Business
Muscle Maker, Inc. Announces 2022 Full Year and Q4 Results
Revenues Surge $150 Million at Newly Formed Sadot SubsidiaryFORT WORTH, TX / ACCESSWIRE / March 21, 2023 / Muscle Maker, Inc. (Nasdaq:GRIL), (the "Company"),
About this update from Sadot Group Inc.
[{"type":"text","content":"Revenues Surge $150 Million at Newly Formed Sadot SubsidiaryFORT WORTH, TX / ACCESSWIRE / March 21, 2023 / Muscle Maker, Inc. (Nasdaq:GRIL), (the \"Company\"), today reported its financial results for the full year and fourth quarter ended December 31, 2022, and will host a call to review the results tomorrow, Wednesday, March 22, 2023, at 10:00 AM EDT / 7:00 AM PDT.2022 HighlightsMuscle Maker, Inc. generated $161,698,417 in total revenue.October 2022 formed its new wholly owned subsidiary, Sadot LLC.November 2022 entered into a material agreement with AGGIA, an international agri-commodity shipping, sourcing and sustainable farming consulting firm to assist in the operations of Sadot LLC.November/December revenue generated from Sadot subsidiary was $150,585,644.Net income generated from Sadot LLC was $4,548,440 or a 3% profit margin.The Company's restaurant division generated revenue, net of discounts, of $10,300,394.The Company's restaurant division consisting of Pokomoto, Muscle Maker Grill and Superfit Foods had an 11% year over year growth in sales.There are now 28 Pokemoto restaurants open and operating with an additional 50 new franchise agreements sold to still be opened.The Company's restaurant division labor, rent, other operating and SG&A key metrics all improved year over year.As of December 31, 2022, the Company had a:Cash Balance of $9,898,420.Working Capital surplus of $4,032,888.\"We are thrilled with the performance of our newly formed subsidiary Sadot,\" said Muscle Maker, Inc.'s CEO, Mr. Michael Roper. \"It has proven to be a strategic addition to our Company with its material impact on our revenue and net income. As we look to the future, we remain committed to leveraging the strengths of Sadot along the with the expansion of our Pokemoto restaurant brand to continue driving growth and delivering value to our stakeholders.\"Webcast Details:Date: March 22, 2023Time: 10:00 AM EDT / 7:00 AM PDTTo register, please use the link below to listen in live or click the link at a later time to view the replay:https://audience.mysequire.com/webinar-view?webinar_id=3cceea3b-f722-47b7-8e81-ab0dab6809f9About Muscle Maker, Inc.Muscle Maker, Inc. is the parent company of \"healthier for you\" brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bas...