The Fresh Factory Reports Fiscal 2023 Results with Record Annual Total Billed Revenue of $23.7M - Seite 2
Financial Highlights: Fiscal 2023 vs. Fiscal 2022
- Record billed revenue was $23.7M (CAD $32.5M) in Fiscal 2023 vs. $20.3M (CAD $27.8M) for Fiscal 2022, an increase of 16.7%, driven by the addition of new customers along with incremental growth of existing business, including the support of a limited time offer promotion.
- Adjusted EBITDA was $(0.5)M (CAD $(0.7)M) or -2.1% of total revenue for Fiscal 2023 vs. $(1.3)M (CAD $(1.8)M) or -6.4% of total revenue for Fiscal 2022.
- Adjusted gross margins were $6.6M (CAD $9.1M) in Fiscal 2023 vs. $5.1M (CAD $7.0M) in Fiscal 2022, a year-over-year increase of 29.4%.
Financial and Operational Highlights: Q4 2023 vs Q3 2023
- Record billed revenue was $6.5M (CAD $8.9M) in Q4 2023 vs. $5.9M (CAD $8.1M) for Q3 2023, an increase of 10.2%.
- The Company achieved an adjusted EBITDA of +$0.1M (CAD +$0.1M) in Q4 2023, marking the second consecutive quarter of positive performance.
- Adjusted gross margins were $1.7M (CAD $2.3M) in Q4 2023 vs. $1.8M (CAD $2.4M) in Q3 2023.
- The Company completed its annual SQF (Safe Quality Foods) audit at both of its manufacturing facilities, achieving a combined average score of 98 out of 100. This is the seventh year the Company has been SQF audited.
- The Company completed its annual GFCO (Gluten-Free Certification Organization) audit.
- The Company began trading on the TSXV on October 5, 2023, and in conjunction with the TSXV listing was delisted from the CSE.
- The Company commenced the NCIB on October 9, 2023. Under the NCIB, the Company may purchase up to 916,223 Subordinate Voting Shares, which represented approximately 10% of the Company's public float at the time the NCIB commenced. As of April 28, 2024, the Company purchased 97,600 Subordinate Voting Shares for cancellation at a cost of $61,075 (CAD $83,664), representing a weighted average price of $0.63 (CAD $0.86) per share.
Strategic Areas of Focus
The Fresh Factory is building a platform to serve emerging food and beverage brands in the fresh-food sector with an emphasis on better-for-you products. The Company has established the following three key areas of focus on which it will report on a quarterly basis moving forward.
Execution: Focus on safety, high-quality operations, and strong margins.
- Adjusted Gross Margins increased to $1.7M (CAD $2.3M) for Q4 2023 compared to $1.1M (CAD $1.5M) for Q4 2022 and increased by $1.5M (CAD $2.1M) YTD 2023 compared to YTD 2022.
- Adjusted Gross Margins, on a percentage basis, were 25.6% for Q4 2023 compared to 19.1% for Q4 2022 and 27.9% YTD 2023 compared to 25.0% YTD 2022.
- Operating Profit on a dollar basis increased by $0.3M (CAD $0.4M) for Q4 2023 vs Q4 2022 and $0.6M (CAD $0.8M) YTD 2023 vs YTD 2022.
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