Naturally Splendid Enterprises Ltd. (TSX-V:NSP, OTC:NSPDF) has reported revenue of C$149,614 in its third quarter to September 30, 2021, as the company continues to focus on its plant-based entrees, higher-margin products, and new commercial opportunities.
The firm is currently retrofitting its existing food manufacturing facility in British Columbia, which includes a new packaging line to generate new formats expected to be operational in the next 30 to 45 days.
Naturally Splendid CEO Craig Goodwin noted that the group's recently announced C$3 million placing will go towards a high-output manufacturing line capable of producing output, consisting of a wide variety of plant-based entrees, initially at a rate of a ton per hour. This is expected to increase to 1,500 kilograms (kg) per hour.
The company also recently announced a direct to consumer, distribution arrangement with Sealand Quality Foods to add additional direct-to-consumer partners, Goodwin added.
READ: Naturally Splendid to raise up to C$3M in a non-brokered private placement
Naturally Splendid said it also continues to evaluate ongoing projects including a Health Canada approved Phase 2 clinical trial for a potential Covid treatment as well as its nutrition bar manufacturing business.
The net loss for the quarter was C$735,578, narrowing from the C$911,215 seen in the third quarter of 2020 on revenue of C$149,614 (Q3, 2020: C$323,195).
Selling and distribution expenses in the three months were C$160,991 compared to C$246,776 in 3Q, 2020.
Naturally Splendid has established numerous healthy, functional foods under recognized brands and also provides contract manufacturing services for many health food companies, private labeling a wide variety of nutritional food products destined for global markets.
Contact the author at giles@proactiveinvestors.com