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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. (GRIL) announced the opening of its first ghost kitchen in Philadelphia's Fairmount neighborhood, with a second location set to open soon in Girard. Targeting over a million residents, including students and corporate workers, these kitchens will offer delivery through popular platforms like DoorDash and GrubHub. CEO Michael Roper emphasized the advantages of ghost kitchens, citing low overhead and rapid market entry as key factors in their expansion strategy. This move aims to grow their brand in metropolitan areas and enhance food delivery options.
Muscle Maker, Inc. (GRIL) announced the reopening of its high-volume franchise location in Manhattan, now corporate-owned. This restaurant, which generated over $1.1 million in sales in 2019, has been remodeled and includes a contactless kiosk and outdoor seating. Muscle Maker aims to expand by adding ghost kitchens and partnerships, including meal prep services. The company plans to introduce healthier alcoholic beverages soon. CEO Michael Roper emphasized opportunities for growth amid a fast-paced market.
Muscle Maker, Inc. (GRIL) has announced its expansion into Miami with the signing of an agreement to establish its 11th delivery-only ghost kitchen in Wynwood. This location follows a new Miami Beach ghost kitchen, set to open in Q1 2021. The Wynwood kitchen aims to attract a younger demographic drawn to the neighborhood's vibrant culture. The company anticipates strong demand for its health-oriented menu, which includes offerings from its brands like Muscle Maker Grill and Healthy Joe's, aiming to service millions in the South Florida area.
Muscle Maker Grill (GRIL) has expanded its meal plan offerings through a partnership with Happy Meal Prep, allowing it to reach millions of new customers. This initiative enables each restaurant to serve as a fulfillment center for meal plans, covering a shipping radius of 250 miles. Launching from Fort Sill, Oklahoma, and Manhattan, the service aims to meet the growing demand for convenient, healthy meal options. Happy Meal Prep has experienced significant growth, processing hundreds of thousands of meals monthly and boosting client conversion rates and average order values.
Muscle Maker, Inc. (GRIL) has acquired a franchise-owned restaurant in Philadelphia, marking its third corporate location in the area. The restaurant has been operational for over eight years and will enhance revenue immediately. Located near fitness facilities, it aims to serve health-conscious consumers with dine-in and delivery options. CEO Michael Roper emphasized the acquisition's strategic importance in expanding the brand's presence in Philadelphia, alongside two upcoming ghost kitchens. This move aligns with their goal to provide healthier dining options.
Muscle Maker Inc. (GRIL) has strengthened its Board of Directors by electing Major General Malcolm Frost and finance expert Philip Balatsos. General Frost brings extensive military experience crucial for enhancing military contracts, focusing on the company's growth strategy. Balatsos adds over 20 years of public finance expertise, which will support the financial aspects of the company’s initiatives. CEO Michael Roper emphasized the significance of these appointments, highlighting their potential to unlock new growth opportunities for Muscle Maker Grill and its subsidiaries.
Muscle Maker, Inc. (GRIL) is expanding its delivery-only ghost kitchen model with three new locations in Providence, San Francisco, and San Jose. The Providence kitchen is strategically positioned near several universities, catering to a large population of students and professionals. The San Francisco and San Jose kitchens will be operated by a franchise partner who already manages locations in Antioch, CA. CEO Michael Roper emphasized the low cost and fast expansion potential of the ghost kitchen model, particularly in the context of increased delivery demand due to COVID-19.
Muscle Maker, Inc. (GRIL) announces the acquisition of a high-volume restaurant location in Chelsea, Manhattan, previously franchise-owned. This site generated over $1.1 million in sales in 2019 and will serve as a corporate-operated venue with expanded services, including outdoor seating, a ghost kitchen for additional brands, and online meal ordering. The company plans to enhance its menu with healthier beer and wine options. This acquisition aligns with Muscle Maker's growth strategy, which includes pursuing non-traditional locations and new concepts in response to market opportunities.
Muscle Maker, Inc. (Nasdaq: GRIL) has signed a lease for its tenth ghost kitchen in Miami Beach, Florida, as part of its growth strategy. This new location, situated within a modern food court, will serve multiple restaurant brands, including Muscle Maker Grill and Healthy Joe's. With features tailored for efficient food delivery, the facility aims to attract the area's health-conscious demographic. CEO Michael Roper expressed confidence in the market potential, citing Miami Beach's vibrant community and the company’s ongoing expansion into major cities.
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