This Cannabis And Psychedelics-Focused Company Reports Robust Q3 2023 Financials & Gross Profit Surge

Pervasip Corp. PVSP and its subsidiary, Artizen Corporation, disclosed their unaudited financial statements for the third quarter ending August 31, 2023.

The company's president and CEO, German Burtscher, emphasized the substantial growth in gross margins and expense reductions in the past quarter.

Financial Highlights

• Gross profits for the third quarter of 2023 reached $1,994,465, which is a nearly 60% increase compared to the same period in 2022 when it was $1,257,843. This resulted in a substantial boost in gross margins with 2023's third-quarter gross margins at 45%, compared to 29% in the third quarter of 2022.
• The company's operating income saw a substantial increase, reaching $591,751 for the third quarter ending August 31, 2023, in contrast to the $52,312 reported for the same period in 2022.
• Consolidated revenues for the nine months ending August 31, 2023, amounted to $11,920,638, compared to $11,847,517 during the same period in 2022, marking an increase of $73,121.
• Gross profit for the nine months ending August 31, 2023, saw a substantial increase, reaching $4,040,769, compared to $2,830,628 for the same period in 2022. This resulted in an improvement in gross margins from 24% to 34% during the same period in 2022.
• EBITDA also experienced a positive change, increasing from 7.2% to 10.3%. As of August 31, 2023, it stood at $1,233,420, up from $850,931 at the same time in 2022.

Moreover, the cost of goods and services for the nine months ending August 31, 2023, decreased to $7,879,869 from $9,016,889 in 2022, reflecting a reduction of approximately $1,137,020 or 12.6%.

The reduction in the cost of goods and services is even more evident in the three months ending August 2023, with a significant $671,013 reduction, representing a 21.8% improvement compared to the same period in 2022, all while increasing revenues.

Finally, Burtscher confirmed the ongoing process of spinning off Artizen assets to shareholders. "While the audit has taken frustratingly long, we are in the final stages of completion and the financial data used for this filing is the final dataset submitted to our auditors,” he concluded.

Price Action

PVSP shares were trading down at 10.00% at $0.0004 per share Wednesday afternoon. 

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