The following is a summary of the Upexi, Inc. (UPXI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Upexi reported Q2 2024 revenue of $21.8 million, a decrease from $26.7 million year-over-year and $27.3 million from Q1 2024.

• The cost of revenue was $13.6 million, showing a decrease from $16.7 million year-over-year and $18.6 million from Q1 2024.

• The reported net loss from continued operations was $2.4 million compared to net income of $2.7 million for the same period last year.

• Despite a decrease in revenue, the company's gross margin increased to 38% due to a reduction in the risk of purchasing excess inventory.

• Brand product sales saw a 16.7% increase to $7.7 million, or 35.1% of total revenues, bolstered by health and beauty sectors.

Business Progress:

• The company is strategically focusing more on their high margin brand product sales, with brands like VitaMedica and Health and Wellness showing positive investments.

• Subscription revenue within the brand segment saw month-over-month growth of approximately 5%.

• Upexi plans to complete the consolidation of their manufacturing facilities by the end of April, anticipating quarterly cost savings of $450,000 to $550,000.

• Sales and marketing expenses were down 18%, with the company planning to decrease advertising expenses as a percentage of sales over time.

• The company also anticipates further growth in their health and wellness sector from an acne study.

More details: Upexi IR

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