Business
The Fresh Factory Reports Strong Third-Quarter Results for Predecessor The Fresh Factory, PBC
Year-to-date revenue of USD $9.4 million, representing an increase of 50% compared to same ...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Reports Strong Third-Quarter Results for Predecessor The Fresh Factory, PBCYear-to-date revenue of USD $9.4 million, representing an increase of 50% compared to same period last yearQuarterly revenue of USD $3.3 million, representing an increase of 42% compared to same period last yearAcquired Healthful Habits, LLC (\"Phyter Bars\"), allowing for entrance into the snack-bar marketAs part of public company transition, Bill Besenhofer appointed CEO, and Nate Laurell appointed Chair of the Board of DirectorsCAROL STREAM, IL / ACCESSWIRE / November 30, 2021 - The Fresh Factory B.C. Ltd. (CSE:FRSH) (\"The Fresh Factory\" or the \"Company\"), a mission-driven company for plant-based and clean-label food and beverage brands, reports financial results for the third quarter ending September 30, 2021.\"We posted another strong quarter driven by solid execution, organic growth, and increasing demand from our customers across all channels,\" said Bill Besenhofer, Chief Executive Officer and Co-Founder of The Fresh Factory. \"The satisfaction of the escrow release conditions in connection with our recent USD $9.0 million financing, in parallel with our debut as a public company, has put us in a strong position to expand our capabilities, execute on our strategy, and carry out important initiatives that we expect will propel us to the next level of growth.\"Financial and Operational Highlights(All figures in this press release are in US dollars unless otherwise stated.)Year-to-date revenue of $9.4 million, an increase of 50% compared to YTD 2020.Quarterly revenue of $3.3 million, 42% greater than Q3 2020.Year-to-date adjusted EBITDA of ($0.30) million vs. ($0.07) million YTD 2020.Commenced trading on the CSE on November 16, 2021, under the ticker symbol \"FRSH\".Strategic Areas of FocusThe Fresh Factory is building a platform to service emerging food and beverage brands in the fresh-food sector with an emphasis on plant-based and clean-label brands. The Company has established four key areas of focus on which it will report moving forward on a quarterly basis:Execution: Focus on safety, high-quality operations, and strong marginsProduct gross margin was 32.1% of revenue for Q3 2021 compared to 32.9% of revenue for the same period last year.The Company recently completed its annual SQF (Safe Quality Foods) audit, achieving a ...