Business
Muscle Maker Inc. Reports First Quarter 2023 Results
Revenue Rises to $213 Million From $3 MillionAdjusted EBITDA Rises to $2.4 Million vs. Loss in Prior YearFORT WORTH, TX / ACCESSWIRE / May 10, 2023 / Muscle
About this update from Sadot Group Inc.
[{"type":"text","content":"Revenue Rises to $213 Million From $3 MillionAdjusted EBITDA Rises to $2.4 Million vs. Loss in Prior YearFORT WORTH, TX / ACCESSWIRE / May 10, 2023 / Muscle Maker, Inc. (NASDAQ:GRIL) (\"Muscle Maker\", \"GRIL\" or the \"Company\"), a global agricultural-commodity supply chain and emerging growth stage restaurant company, today announced its first quarter results ending March 31, 2023. Chief Executive Officer, Michael Roper and Chief Financial Officer, Jennifer Black will host a conference call at 5 pm Eastern Daylight Time on May 10, 2023, to discuss the results. All interested parties are invited to join this call. The Q1 2023 financial statements for the quarter ended March 31, 2023, are available on the Investors section of our website and can also be found on sec.gov.\"We are pleased to report that Muscle Maker had a successful first quarter of the year, marked by a significant move towards becoming a diversified global food organization,\" said Michael Roper, CEO of Muscle Maker. \"This transformation was made possible by the creation of our wholly owned subsidiary, Sadot LLC. Our shift to diversify our U.S.-centric restaurant business towards a more globally focused food organization is proving out by the progress we have made thus far is encouraging, and we are confident that we are on the right path to realizing our vision for a more diversified and successful future.\"Financial highlights for the three months ended March 31, 2023:For the three months ended March 31, 2023, the Company reported consolidated revenue of $213 million, a significant increase compared to $3 million for the prior year ended March 31, 2022.Non-GAAP adjusted EBITDA from operations was $2.4 million in the first quarter of 2023 compared to a $1.5 million loss in the first quarter 2022.Sadot subsidiary generated a net income of $4.3 million.MMI Restaurant Brands subsidiary generated a net loss of $406,000 for the first quarter.The Company, as of March 31, 2023, had a cash balance of $6.4 million and a working capital surplus of $6.4 million.Recent strategic and operational highlights during the first quarter of 2023 include:Sadot subsidiaryCompleted 19 transactions in Q1 with the average revenue per transaction of $11.1 million.Average COGS per transaction of $10.8 million.These 19 transactions were completed throughout 11 different countries.MMI Re...