Conference call to be held today at
10:00 AM Eastern Time
VANCOUVER, BC, Nov. 14,
2024 /PRNewswire/ - ELSE NUTRITION HOLDINGS
INC. (TSX: BABY) (OTCQX: BABYF) (FSE:
0YL.F) ("Else" or the "Company"), today
reported financial results for the third quarter ended September 30, 2024. The financial statements and
MD&A are available on SEDAR under the Company's
profile.
Hamutal Yitzhak, CEO of Else
Nutrition, commented, "We are making steady progress executing our
growth strategy, while carefully managing expenses. We achieved a
5% year-over-year revenue increase in Q3 2024, despite a very
modest marketing budget. Our ability to achieve these results
demonstrates the growing consumer appetite for our products and our
expanding retail presence."
"We are continuing to gain traction with retailers across
North America, including our
recent pilot program with Costco – one of the
largest North American wholesale retailers. We
believe this could lead to distribution across more
than 100 of their locations in Canada as a first step with the potential to
expand throughout the US. This expansion represents a
substantial opportunity to reach new consumers and
build our brand. We are also in the process of
finalizing the expanded availability of our kids RTD products
with an additional major US retailer. Once finalized, our
products would be available in over 900 new US large
grocery stores, further enhancing our market reach. Additionally,
we are proud of our ongoing product innovations, including the
upcoming launch of our Adult RTD product, with the first
commercial production scheduled for later this year. This is a
key milestone as we broaden our offerings to meet the demand
for convenient, healthy whole food, minimally processed and easy to
digest, plant-based nutrition."
"To support our growth, we are in active discussions
regarding non-dilutive bridge funding, and a long-term credit line
that will enable us to ramp up our marketing efforts, optimize our
capital structure, and drive our long-term growth
strategy. Concurrently, we've implemented strategic
cost-saving measures aimed at improving our margins in
future quarters. We believe these operational improvements,
combined with innovative product launches and an
expanding retail presence, are positioning us for long-term
financial success."
"Looking forward, we believe as we continue to execute on our
financial strategy, it will enable us o expand our retail
footprint, increase brand visibility, and continue to develop
high-demand plant-based products. Our commitment to providing
healthy, sustainable nutrition options places us at the
forefront of the plant-based nutrition market, and we are excited
about the opportunities that lie ahead."
2024 Third Quarter Financial Results
All figures are
in CAD unless otherwise indicated.
- Revenue for Q3 2024 increased approximately 5% to $1.8 million compared to $1.71 million for the same period last year.
- Operating expenses for Q3 2024 was $3.6
million compared to $3.5
million in Q3 2023.
- Cash balance as of September 30,
2024, was $0.9 million
(including restricted cash).
Conference Call
Else Nutrition management plans to host a business update
conference call at 10:00 a.m. Eastern Time on November 14, 2024, to discuss the Company's
financial results for the 2024 third quarter ended September 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=1696583&tp_key=1ad8612838 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 November 14, 2025. A telephone replay of the call
will be available approximately three hours following the call,
through November 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: 13750029.
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.