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Continued DehydraTECH™ Expansions Lead to Record Quarterly Licensing Revenue & Growth
TheCompanycontinued to add states to its geographic footprint for DehydraTECH™licensing as well as form factors toitsportfolio of DehydraTECH™-powered consumer products during thethree-month period ended
As a result, the Company is pleased to announce that it grewDehydraTECH™ licensing revenues by93%in Q2 versus the prior quarter and 263% for the fiscal year to date.
The following chart shows the DehydraTECH™licensing revenues over the past 6 quarters:
In 000’s | ||||||
Licensing Revenue | 328 | 170 | 138 | 77 | 59 | 130 |
TheTransformed Vin(Zero) Business Model Leads to Record High Quarterly Revenue and Gross Profit
In Q2 FY 2023, Hill Street achieved record quarterly revenues overall and also for its Vin(Zero) alcohol-free beverage business. The Vin(Zero) results were primarily driven bythe Company’s new streamlined Vin(Zero) business model that created a new and differentcadence to that business, as we have previously announced. The Company now executes larger orders that are spread months apart to optimize the timing and efficiency of our supply chain. The new business model significantly improves key financial metrics such as order to cash and reduced working capital in inventory, but the Vin(Zero) business must now be looked at across longer time frames to truly understand its patterns.
The following chart shows the Vin(Zero) alcohol-free business results over the past 6 quarters:
In 000’s | ||||||
Gross Revenue | 1,487 | 188 | 1,198 | 778 | 476 | 527 |
Chargebacks | (249) | (27) | (217) | (108) | (68) | (56) |
Net Revenue | 1,238 | 161 | 981 | 670 | 408 | 471 |
CoGS | (738) | (113) | (747) | (406) | (252) | (270) |
Gross Profit | 500 | 48 | 234 | 264 | 156 | 201 |
GP % | 34% | 26% | 20% | 34% | 33% | 39% |
Release of Q2 FY2023FinancialStatements and MD&A
For the three-month period ended
Hill Street Mailing List Launched
With the Company expecting increasing shareholder communication over the coming months, Hill Street is pleased to also announce that it has initiated an exclusive mailing list for all supporters wishing to receive direct and timely communication about Company updates. If you wish to sign up for this mailing list, clickHERE.
*All financial information is provided in Canadian dollars, is unaudited and subject to change.
About
Hill Street is a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior plant-derived consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH™ patent portfolio for product development, licensing and B2B sales of cannabis ingredients.
For more information on our business activities or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go towww.hillstreetbeverages.com
For more information:
matthew@hillstreetbevco.com
FORWARD-LOOKING STATEMENTS
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation toupdate publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
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