We continue to add key retail partners.Currently serving thousands of stores across North America
Amazon’s sales grew approximately 92% and 330% year-over-year in the U.S. and Canada, respectively.
The conference call will be held today at 10 a.m. Eastern Time
image: Featured retailers added by Else Nutrition in Q1 2024
VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) — Else Nutrition Holdings Co., Ltd. (baby) (baby beef) (0YL.F) (“other than that” or “company”), Today, we reported our financial results for the first quarter ended March 31, 2024. Financial statements and MD&A are available at: Sedal It is located under the company profile.
Hamtal Yitzhak, CEO of Else Nutrition, commented: “We are proud to have made a strong start to 2024 with several important retail partners signing on to carry our products.” “We remain committed to providing dairy-free and soy-free alternatives to households around the world and are rapidly gaining traction within the market. We continue to receive temporary support from some major retailers. Although we experienced significant order delays that impacted our revenue for the quarter, our full-year outlook remains very positive and we have received very positive feedback from both retailers and consumers. Growing consumer awareness and demand is also evident on the Amazon platform, as evidenced by the continued adoption of our products by major retailers in the United States and Canada, with sales in the first quarter of 2024 compared to the same period last year. It increased by about 92% and about 330% in the US and Canada, respectively. Also noteworthy is that Amazon’s sales increased by 13% and 65% in the US and Canada, respectively, starting in the fourth quarter of 2023. ”
“Furthermore, new and existing retailers are on board with this product, and we’re seeing remarkable success with our ready-to-drink shakes for kids. Brand awareness, given that we just launched this product late last year.” We expect further growth through this year’s Reminder as we continue to increase our sales. Additionally, we are planning to launch an adult ready-to-drink product in the summer, which will also gain similar traction in the market and drive our growth. I believe it will go even further.”
“Importantly, we recently announced the long-awaited first commercial launch of our breakthrough plant-based infant formula in Australia. Our plant-based formula is free from antibiotics, hormones and pesticides. With a favorable composition free of genetically modified crops and heavy metals, it meets an unmet need in the market, all of which are increasing the interest of parents in their carbon footprint. Up to 65% lower in volume, requiring no chemical processing and keeping protein intact Our products support infants’ transition to solid foods from 6 to 12 months of age for optimal growth and development. We are extremely proud to have achieved this major milestone.
“Overall, we continue to make meaningful progress in terms of product launches, expanding our retail network, expanding our international market penetration, and expanding our online sales while carefully managing our expenses. We look forward to achieving further milestones in the future and will keep our shareholders updated as developments unfold,” Yitzhak concluded.
Financial results for the first quarter of 2024
All figures were created in CAD unless otherwise specified.
- Revenue for the first quarter of 2024 decreased approximately 27% to $2.1 million compared to $2.9 million in the prior year period. This decrease was primarily due to delays in shipping products to retailers.
- Operating expenses decreased 15% to $4.2 million in the first quarter of 2024 compared to $4.9 million in the first quarter of 2023.
- As of March 31, 2024, our cash balance was $3.1 million (including restricted cash and short-term bank deposits).
Conference call
Else Nutrition management will host a business update conference call today at 10 a.m. ET to discuss financial results for the first quarter of 2024, ending March 31, 2024, the company’s progress, and other developments. is.
The conference call will be available by telephone by dialing toll-free 1-877-704-4453 from the United States or +1-201-389-0920 internationally. You can access the webcast of the call here: https://viavid.webcasts.com/starthere.jsp?ei=1670081&tp_key=b5d07769b3 or in the Investor Relations section of our website. https://investors.elsenutrition.com/.
A replay of the webcast is available in the Investor Relations section of our website (https://investors.elsenutrition.com/), until May 15, 2025. A telephone replay of the call will be available approximately three hours after the call until May 22, 2024, by dialing 1-844-512-2921 or +1- for U.S. callers. You can access it by doing To join the conference by calling internationally, call 412-317-6671: ID: 13746526.
To learn more about Else Nutrition’s products and innovative approach to children’s nutrition, please read below. www.elsenutrition.com
About Els Nutrition Holdings Co., Ltd.
Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is a global expansion company focused on developing innovative, clean, plant-based food and nutrition products for infants, toddlers and children. is a stage food and nutrition company. , and adults. Its innovative plant-based, non-soy formula is a clean alternative to dairy-based formulas. Since launching complete plant-based nutrition for toddlers made with whole foods, almonds, buckwheat and tapioca, the brand has received thousands of strong testimonials and reviews from parents and gained support from retailers nationwide. and achieved rapid sales growth.
Awards and recognition:
- Awarded “2017 Best Health & Diet Solution” at the Global Food Innovation Summit in Milan
- No. 1 bestseller in the infant and toddler milk category on Amazon in fall 2020
- Awarded “Best Dairy Alternative” at World Plant-Based Expo 2021
- Expo West 2022 Plant-based Lifestyle Nexty Award Finalist
- In September 2022, Else Super Cereal reached #1 bestselling baby cereal across all brands on Amazon.
Investor information contact:
alexandra schult
Crescendo Communications, LLC
Office: (212) 671-1020
Email: baby@crescendo-ir.com
TSX
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are typically identified by words such as “will” or similar expressions. Forward-looking statements in this press release include statements regarding the expected filing dates of the Company’s financial disclosure statements. Such forward-looking statements represent current estimates, beliefs and statements based on management’s perception of current conditions and expected future developments and other factors that management believes are appropriate in the circumstances. Reflects assumptions. There can be no guarantee that the foregoing will prove to be correct. The forward-looking statements made in this press release reflect, among other things, our expectations that there will be no interruptions or supply chain disruptions due to the impact of COVID-19 and that our manufacturing, brokerage and supply logistics agreements with the Company will not be terminated. is assumed. . Actual results may differ from the estimates, beliefs and assumptions expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s expectations only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23a8086c-1e9e-482b-a9af-a82d87435138.
