Business
The Fresh Factory Reports Fiscal 2022 Results with Record Annual Total Billed Revenue of $20.3M
The Company reported a record full-year billed revenue of $20.3M ($27.8M CAD), representing a yea...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Fiscal 2022 Results with Record Annual Total Billed Revenue of $20.3MThe Company reported a record full-year billed revenue of $20.3M ($27.8M CAD), representing a year-over-year increase of 50.0% from 2021.This was the ninth consecutive quarter of record billed revenue, totaling $5.9M in Q4 2022 ($8.1M CAD), compared to $3.6M ($4.9M CAD) in Q4 2021, representing a year-over-year increase of 64.0%.Adjusted EBITDA for Q4 was $(0.2)M ($(0.3)M CAD), largely driven by a record level of billed revenue.The Company launched 59 new product SKUs and added 13 new manufacturing partnerships with customers across multiple product categories.The Company purchased 1.9M lbs of produce seconds, a year-over-year increase of 38.0%.The Company expanded its full-time employees by 33.0% (33 people) in 2022 to support its continued growth.CAROL STREAM, IL / ACCESSWIRE / May 2, 2023 / The Fresh Factory B.C. Ltd. (CSE:FRSH)(FRA:Q4Z) (\"The Fresh Factory\" or the \"Company\"), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, reports financial results for the fourth quarter and fiscal year ending December 31, 2022 (\"Q4 2022\" and \"Fiscal 2022,\" respectively).Bill Besenhofer, Chief Executive Officer and Co-founder of The Fresh Factory commented: \"As we close out fiscal year 2022, we are thrilled to report yet another record-breaking quarter with our ninth consecutive quarter of record billed revenue, reaching $5.9M (+64.0% YoY) in Q4 2022 and annual total billed revenue of $20.3M (+50.0% YoY). Our investments in expanding our manufacturing capabilities with new equipment and strengthening our leadership team position us for continued growth in the quarters ahead. The overall financial performance for Q4 2022 reinforces the thesis for our business, and as we put more volume through our facility, we are confident in our ability to drive profits. With a number of our expansion projects now complete, our focus will turn to filling out the capacity of our existing manufacturing lines and driving contribution margins higher. While we have begun to see easing in our supply chain, we expect to see continued inflationary pressure in the early part of 2023, with stabilization expected later in the year. Given overall market conditions and the typical early-year seasonal softness of our busine...