Blender Bites Reports Second Quarter Fiscal 2024 Unaudited Financial Results
July 02 2024 - 9:03AM
Blender Bites Limited (the “
Company”,
“
Blender Bites” or “
Blender”),
(CSE:
BITE, FWB:
JL4, WKN:
A3DMEJ), announces its unaudited financial results
for the three months and six months ended April 30, 2024. All
dollar figures are stated in Canadian dollars, unless otherwise
indicated.
Financial Highlights for the Three
Months Ended April 30, 2024:
- Revenue Growth:
Total revenues increased to $1,468,321, up from $217,461 in the
comparable period last year, marking an increase of $1,250,860 or
575%.
- Gross Margin
Improvement: The gross margin rose to $411,186, compared
to $12,249 for the same period last year, an increase of
3,257%.
- Expense Reduction:
Total expenses were $960,426, down from $2,208,544 in the
comparable period, a reduction of $1,248,118 or 56%, including
non-cash depreciation expenses of $2,311.
- Loss Reduction:
Comprehensive loss decreased to $475,764, compared to $2,193,131
for the same period last year, reducing the loss by $1,717,367 or
78%.
Financial Highlights for the Six Months
Ended April 30, 2024
- Revenue Growth:
Total revenues increased to $2,041,989, up from $656,771 in the
comparable period last year, marking an increase of $1,385,218 or
211%.
- Gross Margin
Improvement: The gross margin rose to $554,595, compared
to $138,206 for the same period last year, an increase of
301%.
- Expense Reduction:
Total expenses were $1,723,842, down from $2,805,286 in the
comparable period, a reduction of $1,081,444 or 39%, including
non-cash depreciation expenses of $4,442 and a recovery of
($352,403) for share-based compensation.
- Loss Reduction:
Comprehensive loss decreased to $1,095,771, compared to $2,663,916
for the same period last year, reducing the loss by $1,568,145 or
59%. The net loss includes a net $308,625 of non-cash expenditure
recoveries.
Outlook for 2024:
On April 18, 2024, the Company announced that a
leading U.S. grocery retailer has listed four Blender Bites SKUs,
including both 1-STEP Smoothie & Frappé Innovations, in 123 of
its stores. The grocer, with over 430 stores across the U.S.
Further to this development, on June 18, 2024, Blender Bites
announced that it had expanded its distribution at Walmart Canada,
adding over 100 stores. The Company expects increased sales,
including from retailers mentioned above, leading into summer, as
smoothies tend to be more popular during the warmer months and
believes this expansion can boost Blender Bites' market presence
and sales performance. Therefore, the Company anticipates a
favourable third quarter of fiscal 2024, driven by distribution
gains, marketing efforts and improved unit metrics.
“Our second quarter results are driven by our
multi-award winning products as well as by the incredible amount of
hard work our team has put in the past year. Blender Bites has
grown tremendously fast in the US market and helped to re-define
the frozen fruit category in North America,” stated founder and CEO
of Blender Bites, Chelsie Hodge. “Our financial results show
significant growth, but I know that this is just the beginning for
our innovative and disruptive brand. We are continuing to pursue
and win highly competitive shelf space but also working tirelessly
at improving unit metrics and velocities, ensuring we’re driving
the most value to our shareholders. With a strong quarter behind
us, I look forward to providing regular updates on many other
developments which further solidify our success in the
marketplace.”
Management’s Discussion and Analysis and
Condensed Interim Consolidated Financial Statements and the notes
thereto for the fiscal period ended April 30, 2024 can be obtained
from Blender Bites’ corporate website at www.blenderbites.ca and
under Blender Bites’ SEDAR profile at
www.sedarplus.ca.ABOUT BLENDER BITES
Blender Bites is a multi- award-winning Canadian
company involved in the development and marketing of a line of
premium frozen beverage products with a focus on functionality.
Blender Bites was founded in 2017 and quickly became a leader in
the “easy smoothie” category in North America. With a focus on
better-for-you ingredients and convenience, the Company is proud to
be pre-portioned without the use of any inner plastic packaging.
Blender Bites products are certified organic, non-GMO, gluten free,
dairy free and soy free and contain functional ingredients such as
whole food vitamins, collagen, and probiotics. Blender Bites 1-Step
Smoothies and 1-Step Frappes are distributed in 5000 stores across
North America in leading retailers such as Walmart, Albertsons,
Safeway, HEB, Loblaws and Sobeys.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive OfficerEmail –
chelsie@blenderbites.comTelephone – 236-521-0626
For further information, contact Blender
IR Team at:
Email – investors@blenderbites.comTelephone –
1-888-997-2055Media Contact – teamblenderbites@jonesworks.com
CAUTIONARY DISCLAIMER
STATEMENT
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. To the extent any forward-looking information in this
news release constitutes "financial outlooks" or "future-oriented
financial information" within the meaning of applicable Canadian
securities laws, the reader is cautioned not to place undue
reliance on such information. Forward-looking statements are
necessarily based upon several estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward looking statements. Such factors
include, but are not limited to general business, economic,
competitive, political, and social uncertainties, and uncertain
capital markets. Readers are cautioned that actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. In this news release,
forward-looking statements include, among other things, statements
relating to potential future growth, future financial performance
and increased sales in the summer months. The Company disclaims any
intention or 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.