The Company Concluded the Year With Revenue Doubling, Alongside Substantial Improvements in Gross Profit Margins and Net Income FORT LAUDERDALE, FL, April 19, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – VPR Brands LP (OTCQB:VPRB), a leader in the innovation and monetization of intellectual properties within the electronic cigarette and vaporizer sector, today announced its financial results for the fiscal year ended December 31, 2023. Demonstrating significant growth and enhanced operational efficiency, the company concluded the year with revenue doubling, alongside substantial improvements in gross profit margins and net income. Annual Financial Highlights: Revenues: Increased significantly to $9,853,825, up from $4,927,616 in 2022. The growth is attributed to increased customer sales and the introduction of new royalty revenue streams. Net Income: Reported a net income of $3,812,605, reversing a net loss of $203,697 in 2022, showcasing the company's effective strategies and operational execution. Cost of Sales: Rose to $4,972,497, reflecting the increased sales volume, with gross margins impressively expanding to 50.3% in 2023 from 33% in 2022, driven by higher-margin direct-to-consumer online sales and higher wholesale margins. Operating Expenses: Increased to ...