LFTD Partners Inc. (OTCQB: LIFD) announced its financial results for the first quarter of 2022. LFTD is the parent corporation of Lifted Made, Kenosha, WI, which manufactures and sells psychedelic products under its Silly Shruum brand and hemp-derived cannabinoid products under its Urb Finest Flowers brand.
- The company shared that in the first quarter of 2022, revenue went up by 41% to $18,088,877. In comparison, Q4 of 2021 showed revenue of $12,787,566.
- Net income was $2,944,793, an increase of 118% when compared to last quarter, when net income was $1,349,292.
- Basic earnings per share went up by 110% to $0.21, from basic earnings of $0.10 per share in Q4 2021.
- Diluted earnings per share scaled up to $0.18, an increase of 125% from diluted earnings per share of $0.08 in Q4 2021.
These numbers indicate the company’s seventh consecutive quarter of positive GAAP-basis earnings per share.
According to the company, the first quarter of the year was marked by a predominant position of Lifted Made’s hemp-derived products brand Urb Finest Flowers, which made up 96% of Lifted Made’s sales.
“Despite recently paying down millions of dollars in debts and taxes, and building up millions of dollars worth of inventory, our cash on hand currently exceeds $3.4 million,” said William C. “Jake” Jacobs, president and CFO of LFTD Partners.
“Nevertheless, Lifted Made’s runaway sales growth has made it very difficult to keep enough raw materials, packaging and finished inventory in stock. Consequently, LFTD Partners is continuing to explore the possibility of raising $10-$15 million in the form of debt that would be used to pay off our remaining $2.75 million note payable to Nick Warrender, to purchase Lifted Made’s headquarters building in Kenosha for $1.375 million,”