Digipath Announces Financial Results for Q1, 2022
Quarter Saw Large Increases Quarter Over Same Quarter Gross Profit and Revenue Gains
LAS VEGAS, NV, Feb. 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Digipath, Inc. (OTCQB: DIGP) (“Digipath” or the “Company”), a service-oriented independent analytical testing laboratory, data analytics firm focused on the cannabis and hemp markets is pleased to announce financial results for the first quarter ended December 31, 2021 of its fiscal year ending September 30, 2022.
The full report can be seen in its entirety at
https://www.sec.gov/ix?doc=/Archives/edgar/data/1502966/000149315222004537/form10-q.htm
Notes from the report:
- Net Loss was reduced substantially, paring down from $390,637 in Q1 2021, to $290,325 in Q1 2022, a decrease of 26%.
- Revenues increased substantially relative to the same quarter last year, rising from $500,385 in Q1 2021, to $699,585 in the current quarter, an increase of $199,200, or 40%.
- Gross Profit was also substantially increased, moving upward from $79,500 in Q1 2021, to $276,984 in the current quarter.
- General and Administrative expenses by 7%.
- Professional fees were also accelerated, increasing by 134%.
“We are pleased by the significant progress detailed in our most recent quarterly report,” stated Stone Douglass, Chief Financial Officer, Digipath, Inc. “While there is certainly work to be done to further improve efficiencies and our margins, we believe we have an actionable plan to address these issues as we’re spending a little extra capital now to make more revenue later.”
“We are also heartened to see a significant reduction in Net Loss, especially as we make real strides in our revenue. With Gross Profit also up precipitously, our business model is both validated and affirmed,” added Douglass.
“All this leads us to a position of significant optimism as we continue to progress in our efforts to complete the acquisition of a controlling interest in the Steep Hill California lab in Berkeley,” said Todd Denkin, Founder and President of Digipath.
About Digipath, Inc. (OTCQB: DIGP)
Digipath, Inc., supports the cannabis industry’s best practices for reliable testing, data acquisition, formulations, and new canna-tech to the cannabis industry. The “Digipath Data Vault” is a rich data set of over 70,000 cannabis chemo profiles which can be used for research and product development in a wide variety of applications.
Digipath Labs provides pharmaceutical-grade analysis and testing to the cannabis industry to ensure producers, consumers and patients know exactly what is in the cannabis they ingest and to help maximize the quality of its clients’ products through analysis, research, development, and standardization.
Information about Forward-Looking Statements
This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company’s inability to consummate the closing of the Steep Hill acquisition, need for additional funding, the demand for the Company’s products, governmental regulation of the cannabis industry, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company’s filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Digipath, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Corporate Contact:
Digipath, Inc.
702-527-2060
Investor Relations & Financial Media
Integrity Media
team@integritymedia.com
Toll Free: (888) 216-3595
www.IntegrityMedia.com
