“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
“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
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’sSouthern 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 includeFamily 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 theU.S. Army Combat Capabilities Development Command (DEVCOM) to enhance MREs (Meals Ready-to-Eat) through the implementation ofBranchOut 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 endedDecember 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 ofDecember 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 endedDecember 31, 2023 .
About
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
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Source:
2024 GlobeNewswire, Inc., source