Happy Belly Food Group Announces 9th Consecutive Record Quarter
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) announced its Q2 2024 financial results, marking its 9th consecutive record quarter. Key highlights include:
- Total revenues increased 70% to $2.30M vs $1.35M in Q2 2023
- QSR EBITDA reached $0.28M, up 33% from Q2 2023
- CPG EBITDA reached $47,826, up 385% from Q2 2023
- Gross profit improved 34% to $0.99M
- System sales across QSR brands totaled $7.55M, up 432% from Q2 2023
- Normalized adjusted EBITDA increased 178% to $29,845
- Net working capital position of $1.80M
- Total cash and cash equivalents of $4.13M
The company's growth is attributed to organic sales growth, new franchise fees, and recent acquisitions including Via Cibo and Yolks Breakfast Inc.
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ha annunciato i risultati finanziari del secondo trimestre 2024, segnando il 9° trimestre consecutivo di record. I punti salienti includono:
- I ricavi totali sono aumentati del 70% a $2,30 milioni rispetto a $1,35 milioni nel secondo trimestre 2023
- L'EBITDA del QSR ha raggiunto $0,28 milioni, in aumento del 33% rispetto al secondo trimestre 2023
- L'EBITDA del CPG ha raggiunto $47.826, in aumento del 385% rispetto al secondo trimestre 2023
- Il profitto lordo è migliorato del 34% a $0,99 milioni
- Le vendite del sistema nei marchi QSR hanno totalizzato $7,55 milioni, in aumento del 432% rispetto al secondo trimestre 2023
- L'EBITDA normalizzato rettificato è aumentato del 178% a $29.845
- Posizione di capitale circolante netto di $1,80 milioni
- Totale liquidità e equivalenti di liquidità di $4,13 milioni
La crescita dell'azienda è attribuita alla crescita delle vendite organiche, nuove commissioni per franchising e recenti acquisizioni tra cui Via Cibo e Yolks Breakfast Inc.
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) anunció sus resultados financieros del segundo trimestre de 2024, marcando su noveno trimestre consecutivo récord. Los aspectos más destacados incluyen:
- Los ingresos totales aumentaron un 70% a $2.30 millones, en comparación con $1.35 millones en el segundo trimestre de 2023
- El EBITDA del QSR alcanzó $0.28 millones, un 33% más que en el segundo trimestre de 2023
- El EBITDA del CPG alcanzó $47,826, un 385% más que en el segundo trimestre de 2023
- La utilidad bruta mejoró un 34% a $0.99 millones
- Las ventas del sistema en las marcas de QSR totalizaron $7.55 millones, un 432% más que en el segundo trimestre de 2023
- El EBITDA ajustado normalizado aumentó un 178% a $29,845
- Posición de capital de trabajo neto de $1.80 millones
- Total de efectivo y equivalentes de efectivo de $4.13 millones
El crecimiento de la empresa se atribuye al crecimiento orgánico de las ventas, nuevas tarifas de franquicia y adquisiciones recientes, incluyendo Via Cibo y Yolks Breakfast Inc.
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF)는 2024년 2분기 재무 결과를 발표하였으며, 9번째 연속 최고 기록 분기를 기록했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 수익이 2023년 2분기 $1.35M에 비해 70% 증가한 $2.30M
- QSR EBITDA는 2023년 2분기 대비 33% 증가한 $0.28M에 도달
- CPG EBITDA는 2023년 2분기 대비 385% 증가한 $47,826에 도달
- 총 이익이 34% 증가하여 $0.99M
- QSR 브랜드의 시스템 판매는 2023년 2분기 대비 432% 증가한 $7.55M
- 조정된 EBITDA는 178% 증가하여 $29,845
- 순운전 자본 위치는 $1.80M
- 현금 및 현금 등가물 총액은 $4.13M
회사의 성장은 유기적 판매 증가, 새로운 프랜차이즈 수수료 및 Via Cibo, Yolks Breakfast Inc.와 같은 최근 인수에 기인합니다.
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) a annoncé ses résultats financiers pour le deuxième trimestre 2024, marquant son neuvième trimestre consécutif record. Les principaux points forts incluent :
- Les revenus totaux ont augmenté de 70% pour atteindre 2,30 M$ par rapport à 1,35 M$ au deuxième trimestre 2023
- L'EBITDA des QSR a atteint 0,28 M$, en hausse de 33% par rapport au deuxième trimestre 2023
- L'EBITDA du CPG a atteint 47 826 $, en hausse de 385% par rapport au deuxième trimestre 2023
- Le bénéfice brut a augmenté de 34% pour atteindre 0,99 M$
- Les ventes du système à travers les marques de QSR ont totalisé 7,55 M$, en hausse de 432% par rapport au deuxième trimestre 2023
- L'EBITDA ajusté normalisé a augmenté de 178% pour atteindre 29 845 $
- Position nette du fonds de roulement de 1,80 M$
- Total des liquidités et équivalents de liquidités de 4,13 M$
La croissance de l'entreprise est attribuée à la croissance organique des ventes, aux nouvelles redevances de franchise et aux récentes acquisitions, y compris Via Cibo et Yolks Breakfast Inc.
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und damit ein 9. aufeinanderfolgendes Rekordquartal erreicht. Die wichtigsten Höhepunkte sind:
- Die Gesamterlöse stiegen um 70% auf 2,30 Mio. USD im Vergleich zu 1,35 Mio. USD im 2. Quartal 2023
- QSR-EBITDA erreichte 0,28 Mio. USD, was einem Anstieg von 33% gegenüber dem 2. Quartal 2023 entspricht
- CPG-EBITDA erreichte 47.826 USD, was einem Anstieg von 385% gegenüber dem 2. Quartal 2023 entspricht
- Der Bruttogewinn verbesserte sich um 34% auf 0,99 Mio. USD
- Die Systemverkäufe über QSR-Marken beliefen sich auf 7,55 Mio. USD, was einem Anstieg von 432% gegenüber dem 2. Quartal 2023 entspricht
- Das normalisierte angepasste EBITDA stieg um 178% auf 29.845 USD
- Nettoumlaufvermögen in Höhe von 1,80 Mio. USD
- Gesamtes Bargeld und Bargeldäquivalente von 4,13 Mio. USD
Das Wachstum des Unternehmens ist auf organisches Verkaufswachstum, neue Franchisegebühren und kürzliche Akquisitionen, einschließlich Via Cibo und Yolks Breakfast Inc., zurückzuführen.
- Record-breaking 9th consecutive quarter with total revenue increase of 70% year-over-year
- QSR EBITDA growth of 33% and CPG EBITDA growth of 385% compared to Q2 2023
- Gross profit improved by 34% to $0.99M in Q2 2024
- System sales across QSR brands increased by 432% year-over-year
- Normalized adjusted EBITDA turned positive, increasing by 178% to $29,845
- Strong cash position with $4.13M in cash and cash equivalents
- Expansion of restaurant count from 9 in Q2 2023 to 26 in Q2 2024
- Successful franchising program generating $796,376 in revenue over 16 months
- One-time costs in Q2 2024 including legal fees for M&A and severance payment to former CFO
- Issuance of convertible debentures potentially leading to future shareholder dilution
Toronto, Ontario--(Newsfile Corp. - August 22, 2024) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging food brands is pleased to announce its interim financial results and corporate update for the quarter ended June 30th, 2024.
"I'm extremely proud of the continuous and positive progress that our management team, alongside our brand partners and franchisees achieved throughout the first half of fiscal 2024. With our ninth (9th) consecutive record setting quarter in total revenue, you can see our continued commitment to shareholders as we continue to execute our strategic plans and improve company wide performance," said Shawn Moniz, Chief Executive Officer of Happy Belly Food Group. "We are witnessing consistent and sustainable growth across the company's operations, by staying financially disciplined, while achieving organic and inorganic growth across our portfolio of brands and business segments (QSR and CPG). Our accretive M&A strategy included our largest acquisition in January 2024 (Via Cibo restaurant group) and later in the same month with Yolks Breakfast Inc., which further contributes to the exciting growth of Happy Belly Food Group Inc."
"In Q2 2024, we once again achieved record revenues and positive EBITDA for BOTH our CPG and QSR segments. Each quarter has resulted in significant QoQ momentum while continuing to accelerate our growth, improve operations within our businesses and deliver strong and consistent results for our shareholders."
Financial Highlights
Total revenues increased
70% in Q2 2024 to$2.30M versus$1.35M in Q2 2023. The significant growth was primarily driven by organic product sales growth in both the Quick Service Restaurants (QSR) and Consumer Product Goods (CPG) segments of the business, combined with new franchise fee, royalties and vendor rebate revenues.Total product sales from both the QSR and CPG segments increased
42% to$1.87M in Q2 2024 as compared to$1.32M in Q2 2023. Both segments continued to be profitable once again this quarter. QSR EBITDA reached$0.28M in Q2 2024 versus$0.21M in Q2 2023, representing an increase of33% . CPG EBITDA reached$47,826 in Q2 2024 versus$9,865 in Q2 2023, representing an increase of385% .Gross profit further improved to
$0.99M in Q2 2024 versus$0.74M in Q2 2023 representing a34% increase. The improvement in gross profits is attributed to companywide synergies and our continued focus on optimizing product costs and cost efficiencies.System sales across QSR brands totaled
$7.55M in Q2 2024 versus$5.37M (+41% ) in the prior quarter and$1.42M (+432% ) in Q2 2023. The increase is attributed to the organic growth with baseline restaurants and the increase in restaurant count from 9 in Q2 2023 to currently 26 opened in Q2 2024. Included in the 26-restaurant count are the recent acquisitions in the past three quarters with Rosie's Burgers (Q4 2023), Via Cibo Franchising Inc. (Q1 2024) and Yolks Breakfast (Q1 2024).Normalized adjusted EBITDA(1) increased
178% during the quarter to reach$29,845 , as compared to a normalized adjusted EBITDA loss of ($107,191) in Q2 2023.The Company continues to maintain a Healthy net working capital position
$1.80M in Q2 2024 as compared to$0.80M in Q4 2023 and$1.04M in Q2 2023. Total cash and cash equivalents were$4.13M in Q2 2024 driven by two non-brokered private placements completed in 2024 ($3M combined) through the issuance of convertible debentures. The closing of the private placements strengthens our balance sheet and provides us the ability to accelerate our growth strategy and executing material M&A opportunities with strong positive cash flow, when the opportunity presents itself.Since March 2023 when our franchising program was launched the company recorded sixteen (16) months worth of franchising revenue inclusive of franchise fees and royalties for a total of
$796,376.
2 new restaurant openings during Q2 2024. The Heal Lifestyle brand opened one location in Chilliwack, BC (June 9, 2024) and Rosie's Burgers opened in the Well district in Toronto, ON (May 27, 2024).
"Franchising revenue for all our QSR brands is a key component to our future expansion and growth model. Happy Belly's performance will continue to improve as we remain disciplined, and work to continue to close the gap towards company-wide profitability. We have a great team with the patience and experience to continue building our stable of emerging brands, and the funding to continue accelerating growth organically and through accretive M&A opportunities."
One-time costs included in Q2 2024: legal fees from M&A pertaining to the closing and independent review committee for Via Cibo, Yolks Breakfast, as well as severance payment to former CFO.
Q2 2024 Corporate Highlights
On June 27th, 2024, the Issuer Announces closing a non-brokered private placement convertible debenture with Toronto based national investor (K2 & Associates).
On June 17th, 2024, the Issuer's Yolks Breakfast Inc. Announces the signing of 26-Unit Development Agreement in Quebec with experienced brand developer.
- On June 7th, 2024, the Issuer's Heal Wellness Announces the opening of the brand's eighth location in Chilliwack, British Columbia.
- On May 27th, 2024, the Issuer's Rosie's Burgers Announces the opening of the brand's third Rosie's Burgers location in Toronto's Newest Urban Development, The Well.
- On May 24th, 2024, the Issuer Announces its financial results and corporate update for the quarter ended March 31, 2024.
- On May 23rd, 2024, the Issuer's Heal Wellness Announces the Increase of a Multi-Unit Franchise Agreement in British Columbia from 5 Units to 10 Units.
- On May 22nd, 2024, the Issuer's Heal Wellness Announces the Signing of a franchise agreement for Vaughn, Ontario.
On May 21st, 2024, the Issuer's PIRHO Fresh Greek Grill Announces the Securing of the first real estate location in the Calgary, Alberta.
On May 16th, 2024, the Issuer Announces the Securing of a Lease and Franchisee for a third Multi-Unit Branded Location with Lettuce Love Café and Heal Wellness QSR in Hamilton, Ontario.
- On May 8th, 2024, the Issuer's Rosie's Burgers Announces the Signing of a 20-Unit Area Development Agreement in the province of British Columbia.
On May 1st, 2024, the Issuer's Via Cibo Announces the Signing of a 15-Unit Area Development Agreement in the province of Ontario.
On April 24th, 2024, the Issuer Announces the Acquisition Closing of CraveIT Restaurant Group's Via Cibo Restaurant Chain.
On April 23rd, 2024, the Issuer's HEAL Wellness QSR Announces the Signing of Its 25th Franchise and First Enclosed Mall Location in the Greater Toronto Area.
On April 19th, 2024, the Issuer Announces its financial results and corporate update for the year ended December 31st, 2023.
On April 18th, 2024, the Issuer's HEAL Wellness QSR Announces the Signing of Its 24th Franchise and Secured Real Estate in the City of Edmonton, Alberta.
On April 17th, 2024, the Issuer's Joey Turks Island Grill QSR Announces the Signing of the Brand's Second Real-Estate Location in Scarborough, Ontario.
On April 16th, 2024, the Issuer's Yolks Breakfast Signs Three-Unit Franchise Agreement in Calgary, Alberta.
On April 11th, 2024, the Issuer's Yolks Breakfast Announces Signing of First Real-Estate Location in Canada's Capital, Ottawa, Ontario, as National Expansion Accelerates.
On April 5th, 2024, the Issuer's Yolks Breakfast Signs Five-Unit Franchise Agreement in Ontario.
On April 3rd, 2024, the Issuer's Joey Turks Island Grill Announces the Signing of the Brand's First Franchisee for Scarborough, Ontario.
Subsequent Events
On August 20th, 2023, the Issuer's Joey Turks Island Grill Announces the signing of a 3 store multi-unit agreement for the territory of Scarborough, Ontario.
On August 19th, 2024, the Issuer's Rosie's Burgers Announces the Signing of a franchise agreement in Vaughan, Ontario (8th locations to date).
- On August 15th, 2024, the Issuer's Joey Turks Island Grill Announces the opening of the brand's second location in Scarborough, Ontario.
On August 9th, 2024, the Issuer's Heal Wellness Announces the opening of the brand's tenth location in West Abbotsford, British Columbia.
On July 29th, 2024, the Issuer Announces the Signing of a Binding Agreement to acquire
50% of SALUS Fresh Foods QSR restaurant chain.
- On July 26th, 2024, the Issuer's Yolks Breakfast Inc. Announces the Signing of it's first franchisee in Quebec.
On July 24th, 2024, the Issuer's Heal Wellness Announces the Signing of a 40-Unit Area Development Agreement in Ontario with seasoned developer.
On July 19th, 2024, the Issuer's Heal Wellness Announces the opening of the brand's ninth location in Sherwood Park, Alberta.
- On July 17th, 2024, the Issuer's Rosie's Burgers Announces the Signing of a franchise agreement in Oakville, Ontario.
- On July 4th, 2024, the Issuer's Heal Wellness Announces the Signing of a franchise agreement for Whitby, Ontario.
- On July 10th, 2024, the Issuer's Announces the expansion of their CPG offerings with a new flavour, retail, and distribution in the Lumberheads Popcorn brand.
On July 8th, 2024, the Issuer's Heal Wellness Announces the Signing of its forty-third franchise and third real estate location in Calgary's Bridgeland Area.
On July 5th, 2024, the Issuer's Rosie's Burgers Announces the Signing of a franchise agreement in Burlington, Ontario.
On July 4th, 2024, the Issuer's Heal Wellness Announces the Signing of a franchise agreement for Richmond Hill, Ontario.
On July 3rd, 2024, the Issuer's Rosie's Burgers Announces the signing of their second franchisee and real-estate location in Calgary, Alberta (first on June 26, 2024).
(1) Adjusted EBITDA Is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are used by management as supplemental measures to review and assess operating performance and to provide a more complete understanding of factors and trends impacting the Company's business. Management believes Adjusted EBITDA are useful measures of operating performance and the Company's ability to generate cash-based earnings, as they provide a more relevant position of operating results by excluding the effects of financing and investing activities, which removes the effects of interest, depreciation and amortization expenses as well as other expenses, as described, that are not reflective of the Company's underlying business. This non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Adjusted EBITDA is defined as net comprehensive income or (loss), excluding interest, taxes, depreciation and amortization (EBITDA), adjusted for share-based compensation, foreign exchange gains and losses, impairment and non-recurring expenses.
Happy Belly Food Group
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About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging food brands.
Happy Belly Food Group
Shawn Moniz
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE VISIT:
www: www.happybellyfg.com or email hello@happybellyfg.com
If you wish to contact us please call: (604) 737-2303
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220784
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