NEWPORT BEACH, Calif., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skincare, today reported financial results for its Q3 2023 fiscal quarter, ended September 30, 2023.

“We are proud to announce a record setting quarter for Elevai marked by exceptional growth in both revenue and gross profit,” said Jordan Plews, Elevai’s Chief Executive Officer. “In Q3, our revenue grew over 75% over the previous quarter and this growth is a testament to the effectiveness of our sales strategy and our team’s hard work.

“Looking ahead, we remain committed to investing in the growth and scale of Elevai while maintaining our focus on operational efficiencies. Additionally, with our recent transition to a public company and the completion of our IPO, we are well-positioned to support the ongoing expansion and development of Elevai.”

Financial Results for The Three Months Ended September 30, 2023

• Revenue increased to $554,654 for the three months ended September 30, 2023, compared to $432,122 for the three months ended September 30, 2022 and $316,530 for the three months ended June 30, 2023, a 28.35% increase year-over-year and 75.23% increase quarter-over-quarter.
• Gross margin of 66% for the three months ended September 30, 2023, an increase of approximately 11.0 percentage points compared to the three months ended September 30, 2022.
• Operating expenses for the three months ended September 30, 2023 were $1,151,696, compared to $709,531 for the three months ended September 30, 2022 and $1,261,681 for the three months ended June 30, 2023, a 62% increase year-over-year and 8.7% decrease quarter over quarter.
• Net loss and comprehensive loss was $782,660 on a GAAP basis for the three months ended September 30, 2023.

About ELEVAI Labs, Inc.

ELEVAI Labs Inc. (NASDAQ: ELAB) is a medical aesthetic company developing cutting-edge physician-dispensed skin care applications. The company solves unmet needs in the medical aesthetics space through a combination of cutting-edge science-driven and next-generation consumer applications. ELEVAI Labs develops topical aesthetic skin care cosmetic products for the physician-dispensed market, with a focus on leveraging a proprietary stem cell exosome technology. For more information visit www.elevaiskincare.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that our shares of common stock will start trading or that the Offering will be successfully completed. Investors can find many (but not all) of these statements using words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

For media inquiries, please contact:

Media Contact
Brenda Buechler
Chief Marketing Officer
contact@elevailabs.com