The Fresh Factory reports record year end results

Record billed revenue of US$13.5 mln for 2021 - increase of 57% y-o-y

The Fresh Factory B.C. Ltd., a mission-driven company for fresh and better-for-you food and beverage brands, reports financial results for the year ending December 31, 2021.

"We are excited by our growth and continue to see strong demand for our platform and cleaner, better-for-you products," said Bill Besenhofer, CEO and Co-founder of The Fresh Factory. "We are receiving inbound requests from a multitude of potential new customers on a daily basis, looking to us for innovation and an opportunity to help grow their bottom line. We continue to invest in our rapid growth, recently increasing our staffing levels and buying additional equipment to increase our capacity so that we are well-positioned to participate in multiple new sales channels - the wellness-shot category and the food-pouch business, to name a few. However, in the current inflationary environment, we do expect prices to rise and anticipate a possible short-term effect on margins as these price increases tend to lag input increases. We also could see delays in our new equipment purchases as a result of supply-chain shortages."

"We continue to operate with financial caution and discipline while still investing in innovation and the development of our people and our facility. We have an outstanding team at The Fresh Factory, from the ground-floor associates to our management team. They continue to support our mission and vision to ensure we are well prepared to enter our next phase of growth. The Fresh Factory remains at the forefront of fresh and better-for-you products by leveraging our vertically integrated platform inclusive from product development to the end consumer."

Financial and Operational Highlights

  • Record billed revenue of $13.5M ($17.2M CAD) for 2021 vs $8.6M ($10.9M CAD) in 2020, an increase of 57% year-over-year.
  • The Company completed its going-public transaction, becoming a reporting issuer in certain Canadian provinces and concurrently listing on the Canadian Securities Exchange, and raised $8,984,823 ($11,519,621 CAD) in cash.
  • Adjusted EBITDA of ($0.9) million for 2021 vs. ($0.0) for 2020 primarily driven by additional public-company expenses and investments in staff and infrastructure for growth.
  • Adjusted gross margins of $4.3M ($5.5M CAD) vs. $3.0M ($3.8M CAD) in 2020, representing a y-o-y increase of 43%.
  • The Company commenced trading on the CSE on November 16, 2021, under the ticker symbol "FRSH" and listed on the FRA under the symbol "Q4Z".

For more information:
Bill Besenhofer
The Fresh Factory B.C. Ltd
Tel.: 1-877-495-1638

Alyssa Barry
Tel.: 1-877-495-1638

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