Business
The Fresh Factory Reports Preliminary Unaudited Q4 2023 Results
Q4 2023 saw the highest-billed quarterly revenue in Company history at $6.4M ($8.5M CAD). Dece...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Preliminary Unaudited Q4 2023 ResultsQ4 2023 saw the highest-billed quarterly revenue in Company history at $6.4M ($8.5M CAD).December 2023 had the highest-billed monthly revenue in Company history at $2.4M ($3.2M CAD).Q4 2023 was the second consecutive quarter of positive adjusted EBITDA.CAROL STREAM, IL / ACCESSWIRE / January 25, 2024 / The Fresh Factory B.C. Ltd. (TSXV: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, announced today preliminary revenue, adjusted EBITDA, and other unaudited estimates for the quarter ending December 31, 2023, (\"Q4 2023\") and the year ending December 31, 2023 (\"Fiscal 2023\").The Fresh Factory achieved various milestones in Q4 2023, recording the Company's highest-billed quarterly revenue to date of $6.4M ($8.5M CAD), compared to the previous quarterly record of $5.9M ($7.9M CAD) achieved in Q4 2022, or a 10.6% increase. This growth helped the Company achieve its second consecutive quarter of positive adjusted EBITDA, signifying both increasing revenues and operational efficiency. Adjusted EBITDA (EBITDA excluding Pubco costs and one-time expenses) was +$0.3M (+$0.4M CAD) in Q4 2023 vs. +$0.1M (+$0.1M CAD) in Q3 2023, an increase of $0.2M.\"We're thrilled to share these preliminary figures for Q4 2023,\" said Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory. \"The Company has demonstrated outstanding growth and resilience, setting new benchmarks in revenue, operational performance, and throughput. Since going public two years ago, we have nearly doubled our revenue and unit volume while working to become sustainably profitable. Driving positive adjusted EBITDA for a second consecutive quarter shows we are on the correct path. The next target is to become EBITDA-positive, and that goal is within reach.Our continued commitment to delivering quality products and optimizing operational efficiencies has resulted in us entering 2024 with strong momentum. The Fresh Factory team's dedication and adaptability and our robust customer demand have been instrumental in achieving these milestones.\"The Fresh Factory anticipates releasing detailed audited financial statements for Fiscal 2023 in April 2024. All figures in this press release are in US do...