Business
The Fresh Factory Reports Strong Q3 2022 Results with its Highest Ever Quarterly Revenue
Eighth consecutive quarter of record billed revenue of $5.66M in Q3 2022 ($7.85M CAD), compared t...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Strong Q3 2022 Results with its Highest Ever Quarterly RevenueEighth consecutive quarter of record billed revenue of $5.66M in Q3 2022 ($7.85M CAD), compared to $3.48M ($4.82M CAD) in Q3 2021, representing a YoY increase of 63%Year-to-date billed revenue of $14.38M ($19.93M CAD), a YoY increase of 44%Year-to-date net revenue of $13.77M ($19.09M CAD), compared to $9.40M ($13.03M CAD) in the nine months ending Q3 2021, representing a YoY increase of 47%CAROL STREAM, IL / ACCESSWIRE / November 30, 2022 / 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 three and nine months ending September 30, 2022.Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory, commented: \"Our third quarter results continue to showcase a successful positive trend, with our eighth consecutive quarter of record billed revenue, driven by an increase in demand from new customers and organic growth. In this quarter alone, we achieved 20% organic growth as we quickly became the partner of choice for some of the top fresh, clean-label, and better-for-you food and beverage companies in North America. We also continued to expand our manufacturing capabilities, installing new equipment to meet the diverse and growing needs of our customers. These new capital investments will improve not only our process efficiencies and product quality but also our revenue and operating cash flow. Finally, due to the heightened demand for innovation and scale in the better-for-you category, we also leased an additional 10,000 square feet of dry storage for ingredients and finished goods.\"Mr. Besenhofer added: \"Our differentiation sets us apart from our competitors: we are a fully integrated platform that can meet our customers' needs across diverse categories - quality and safety, buying power for ingredient and package sourcing, and distribution. With upward inflationary pressure, customers are turning to The Fresh Factory as a ‘one-stop shop' to streamline the entire process, from formulation to the end consumer. As more and more people are taking charge of their health and well-being, we are confident in our ability to grow and create meaningful value fo...