Business
Muscle Maker Inc (GRIL) Crosses $150 Million Revenue Milestone In First 60 Days Of Operation Of New Subsidiary, Sadot LLC
Total Company Year-To-Date Revenue Jumps 1,836% To $159.25 Million Fort Worth, Texas, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL),
About this update from Sadot Group Inc.
[{"type":"text","content":"Total Company Year-To-Date Revenue Jumps 1,836% To $159.25 Million Fort Worth, Texas, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL), today announced its new wholly owned subsidiary, Sadot LLC (“Sadot”), has crossed the $150 million revenue milestone in its first 60 days of operation. Sadot generated $54.19 million in revenue in November and an additional $96.39 million in top line sales for the full month of December. Sadot, in its first two months of operation, has now generated $150.58 million in total revenue. Total company year-to-date revenue increased by 1,836% to $159.25 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. 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 additional lines of business could change the landscape for Muscle Maker overall. While Pokemoto and growing our franchising footprint will be a critical part of the restaurant division moving forward, the launch of Sadot and our agreement with AGGIA has made an immediate, significant impact to our top line revenue. Total company revenue through Q3, 2022 was $8.67 million. Sadot has generated $150.58 million in revenue in Q4, its first two months of operation, pushing the total company revenue for the entire 2022 year-to-date upwards of 1,836% to over $159.25 million in just 60 days. These numbers exclude Q4 revenue generated by our restaurant, meal prep, franchising and other divisions. Value creation for our shareholders remains a focus for management. We are creating a more diversified company that currently reaches consumers via restaurants, meal plans, franchising and food commodity shipping. We continue to look for opportunities to further this strategy which could include many other lines of business such as farming, sourcing or production of food products.” 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 for Muscle ...