- The popularity of vaping is driving analysts to predict a significant CAGR of well over 20 percent during the coming years
- VPR Brands’ vape accessory products, as well as its new cannabidiol product division, have helped the company record a 28 percent revenue increase for the past year
- The year also boosted VPR Brands’ operating loss into positive territory, as well as the company’s gross operating margin
Atomization technology product innovator VPR Brands, LP (OTC: VPRB), celebrating a year of increasing revenues for its vaporizer and essential oils accessories, has announced its year-end financial results.
“Much of 2018 was focused on expanding our sales channels, launching new products and building our brands. We are pleased with the results of these efforts and are excited to continue this course of improving operational efficiencies and expansion,” VPR Brands COO Dan Hoff stated as the company presented its report (http://cnw.fm/im4AD).
The company’s revenues for the 12 months ended December 31 topped $4.6 million, rising nearly 28 percent on the strength of new product sales during the year. As VPR Brands increased its full-year revenues, it reversed its operating loss into positive territory, crossing the $9,000 threshold. Gross operating margins for the year increased by almost 20 percent to a margin of 41 percent.
As product sales increased, the company also increased its inventory by about $263,000 in anticipation of further success, resulting in a growth of the company’s assets, which were valued at $767,209 as of December 31.
“We have all tirelessly worked to build a strong foundation and prove we are capable of maintaining consistent and sustainable growth and still be mindful of financial performance,” CEO Kevin Frija stated in a news release.
Frija applauded the success of the company’s Goldline cannabidiol (CBD) product division during the year, calling it “a good parallel” to VPR’s vape portfolio and a means of generating a positive vibe in the nutraceuticals and edible supplements sectors.
“We believe that the repeat business frequency in these sectors adds an exponential factor into our growth equation… We expect to continue to add to our product line, while also increasing our supply to meet growing demand,” he told shareholders at year’s end (http://cnw.fm/Ih3C2).
VPR Brands specializes in vaporization devices created for medical cannabis and recreational marijuana use. The vaping devices provide a mechanism for using extract oils and concentrates in a discrete and convenient manner, without the distinct and lingering odors that have historically resulted from smoked marijuana use.
Research and Markets analysts anticipate that the multi-billion-dollar global vaping tank market will grow at a CAGR of 28.92 percent during the next five years (http://cnw.fm/7cpRd), while Grand View Research predicts a CAGR of 23.8 percent through 2025 (http://cnw.fm/dgZb8).
For more information, visit the company’s website at www.VPRBrands.com
NOTE TO INVESTORS: The latest news and updates relating to VPRB are available in the company’s newsroom at http://cnw.fm/VPRB
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