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Muscle Maker, Inc. (Nasdaq: GRIL), a prominent player in the global food supply chain sector, has undergone significant transformation and expansion over recent years. Originally focused on the U.S. restaurant business, Muscle Maker has evolved into a diversified, global food-focused organization, operating through its two main business units: Sadot LLC and the MMI Restaurant Group.
Sadot LLC, the company's largest operating unit, was formed in partnership with Aggia LLC FZ and focuses on international trading and shipping of food and feed commodities such as soybean meal, wheat, and corn. Recently, Sadot expanded its operations into North, Central, and South America, facilitated by a strategic agreement with Buenaventura Trading LLC. This expansion has significantly enhanced the company's geographic reach and strengthened its position in the global commodity trading industry.
The MMI Restaurant Group operates over 50 restaurants, including concepts such as Pokémoto Hawaiian Poké & Boba Tea and Muscle Maker Grill. These restaurants and the fresh-prep meal service, Superfit Foods, cater to the growing 'healthier-for-you' market segment. The National franchise development of Pokémoto is a key growth driver, with over 50 franchise units already in the 2023 pipeline.
Muscle Maker's achievements include its recent addition to the Russell Microcap® Index, reflecting the company's strategic advancements and financial performance, notably a 7000% increase in year-over-year top-line revenue in Q1 2023. The company's subsidiary, Sadot LLC, has generated over $500 million in total revenue since its inception in November 2022.
An essential part of Muscle Maker's growth strategy is its commitment to sustainability and innovation. The recent appointment of David Errington, an expert in the sustainability and environmental sector, to the Board of Directors underscores this commitment.
The company's financial condition remains robust, with positive net income and consistent revenue growth. The recent amendment to the services agreement with Aggia LLC FZ is expected to enhance profit potential by reducing non-cash stock-based expenses by 50%, thus improving bottom-line results.
Muscle Maker continues to grow in size, diversity of operations, and financial strength while maintaining its original principles of sourcing and providing healthier food options. For more information, please visit www.musclemakerinc.com.
Muscle Maker, Inc. (Nasdaq: GRIL) is enhancing its subsidiary Pokemoto through a three-store agreement in Hampshire County, Massachusetts. This deal expands Pokemoto's footprint by 21%, targeting the millennial and Gen-Z demographics in collegiate areas. Since its acquisition three months ago, Muscle Maker aims to boost revenue with Pokemoto’s health-focused offerings. The brand emphasizes low costs and operational efficiency, appealing to potential franchisees. The expansion reflects Muscle Maker's strategy to integrate dual brands and accelerate sales growth.
Muscle Maker, Inc. (NASDAQ: GRIL) has announced a partnership with Snackpass, a social e-commerce platform, to enhance its digital presence and drive sales for its poke chain, Pokemoto. This collaboration will implement a smartphone app, online ordering, self-service kiosks, and targeted marketing to attract college students near its locations. Snackpass boasts an impressive 80% adoption rate on campuses, giving Pokemoto a significant advantage as it aims to expand further through corporate locations and franchise opportunities.
On May 18, 2021, Muscle Maker, Inc. (GRIL) announced its acquisition of Pokemoto™, expanding its portfolio of healthier meal options. This move marks Muscle Maker's second major acquisition in 2021, following SuperFit Foods. Pokemoto operates thirteen locations in four states and has shown resilience during the pandemic, posting slight revenue growth. The deal is expected to boost Muscle Maker's revenue by 81%, increasing from $4.47 million to $8.12 million. With additional franchise agreements and operational efficiencies anticipated, Muscle Maker aims to enhance its growth trajectory.
Muscle Maker, Inc. (GRIL) announced it will begin accepting bitcoin as a payment option, enhancing the customer experience and aligning with digital trends. The rollout will start with initial franchise fees for new franchisees, progressing to online subscriptions for Superfit Foods, and eventually for everyday food purchases. CEO Michael Roper emphasized that accepting bitcoin meets the demands of health-conscious millennials. This strategy aims to promote healthy eating through innovative payment methods.
Muscle Maker, Inc. (Nasdaq: GRIL) is adapting to post-COVID changes by focusing on non-traditional growth strategies, including ghost kitchens and meal prep delivery. The company recently built four university locations to leverage student demand and completed a $10 million private placement to facilitate acquisitions. Their first acquisition, Superfit Foods, shows promise with consistent revenue growth. With a strong strategy targeting healthier meal delivery, Muscle Maker aims to expand its market share effectively.
Muscle Maker (Nasdaq: GRIL) announced a private placement agreement with a U.S. institutional investor involving the sale of 1,250,000 shares of common stock and 2,865,227 pre-funded warrants. The offered shares and warrants are priced at $2.43 and $2.42, respectively. The transaction is anticipated to close around April 9, 2021, subject to regulatory approvals. This funding aims to support Muscle Maker's growth strategy and the recent acquisition of Superfit Foods. The company will register these securities with the SEC for resale.
Muscle Maker, Inc. (GRIL) has acquired Superfit Foods, LLC, a meal prep service based in Florida, known for producing over 220,000 meals in 2020. This acquisition supports Muscle Maker's strategy to expand its non-traditional growth model by leveraging Superfit's subscription-based meal service. Superfit Foods allows customers to pick up meals from partner gyms and wellness centers, enhancing convenience. The meal kit delivery market is projected to grow significantly, positioning Muscle Maker for future expansion. The specifics of the acquisition will be disclosed in an upcoming filing.
Muscle Maker, Inc. (GRIL) announced the launch of Burger Joe’s, adding to its fast-casual dining portfolio in 2021. This new brand will feature healthier and cheat-day burger options, served with fries. Initial locations include Healthy Joe’s and Muscle Maker Grill in NYC, with plans to expand to ghost kitchens in Chicago and Philadelphia. Utilizing existing ingredients and infrastructure, this initiative is expected to enhance audience reach with minimal costs, aligning with the company’s growth strategy.
Muscle Maker, Inc. (GRIL) has launched MuscleMakerPrep.com, enabling customers to order ready-made, healthier meals delivered to their doorsteps. The initial launch in NYC's Chelsea neighborhood allows orders within a 250-mile radius. This initiative supports the company's strategy to reach consumers through diverse methods, including military bases and universities. The meal options include wraps, bowls, pastas, and special dietary categories. The company also offers a 15% discount for first-time orders as it expands its market reach.
Muscle Maker, Inc. (GRIL) has launched its second ghost kitchen in Philadelphia's Girard neighborhood, following the success of its Fairmount location. This new kitchen will serve meals from multiple brands, including Muscle Maker Grill and Healthy Joe’s, targeting local students and corporate customers through popular delivery platforms. The company plans to expand by adding five new brands in the Chicago market within 30 days, aiming to enhance sales and market presence. CEO Michael Roper emphasizes the advantages of ghost kitchens in launching diverse food concepts efficiently.
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