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Tofutti Brands Inc (TOFB) delivers plant-based dessert innovations in the non-dairy sector. This page provides investors and stakeholders with a centralized hub for official company announcements, financial updates, and market developments.
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Tofutti Brands (TOFB) reported financial results for fiscal year 2024, showing a significant decline in performance. Net sales decreased 12% to $8.82 million from $10.07 million in 2023. Plant-based cheese sales fell to $7.43 million from $8.56 million, while frozen dessert sales dropped to $1.39 million from $1.50 million.
The company's gross profit declined to $2.25 million with a 26% margin, down from $2.80 million and 28% margin in 2023. Operating expenses decreased 6% to $2.86 million. The company recorded an operating loss of $607,000 and a net loss of $860,000, compared to losses of $238,000 and $366,000 in 2023, respectively.
As of December 28, 2024, Tofutti had $462,000 in cash and working capital of $2.89 million. The company implemented a price increase effective at the start of fiscal 2025 to address rising packaging and ingredient costs.
Tofutti Brands (TOFB) reported declining financial results for Q3 2024. Net sales decreased 21% to $1.99M compared to $2.52M in Q3 2023. For the 39-week period, sales fell 16% to $6.48M from $7.72M. The company experienced significant declines in both vegan cheese and frozen dessert segments due to increased competition and reduced export business. Gross profit margin decreased to 24% from 31% in Q3. The company reported a net loss of $207,000 ($0.04 per share) for Q3 2024, compared to a net income of $110,000 in Q3 2023. Cash position decreased to $176,000 from $837,000 at year-end 2023.
Tofutti Brands (OTCQX: TOFB) reported a 16% decrease in net sales to $2,283,000 for Q2 2024, compared to $2,719,000 in Q2 2023. For the first half of 2024, sales decreased by 14% to $4,495,000. Despite lower sales, the company's gross profit percentage improved to 29% in Q2 2024 from 25% in Q2 2023. The company reported a reduced net loss of $32,000 for Q2 2024, compared to $318,000 in Q2 2023. Cash position decreased to $489,000 as of June 29, 2024, from $837,000 at the end of 2023. CEO Steven Kass expressed disappointment with revenues but noted improved operating results and strong cash resources.
Tofutti Brands (OTCQX: TOFB) announced its fiscal quarter results for the period ending March 30, 2024. The company reported net sales of $2.212 million, an 11% decrease from $2.49 million in the same period in 2023. Vegan cheese sales dropped to $1.809 million from $2.1 million, attributed to increased competition. However, frozen dessert sales saw a slight rise to $403,000 from $390,000. Gross profit also fell to $470,000 from $606,000, with the gross profit percentage declining to 21% from 24%. This decline is due to higher sales of lower-margin frozen desserts and rising costs for key ingredients and packaging. The company experienced a net loss of $303,000 or $0.06 per share, compared to a $102,000 loss or $0.02 per share in the previous year. Cash on hand decreased to $351,000 from $837,000, and working capital reduced to $3.159 million from $3.44 million at the end of 2023.
