Yahoo Finance

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.