Komo Plant-Based Foods Announces Record Revenues in December - with 35% Profit Margin Reported Last Quarter

Rhea-AI Summary

Komo Plant Based Foods Inc. reported record revenues of $69,999 for December 2021, marking a 104% increase from the prior month and a 51% rise compared to October 2021. The growth was attributed to higher wholesale orders and the launch of Komo Eats hot meals via delivery apps. The company achieved a 35% gross profit margin for the three-month period ending October 31, 2021. Komo's expansion strategy continues to gain momentum in Canada and the U.S., despite facing distribution challenges due to weather and labor shortages.

Positive

• Achieved record revenues of $69,999 in December 2021, up 104% from November.
• Gross profit margin reported at 35% for the three months ending October 31, 2021.
• Increased distribution to retail grocery chains and launched hot meals via delivery services.

Negative

• Distribution delays due to weather conditions and labor shortages may impact future growth.

VANCOUVER, BC / ACCESSWIRE / January 5, 2022 / Komo Plant Based Foods Inc. (CSE:YUM)(OTCQB:KOMOF)(FRA:9HB) ("Komo"), a premium plant-based food company, is pleased to announce it achieved record revenues for product sales in the month of December 2021. Komo's December revenues of $69,999 were 104% higher than the previous month and 51% higher than its previous highest revenue month, which was October 2021. Komo's gross profit margin for its three month interim period ended October 31, 2021 was 35%.

The increase in December revenues was mainly due to an increase in wholesale orders as Komo expands distribution to retail grocery chains. The December revenues also included revenues from the launch of Komo Eats hot meals through Uber Eats and Skip the Dishes.

Komo has experienced hyper growth since launching its brand on March 5th, 2021. Since that date, Komo introduced frozen, plant-based lasagnas, chickenless pot pies, bolognese sauces, taco fillings and shepherd's pies through eCommerce, at Farmers markets and its retail distribution network. Komo has also developed a line of vegan Mac & Cheeze, Jackfruit Chick'n and vegan wrap as hot entrees through meal delivery apps. These avenues are aligned with Komo's mission to make plant-based meals a staple at every dinner table. For full details on Komo's growth in revenues see it's reported financial results for the year ended July 31, 2021 and for the 3 month period ended October 31, 2021 please go to the issuer profile for "Komo Plant Based Foods Inc." at SEDAR.com.

"Our significant increase in revenues in December was a surprise since we experienced many delays in distributing our products outside of British Columbia due to weather conditions and widespread labour shortages," says Komo CEO William White. "We are very excited about our continued revenue growth as we expand throughout Canada and the United States. We know our products are well received by consumers as we continue to receive five star consumer reviews through our eCommerce platform and we are receiving consistent repeat orders in both wholesale and direct to consumer sales."

Komo follows a two tier approach for its product launches. All products are first launched locally through Komo's direct-to-consumer eCommerce platform in Metro Vancouver. Komo uses the consumer feedback to improve the product until it is ready for larger scale production through a co-manufacturing facility, and then gets distributed to retail stores through multiple distributors. Recently, Komo launched 11 new ready-to-eat meals through meal delivery apps and a ghost kitchen in Vancouver, British Columbia, allowing Komo another avenue for product development and customer feedback.

About Komo

Komo Plant Based Foods Inc. is a premium plant-based food company that develops, manufactures and sells a variety of plant-based frozen meals that are always hearty, satisfying, and made with wholesome ingredients. At Komo, our mission is to help make plant-based meals a staple on every dinner table by sharing our love for feel-good food that connects the people to the planet. We believe plant-based eating is the future and - Change can start with a single bite^TM. Our experienced plant-based innovation and development team recreates vegan versions of traditionally cheesy and meaty classics, with 100% plants. Komo's products are sold direct-to-consumer through our eCommerce website and a distribution network of online and brick and mortar grocery, convenience and natural retailer channels. Our operating subsidiary Komo Comfort Foods launched in 2021 with our flagship products: plant-based Lasagna, Shepherd's Pie and Chickenless Pot Pie and has recently launched a new line - Komo Plant-Based Meal Helpers^TM - versatile meal starters to allow the creation of many dishes at home. All of our products are 100% plant-based, made with wholesome ingredients, free from preservatives, and frozen for freshness. Freezing products is a natural and effective way of keeping food products for longer without having to use any preservatives. Our meals have a 1-year frozen shelf life. We also sell hot ready-to-eat meals in Metro Vancouver through Uber Eats and Skip the Dishes.

Learn more at: www.komocomfortfoods.com and follow on Instagram: @komocomfortfoods and @komoeats

For further information, please contact:

William White, President & CEO, Komo Plant Based Foods Inc.
will@komoeats.com
1-866-969-0882

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Komo's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Komo's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Komo's product development plans, its ability to launch new products, its ability to retain key personnel, its revenues, and its ability to export its products to retail stores across Canada and throughout the United States constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Komo disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

SOURCE: Komo Plant Based Foods Inc.

View source version on accesswire.com:
https://www.accesswire.com/681022/Komo-Plant-Based-Foods-Announces-Record-Revenues-in-December--with-35-Profit-Margin-Reported-Last-Quarter

FAQ

What were Komo's December 2021 revenues?

Komo reported record revenues of $69,999 for December 2021.

How did December 2021 revenues compare to previous months for KOMOF?

December 2021 revenues were 104% higher than November and 51% higher than October 2021.

What is the gross profit margin for Komo's recent financial period?

The gross profit margin for the three months ended October 31, 2021, was 35%.

What challenges did Komo face in expanding its distribution?

Komo faced distribution delays due to weather conditions and widespread labor shortages.