PUDO Inc. reports FY 2024 second quarter end results
TORONTO, Sept. 28, 2023 /CNW/ - PUDO Inc. ("PUDO" or the "Company") (CSE: PDO) (OTCQB: PDPTF), today filed interim financial results (unaudited) and operational highlights for its second quarter which ended August 31, 2023 ("Q2 FY 2024").
Year over Year | Q1-Q2 FY 2024 | Q1-Q2 FY 2023 | % Change |
Revenue from Operations | $1,593,295 | $1,894,087 | -15.9 % |
Gross Profit | $666,242 | $729,249 | -20.4 % |
Net Loss | ($329,839) | ($184,357) | 78.9* |
* Net Loss position declined by net 78.9% |
Commented Elliott Etheredge, CEO, "Our new partnership with Wish is a significant opportunity for us to efficiently grow our number of PUDOpoints as well as a strong validation of the value of our network to the e-commerce industry. Also, during the second quarter, we initiated returns activity in New York City with one of our large Canadian customers as a pilot program for our U.S. expansion. As was the case in the first quarter, the revenue decline in the second quarter was the result of customers' change in their business model for processing returns. As we pursue our expansion activity and further customer acquisition, we have removed overhead expenses which will provide PUDO with a cash breakeven cost structure for cash operating profit."
In Q2 FY 2024, returns accounted for 43.7% of revenue vs. 34.8% in Q2 FY 2023.
PUDO continues to expand the availability and volume of its PUDO Label Return services. By increasing the number of retailers using the solution and partnering with additional SAAS and 3PL providers, the PUDO network is becoming an important part of the e-commerce returns solution.
A complete copy of the interim consolidated financial statements and the Management's Discussion and Analysis Report for the three and six month periods ended August 31, 2023, can be found on the CSE website at www.thecse.com and on SEDAR at www.sedar.com .
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For more information, please visit www.pudopoint.com
About PUDO Inc.
PUDO Inc. is North America's only independent parcel pick-up and drop-off counter network.
PUDO has created a Network of more than 1,200 storefront partners known as PUDOpoint Counters, strategically located very near to where people live, work and play.
PUDO partners with retailers and logistics providers to offer a last-mile pick-up and returns network for ecommerce shoppers that reduces cost, increases convenience and provides package security to the last-mile of package logistics. Visit: www.pudopoint.com.
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, such as statements regarding estimated revenues from new contracts, increased parcel volume, activation and implementation of PUDO's technology and possible future expansions of PUDO's operations. This information is based on current expectations and assumptions of management, including assumptions concerning PUDO's ability to integrate its new customers into its network and successfully execute on its new and existing contracts. The use of any of the words "anticipate", "believe", "expect", "plan", "intend", "can", "will", "should", and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, without limitation, uncertainties with respect to service implementation, the economic results of the relationship on the operations of the Company, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. This press release, in particular the information in respect of estimated revenues, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by law.
SOURCE PUDO Inc.
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