Welcome to our dedicated page for ORGANTO FOODS news (Ticker: OGOFF), a resource for investors and traders seeking the latest updates and insights on ORGANTO FOODS stock.
Organto Foods Inc. (OGOFF) is a leading provider of organic and non-GMO fruit and vegetable products, offering branded, private label, and distributed items globally. With a focus on environmental responsibility and sustainable business practices, Organto serves health-conscious consumers through its strategic asset-light model. Recent developments include a management cease trade order to finalize annual financial statements and the divestiture of three Dutch subsidiaries to enhance financial stability.
Organto Foods Inc. has announced the addition of a variety of organic fresh cut fruits to its product portfolio. This includes red apples, grapes, mango, pineapple, blueberries, and raspberries, sourced from growers in Europe and Latin America. The Company aims to achieve annual sales of approximately CDN $2.5 to $3.5 million within a year, targeting a long-term goal of CDN $10 million. Products will feature eco-friendly packaging and utilize the I AM Organic digital passport technology for transparency regarding product details.
Organto Foods Inc. reported record second quarter revenues of $5,372,162, a 148% increase year-over-year, and the largest quarterly gross profit of $648,987 (12.1% of revenues). Despite operational challenges, including lower avocado prices and logistics issues, the company reaffirmed its 2021 revenue guidance of $35 million to $37 million. Positive balance sheet improvements include cash on hand of $2,760,506 and a working capital of $1,996,710. However, the company reported a net loss of $1,155,758 for the quarter.
Organto Foods Inc. (OGOFF) has entered a strategic agreement with The Greenery Logistics to enhance logistics in key European markets. This partnership aims to streamline product handling, quality control, and warehousing, expected to improve cost efficiencies and service levels. Co-CEO Rients van der Wal emphasized that this collaboration aligns with Organto's asset-light business model and supports the development of its branded products.
The Greenery Logistics is an established market leader with automated distribution centers, focusing on independent logistics services.
Organto Foods has filed a final short form base shelf prospectus with Canadian securities regulators, enabling the company to offer up to CDN $50 million in various securities over the next 25 months. This includes common shares, debt, convertible securities, and more. Though the prospectus allows for future offerings based on market conditions, Organto currently has no immediate plans to raise funds. The company aims to maintain financial flexibility as it develops its organic and value-added products.
Organto Foods Inc. held its 2021 Annual General Meeting on June 28, 2021, in Vancouver, with approximately 26% of outstanding shares voting. All agenda items received over 99% shareholder approval. Seven directors were elected to the board, with 71.4% being independent. The appointment of a new independent auditor, Dale Matheson Carr-Hilton Labonte LLP, was ratified, along with the continuation of the Share Option Plan and Restricted Share Unit Plan. Additionally, 200,000 stock options were granted to an employee at an exercise price of CDN $0.385.
Organto Foods has announced that its shares are now DTC eligible, allowing for electronic clearing and settlement in the U.S. This move is expected to lower costs and speed up transactions for investors and brokers, making Organto's stock more accessible. According to Steve Bromley, Chair and Co-CEO, this eligibility is a strategic step to broaden the investor base in the fast-growing organic food market. The press release emphasizes the commitment of Organto to sustainable practices and the potential growth opportunities ahead.
Organto Foods Inc. reported record financial results for the first quarter ended March 31, 2021, achieving revenues of $4,773,062, a 191% increase year-over-year, marking the largest first quarter revenues in its history. The gross profit also hit a record at $457,815, representing 9.6% of revenues. Cash overhead costs decreased to 24.0% of revenues. The balance sheet shows $3,629,677 in cash and significantly improved working capital. Despite the positive growth metrics, the company reported a net loss of $1,247,764, up from a loss of $643,698 in the prior year.
Organto Foods Inc. is set to achieve record quarterly revenues for Q2 2021, projecting CDN $7.2 to CDN $7.4 million, representing a 235% increase year-over-year. This will mark the largest quarterly revenues in the company’s history and the eighth consecutive quarter of revenue growth. First half revenues are expected to reach CDN $11.9 to CDN $12.2 million, surpassing the total fiscal 2020 revenue of $11.4 million. Organto reaffirms its annual revenue target of CDN $35.0 to CDN $37.0 million with an annualized run rate of approximately CDN $50.0 million by year-end.
Organto Foods Inc. (OTC PINK: OGOFF) announced a shareholder update webinar scheduled for May 20, 2021, at 11:00 AM EDT. The session will be hosted by Chair and Co-CEO Steve Bromley and Co-CEO Rients van der Wal.
The webinar aims to discuss market trends, commercial initiatives, and strategic growth plans. Following the presentation, participants will have the opportunity to engage in a Q&A session. Investors can join the meeting via a provided Zoom link.
Organto Foods Inc. has announced its expected record first quarter revenues for 2021, projecting between CDN $4.7 million and CDN $4.8 million, a 200% increase year-over-year. This marks the largest first quarter in the company's history and the seventh consecutive quarter of revenue growth. Additionally, Organto has reaffirmed its annual revenue target of CDN $35.0 to CDN $37.0 million for fiscal 2021, which indicates a substantial increase from 2020's CDN $11.4 million. The growth is attributed to new customers and expanded product offerings.
FAQ
What is the current stock price of ORGANTO FOODS (OGOFF)?
What is the market cap of ORGANTO FOODS (OGOFF)?
What does Organto Foods Inc. specialize in?
What recent event has impacted Organto's financial situation?
How is Organto improving its financial position?
Who resigned from Organto's Board and CEO positions recently?
What is the focus of Organto's business model?
What is the primary goal of Organto's divestiture of subsidiaries?
How is Organto adapting to changes in the organic produce industry?
What are the key products offered by Organto?
How is Organto responding to competitive pressures affecting its sales?
What are the future plans for Organto following recent strategic changes?
In what areas is Organto committed to making progress?
