Muscle Maker, Inc. Reports Top Line Revenue Over $93.8 Million for March 2023
Muscle Maker, Inc. (Nasdaq:GRIL) reported impressive top line revenue exceeding $93.8 million for March 2023, marking the fifth consecutive month with revenues above $50 million. This performance underscores the success of its wholly owned subsidiary, Sadot LLC, which has generated over $360 million in total revenue since its inception in November 2022. The CEO, Michael Roper, highlighted these results as a reflection of the company’s strategic vision. Additionally, Muscle Maker has initiated a share repurchase program aimed at enhancing shareholder value. The company plans to provide Q1 financial results soon and is actively engaging with investors through upcoming conferences. However, the preliminary revenue results remain subject to final review and may change.
- Achieved revenue of over $93.8 million for March 2023.
- Five consecutive months of revenue exceeding $50 million.
- Total revenue since Sadot LLC's inception exceeds $360 million.
- Initiation of a share repurchase program to enhance shareholder value.
- Preliminary financial results are subject to change and have not been audited.
FORT WORTH, TX / ACCESSWIRE / April 18, 2023 / Muscle Maker, Inc. (Nasdaq:GRIL), (the "Company"), today announced that it has achieved top line revenue of over
We are extremely pleased with March's revenue results," stated Michael Roper, CEO. "Sadot's consistent top line contribution continues to reflect the execution on our strategic vision for our company. I see these results, along with other strategic actions, as a foundation for our future growth and diversification within the global food supply chain. In addition, we recently announced that we have instituted a share repurchase program in an effort to continue creating incremental value for our shareholders. As stated in prior updates, we are committed to continue keeping investors informed of our ongoing company evolution, since the announcement of the creation of our Sadot, LLC division. We will be attending several investor conferences and looking to more directly engage with our current and potential new shareholders, retail and institutional. We look forward to reporting our financials for Q1 in the coming weeks."
The preliminary, unaudited financial results included in this press release are based on information available as of March 31, 2023, and management's initial review of operations and financial results as of such date. They remain subject to change based on the completion of the Company's customary quarterly financial closing and review procedures and are forward-looking statements. The Company assumes no obligation to update these statements, except as may be required by law. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in the Company's annual and quarterly filings with the Securities and Exchange Commission. Further, the Company's independent auditor has not reviewed or performed any procedures on the preliminary, unaudited financial results.
About Muscle Maker, Inc.
In late 2022, Muscle Maker began its evolution from a consumer-focused, U.S. restaurant business into a global, food-focused organization with two distinct business units:
Sadot LLC
Muscle Maker's largest operating unit is its newly-created subsidiary, Sadot LLC. Sadot is an international agri-foods company engaged in trading and shipping food (and feed) commodities such as soybean meal, wheat and corn. Sadot was formed in partnership with Aggia LLC FZ, a Dubai based, international consulting firm that provides services to companies operating in the global food supply chain.
MMI Restaurant Group
Muscle Maker's legacy business is our limited collection of 50+ restaurants, including Pokémoto Hawaiian Poké & Boba Tea and Muscle Maker Grill, and our subscription, fresh-prep meal service, Superfit Foods, with 30+ points of distribution plus in-home and national delivery. All three concepts compete in the growing healthier-for-you segment. National franchise development of the Pokémoto concept is the key growth driver with more than 45 franchise units already in the pipeline.
Forward-Looking Statements
This press release may include "forward-looking statements" pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products, or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should", "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc., does not undertake any duty to update any forward-looking statements except as may be required by law.
Investor Relations:
Frank Pogubila
SVP
Integrous Communications
W - 951.946.5288
E - IR@musclemakergrill.com
SOURCE: Muscle Maker, Inc.
View source version on accesswire.com:
https://www.accesswire.com/749627/Muscle-Maker-Inc-Reports-Top-Line-Revenue-Over-938-Million-for-March-2023
FAQ
What was Muscle Maker's revenue for March 2023?
How long has Muscle Maker achieved revenue above $50 million?
What is the total revenue of Sadot LLC since its inception?
Did Muscle Maker announce any shareholder initiatives?
When will Muscle Maker report its Q1 financial results?
