BEND, Ore., May 15, 2024 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a leading food technology company specializing in dehydrated fruit and vegetable-based products, today announced its recent accomplishments and financial results for the first quarter ended March 31, 2024. The Company reported a 1,407% increase in revenue for the first quarter ending March 31, 2024 of $1.47 million compared to $97,000 in the year ago quarter. Additionally, BranchOut Food achieved a gross margin of 19% in Q1 2024, a significant improvement from -3% in Q1 2023.
Eric Healy, CEO of BranchOut Food, commented, “This quarter's exceptional performance confirms the strong momentum of our growth strategy. We now have contracts totaling about $8 million in annualized revenue that will continue to layer on throughout the year. Additionally, we have commitments for approximately $1.1 million in rotation orders from the nation's largest warehouse club retailer expected in Q3 and Q4. Furthermore, demonstrating our commitment to innovation and meeting the needs of our growing customer base, BranchOut Food has expanded its product range with the launch of salad toppers and kids' snack packs, broadening our offerings beyond traditional snacking categories.
“The gross margin of 19% this quarter marks a tremendous improvement from past performances, largely due to strategic adjustments in our cost management and enhanced supply chain consistency and management. This is expected to increase to 40-50% with our new production facility in Peru. This strategic move into a region abundant with low cost fruits and vegetables enhances our control over production and significantly boosts operational efficiency. Looking ahead, the Company anticipates growing momentum in the overall business and remains focused on achieving profitability while executing on additional value-enhancing strategic initiatives.”
Recent Accomplishments:
Q1 2024 Financial Highlights:
Q1 2024 Operational Highlights:
About BranchOut Food Inc.
BranchOut Food is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by its licensed dehydration technology. The company’s GentleDry Technology is the next generation in dehydration technology, preserving up to 95% of the original nutrition of fresh fruits and vegetables. BranchOut’s technology is protected by more than 17 patents. BranchOut Food is proud to be a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com and follow us on LinkedIn and Twitter.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate", "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of BranchOut Food, Inc., (the Company) strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
For more information
Jeff Ramson
PCG Advisory
646-863-6893
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Last Trade: | US$2.78 |
Daily Change: | -0.39 -12.30 |
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Market Cap: | US$18.880M |
June 17, 2024 May 24, 2024 |
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