Business
The Fresh Factory Reports Record Positive EBITDA in Q3; Revenue Increases 39% Year-Over-Year
The Company achieved a record EBITDA of $0.7M (CAD $0.9M) in Q3 2024, marking its third consecuti...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Record Positive EBITDA in Q3; Revenue Increases 39% Year-Over-YearThe Company achieved a record EBITDA of $0.7M (CAD $0.9M) in Q3 2024, marking its third consecutive quarter of positive EBITDA.Quarterly billed revenue was $8.1M (CAD $11.1M) and YTD revenue was $23.9M (CAD $32.7M), representing a 39% increase both YoY and YTD.The Company produced a record-breaking 9.1 million units, representing a 186% increase compared to Q3 2023.The Company reported a net income of $56k (CAD $76k) in Q3 2024, marking a significant turnaround from a net loss of ($472k) (CAD ($647k)) in Q3 2023.During the quarter, the Company commenced construction on its newly leased facility in Downers Grove, Illinois, which will include an expanded R&D space to drive new product development and increase production capacity.CAROL STREAM, IL / ACCESSWIRE / November 28, 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, reports financial results for the third quarter ending September 30, 2024 (\"Q3 2024\").Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory commented: \"Achieving our third consecutive quarter of positive EBITDA marks a pivotal milestone in our journey of strategic growth and operational excellence. This quarter's record-breaking performance reflects the strength of our team and our unwavering commitment to growing alongside our customers. With expanded capabilities and our new Downers Grove facility set to come online in early 2025, we are well-positioned to meet increasing demand while maintaining strong financial results. We look forward to the opportunities ahead as we continue to scale and execute our vision for sustainable growth.\"Financial and Operational Highlights: Q3 2024 vs. Q3 2023Billed Revenue: $8.1M (CAD $11.1M) in Q3 2024 vs. $5.7M (CAD $7.8M) in Q3 2023, a 39% increase.YTD Billed Revenue: $23.9M (CAD $32.7M) YTD, reflecting a 39.2% increase from $17.2M (CAD $23.5M) YTD in 2023.EBITDA: $0.7M (CAD $0.9M) in Q3 2024 vs. ($0.09M) (CAD ($0.13M)) in Q3 2023.Net Income: $55,766 (CAD $76,392) in Q3 2024 compared to a net loss of ($472,005) (CAD ($646,582)) in Q3 2023.Adjusted Gross Margins: $3.1M (CAD $4.3M) in Q3 2024, a 77% increase from $1....