As we kick off the new year, we wanted to take a moment to celebrate the growth of Vape-Jet in 2022. From expanding our on-site operations to growing our international network of developers, designers, and engineers, we’ve made huge strides in refining our products and providing industry-leading support to our customers. We even traveled across the U.S. to visit with customers and learn about their needs and experiences. In short, it was a productive year at Vape-Jet!
Join us as we celebrate the progress of Vape-Jet and look forward to an even brighter future:
- 2022 Overall Growth with CEO Ryan Hoitt
- 2022 Financial Growth with CFO Brian Kuo
- 2022 Operational Growth with COO Devon Reid
- 2023 Company Growth Goals
2022 Overall Growth with CEO Ryan Hoitt
As we begin 2023, I am proud to reflect on another incredible year for the Vape-Jet team. The year was full of growth and progress, highlighting the importance of prioritizing innovation and building value for our customers. Throughout 2022, we remained committed to these goals, releasing an upgraded, fully-automatic Vape-Jet 4.0, and a new software platform, MARVIN, to improve our already industry-leading products.
Another highlight in 2022 was the launch of our partner program. Designed to provide a one-stop shop for our customers’ vape cartridge production needs, we thoroughly vetted several vape hardware companies, a terpene supplier, and an equipment manufacturing team to establish a solid foundation for quality vape solutions.
At MJBizCon 2022, we were thrilled to see the evolution of our brand into a recognized and highly respected company within the cannabis industry. We have come a long way from being a small, relatively unknown company striving for recognition to a crew that people went out of their way to see in person. If any event could signify the growth of our company at a glance, this was it.
Last but not least, we doubled our manufacturing crew and customer service team in 2022, providing our customers with quick support and troubleshooting options with more room to expand in 2023.
—Ryan Hoitt, CEO
2022 Financial Growth with CFO Brian Kuo
In 2022, our strategy was to continue the organic, sustainable growth that made 2021 so strong. While the backdrop of the industry was dire, with many companies experiencing low to negative growth, Vape-Jet bucked that trend by having its best year ever, including record-breaking months in the fourth quarter.
Our mission of innovation (in a space that has grown stale with retrofits and dated equipment) continues to build value for our clients and pushes us to innovate to pass even more benefits to our customers. This mission emphasizes growth alongside our customers, crew diversity and experience, heavy investments in R&D, and local manufacturing, assembly, and support.
As we look to the new year, I want to take a moment to reflect on some of our accomplishments:
- In 2022, our YoY (year-over-year) revenue grew by almost 200%*
- We have been profitable and cash flow positive since 2020, with an approximate 428% growth in profitability YoY in 2022*
- We have simultaneously increased our total assets by more than 200% with no new long-term debt
- Our crew crushed it this year, so we rewarded their hard work by increasing our employee profit share bonus approximately 200%
—Brian Kuo, CFO
*Financial data included in this blog is unaudited and not to be relied upon for investment decisions. 2022 has not been closed at the time this blog was written. Some figures are estimates.
2022 Operational Growth with COO Devon Reid
In 2022, our vape cart filling machines maintained 2021’s stellar growth numbers, allowing us to continue reinvesting in improving the manufacturability of our Vape-Jet cart filler. Now, with the release of our 4.0 model, we can build and ship units much faster than before. Notably, despite the increase in units shipped, remote support handled greater than 99% of customer tickets, with only four issues requiring on-site assistance.
With increased efficiency on the manufacturing end and scaling product support to maintain our goals, we set our sights on electrical safety certifications for international sales. In that regard, we are pleased to report that the Vape-Jet 4.0 passed its electrical safety inspection on the first attempt (conforming to UL-61010 via CSA SPE-1000); this will enable ETL and CE marks to be obtained in early 2023.
—Devon Reid, COO
2023 Vape-Jet Growth Goals
Entering 2023, we know the importance of setting clear and achievable goals to drive growth and stay on track. However, before we dive into our goals for 2023, how did we fare in 2022?
✓ Maintained our dedication to post-sales support by increasing accessibility with more written and video resources, troubleshooting guides, in-application assistance programs, and software-based SOPs.
✓ Scaled with our customers by adding operational capacity and maintaining inventory buffers by adding office space and on-site storage.
Having met our goals for 2022, here are our goals for 2023:
- Release a major product upgrade in the first quarter
- Release a new Vape-Jet product
- Obtain necessary certifications for Vape-Jet and Jet Fueler to expand into new international markets
- Increase support hours and improve response times ever further
Get Ready for 2023
As we wrap up 2022 at Vape-Jet HQ, we hope you’ve gained a better understanding of the hard work, dedication, and innovation that went into making this year a success. From expanding our operations and establishing an international network of partners to refining our products and providing industry-leading support to our customers, we’ve continued to build a strong and sustainable business.
Looking ahead to 2023, we’re excited to focus on new growth goals and continue building on the progress we’ve made. Most importantly, thank you for joining us on this journey, and here’s to another year of growth and success for Vape-Jet!
If you are interested in partnering with us, reach out to our crew to learn how Vape-Jet can provide next-level products for your customers.
Read our customer features:
- Ration, Blue Box Brands & BeGreen Supply
- True North Collective MI
- C3 Industries
- Terrapin Care Station
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