and to add millions of dollars to Lifted Made’s working capital so that it can s sales are less likely to be held back by a lack of raw materials and finished inventory, as has often happened over the past two years.
About LFTD Partners Inc.
LFTD Partners Inc. (OTCQB:LIFD) is focused on acquiring fast-growing, profitable businesses that sell branded hemp-derived cannabinoid products, emerging psychedelics and other alternative lifestyle products. The first wholly owned subsidiary of LFTD Partners is Lifted Made (www.LiftedMade.com), Kenosha, Wisconsin, which sells award-winning hemp-derived cannabinoids and other psychedelic and alternative lifestyle products under its flagship Urb Finest Flowers and Silly Shruum brands. LFTD Partners also owns 4.99% of CBD beverage and product maker Ablis (www.AblisBev.com), and distillers Bendistillery Inc. d/b/a Crater Lake Spirits (www.CraterLakeSpirits.com) and Bend Spirits, Inc., all located in Bend, Oregon.
Please read LIFD’s filings with the United States Securities and Exchange Commission which describe in detail our business and the risk factors associated with it. Learn more by subscribing to our newsletters at www.LFTDPartners.com and www.LiftedMade.com.
Caution Regarding Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the acquisition, financing, revenue growth, profitability and strategies, plans and expectations of products of LFTD Partners Inc. and survey done. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that may cause or contribute to actual results of merger plans, financing plans, operations or performance or achievements. of these companies. of such companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in these forward-looking statements due to certain other factors, including risk factors set forth in LFTD Partners Inc.’s filings with the Securities and Exchange Commission. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.
LFTD Partners Inc.
To the attention : William C. “Jake” Jacobs, CPA, President and Chief Financial Officer
Telephone: (847) 400-7660
E-mail: [email protected]
THE SOURCE: LFTD Partners Inc.
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