The quarter saw strong quarter-over-quarter increases in gross profit and revenue gains
LAS VEGAS, NV, February 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Digipath, Inc. (OTCQB: DIGP) (“Digipath” or the “Company”), an independent, service-focused analytical, data analytics company focused on the cannabis and hemp markets, is pleased to announce the financial results of the first quarter ended December 31, 2021 of its fiscal year ending September 30, 2022.
The full report can be viewed in full at
- Net loss was significantly reduced from $390,637 in Q1 2021 to $290,325 in Q1 2022, a decrease of 26%.
- Revenue increased significantly compared to the same quarter last year, from $500,385 in Q1 2021 to $699,585 in the current quarter, an increase of $199,200, or 40%.
- Gross profit was also significantly increased from $79,500 in the first quarter of 2021 to $276,984 in the current quarter.
- General and administrative expenses of 7%.
- Professional fees were also accelerated, increasing by 134%.
“We are delighted with the significant progress detailed in our latest quarterly report,” said Stone Douglass, Chief Financial Officer of Digipath, Inc. “While there is certainly work to be done to further improve efficiency and our margins, we think we have an action plan to address these issues because we are spending a little extra capital now to generate more revenue later.”
“We are also encouraged to see a significant reduction in net loss, especially as we are making real progress in our revenues. With gross profit also up sharply, our business model is both validated and affirmed,” Douglass added.
“All of this brings us to a position of significant optimism as we continue to make progress in our efforts to complete the acquisition of a majority stake in the Steep Hill Laboratory in California at Berkeley,” said Todd Denkin, Founder and President of Digipath.
About Digipath, Inc. (OTCQB: DIGP)
Digipath, Inc. supports cannabis industry best practices in reliable testing, data acquisition, formulations, and new cannabis technologies for the cannabis industry. The “Digipath Data Vault” is a rich dataset of over 70,000 cannabis chemotherapy profiles that 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 growers, consumers and patients know exactly what is in the cannabis they are ingesting and to help maximize the quality of its customers’ products through analysis, research, development and standardization.
Information about forward-looking statements
This press release contains “forward-looking statements” which include information relating to future events. Forward-looking statements should not be construed as a guarantee of future performance or results and will not necessarily be precise indications of the times at which or by which such performance or results will be achieved. Forward-looking statements are based on information available at the time they are made and/or on the good faith belief of management at that time regarding future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company’s inability to complete the closing of the Steep Hill acquisition, the need for additional financing, demand for the Company’s products, government regulation of the cannabis industry, the Company’s ability to maintain strategic business relationships with customers, the impact of competitive products and pricing, the growth of targeted markets, the adequacy of liquidity and strength financial condition of the Company to support its growth, and other risks which 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 filings with the Securities and Exchange Commission, 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.
Investor Relations & Financial Media
Toll Free: (888) 216-3595