Else Nutrition Holdings Inc (OTCQX:BABYF, TSX-V:BABY) saw its 3Q revenue grow by nearly 210% to hit C$1.17 million largely due to the strength of the baby and toddler food company’s online sales.
The nutrition company said that its online sales grew by more than 27% compared to 2Q, and was 77% higher than 1Q 2021 after Else products became available on Walmart.com and Kroger-owned platforms.
Other new listings throughout the quarter ended September 30, 2021, included Rouses Markets with 65 stores, Harmon’s Grocery with 19, and Roche Bros with 25.
READ: Else Nutrition announces highly favorable results from independent pilot study; expands on Amazon; gets conditional approval for listing on the Toronto Stock Exchange
Highlights from the 3Q balance sheet include a much-improved net loss of C$1.50 million or $0.01 per share compared to $3.93 million or $0.05 per share in the same year-ago quarter. Quarterly cash flow used for operating activities was C$3.64 million, compared to C$2.97 million in the third quarter of 2020.
The company ended the quarter with C$13.8 million in cash.
CEO Hamutal Yitzhak told shareholders that the company “should not yet be measured solely by quarters.”
“We are building a pathway to be a potential global leader in the plant-based nutrition arena and aiming for a multibillion-dollar market in five years,” Yitzhak said in a statement accompanying the results.
“We are making great strides each quarter and have achieved significant milestones in this quarter, including our Walmart.com and Kroger online partnerships. We also completed the development of two new product lines, and we expect momentum to continue and accelerate throughout the remainder of the year and beyond.”
Else Nutrition GH Ltd is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas