Q2 2024 revenue increased 23% to $2.6 million over Q1 2024
Q2 2024 retail sales increased 88% and 111%
over Q1 2024 in the U.S. and Canada, respectively
Conference call to be held today at
10:00 AM Eastern Time
VANCOUVER,
BC, Aug. 14, 2024 /PRNewswire/ - ELSE
NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE:
0YL.F) ("Else" or the "Company"), today
reported financial results for the second quarter ended
June 30, 2024. The financial
statements and MD&A are available on SEDAR under the
Company's profile.
"We are rapidly expanding our market presence,"
commented, Hamutal Yitzhak, CEO of
Else Nutrition. "Most notably, our toddler and kids products
continue to gain traction as we add major retailers across
North America. Specifically, we
added several key accounts in the last few months, including
Wegmans, HEB, Meijer, and 600 new Walmart U.S. stores, started
selling our new Kids RTD line at Loblaws, Giant and Metro, and
added Walmart's Canadian website, Walmart.ca. As a result, our
revenue increased 23% to $2.6 million
in the second quarter of 2024 and we achieved 88% and 111%
sequential retail sales growth in the U.S. and Canada, respectively. We believe these results
are a strong validation of the market demand for nutritious and
healthy alternatives."
"We are also gaining traction in the market with
our kids ready-to-drink (RTD) products, demonstrating its broad
appeal. Since the launch, we have observed a rapid increase in
sales, reflecting strong consumer demand and positive reception.
The positive reviews and testimonials further attest to its quality
and taste, enhancing our brand's reputation. In fact, our RTD
products earned the prestigious Mom's Choice Award. The impressive
market performance we are witnessing positions us for future growth
and expansion."
"In addition, we recently announced that the Navy
Exchange Service Command, or NEXCOM, has listed our full product
line. The Navy Exchange offers a variety of goods and services to
active military personnel, retirees, and certain civilians on Navy
installations in the United
States, overseas Navy bases, and aboard Navy ships. We are
pleased to report that we have delivered the first shipment of our
full range of products to NEXCOM's retail stores. We believe this
agreement will serve as a foothold into broader military channels,
providing those who serve and their families access to
high-quality, nutritious options."
"Furthermore, during the first half of 2024, we
moved our U.S. powder production to a new plant, cutting production
cost by almost half, and moved to a new packaging partner that
reduced our packaging costs and improved our product shelf-life.
Over the next several months we plan to add another powder
production and packaging facility in Europe that will offer additional cost savings
and quality improvements. "
"Overall, we are committed to growing our revenue
and capturing a significant share of this multi-billion market,
while progressing towards profitability and driving value for our
shareholders," concluded Ms. Yitzhak.
2024 Second Quarter Financial
Results
All figures are in CAD unless otherwise
indicated.
- Revenue for Q2 2024 increased approximately 10% to $2.60 million compared to $2.37 million for the same period last year.
Revenue for Q2 2024 increased 23% sequentially to $2.6 million compared to Q1 2024.
- Operating expenses for Q2 2024 decreased 19% to $3.4 million compared to $4.2 million in Q2 2023.
- Gross profit in Q2 2024 increased to $263 thousand, or 10% of revenue, compared to a
gross loss of $50 thousand or (-2%)
of revenue in Q2 2023.
- Cash balance as of June 30, 2024,
was $1.4 million (including
restricted cash). Subsequent to the quarter, the Company raised
US$2 million.
Conference Call
Else Nutrition management plans to host a
business update conference call at 10:00 a.m. Eastern
Time today to discuss the Company's financial results for
the 2024 second quarter ended June 30, 2024, as well as the
Company's corporate progress and other developments.
The conference call will be available via
telephone by dialing toll free 1-877-704-4453 for U.S. callers or
+1-201-389-0920 for international callers. A webcast of the call
may be accessed
at https://viavid.webcasts.com/starthere.jsp?ei=1682281&tp_key=2832279e6a or
on the Investor Relations section of the Company's website
at https://investors.elsenutrition.com/.
A webcast replay will be available on the
Investor Relations section of the Company's website
(https://investors.elsenutrition.com/), through August 14,
2025. A telephone replay of the call will be available
approximately three hours following the call, through August
21, 2024, and can be accessed by dialing 1-844-512-2921 for U.S.
callers or +1-412-317-6671 for international callers and entering
conference ID: 13748206.
To delve deeper into Else Nutrition's offerings
and its revolutionary approach to kids' nutrition, visit
www.elsenutrition.com
About Else Nutrition Holdings Inc.
Else
Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is a
food and nutrition company in the international expansion stage
focused on developing innovative, clean, and plant-based food and
nutrition products for infants, toddlers, children, and adults. Its
revolutionary, plant-based, non-soy formula is a clean-ingredient
alternative to dairy-based formulas. Since launching its
Plant-Based Complete Nutrition for Toddlers, made of whole foods,
almonds, buckwheat, and tapioca, the brand has received thousands
of powerful testimonials and reviews from parents, gained national
retailer support, and achieved rapid sales growth.
Awards and Recognition:
- "2017 Best Health and Diet Solutions" award at Milan's Global Food Innovation Summit
- #1 Best Seller on Amazon in the Fall of 2020 in the New Baby
& Toddler Formula Category
- "Best Dairy Alternative" Award 2021 at World Plant-Based
Expo
- Nexty Award Finalist at Expo West 2022 in the Plant-Based
lifestyle category
- During September 2022, Else Super
Cereal reached the #1 Best Seller in Baby Cereal across all brands
on Amazon
- In May 2024 Else Nutrition's
Ready-to-Drink Kids Vanilla Shake Named Among the Best in
Family-Friendly Products by the Prestigious Mom's Choice
Awards®
TSX
Neither the TSX nor its
regulation services provider (as that term is defined in the
policies of the TSX) accept responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking
Statements
This press release contains statements
that may constitute "forward-looking statements" within the meaning
of applicable securities legislation. Forward-looking statements
are typically identified by words such as "will" or similar
expressions. Forward-looking statements in this press release
include statements with respect to the anticipated dates for filing
the company's financial disclosure documents. Such forward-looking
statements reflect current estimates, beliefs, and assumptions,
which are based on management's perception of current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. No
assurance can be given that the foregoing will prove to be correct.
Forward-looking statements made in this press release assume, among
others, the expectation that there will be no interruptions or
supply chain failures as a result of COVID-19 and that the
manufacturing, broker, and supply logistic agreement with the
company does not terminate. Actual results may differ from the
estimates, beliefs, and assumptions expressed or implied in the
forward-looking statements. Readers are cautioned not to place
undue reliance on any forward-looking statements, which reflect
management's expectations only as of the date of this press
release. The company disclaims any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
law.
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SOURCE Else Nutrition Holdings Inc.