Business
Coho Collective Kitchens Inc. Reports Q3 2023 Financial Results
Revenue of $724,000, up 56% YOY Gross Profit of $639,000, up 59% YOY Average Revenue per Memb...
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[{"type":"text","content":"Coho Collective Kitchens Inc. Reports Q3 2023 Financial ResultsRevenue of $724,000, up 56% YOYGross Profit of $639,000, up 59% YOYAverage Revenue per Member of $1,601, up 6% YOYOperating Expenses Reduced by 17% compared to Q2 2023Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is pleased to announce that it has filed its unaudited Q3 financial results for the three and nine months ended December 31, 2022, the highlights of which are included in this news release. The unaudited Condensed Consolidated Interim Financial Statements and Management Discussion and Analysis (\"MD&A\") for the three and nine months ended December 31, 2022, can be viewed by visiting the Company's website at www.cohocommissary.com or its profile on SEDAR at www.sedar.com.Q3 Financial Highlights Revenue of $723,703, a 56% increase vs. revenue of $463,711 in Q3 of the prior year. The year-over-year increase was driven by higher rental and retail sales. Gross profit of $638,696, a 59% increase vs. gross profit of $401,784 in Q3 of the prior year. The year-over-year increase was driven by higher revenue and complemented by a higher gross margin. Average Revenue per Member of $1,601, a 6% increase vs. Average Revenue per Member of $1,515 in Q3 of the prior year.Operating expenses of $1,949,553, a 17% decrease vs. operating expenses of $2,346,191 in Q2 of the current year, reflecting the Company's ongoing cost reduction efforts.Management Commentary\"Coho Collective Kitchens Inc. has nearly tripled the number of its open locations since its IPO in June 2022, currently operating eight locations throughout British Columbia. As these businesses stabilize over the coming months, revenue is expected to continue to grow. Coho's two largest projects to date are currently in development and progressing well. We remain committed to delivering phenomenal customer service and managing costs as we expand,\" said Andrew Barnes, Co-Founder and Chief Executive Officer of Coho Collective Kitchens Inc.Operating Highlights for the QuarterDuring the quarter ended December 31, 2022, the Company began generating revenues from its previously ...