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Vape-Jet 2022 Company Review

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

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.  

Vape-Jet 4.0 | The Most Advanced Fully-Automatic Vape Cartridge Filling Machine - Click to Learn More

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.  

✓ Stuck to our innovative roots with continued software and hardware improvements.  

✓ 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:  

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Vape-Jet 2021 Company Review

New Year, New Goals 

As we ring in the new year with our friends and families, we wanted to look back at our achievements last year and look forward to some hopes for Vape-Jet in 2022. After all, what’s a new year without new resolutions?  

We recognize that 2021 had its share of… difficult moments. But in those difficult moments (often, despite them), we managed to grow together. Last year, our company experienced some unprecedented successes. We want to share some of these achievements, not to gloat or become passive in our mission, but to emphasize the decisions that got us here and the people who make us who we are. Who knows, maybe we’ll even reveal something coming for 2022.  

Letter from Vape-Jet CEO Ryan Hoitt 

I am proud to report that 2021 was another excellent year for the Vape-Jet team. Despite a global pandemic, fire storms, ice storms, a heat dome, and ships blocking the Suez, we have continued to innovate and improve by releasing new products, streamlining our operations, increasing our market share, and demonstrating what world-class product support looks like.    

To start 2021 off strong, we released the Jet-Fueler 2.0 Semi-Automatic Vape Cartridge-Filling Machine. Representing a complete overhaul of electronics, software, and structural components from the previous model, the Jet-Fueler 2.0 forced us to reevaluate and expand our manufacturing methods and materials.

These manufacturing improvements complemented incremental upgrades to the Vape-Jet 3.0 Fully-Automatic Vape Cartridge-Filling Machine made throughout the year. 

By mid-year, the team was forging ahead, working with customers who wanted an end-to-end cartridge filling and capping solution that boasted the same quality and industry-leading customer support as our other solutions. Even though global logistics nearly came to a halt in the middle of production, we brought our new Squish-o-Matic 1000 vape cartridge-capping machine to market. 

Of course, Vape-Jet is not just a hardware company. Our dedication to clean code, behavior-driven development, agile methodologies, and microservice architecture shows that we are nothing without the incredible software which drives our powerful vape cartridge-filling machines. One example of our ongoing efforts to improve our software over the last year included reducing the time between customer feature requests and software implementation to mere days. Following this improvement, we applied wizard-based, interactive SOPs (standard operating procedures) to our automated filling systems and overhauled the GUI (graphical user interface) on both the Jet-Fueler and Vape-Jet. You can find these step-by-step SOPs in all our recent updates. 

As we look forward to 2022, we might reflect on the lessons 2021 taught us. Just as ‘no person is an island entire of itself,’ the past year showed us that manufacturing infrastructure and the global supply chain are fragile. While our company was affected like everyone else, the pain would have been worse had we not insisted on strong U.S.-based manufacturing partnerships and found ways to improve (and maintain) safe production standards. I believe our success in 2021 is a testament to our team’s vision, execution, and ability to thrive during uncertain times. 

We are looking forward to a bright and prosperous 2022 with all our friends within the industry and without.

Cheers to you and yours, 

Ryan Hoitt, CEO 

2021 Financial Growth with Vape-Jet CFO Brian Kuo 

When we founded Vape-Jet, we knew we wanted to grow organically and buck the trend of institutional backing. Having identified a lack of innovation in a space that had grown stale with retrofits and dated equipment, our mission has been to grow alongside our customers, assembling a diverse team, making heavy investments in R&D, and emphasizing local manufacturing, assembly, and support. 

Entering 2022, I am pleased to report that we are succeeding in our mission. The quality of our products has instilled new life into vape cartridge production, and our team has grown bigger and stronger.  

Therefore, as we raise our glasses to a new year, I want to take a moment and reflect on some of our accomplishments: 

  • In 2021, our YOY (year-over-year) revenue grew by more than 200%*  
  • We were profitable and cash flow positive in both 2020 and 2021, with an approximate 350% growth in profitability YOY in 2021* 
  • We have simultaneously increased our total assets by more than 240% while decreasing liabilities by ~19%* 
  • We gave our team a profit share bonus, matching retirement plan, and full health benefits  
  • We added a new dedicated product support technician and developed in-depth HelpDesk documentation (with video documentation to follow in 2022) 
In 2021 Vape Jet year-over-year revenue grew by more than 200%
In 2021 Vape-Jet had an approximate 350% growth in profitability

What has this success taught us? For one, we will continue innovating and adding value for our clients in the year ahead by reinvesting our profits into R&D. We will also continue investing in our people, growing our team, and expanding our operation organically. In short, we will use our exceptional results from 2021 as motivation to better serve our customers. 

So, although I hope for more global stability in 2022, I can’t wait to see how much value we can create in this promising new year! 

Brian Kuo, CFO 

*Financial data for illustration purposes only, not to be relied on for investments and not for assurance purposes. 

Operations Growth in 2021 

As Brian noted, we’ve welcomed many new faces to the Vape-Jet crew this past year. In fact, we’ve increased our number of full-time employees by 250%. By adding manufacturing and support technicians—not to mention a new engineer—we’ve effectively doubled our sales capacity while also doubling our software development team. With all this “doubling” going on, we decided to increase our manufacturing capabilities too, expanding into two new facilities and adding over 3,400 square feet of production floor space. To make better use of these new spaces and faces, we also increased our inventory buffers by triple in key areas. With this operational capacity and inventory surplus, we are well-positioned in 2022 and beyond. 

Vape-Jet increased our number of full-time employees by 250% in 2021.

2022 Vape-Jet Growth Goals 

In the spirit of the new year, here are our “Big 3” resolutions: 

  • Maintain 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. 
  • Stick to our innovative roots with continued software and hardware improvements. 
  • Scale with our customers by adding operational capacity and maintaining inventory buffers

But what about product releases or upgrades? At Vape-Jet, we don’t like to talk about new stuff until it’s ready, but it’s an exciting new year (and we like to keep the energy up), so stay tuned for a major announcement in the weeks ahead. Can’t wait that long? Well, get ready for a software upgrade that will greatly increase the speed of all existing machines in the Vape-Jet fleet.

More details to come, but for now, enjoy this sneak peek: 

To the future, 

The Vape-Jet Crew

Get Ready

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