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Muscle Maker Inc (GRIL) Crosses $100 Million Revenue Milestone In First 45 Days Of Operation Of New Subsidiary, Sadot LLC
Total Company Year-To-Date Revenue Jumps 1,369% To $118.7 Million Fort Worth, Texas, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL),
About this update from Sadot Group Inc.
[{"type":"text","content":"Total Company Year-To-Date Revenue Jumps 1,369% To $118.7 Million Fort Worth, Texas, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL), today announced its new wholly owned subsidiary, Sadot LLC (“Sadot”), has crossed the $100 million revenue milestone in its first 45 days of operation. Sadot generated $54.19 million in revenue in November and an additional $55.84 million in top line sales through December 19th. Sadot, in its first 45 days of operation, has now generated over $110 million in revenue. Total company year-to-date revenue increased by 1,369% to $118.7 million since the end of Q3, 2022. Sadot currently focuses on international shipping of physical food commodity items such as wheat, soybean meal, corn, etc. Shipments are via cargo ships that can range between 25,000 to 75,000 metric tons. December shipments, through December 19th, included soybean meal and corn shipped between the USA, Australia, South Korea and the Philippines. Michael Roper, CEO of Muscle Maker, stated “it has been our belief that the creation of the new Sadot subsidiary and the diversification of Muscle Maker into the shipping, farming and sourcing of food commodity products could be a game changer for Muscle Maker overall. To put the revenue Sadot has generated in its first 45 day of operation through December 19th into perspective, the total company revenue through Q3, 2022 was $8.67 million. The $110 million Sadot has generated through December 19th alone pushes the total company revenue for the entire year-to-date upwards of 1,369% in just 45 days, raising our total company year-to-date revenue to $118.7 million. We still have the rest of December before closing out the year with a successful initial launch of our new subsidiary, a more diversified company and growth in our Pokemoto division.” On November 18th, Muscle Maker filed a Form 8K with the Securities and Exchange Commission and issued a corresponding press release announcing a new subsidiary, Sadot, and a material agreement between Sadot and AGGIA. AGGIA will manage the day-to-day operations of Sadot, focusing on shipping, trading, sourcing, farming and production of physical food commodities. Roper continued, “We are confident AGGIA has the experience and expertise to implement the Sadot strategy, and we believe we have had a positive start in the relationship gener...