Home Bistro, Inc. Reports Financial Results for Fiscal Year 2021 and Announces Record Revenue

Rhea-AI Summary

Home Bistro, Inc. (OTC PINK:HBIS) reported record revenue of $1.64 million for the ten months ending October 31, 2021, a rise from $1.34 million the previous year. Despite this growth, the company also faced a net loss of ($12.8 million), mainly due to non-cash expenses. Key initiatives for 2022 include expanding celebrity chef partnerships and potential acquisitions, aiming for significant organic growth. The shift to fresh meal delivery using advanced packaging technology has been noted as a pivotal change in enhancing product quality.

Positive

• Record revenue of $1.64 million for the ten months ended October 31, 2021.
• Transitioned to fresh meal delivery, improving food quality.
• Acquisition of Model Meals, enhancing product offerings and management team.
• Plans for launching new celebrity chef meals in 2022.

Negative

• Net loss of ($12.8 million) including $9.24 million in non-cash expenses.
• Concerns over access to capital for ongoing operations.

Announces Key Initiatives for 2022

MIAMI BEACH, FL / ACCESSWIRE / February 1, 2022 / Home Bistro, Inc. (OTC PINK:HBIS) ("Home Bistro" or the "Company") a leading online platform that offers celebrity chef-inspired, gourmet ready-made and lifestyle meals, today announced reported financial results for its new fiscal year ended October 31, 2021, representing ten months of operations (January 1, 2021 - October 31, 2021). The Company effected the change of its fiscal year end from December 31 to better align its fiscal year and financial reporting with the observed twelve-month business cycle of its current business model. The Company reported record revenue of $1.64 million for the ten months ended October 31, 2021 compared to $1.34 million for the twelve months ended December 31, 2020.

Key 2021 Developments:

• Transitioned away from shipping frozen meals to delivering fresh meals utilizing "Vacuum Skin Packaging" technology.
• Added five celebrity chefs to its meal delivery platform.
• Strategic acquisition of CA-based "Model Meals" lifestyle prepared meal delivery brand.
• Relocated east coast operations to state-of-the-art South Florida-based food production and fulfillment facility, and now maintains bicoastal operations facilities (Orange County, CA).
• Executed on partnerships with In Good Taste Wines (wine pairings), Perfecting Athletes (high performance meals), Red Velvet (desserts).
• Launch of beta dessert menu item.

Home Bistro reported product sales of $1,644,208 for the ten months ended October 31, 2021 and a net loss of ($12,802,275) which included $9,243,021 of "extraordinary non-cash expenses" including stock and warrants issued for compensation, services and chef and product development, and other one-time non-cash charges associated with an asset acquisition and license agreement. The Company also reported Cash of $2,275,397 and Stockholders Equity of $4,723,304, as of October 31, 2021.

Commenting on the Company's progress, Zalmi Duchman, Home Bistro's CEO, said, "Whereas 2020 was the launch year for our unique offering and competitive differentiation, 2021 was the year of execution. Transitioning to fresh delivered meals was a game changer in terms of food quality, taste, experience and addressing consumer preferences. As our platform continues to grow, it becomes ever more appealing to a wider universe of celebrity chefs who seek to partner with us. In addition, the acquisition of Model Meals provided us with a meal offering appealing to consumers who prefer Paleo, Whole30 friendly and gluten-free meals, a West Coast base of operations and, most importantly, the two newest members of our executive management team, our chief financial officer and our chief marketing officer."

Mr. Duchman continued, "We believe 2022 will be the year of significant organic growth and scalability as our platform continues to become more widely recognized. Further, we have identified several potential strategic acquisitions which could also add substantially to our revenue, product diversification and operationally efficiency. We believe that our performance and progress will continue to be noticed by a wider audience and ultimately resulting in greater shareholder value."

Key 2022 Initiatives

• The continued addition of celebrity chefs to the platform and significant organic growth and scalability.
• Launch of celebrity chef meals currently in development - Ayesha Curry, Priyanka Naik and Roblé Ali.
• A potential strategic acquisition.
• Launch of In Good Taste Wines and Perfecting Athletes initiatives, and the addition of several more dessert items.
• Potential up-listing of Home Bistro shares to the Nasdaq Market.

Home Bistro is planning a shareholder update call to be scheduled in February. Details will be forthcoming in a future press release.

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, "Top-Chef All-Star" Richard Blais and soon to launch celebrity chefs Ayesha Curry, Roblé Ali and ‍"Vegan + Sustainable Chef" Priyanka Naik.

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 were Home Bistro's financial results for fiscal year 2021?

Home Bistro reported a record revenue of $1.64 million for the ten months ending October 31, 2021, with a net loss of ($12.8 million).

What key initiatives is Home Bistro planning for 2022?

Home Bistro plans to expand chef partnerships, launch new meals, and explore strategic acquisitions.

How did Home Bistro's revenue compare to the previous year?

Revenue increased from $1.34 million for the twelve months ended December 31, 2020, to $1.64 million for the ten months ended October 31, 2021.

What technology did Home Bistro adopt for meal delivery?

Home Bistro transitioned to delivering fresh meals utilizing Vacuum Skin Packaging technology.

Is Home Bistro considering an up-listing to the Nasdaq?

Yes, there is potential for Home Bistro to up-list its shares to the Nasdaq Market.