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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) released a strategic update letter emphasizing its focus on franchising as a growth engine. The company signed a 40-location development agreement in Saudi Arabia for its Muscle Maker Grill division and 31 new franchise agreements for its Pokemoto Hawaiian poke division. Since its acquisition in May 2021, Pokemoto's growth trajectory has surged by 300%, from 13 to 20 locations, with plans for a total of 53 locations. CEO Michael Roper highlighted the company's expansion across several states and optimism regarding the recovery from COVID-19.
Muscle Maker, Inc. has opened its first Pokemoto location in Miami Beach, Florida, marking a significant step in its expansion strategy. This non-traditional ghost kitchen is situated in a new food court designed for efficient delivery and in-house dining, catering to a demographic focused on healthier dining options. The company plans to launch five more locations across Florida, with an anticipated growth rate of 300% following recent franchise agreements in several states. This strategy aims to align with the growing demand for health-conscious food.
Muscle Maker, Inc. (GRIL) announced the signing of a new franchise agreement for its Pokemoto division in Connecticut, expanding its position as the largest Hawaiian poke chain in the state. With this agreement, Connecticut will host 15 Pokemoto locations (10 open, 5 planned). This marks a significant growth, with 31 new franchise agreements signed since November 2021, leading to over a 300% expansion since the brand's acquisition in May 2021. The new eatery targets the Millennial and Gen Z demographics in a high-traffic plaza in Berlin, CT.
Muscle Maker, Inc. (GRIL) announced the signing of three new franchise agreements for Pokemoto in southwest Florida, bringing the total agreements since November 2021 to 30. These new locations will contribute to a projected growth rate of 300%. Pokemoto aims to open additional corporate locations in Miami and Jacksonville, increasing its footprint from 13 to 52 locations. The company is also expanding internationally with a 40-unit Muscle Maker Grill agreement in Saudi Arabia. Enhanced franchising infrastructure is in place to support this growth.
Muscle Maker, Inc. (Nasdaq: GRIL) has signed two new franchise agreements for its Pokemoto subsidiary in the Jackson, MS market. This adds to the total of 27 agreements since November 2021, reflecting over 250% growth. Additionally, Muscle Maker has secured a 40-unit development agreement for Muscle Maker Grill in Saudi Arabia. The company is focused on areas with a high concentration of Millennials and Gen-Zs. They are also strengthening their internal structure to support expansion.
Muscle Maker, Inc. (GRIL) has announced a strategic expansion of its franchise sales team to support the growth of its Pokemoto brand. The company welcomed three new team members with over 80 years of combined experience in franchise development. This move follows the signing of 25 new franchise agreements, signaling robust demand. Muscle Maker is also enhancing its marketing strategies through various channels to attract franchise inquiries. Additionally, two new corporate locations are under construction in Florida, contributing to its expansion plans.
Muscle Maker, Inc. has appointed Jennifer Black as the new Chief Financial Officer, succeeding Ferdinand Groenewald, who becomes Chief Accounting Officer. This change aims to bolster the company's anticipated growth strategy, primarily focusing on franchising. Since November 2021, Muscle Maker has signed agreements for 65 new franchise locations, including a significant 40-unit agreement in Saudi Arabia. The Pokemoto brand is also expanding, with plans to increase its locations from 19 to 44, representing a 238% growth rate.
Muscle Maker, Inc. (GRIL) has signed 25 new franchise agreements in the past 45 days, contributing to a growth of 238% since May 2021. The latest agreements include four in Connecticut, expanding the brand's presence to a total of 14 locations in the state. Overall, the chain will reach 44 locations after these new franchises are opened. CEO Mike Roper highlighted the efforts to maintain growth momentum through both franchising and corporate operations, emphasizing plans to become the largest Hawaiian Poke chain in the $1.2B market.
Muscle Maker's newest subsidiary, Pokemoto, has signed its largest franchise deal to date, committing to 15 new locations in Massachusetts. This agreement significantly boosts the chain's growth, achieving over 200% increase since May 2021 acquisition. Over the past 45 days, 21 franchise agreements have been signed across multiple states. The Massachusetts deal targets populous counties with a strong Millennial and Gen-Z demographic. The recent $15M capital raise will support ongoing franchise expansion and operational growth.
Muscle Maker, Inc. (Nasdaq: GRIL) announced the signing of a new franchise agreement in Oxford, Mississippi, marking its sixth franchise deal in the last 30 days. This expands the Pokemoto brand's total to 25 locations, showing a remarkable 92% growth rate since its acquisition in May 2021. The brand currently operates in six states and plans to continue expanding into New York and Mississippi. The new franchise agreements are set to bolster the company's top-line revenue growth and attract prospective franchisees.
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