Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) reported its revenue slipped slightly for the first quarter ending March 31, 2024. Vext told investors that revenue was $8.3 million in the first quarter down sequentially from $8.4 million and was also lower than last year’s first-quarter revenue of $9.1 million.
The company attributed the decrease in annual sales declines in Arizona revenue offset by the inclusion of Ohio cultivation & processing revenue and one month of revenue from the second Ohio retail location. Despite sales dipping in the first quarter, the cost of goods sold rose from $4.4 million in the 2023 first quarter to $6.4 million in 2024.
The net losses jumped to $6.3 million versus a net income of $73,059 in the 2023 first quarter. Cash fell from $8.7 million at the end of 2023 to $4.4 million at the end of the first quarter.
“The first quarter of 2024 continued to present consumer-related challenges to all…
