Preliminary Fourth Quarter and Full Year 2023 Financial Highlights
- Fourth quarter 2023 revenue is expected to be between
$9.54 and$9.57 million , marking a quarterly record and significant increase compared to$0.05 million in the fourth quarter of 2022. - The Company’s preliminary fourth quarter 2023 revenue was also an approximate 90% sequential increase over its third quarter 2023 revenue of
$5.03M and an approximate 46% increase over the September year-to-date revenue of$6.55M . - Full year 2023 preliminary revenue is expected to be between
$16M and$16.12M , a significant increase compared to$0.43M in 2022.
This release contains certain estimated preliminary financial results for the fourth quarter and fiscal year ended
2023 Operational Highlights
Sow Good’s production and operational capacity has grown extensively and continues to do so with the following advancements:
- New Freeze Driers — Sow Good’s ongoing construction of three additional freeze driers, slated for completion by the end of Q1 2024, is expected to more than double the Company’s capacity.
Monterrey, Mexico Corporate Offices — To drive continued expansion and support its growth,Sow Good will be opening a corporate office of approximately 1,500 square feet inMonterrey, Mexico by the end ofJanuary 2024 . This office will house Sales, Graphics, Accounting, and IT Staff.- Team Growth — Sow Good’s corporate team has received powerful new additions, including a Director of Co-Manufacturing and
Latin America and our CFO, maintaining Sow Good’s lean yet highly efficient and collaborative team. The Company’s production team has more than doubled in the last six months and is expected to continue expanding in 2024. - SKU Expansion — For 2024,
Sow Good has launched and is continuing to launch new SKUs, comprising diversified flavors, sizes, and textures that the Company anticipates will appeal to a broader customer demographic. Recent expansions include Sour and Sweet Spheres, “jumbo” versions of Sow Good’s Bites SKUs, and Jumbo Vanilla and Neapolitan Crunch Cream freeze dried ice cream sandwiches. These expansions reflect Sow Good’s highly agile product and partner development.
“This exciting growth in the fourth quarter and throughout 2023 is a testament to the dedication, strategic and manufacturing expertise, and passion for innovation ingrained in our team,” said
Forward-Looking Statements
This press release contains forward-looking statements. Statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the offering, expected growth, and future capital expenditures, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially and adversely different from any future results, performance or achievements expressed or implied by the forward-looking statements. All information provided in this release is as of the date hereof and we undertake no duty to update this information except as required by law.
About
Sow Good Investor Inquiries:
1-949-574-3860
SOWG@gateway-grp.com
Sow Good Media Inquiries:
1-214-623-6055
pr@sowginc.com
Source:
2024 GlobeNewswire, Inc., source