Else Nutrition (TSXV: BABY) reported on Monday its financial results for Q3 2021. The report highlighted a quarterly revenue of $1.17 million, virtually unchanged from Q2 2021’s revenue of $1.11 million but an increase from Q3 2020’s revenue of $0.38 million.
In its statement, the company’s CEO Hamutal Yitzhak explained that “Else is a company that should not yet be measured solely by quarters,” as it is still aiming for a multibillion-dollar market in 5 years. Yet, Yitzhak highlighted that it is “making great strides each quarter”, noting the Walmart.com and Kroger online partnerships as this quarter’s milestones.
The firm’s gross margin for the quarter is at 14.6%, down from 29.2% last quarter and 18.1% last year. With total operating expenses of $4.72 million, the firm notched an operating loss of $4.55 million at quarter’s end. In Q2 2021, total operating expenses were at $4.10 million leading to an operating loss of $3.77 million.
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Corollary, the quarter ended with a net loss of $1.47 million after recording an income from revaluation of warrants amounting to $2.58 million. This bottomline figure is an increase from last quarter’s net loss of $4.75 million and last year’s net loss of $3.93 million. On a per-share basis, the loss came to $0.01.
The firm also ended the quarter with $12.58 million in cash and cash equivalents starting from $15.95 million at the beginning of the quarter. The balance of the current assets came in at $19.08 million while current liabilities ended at $2.73 million.
The Israel-based food company has recently received conditional approval related to its plans to graduate to the Toronto Stock Exchange.
Else Nutrition last traded at $1.90 on the TSX Venture.
Information for this briefing was found via Sedar and Else Nutrition. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
