Else Nutrition Reports 2024 Second Quarter Financial Results and Provides Business Update
Q2 2024 revenue increased 23% to
Q2 2024 retail sales increased 88% and 111% over Q1 2024 in the
Conference call to be held today at
"We are rapidly expanding our market presence," commented,
"We are also gaining traction in the market with our kids ready-to-drink (RTD) products, demonstrating its broad appeal. Since the launch, we have observed a rapid increase in sales, reflecting strong consumer demand and positive reception. The positive reviews and testimonials further attest to its quality and taste, enhancing our brand's reputation. In fact, our RTD products earned the prestigious Mom's Choice Award. The impressive market performance we are witnessing positions us for future growth and expansion."
"In addition, we recently announced that the
"Furthermore, during the first half of 2024, we moved our
"Overall, we are committed to growing our revenue and capturing a significant share of this multi-billion market, while progressing towards profitability and driving value for our shareholders," concluded
2024 Second Quarter Financial Results
All figures are in CAD unless otherwise indicated.
- Revenue for Q2 2024 increased approximately 10% to
$2.60 million compared to$2.37 million for the same period last year. Revenue for Q2 2024 increased 23% sequentially to$2.6 million compared to Q1 2024. - Operating expenses for Q2 2024 decreased 19% to
$3.4 million compared to$4.2 million in Q2 2023. - Gross profit in Q2 2024 increased to
$263 thousand , or 10% of revenue, compared to a gross loss of$50 thousand or (-2%) of revenue in Q2 2023. - Cash balance as of
June 30, 2024 , was$1.4 million (including restricted cash). Subsequent to the quarter, the Company raisedUS$2 million .
Conference Call
The conference call will be available via telephone by dialing toll free 1-877-704-4453 for
A webcast replay will be available on the Investor Relations section of the Company's website (https://investors.elsenutrition.com/), through August 14, 2025. A telephone replay of the call will be available approximately three hours following the call, through August 21, 2024, and can be accessed by dialing 1-844-512-2921 for
To delve deeper into
About
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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