Business
The Very Good Food Company Reports Second Quarter 2021 Financial Results
The Very Good Food Company Reports Second Quarter 2021 Financial Results.
About this update from The Very Good Food Co Inc
[{"type":"text","content":"YTD Q2 2021 Revenue Increased 280% Year-over-Year to $5.4 MillionProduction Units Sold Increased 226% Year-over-Year YTD Q2 2021 eCommerce Revenue Increased by $3.4m, or 355% Year-over-Year Fulfilled 47,206 eCommerce orders as of YTD Q2 2021, compared to a total of 40,322 in 2020 New brokerage and distribution partnerships to accelerate U.S. retail reachVancouver, British Columbia--(Newsfile Corp. - August 19, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) (\"VERY GOOD\" or the \"Company\"), a leading plant-based food technology company, is pleased to announce its financial results for its second quarter ended June 30, 2021. \"The fact that we have achieved year-over-year triple digit growth in revenue is a direct result of the robust demand for our premium plant-based food products coupled with our expanding production capacity,\" said Mitchell Scott, co-founder and CEO of VERY GOOD. \"While I am very proud of our progress over the past year, we still have a lot of runway in front us. Growing our production capabilities to meet the strong demand for our products continues to be a priority for us. In April, we commissioned Line 1 at the Rupert facility and started producing limited saleable product as we continued to test our SKUs ensuring that we reached our high standards of quality and taste. Production volume at our Rupert Facility is rapidly increasing week over week and later this year we will start to commission Line 2. Even with the changes in Apple's privacy settings and Facebook's advertising tools in April, both of which impacted the effectiveness of targeted ad campaigns, our eCommerce sales continue to steadily grow quarter over quarter. Wholesale sales are also increasing due to higher distribution points achieved. Just last week, we announced that The Very Good Butchers products are available in more than 750 outlets across North America as we are now listed in over 100 stores in the US. We expect to be on the shelves of many more stores by the end of the year, but more so in the first quarter of 2022, after the major retailers' fall 2021 product category review period.\"Q2 2021 Financial HighlightsRevenue increased 156% to $2,780,681 in Q2 2021 compared to $1,087,790 in Q2 2020 and increased 5% from $2,643,083 in Q1 2021 primarily driven by increase in eCommerce sales and increase ...