Digipath, Inc. (OTCQB:DIGP) announced financial results for the first quarter ended December 31, 2021 of its fiscal year ending September 30, 2022.
Q1 2022 Financial Highlights
- Net loss was reduced substantially, paring down from $390,637 in the first quarter of 2021, to $290,325 in the corresponding period of 2022, representing a decrease of 26%.
- Revenues increased substantially relative to the same quarter last year, rising from $500,385 in the first quarter of 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 the first quarter of 2021, to $276,984 in the current quarter.
- General and administrative expenses increased by 7%.
- Professional fees were also accelerated, increasing by 134%.
Management Commentary
“We are pleased by the significant progress detailed in our most recent quarterly report,” Stone Douglass, chief financial officer at Digipath, Inc., said. “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.”
“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,” Todd Denkin, founder and president of Digipath, commented.
Digipath is a service-oriented independent analytical testing laboratory, data analytics firm focused on the cannabis and hemp markets.
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