Else Nutrition Reports First Quarter 2021 Results, Delivers 90% Quarter over Quarter Revenue Growth
31.05.21
VANCOUVER, BC, May 31, 2021 /PRNewswire/ - ELSE NUTRITION HOLDINGS INC. (TSXV: BABY) (OTCQX: BABYF) (0YL.F) ("Else" or the "Company") the Plant-Based baby, toddler and children nutrition company, today announced results for its first quarter ended March 31, 2021. Management is pleased to announce it achieved significant progress executing its go-to-market plan in the US market to become one of the leading providers of baby food products as a healthy alternative to dairy-based formulas. The following summarizes major execution points achieved in the first quarter of 2021, as well as execution on our business strategy. Full financial results can be found in the Company News section of our website at https://elsenutrition.com/pages/investor-relations or on SEDAR at www.sedar.com
Q1 2021 Financial Highlights
- Q1 2021 revenues of C$1,135 thousand, an 90% growth over revenues of C$598 thousand in Q4 2020 and an increase of 282% vs. revenues over C$297 thousand in Q1 2020. - 149% growth in quarter-over-quarter Formula revenues of C$862 thousand in Q1 2021 over C$346 thousand in Q4 2020. - First quarter to recognize formula revenues from the retail market. The Company successfully launched retail sales at Sprouts Farmers Market, a leading natural food retailer in the US. - Successfully completed the first commercial production of ELSE's second product – Complete Nutrition for Kids (3+ years; in powder form). The product is expected to launch online in Vanilla and Chocolate flavors in Q2 2021. - Successfully increased Amazon.com formula number of orders by 66% and average basket value by 15% quarter-over-quarter. In March 2021 Else launched a new product store in amazon.com to improve its position on this critical platform. - Successfully onboarded UNFI (the largest US natural food distributor), KeHE Distributors and Imperial Distributors, together providing reach to most retail stores in the U.S. - Selected to the high-profile KeHE Distributor's Elevate program. - Successfully listed at Raley's, a 126 door West Coast retailer that plans to launch in Q2 2021. - Successfully launched on three online platforms – Thrive Market, a leading natural food e-tailer with 500,000 subscribers; iHerb, a US based international online platform that serves 180 countries; and PlantX, a new plant-based e-tailer. - Operating loss was C$3,945 thousand, compared to C$1,532 thousand in the first quarter of 2020. Net profit in Q1 2021 was C$2,182 thousand, or C$0.02 per share, compared to net loss of C$1,651 thousand, or C$0.02 per share in Q1 2020. The net profit and loss include the non-cash revaluation of Investor warrants liability of C$6,565 thousand Profit in Q1 2021 and C$336 thousand loss in Q1 2020. - Cash flow used for operating activities was C$4,338 thousand, compared to C$1,220 thousand in the first quarter of 2020. - Cash position was C$22,085 thousand as of March 31, 2021 (including restricted cash and short-term bank deposit). - The Company had no Loans liability as of March 31, 2021.
Hamutal Yitzhak, Else CEO, commented: "I am very proud of our achievements this quarter. We continued delivering rapid growth in our business while we successfully launched our first retail stores and started working with the largest US natural food distributors".
https://www.prnewswire.com/news-releases/...nue-growth-301302538.html |