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Tattooed Chef, Inc., founded in 2018 and headquartered in Paramount, California, is a pioneering plant-based food company. Specializing in the production and distribution of a wide selection of frozen foods, Tattooed Chef has quickly made a name for itself in the retail food industry across the United States.
The company's core offerings include a variety of ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower crust pizza. These products cater to the growing demand for healthy, plant-based meal options and are available both under the private label and the Tattooed Chef brand in the frozen food sections of numerous retail food stores.
Tattooed Chef's innovative approach and commitment to quality have earned it a significant presence in the market. The company prides itself on creating products that are not only nutritious but also convenient and delicious, making it easier for consumers to incorporate plant-based foods into their daily diets.
Recently, Tattooed Chef has made notable strides in broadening its product portfolio and expanding its distribution network to reach more customers nationwide. Financially, the company continues to focus on growth and sustainability, leveraging partnerships and collaborations to enhance its market footprint.
In summary, Tattooed Chef, Inc. stands out in the plant-based food industry due to its innovative product offerings, strong market presence, and commitment to providing healthy, convenient, and tasty options for consumers.
Tattooed Chef (TTCF) announced it will restate its financial statements for 2021 and Q1-Q2 2022 due to material misstatements identified by its former accounting firm, BDO USA. The misstatements primarily involve incorrect expense recording related to a multi-vendor mailer program and advertising placements. The expected adjustments may result in a net revenue decrease of up to $5 million and impact gross profit and operating expenses variably. Despite these restatements, the company claims there will be no effect on cash position or future operations.
Tattooed Chef (Nasdaq: TTCF) has announced a significant expansion of its distribution agreement with Walmart, increasing the availability of its products from an average of 300 to 2,000 stores across the U.S. This includes expanding its frozen product line from 5 to 13 SKUs. Additionally, the company acquired assets from Desert Premium Group for approximately $10 million and signed a lease for a new 80,000 sq. ft. manufacturing facility in Albuquerque, New Mexico, which will enhance production capabilities and economies of scale, effective August 19, 2022.
Tattooed Chef (TTCF) has announced an expanded secured revolving credit facility with UMB Bank, increasing from $25 million to $40 million. This facility has a three-year term maturing in September 2025, replacing the previous one set to mature in 2023. The funds will support general corporate purposes, including acquisitions and growth initiatives. CEO Sam Galletti expressed satisfaction with the extension, emphasizing enhanced liquidity and financial flexibility for their capital allocation strategy.
Tattooed Chef reported a 15.6% increase in net revenue for Q2 2022, totaling $58.1 million, compared to $50.3 million in Q2 2021. The net loss narrowed to $26.4 million, or $(0.32) per share, from $57.5 million year-over-year. Adjusted EBITDA loss was $20.5 million. The company expanded its distribution to approximately 17,200 retail locations and invested heavily in brand marketing. However, cost of goods sold soared 36.7%, leading to a decline in gross profit margin to 1.3%. Full year revenue guidance remains unchanged at $280-$285 million, but gross margin forecast was lowered to 8-10%.
Tattooed Chef (Nasdaq: TTCF) will release its financial results for Q2 FY2022 on August 8, 2022, after market close. A conference call to discuss the results is scheduled for the same day at 5:00 PM ET. Investors can join the call by dialing (877) 407-9753 in the U.S. or (201) 493-6739 internationally. The call will also be accessible via a webcast on the company’s website, which will be archived for 30 days.
Tattooed Chef (TTCF) has been added to the Russell Microcap® Index, effective June 27, 2022, following the annual reconstitution. This inclusion signifies increased visibility and investment opportunities for the Company, which specializes in plant-based foods. Membership in the Russell Microcap also guarantees automatic inclusion in related growth and value style indexes, enhancing Tattooed Chef’s profile among investors. The index serves as a benchmark for approximately $12 trillion in assets, potentially attracting more institutional investment.
Tattooed Chef, a leader in plant-based foods, announced its participation in two investor conferences in June 2022. The company will partake in Oppenheimer’s 22nd Annual Consumer Growth and E-Commerce Conference on June 15, 2022, at 3:45 pm ET, and the Jefferies Global Consumer Conference from June 20-22, 2022, with a fireside chat available starting June 20, 2022, at 8:00 am ET. Interested parties can access the events via the company's investor relations website.
Tattooed Chef (TTCF), a leading plant-based food company, announced its participation in Cowen's 6th Annual Future of the Consumer Conference on May 24-25, 2022, in New York City. The Company will host a fireside chat on May 25 at 10:00 am Eastern Time, with a live audio webcast available through its investor relations website. Tattooed Chef specializes in a wide range of innovative plant-based products, including ready-to-cook bowls and cauliflower pizza crusts, catering to both plant-based consumers and the mainstream market.
Tattooed Chef reported Q1 2022 revenue of $72.1 million, a 37.3% increase from $52.5 million in Q1 2021, primarily driven by a 21.2% rise in branded product sales. However, the company posted a net loss of $17.6 million ($0.22 per diluted share), worsening from a loss of $8.2 million in the prior year. Adjusted EBITDA was negative $13.4 million compared to negative $3.4 million in Q1 2021. The company maintained its 2022 revenue guidance of $280-$285 million with a gross margin forecast of 10-12%. Operationally, it added new distribution points and launched new product lines.
Tattooed Chef, Inc. (TTCF), a leader in plant-based foods, will announce its first-quarter financial results for the period ending March 31, 2022, on May 9, 2022, after market close. A conference call will follow at 5:00 p.m. ET for a detailed discussion of these results. Investors can join the call by dialing (877) 407-9753 (U.S.) or (201) 493-6739 (internationally). The call will also be available via webcast on Tattooed Chef’s website, with an archived version accessible for 30 days.
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