Elevai Labs Inc. Reports Record Full Year 2023 and Fourth Quarter Financial Results

• Company reports record annual revenues of $1.71 Million for 2023, up 123.5% over the previous year

• Company reports record Q4 2023 revenues of $698,591, up 403% from Q4 2022

NEWPORT BEACH, Calif., March 29, 2024 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skincare, today reported financial results for the fourth quarter and full year ended December, 31, 2023.

"This year has been pivotal for us, with our revenue more than doubling, it's a clear indicator of our market strength and customer trust," stated Elevai Labs CEO, Jordan R. Plews, PhD. "We are proud to have increased our operating, production and supply chain efficiency as evidenced in the improvement of our gross margin and are excited to further advancements at the interface between aesthetics and biotechnology. This marks just the beginning of our ambitious vision for the future."

Financial Results for the Three Months Ended December 31, 2023

• Revenue increased to $698,591 for the three months ended December 31, 2023, compared to $138,898 for the three months ended December 31, 2022 and $554,654 for the three months ended September 30, 2023, a 402.9% increase year-over-year and 25.9% increase quarter-over-quarter.
• Gross margin of 66.1% for the three months ended December 31, 2023, compared to 67.2% for the three months ended December 31, 2022.
• Operating expenses for the three months ended December 31, 2023 were $1,542,639, compared to $767,530 for the three months ended December 31, 2022 and $1,151,696 for the three months ended September 30, 2023, a 100.9% increase year-over-year and 33.9% increase quarter over quarter.
• Total comprehensive loss was $708,508 on a GAAP basis for the three months ended December 31, 2023.

Financial Results for the Full Year Ended December 31, 2023

• Revenue increased to $1,712,595 for the year ended December 31, 2023, compared to $766,277 for the year ended December 31, 2022, a 123.5% increase year-over-year.
• Gross margin of 66.2% for the year ended December 31, 2023, compared to 58.4% for the year ended December 31, 2022.
• Operating expenses for the year ended December 31, 2023 were $4,900,791, compared to $2,238,350 for the year ended December 31, 2022.
• Total comprehensive loss was $4,301,426 on a GAAP basis for the year ended December 31, 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
[email protected]

Investor Relations Contact:
Tyler Troup, Circadian Group IR
[email protected]