Eat Well Group Reports First Quarter 2022 Financial Results
Eat Well Investment Group Inc. (EWGFF) reported its Q1 2022 financial results, showing a 8.6% growth in total assets, increasing from
- 8.6% asset growth in Q1 2022, rising to $64.8 million.
- Significant cash position increase from $546K to $5.6 million.
- Belle Pulses' gross profit reached $2.1 million, a 9% rise.
- Belle Pulses reported a 5.8% decline in Q1 revenue to $12.8 million.
Eat Well Investment Group Highlights
-
The Company grew its assets
8.6% for the quarter from at$59,627,414 November 30, 2021 to at$64,769,938 February 28, 2022 -
Improved cash position from
at$545,976 November 30, 2021 to at$5,552,018 February 28, 2022 -
Closed a
private placement in$5,100,000 December 2021 , and a strategic investment from$5,018,000 Nurture Healthy Food LLP based out ofSouth America inFebruary 2022 -
Promoted
Marc Aneed to CEO, with over 20 years’ experience from some of the world’s most renowned CPG brands including PepsiCo, Quaker Oats,Gatorade and more.Mr. Aneed has led many iconic consumer brands and enabled in growth across dozens of product categories$1B
Portfolio Company Highlights
-
Belle Pulses recorded Q1 revenue of
for the three months ended$12,809,752 January 31, 2022 , compared to for the same period in 2021; the$13,594,271 5.8% decline was primarily driven by the impact of COVID-19, supply chain disruptions and adverse weather conditions. Historically, Q1 represents Belle Pulses slowest quarter due to winter conditions -
Belle Pulses recorded record Q1 gross profit of
for the three months ended$2,072,824 January 31, 2022 , compared to for the same period in 2021; the$1,897,075 9% increase was primarily driven by product mix favoring higher margin items on emerging products and pricing favourability on certain pea varieties -
Sapientia commercialized intellectual property less than six months after its acquisition, launching white label better-for-you plant-based twisted curls to over 300 Federated Co-op Stores across western
Canada -
Majority-owned portfolio company,
Amara Organic Foods (“Amara”), one of the fastest-growing baby food brands in America, is now available acrossCanada inLoblaws Inc. and select Sobeys and IGA locations, adding to an already robust eCommerce and brick and mortar distribution network - Amara’s organic plant-based baby food launched on Walmart’s expansive eCommerce platform and nationwide across Walmart Canada
-
Two new flavours of Amara’s organic plant-based baby food are now available at
H-E-B , one of the largest independently owned food retailers inthe United States - Amara announced a partnership with leading Amazon digital merchandising agency, Avenue7Media, to focus on Amazon.com specific growth across its portfolio brands and products
“At a time when global/ macro trends have placed a tremendous importance on food production and alternative protein supply, our investments are not only proving to be timely but are contributors to global food security solutions,” commented
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ABOUT EAT WELL GROUP
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
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