BranchOut Food Announces 2023 Financial Results Ending Year at a $6.4M Run Rate with Current Commitments of $9.0M in Annualized Sales for 2024
02 Aprile 2024 - 2:00PM
BranchOut Food Inc. (NASDAQ: BOF), a pioneering food technology
company and producer of dehydrated fruit and vegetable-based
products, today announced its recent accomplishments and financial
results for the fourth quarter and year ended December 31, 2023.
Eric Healy, CEO of BranchOut Foods, said, “We
are very pleased with BranchOut Food’s significant growth and
accomplishments since our IPO in June 2023. In the ensuing nine
months, we have built strong, long-term relationships with some of
the nation’s leading retailers, and our products have now
established popularity among shoppers in stores throughout the
country.
“The fourth quarter was marked by revenue nearly
doubling that of the previous total year, while gross margin
improved as the year progressed. We also expect revenue to continue
to grow in 2024. Our rising gross profit percentage is attributed
to reduced retailer chargebacks compared to previous quarters. A
depreciation expense of $223,856 is also included in cost of sales,
which lowered gross profit. We look forward to continued
improvements in gross margins.
“Our corporate strategy has propelled strong
revenue growth in 2023, and we expect to continue this trajectory
in 2024. Our current commitments are now at $9.0M in annualized
sales for 2024. However, we anticipate additional sales wins
throughout the remainder of the year that should push this even
higher.”
Operational Highlights
- In Q4, BranchOut Food’s top branded
snack expanded into the Bay Area Region of the Nation's largest
warehouse club following significant commercial success in the
retailer’s Southern California region. The sales velocity was
nearly double the retailer’s expectation. As a result, BranchOut
Food has secured roughly $1.1 million in commitments for 2024,
expanding into eight states.
- In Q3, the company’s branded line
launched in Jacksons Food Stores, with approximately 300 locations,
marking BranchOut's first foray into the Convenience Store Channel.
Additional new Grocery Channel launches include Family Foods,
Market of Choice, Harmons, and Giant Martin.
- Subsequent to quarter end,
BranchOut Food announced the successful completion of part of its
strategic collaboration with the U.S. Army Combat Capabilities
Development Command (DEVCOM) to enhance MREs (Meals Ready-to-Eat)
through the implementation of BranchOut Food's proprietary
GentleDry technology. The company anticipates the completion of
shelf-life testing in the first half of 2024.
- In February 2024, the company
expanded its relationship with the nation’s largest retailer. The
new agreement is valued at an estimated $7.6 million annually.
- In March 2024, BranchOut Food
launched two new product lines, salad toppers and kids’ snack
packs, at the Natural Products Expo West. The products extend the
company’s reach outside of the snacking category and into two
additional use cases.
Financial Highlights
- Net revenue for the full year was
$2.83 million, compared to $752,178 for the year ended December 31,
2022, an increase of $2,073,677, or 276%.
- Net loss for the twelve months
ended December 31, 2023 decreased by 19%.
- BranchOut Food had approximately
$0.657 million in cash, cash equivalents and marketable securities,
and over $1.6 million of combined cash, accounts receivable and
inventory, as of December 31, 2023.
- Investors are encouraged to read
the Company’s Annual Report on Form 10-K when it is filed with the
Securities and Exchange Commission (the “SEC”), which will contain
additional details about BranchOut Food’s financial results as of
and for the period ended December 31, 2023.
About BranchOut Food Inc.
BranchOut Food is an international food-tech
company delivering truly great natural snacks and real superfood
ingredients enabled by its licensed dehydration technology. The
company’s GentleDry Technology is the next generation in
dehydration technology, preserving up to 95% of the original
nutrition of fresh fruits and vegetables. BranchOut’s technology is
protected by more than 17 patents. BranchOut Food is proud to be a
leading provider of high-quality dehydrated fruit and
vegetable-based products and its commitment to quality and
innovation sets it apart as a trusted brand and private label
supplier. For more information about BranchOut Food Inc. and its
products, please visit www.branchoutfood.com and follow
us on LinkedIn and Twitter.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to
expectations or forecasts of future events. Forward-looking
statements may be identified using words such as "forecast,"
"intend," "seek," "target," "anticipate," "believe," "expect,"
"estimate", "plan," "outlook," and "project" and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Forward-looking
statements with respect to the operations of BranchOut Food, Inc.,
(the Company) strategies, prospects and other aspects of the
business of the Company are based on current expectations that are
subject to known and unknown risks and uncertainties, which could
cause actual results or outcomes to differ materially from
expectations expressed or implied by such forward-looking
statements. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Although it may voluntarily do so from time to time, the Company
undertakes no commitment to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
For more informationJeff
RamsonPCG Advisory646-863-6893jramson@pcgadvisory.com
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