Home Bistro, Inc. Announces Record Revenue for Third Quarter

Rhea-AI Summary

Home Bistro, Inc. (OTC PINK: HBIS) reported record revenues of $703,364 for Q3 2021, marking a 135% increase compared to the same period in 2020. Online meal orders surged 501% year-over-year. CEO Zalmi Duchman expressed confidence in future growth, driven by new meal offerings from celebrity chefs and a partnership with Perfecting Athletes, enhancing the culinary experience.

Despite the positive revenue growth, the company reported an operating loss of ($1,373,846) for the quarter, attributed to increased professional and marketing expenses, alongside costs related to the integration of Model Meals.

Positive

• Record revenue of $703,364 in Q3 2021, a 135% increase YoY.
• 501% increase in online meal orders compared to Q3 2020.
• New partnerships with Perfecting Athletes and In Good Taste Wine to enhance product offerings.

Negative

• Operating loss of ($1,373,846) for the quarter.
• Increased professional fees of $691,422 and marketing expenses of $324,478.

Online meal orders increased 501% over same period 2020

MIAMI BEACH, FL / ACCESSWIRE / November 15, 2021 / Home Bistro, Inc. (OTC PINK:HBIS) ("Home Bistro" or the "Company"), a leading direct to consumer online platform that offers celebrity chef-inspired, gourmet ready-made and lifestyle meals, today reported record revenue of $703,364 for its third quarter ended September 30, 2021, a 135% increase vs the same period in 2020. Online meal orders increased by 501% during the third quarter 2021 vs. the same period in 2020.

Commenting on the Company's results, Zalmi Duchman, Home Bistro's CEO, stated, "We are highly encouraged by the continued growth of our business, which now includes Model Meals, and we expect this momentum to continue when we increase our meal offerings with the upcoming introductions of new specialty cuisine by Ayesha Curry, Roblé Ali and Richard Blais, and with the nationwide roll-out of Model Meals - expanding from its prior limited three state focus. Further, the fourth quarter is traditionally Home Bistro's strongest due to holiday purchases, followed then by the first quarter which has historically been Model Meals' strongest performing quarter given its lifestyle brand appeal. Therefore, we believe we can expect continued solid revenue growth well into 2022."

Mr. Duchman continued, "Subsequent to the third quarter, we announced our partnership with Perfecting Athletes, the health and nutrition company serving over 300 elite professional athletes, supermodels and other accomplished sports and entertainment professionals worldwide. Together, we will introduce their highly sought-after dietary and meal regimens to Home Bistro's customers. Further, we also announced our partnership with the direct-to-consumer wine platform, In Good Taste Wine. Our customers will soon be able to pair their celebrity chef-inspired meals with wines from a carefully chosen selection of varietals from around the world. The complete Home Bistro experience will soon span from appetizer through desert and everything in between and be defined by excellence."

The Company reported an operating loss of ($1,373,846) for the quarter ended September 30, 2021, much of which can be attributed an increase in professional fees to $691,422, marketing expenses of $324,478, expenses associated the integration of Model Meals, relocation and ramp up of the Company's new South-Florida production facility and other non-cash expenses. The Company reported its cash position of $1,410,236 at the end of the third quarter 2021.

To view the complete SEC filing please visit:

https://homebistro.com/pages/investor-relations or

www.sec.gov/ix?doc=/Archives/edgar/data/0001489588/000121390021059429/f10q0921_homebistroinc.htm

About Home Bistro, Inc.

Home Bistro is a leading online platform, www.homebistro.com, that provides for the creation, production, and distribution of direct-to-consumer, heat-to-eat, celebrity chef inspired gourmet meals, which currently include inspirations developed by "Iron Chef" Cat Cora, "Hungry Fan" Chef Daina Falk, Master Chef Claudia Sandoval and soon to launch celebrity chefs Ayesha Curry, Roblé Ali and Richard Blais.

Home Bistro's Model Meals lifestyle brand www.modelmeals.com is a Whole30 and Paleo approved, ready-to-eat, meal prep service, offering a weekly rotating menu that is prepared by professional chefs, using only the highest quality ingredients available, sourced responsibly and locally, and delivered in sustainable, eco-friendly packaging.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company's future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company's expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity's access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

CONTACT:
Zalmi Duchman, CEO
zalmi@homebistro.com
Ph: 631.694.1111

SOURCE: Home Bistro, Inc.

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FAQ

What was Home Bistro's revenue for Q3 2021?

Home Bistro reported a revenue of $703,364 for Q3 2021.

How much did online meal orders increase for Home Bistro in Q3 2021?

Online meal orders increased by 501% in Q3 2021 compared to the same period in 2020.

What was the operating loss for Home Bistro in Q3 2021?

The company reported an operating loss of ($1,373,846) for Q3 2021.

What partnerships did Home Bistro announce in 2021?

Home Bistro announced partnerships with Perfecting Athletes and In Good Taste Wine.

What are Home Bistro's expectations for future revenue growth?

Home Bistro expects continued solid revenue growth into 2022 due to new meal offerings and the holiday season.