Business
Muscle Maker Inc. Reports Top Line Revenue Over $45.7 Million for June 2023
Sadot Crosses $500 Million Total Revenue MilestoneFORT WORTH, TX / ACCESSWIRE / July 24, 2023 / Muscle Maker Inc. (MMI), the "Company" (Nasdaq:GRIL), today
About this update from Sadot Group Inc.
[{"type":"text","content":"Sadot Crosses $500 Million Total Revenue MilestoneFORT WORTH, TX / ACCESSWIRE / July 24, 2023 / Muscle Maker Inc. (MMI), the \"Company\" (Nasdaq:GRIL), today announced that Sadot LLC, a wholly-owned subsidiary, crossed the $500 million total revenue since inception milestone by achieving top line revenue of over $45.7 million for the month of June 2023. The announcement marks the eighth consecutive month in which top line revenue has exceeded $45 million and shows continued success of Sadot LLC with total revenue since inception in November 2022 of over $515 million.\"I am thrilled to announce another remarkable milestone. Achieving top line revenue of over $45.7 million for the month of June 2023 showcases our consistent growth and continued success of Sadot LLC,\" stated Michael Roper, CEO of MMI. \"And now Sadot has crossed the $500 million revenue since inception milestone. With our recently announced amendment to the service agreement with AGGIA, which reduces the quarterly non-cash stock-based compensation expense by 50%, our monthly revenues are expected to have a more favorable impact on our financial reporting with the intended result of improving the bottom-line results for our company.\"As reflected in the Company's recent announcements, these results highlight Sadot's continued efforts to deepen its presence in the global agri-food supply chain. Recently, the Company announced the expansion into new trade routes throughout North, Central and South America along with the purchase and initiation of farming operations in Zambia, keeping the Company on track to reach its goals of becoming a significant global presence in the sector.Roper continued, \"With the addition of Sadot, MMI has made a significant strategic pivot. In a short period of time, Sadot has produced significant revenues while generating noteworthy net income. The Company has expanded into multiple verticals in the global food supply chain including farming and warehousing, origination and trading, and food services. Recently, we were added to the Russell Microcap® Index which recognizes the Company's new strategic direction and recent performance. I look forward to sharing future announcements as our journey to become a global agri-food supply chain company and a significant participant in the effort to provide food security to global communities evolves...