Zoglo’s Incredible Food Corp saw record third quarter revenue of nearly $1.7 million driven by a dozen new plant-based products launched across Canada.
The company’s 3Q revenue represented a year-over-year increase of 560% from its average quarterly sales of around $300,000 it reported in the comparable year-ago period as a private entity.
The new food products are available in over 650 locations in Canada, in addition to its traditional first-generation high Kosher product listings in 800 locations.
READ: Zoglo’s Incredible Food announces its shares now trading on Frankfurt Stock Exchange
Zoglo’s also reported a gross profit of $331,338 – a nearly 20% gross profit margin on revenues – and a modest net loss of around $1.4 million, or $0.02 per share.
In a statement, Zoglo’s told shareholders that it plans to expand its product distribution in its fourth quarter, and introduce new products with “’significant” distribution growth in early 2022.
"Zoglo's has delivered an incredible first quarter since our public listing, and we are very excited about the future of the brand,” CEO Anthony Morello said in a statement.
“We have over $2 million in sales in the first two months (September and October 2021) of the launch of our new Incredible product line - for a ten-times increase of sales versus the same period of sales of the Zoglo's brand in 2020.”
Morello added that the new products have had successful feature activity and strong sales during the short period of time that in stores. “Retailers have been very happy with the performance of the brand thus far.”
Zoglo’s ended the period with a cash balance of just over $2.9 million.
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