Business
The Fresh Factory Reports Q2 2023 Results with Total Billed Revenue of $5.9M
The Company reported quarterly billed revenue of $5.9M ($8.0M CAD), compared to $4.9M ($6.6M CAD)...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Q2 2023 Results with Total Billed Revenue of $5.9MThe Company reported quarterly billed revenue of $5.9M ($8.0M CAD), compared to $4.9M ($6.6M CAD) in Q2 2022, representing a year-over-year increase of 20.7%.The Company reported total revenue of $5.8M ($7.8M CAD), compared to $4.7M ($6.3M CAD) in Q2 2022, representing a year-over-year increase of 22.7%.The Company increased adjusted gross margins to 29.2% in Q2 2023 vs. 26.6% in Q1 2023.CAROL STREAM, IL / ACCESSWIRE / August 29, 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 second quarter ending June 30, 2023 (\"Q2 2023\").Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory commented: \"Reflecting on the progress we've made over the past few quarters, I'm pleased to announce that our billed revenue for the first half of the year has reached US$11.3 million, showing year-over-year growth of 30.0%. We continue to expand the top line of the business with new customers (four in Q2 2023) and organic growth, especially with our co-pack customers. With a focus on operational efficiencies and strategic financial management, we continued to make the necessary improvements that have helped drive better bottom-line results. As we look to the back half of 2023, we expect to execute a similar playbook and drive both top-line and bottom-line results towards strategic targets. Looking ahead to 2024, we are excited to continue as a leader in the fresh, clean-label food and beverage industry in the United States.\"Financial Highlights: H1 2023 vs. H1 2022Billed revenue of $11.3M ($15.2M CAD) in H1 2023 vs. $8.7M ($11.7M CAD) for H1 2022, an increase of 30.0%, was mainly driven by the addition of new customers and increased sales through existing customers.Adjusted EBITDA of $(0.6)M ($(0.8)M) CAD) in H1 2023, was favorable $0.2M ($0.3M CAD) vs. H1 2022.Financial and Operational Highlights: Q2 2023 vs. Q2 2022Total billed revenue of $5.9M ($8.0M CAD) in Q2 2023 vs. $4.9M ($6.6M CAD) for Q2 2022, mainly driven by new customers added in late 2022 and incremental growth of existing businessAdjusted EBITDA of $(0.1)M ($(0.1)M CAD) in Q2 2023 vs. $(0.4)M ($(0.5)M CAD) in Q2...