VPR Brands, LP filed its quarterly report, showing softer sales and a deeper loss while warning of substantial doubt about its ability to continue as a going concern.
Q3 2025 revenue was $807,062 with a net loss of $449,752. For the nine months, total revenue was $2,769,927 and net loss reached $1,061,615. Gross margin improved to 33% in Q3 and 31% year to date, reflecting a more favorable product mix.
Cash was $540,650 as of September 30, 2025, with cash used in operations of $729,536 year to date. Total liabilities were $2,223,079 and partners’ capital showed a deficit of $343,338. The company fully repaid its convertible notes in January 2025, reducing interest expense, but settlement income fell to $34,297 year to date from $1,502,854 a year earlier, and royalty revenue also declined. Four customers accounted for 36% of nine‑month revenue, highlighting concentration risk.
Management states “substantial doubt” about continuing as a going concern and indicates potential needs for additional financing or cost actions if operating cash flows do not improve.