Tattooed Chef, Inc. (Nasdaq: TTCF, TTCFW) (“Tattooed Chef” or the
“Company”), a leading plant-based frozen food company with a broad
portfolio of innovative products, today announced financial results
for the three and nine months ended September 30, 2020.
Third quarter 2020 financial results for
Tattooed Chef reflect the three months ended September 30, 2020,
prior to the closing of the recent business combination (the
“Business Combination”) between Ittella International and Forum
Merger II Corporation (FMCI) which occurred on October 15, 2020. In
connection with the closing of the Business Combination, the
Company changed its name to Tattooed Chef, Inc.
Sam Galletti, President and CEO of Tattooed Chef
said, “Our third quarter revenue marks the highest level in company
history. We are pleased to achieve such a milestone in our last
quarter as a private company. 2020 has been a monumental year for
us, most notably with the completion of our merger with FMCI and
Tattooed Chef becoming a public company. We expect to continue to
drive top-line growth based on the ongoing success with our key
club customers, expansion in new and existing retail customers, and
our direct-to-consumer e-commerce site. We are pleased to have
completed the merger and are more determined than ever to
capitalize on the tremendous growth opportunities we have.”
Sarah Galletti, Creative Director and “The
Tattooed Chef”, added, “There is so much to be excited about at the
Tattooed Chef. Our branded product sales increased to a record
$22.6 million in the third quarter and surpassed private label
sales for the third consecutive quarter. Since launching our
e-commerce site two weeks ago, the reaction in the marketplace has
been overwhelmingly positive and we are thrilled with the initial
success. Our brand awareness is growing, our distribution is
expanding, our innovation pipeline is robust, and we are confident
that we can and will continue to build off the excellent foundation
we have established and drive significant growth in the years to
come.”
Financial Highlights for the
Third Quarter of
2020 Compared to
Third Quarter of 2019
- Revenue was a record $41.0 million,
a 65% increase compared to $24.8 million in the prior year period;
Tattooed Chef branded product revenue was a record $22.6 million,
an increase of 288% compared to $5.8 million in the prior year
period;
- Net loss attributable to common
stockholders was $3.3 million compared to a net income of $1.8
million in the prior year period due to $4.6 million of
non-recurring transaction costs; and
- Adjusted EBITDA was $1.5 million,
or 3.6% of net revenue, compared to $2.3 million, or 9.4% of net
revenue, in the prior year period.
Financial Highlights for First
Nine Months of
2020 Compared to First
Nine Months of 2019
- Revenue was $108.9 million, an 87%
increase compared to $58.1 million in the prior year period;
- Net income attributable to common
stockholders was $3.9 million compared to $3.4 million in the prior
year period; and
- Adjusted EBITDA was $10.6 million,
or 9.7% of net revenue, compared to $4.7 million, or 8.2% of net
revenue, in the prior year period.
Third Quarter
2020 Results
Revenue increased by $16.2 million, or 65.3%, to
$41.0 million for the three months ended September 30, 2020
compared to $24.8 million for the three months ended September 30,
2019. The revenue increase was primarily driven by a $16.8 million
increase in revenue of “Tattooed Chef” branded products, offset by
a $0.1 million decrease in revenue of private label products and a
$0.5 million decrease in legacy fish and commodity vegetable
products for select private label retailers. The increase in
Tattooed Chef branded products resulted from expansion in the
number of U.S. distribution points, as well as increased volume at
existing retail customers with our current portfolio of products
and new product introductions including acai bowls, spring
vegetable blends, buffalo cauliflower, and other value-added riced
cauliflower meals.
Gross profit was $3.8 million for the three months
ended September 30, 2020 compared to $4.5 million for the
three months ended September 30, 2019. Gross margin in the three
months ended September 30, 2020 was 9.2% compared to 18.2% in
the three months ended September 30, 2019. The decline in both
gross profit and gross margin was primarily due to a $1.4 million
program with one of our top club customers to promote our Organic
Acai Bowls. No such program occurred in the prior year period. This
successful promotion gave the Tattooed Chef brand exposure in 450
stores for an eight-week period across the entire U.S. and resulted
in increased sales and brand awareness.
Operating expenses increased $4.8 million to
$7.2 million for the three months ended September 30, 2020
compared to $2.4 million for the three months ended September 30,
2019. The increase in operating expenses was primarily due to $4.6
million in nonrecurring expenses related to the merger with FMCI,
as well as a $0.6 million increase in sales and marketing expenses
resulting from a shift in focus to building the Tattooed Chef brand
and initiatives to accelerate sales to retail grocery store
outlets. As a percentage of revenue, total operating expenses were
17.5% for the three months ended September 30, 2020, compared
to 9.5% for the prior year period. Excluding the $4.6 million of
transaction expenses, operating expenses for the three months ended
September 30, 2020 would have been $2.6 million, slightly higher
than the prior year period, or 6.3% of sales.
Adjusted EBITDA of $1.5 million, or 3.6% of net
revenue, for the three months ended September 30, 2020 decreased
$0.9 million compared to $2.3 million, or 9.4% of net revenue, in
the three months ended September 30, 2019. The decrease in Adjusted
EBITDA was primarily due to the lower gross profit from the
promotional program explained above. Adjusted EBITDA for the third
quarter of 2020 was also lower sequentially, compared to $2.0
million in the second quarter of 2020 due to increased growth in
sales from the products manufactured by our facilities in Italy and
timing of delivery to key customers. Adjusted EBITDA is a non-GAAP
financial measure defined under “Non-GAAP Measures.” Please see
“Adjusted EBITDA Reconciliation” at the end of this press
release.
First Nine
Months 2020
Results
Revenue increased by $50.8 million, or 87.4%, to
$108.9 million for the nine months ended September 30, 2020
compared to $58.1 million for the nine months ended September 30,
2019. The revenue increase was primarily driven by a $51.1 million
increase in sales of Tattooed Chef branded products and a $1.4
million increase in sales of private label products. The increase
in Tattooed Chef branded products resulted from expansion in the
number of U.S. distribution points, as well as increased volume at
existing retail customers of our current portfolio of products and
new product introductions including acai bowls, spring vegetable
blends, buffalo cauliflower, and other value-added riced
cauliflower meals. This increase was partially offset by a $1.7
million decline in legacy fish and commodity vegetable products for
select private label retailers.
Gross profit increased $6.9 million to $16.8
million for the nine months ended September 30, 2020 compared
to $9.9 million for the nine months ended September 30, 2019. Gross
margin in the nine months ended September 30, 2020 was 15.4%
compared to 17.0% in the nine months ended September 30, 2019. The
decline in gross margin was primarily due to the promotional
program with the key club customer which did not occur in the prior
year period and increased shipping and storage costs in the current
year versus the prior year.
Operating expenses increased $6.1 million to $11.6 million for
the nine months ended September 30, 2020 compared to $5.6
million for the nine months ended September 30, 2019, primarily due
to a $4.8 million in nonrecurring expenses related to the merger
with FMCI, as well as a $2.1 million increase in sales and
marketing expenses resulting from a shift in focus to building the
Tattooed Chef brand and initiatives to accelerate sales to retail
grocery store outlets. As a percentage of revenue, total operating
expenses were 10.7% for the nine months ended September
30, 2020 compared to 9.6% for the prior year period. Excluding
the $4.8 million of transaction expenses, operating expenses for
the nine months ended September 30, 2020 would have been $6.9
million or 6.3% of sales. We expect our operating expenses to
increase in future periods as we transition to being a public
company, increase expenses to effectively manage our growth, and
continue our shift in emphasis to Tattooed Chef branded
products.
Adjusted EBITDA was $10.6 million, or 9.7% of
revenue, for the nine months ended September 30, 2020 compared
to $4.7 million, or 8.2% of revenue, for the nine months ended
September 30, 2019. The improvement in Adjusted EBITDA was
primarily the result of the increase in revenues, gross profit and
operating expense leverage compared to the prior year period.
Balance Sheet and Cash Flow As
of September 30, 2020, Tattooed Chef had cash and cash equivalents
of $3.2 million and an outstanding balance on the line of credit of
$19.7 million. Following the completion of the Business Combination
on October 15, 2020, the Company had cash and cash equivalents of
approximately $95 million and an outstanding balance on the line of
credit of approximately $5 million.
Conference Call and WebcastThe
Company will host a conference call and webcast to discuss the
results today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
Investors interested in participating in the live call can dial
855-327-6837 from the U.S. and 631-891-4304 internationally. A
telephone replay will be available approximately two hours after
the call concludes through Monday, November 23, 2020, and can be
accessed by dialing 844-512-2921 from the U.S., or 412-317-6671
internationally, and entering conference ID 10011746. The webcast
will be available on the Investors section of the Company’s website
at www.tattooedchef.com and archived for 30 days.
About Tattooed ChefTattooed
Chef is a leading plant-based food company offering a broad
portfolio of innovative plant-based food products that taste great
and are sustainably sourced. Tattooed Chef’s signature products
include ready-to-cook bowls, zucchini spirals, riced cauliflower,
acai and smoothie bowls, and cauliflower pizza crusts, which are
available in the frozen food sections of leading national retail
food stores across the United States as well as on Tattooed Chef’s
e-commerce site. Understanding consumer lifestyle and food trends,
and a commitment to innovation, allows Tattooed Chef to
continuously introduce new products. Tattooed Chef provides
great-tasting, approachable, and innovative products not only to
the growing group of consumers who seek to adopt a plant-based
lifestyle, but to any of the “People Who Give a CropTM”. For more
information, please visit www.tattooedchef.com.
Forward Looking
StatementsCertain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this release, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,”
“future,” “propose,” “trend,” “accelerate,” “continues,”
“opportunities,” “next” and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Tattooed Chef's control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include: uncertainty surrounding the ultimate success of Tattooed
Chef’s e-commerce platform; the need to prove Tattooed Chef’s
ability to build brand awareness and continue to launch innovative
products; the outcome of any legal proceedings that may be
instituted against Tattooed Chef; competition and the ability of
the business to grow and manage growth profitably; the ability to
meet Nasdaq’s listing requirements; costs related to our recent
business combination; anticipated increased costs associated with
our transition to a public company; and other risks and
uncertainties indicated from time to time in the definitive proxy
statement filed with the Securities and Exchange Commission (the
“SEC”) in connection with our recent business combination,
including those under “Risk Factors” therein, and other factors
identified in past and future filings with the SEC, available at
www.sec.gov. Some of these risks and uncertainties may be amplified
by the COVID-19 outbreak. Tattooed Chef undertakes any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Non-GAAP Measures
The Company seeks to achieve profitable, long
term growth by monitoring and analyzing key operating metrics,
including Adjusted EBITDA. The Company’s management uses this
non-GAAP financial metric and related computations to evaluate and
manage the business and to plan and make near and long-term
operating and strategic decisions. The management team believes
this non-GAAP financial metric is useful to investors to provide
supplemental information in addition to the GAAP financial results.
Management reviews the use of its primary key operating metrics
from time-to-time. Adjusted EBITDA is not intended to be a
substitute for any GAAP financial measure and as calculated, may
not be comparable to similarly titled measures of performance of
other companies in other industries or within the same industry.
The Company’s management team believes it is useful to provide
investors with the same financial information that it uses
internally to make comparisons of historical operating results,
identify trends in underlying operating results, and evaluate its
business.
CONTACTS
INVESTORSRachel Perkinsrachel@ulshir.com
MEDIADevynne Honsadevynne@blndpr.com
310-616-3049
|
MYJOJO, INC AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(unaudited) |
(in thousands, except per share information) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
REVENUE |
|
$ |
40,962 |
|
|
$ |
24,786 |
|
|
$ |
108,896 |
|
|
$ |
58,117 |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
37,180 |
|
|
|
20,276 |
|
|
|
92,126 |
|
|
|
48,263 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
3,782 |
|
|
|
4,510 |
|
|
|
16,770 |
|
|
|
9,854 |
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
|
894 |
|
|
|
243 |
|
|
|
2,673 |
|
|
|
552 |
|
General and administrative expenses |
|
|
6,293 |
|
|
|
2,111 |
|
|
|
8,972 |
|
|
|
5,040 |
|
TOTAL OPERATING EXPENSES |
|
|
7,187 |
|
|
|
2,354 |
|
|
|
11,645 |
|
|
|
5,592 |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
|
|
(3,405 |
) |
|
|
2,156 |
|
|
|
5,125 |
|
|
|
4,262 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(188 |
) |
|
|
(155 |
) |
|
|
(569 |
) |
|
|
(493 |
) |
Other income |
|
|
825 |
|
|
|
- |
|
|
|
1,113 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE PROVISION FOR INCOME
TAXES |
|
|
(2,768 |
) |
|
|
2,001 |
|
|
|
5,669 |
|
|
|
3,769 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES |
|
|
492 |
|
|
|
162 |
|
|
|
1,775 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
(3,260 |
) |
|
|
1,839 |
|
|
|
3,894 |
|
|
|
3,423 |
|
|
|
|
|
|
|
|
|
|
LESS: INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING
INTERESTS |
|
|
(160 |
) |
|
|
352 |
|
|
|
1,201 |
|
|
|
532 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO MYJOJO,
INC. |
|
$ |
(3,100 |
) |
|
$ |
1,487 |
|
|
$ |
2,693 |
|
|
$ |
2,891 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER UNIT |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(376.68 |
) |
|
$ |
180.72 |
|
|
$ |
326.87 |
|
|
$ |
351.30 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON UNITS |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
8,230 |
|
|
|
8,230 |
|
|
|
8,230 |
|
|
|
8,230 |
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE (LOSS), NET OF TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(584 |
) |
|
|
(192 |
) |
|
|
(201 |
) |
|
|
(212 |
) |
|
|
|
|
|
|
|
|
|
Total other comprehensive (loss), net of tax |
|
|
(584 |
) |
|
|
(192 |
) |
|
|
(201 |
) |
|
|
(212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
(3,844 |
) |
|
|
1,647 |
|
|
|
3,693 |
|
|
|
3,211 |
|
Less: income (loss) attributable to the noncontrolling
interest |
|
|
57 |
|
|
|
(4 |
) |
|
|
91 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Myjojo, Inc.
shareholder |
|
|
(3,901 |
) |
|
|
1,651 |
|
|
|
3,602 |
|
|
|
3,210 |
|
|
|
|
|
|
|
|
|
|
MYJOJO, INC AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS (unaudited) |
(in thousands, except per share information) |
|
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash |
|
$ |
3,182 |
|
|
$ |
4,537 |
|
Accounts receivable |
|
|
17,142 |
|
|
|
9,440 |
|
Inventory |
|
|
27,894 |
|
|
|
17,960 |
|
Prepaid expenses and other current assets |
|
|
4,385 |
|
|
|
3,013 |
|
TOTAL CURRENT ASSETS |
|
|
52,603 |
|
|
|
34,950 |
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
13,822 |
|
|
|
8,238 |
|
|
|
|
|
|
Deferred taxes |
|
|
189 |
|
|
|
227 |
|
|
|
|
|
|
Other assets |
|
|
104 |
|
|
|
481 |
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
66,718 |
|
|
$ |
43,896 |
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING
INTEREST |
|
|
|
|
AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts payable |
|
$ |
30,783 |
|
|
$ |
17,037 |
|
Accrued expenses |
|
|
2,354 |
|
|
|
724 |
|
Distribution payable |
|
|
2,485 |
|
|
|
1,868 |
|
Line of credit |
|
|
19,745 |
|
|
|
10,054 |
|
Notes payable to related parties, current portion |
|
|
188 |
|
|
|
357 |
|
Notes payable, current portion |
|
|
514 |
|
|
|
610 |
|
Other current liabilities |
|
|
481 |
|
|
|
65 |
|
TOTAL CURRENT LIABILITIES |
|
|
56,550 |
|
|
|
30,715 |
|
|
|
|
|
|
|
|
|
|
|
Notes payable to related parties, net of current portion |
|
|
- |
|
|
|
443 |
|
Notes payable, net of current portion |
|
|
2,274 |
|
|
|
2,662 |
|
TOTAL LIABILITIES |
|
|
58,824 |
|
|
|
33,820 |
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES (See Note 15) |
|
|
|
|
|
|
|
|
|
REDEEMABLE NONCONTROLLING INTEREST (See Note
3) |
|
$ |
43,900 |
|
|
$ |
6,930 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
Common units |
|
|
1 |
|
|
|
1 |
|
Additional paid in capital |
|
|
- |
|
|
|
2,316 |
|
Accumulated other comprehensive loss |
|
|
(984 |
) |
|
|
(692 |
) |
Retained earnings (deficit) |
|
|
(36,675 |
) |
|
|
1,265 |
|
Total equity (deficit) attributable to Myjojo, Inc. |
|
|
(37,658 |
) |
|
|
2,890 |
|
Noncontrolling interest |
|
|
1,652 |
|
|
|
256 |
|
TOTAL STOCKHOLDER'S EQUITY (DEFICIT) |
|
|
(36,006 |
) |
|
|
3,146 |
|
|
|
|
|
|
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING
INTEREST |
|
|
|
|
AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
$ |
66,718 |
|
|
$ |
43,896 |
|
|
|
|
|
|
MYJOJO, INC AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited) |
(in thousands) |
|
|
Nine Months Ended |
|
Sept 30, |
|
2020 |
|
2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net income |
$ |
3,894 |
|
|
$ |
3,423 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
Depreciation and amortization |
|
693 |
|
|
|
477 |
|
Bad debt expense |
|
- |
|
|
|
(1 |
) |
Realized forward contract (gain) |
|
- |
|
|
|
- |
|
Accretion of debt financing costs |
|
34 |
|
|
|
34 |
|
Unrealized forward contract losses (gains) |
|
(728 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(7,702 |
) |
|
|
(2,871 |
) |
Inventory |
|
(9,934 |
) |
|
|
(4,018 |
) |
Prepaid expenses and other current assets |
|
(228 |
) |
|
|
(468 |
) |
Accounts payable |
|
13,745 |
|
|
|
384 |
|
Accrued expenses |
|
1,630 |
|
|
|
438 |
|
Other current liabilities |
|
416 |
|
|
|
25 |
|
Net cash provided (used) in operating activities |
|
1,820 |
|
|
|
(2,577 |
) |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchases of property, plant and equipment |
|
(5,957 |
) |
|
|
(2,176 |
) |
Proceeds from the sale of property, plant and equipment |
|
36 |
|
|
|
14 |
|
Net cash used in investing activities |
|
(5,921 |
) |
|
|
(2,162 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Borrowings of line of credit |
|
9,657 |
|
|
|
1,778 |
|
Borrowings of notes payable to related parties |
|
32 |
|
|
|
329 |
|
Repayments of notes payable to related parties |
|
(644 |
) |
|
|
(210 |
) |
Borrowings of notes payable |
|
28 |
|
|
|
763 |
|
Repayments of notes payable |
|
(512 |
) |
|
|
(538 |
) |
Capital contributions |
|
355 |
|
|
|
6,001 |
|
Payment of distribution |
|
(5,613 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
3,303 |
|
|
|
8,123 |
|
|
|
|
|
NET INCREASE IN CASH |
|
(798 |
) |
|
|
3,385 |
|
EFFECT OF EXCHANGE RATE ON CASH |
|
(557 |
) |
|
|
(173 |
) |
|
|
|
|
CASH AT BEGINNING OF
YEAR |
$ |
4,537 |
|
|
$ |
336 |
|
|
|
|
|
CASH AT END OF NINE
MONTHS |
$ |
3,182 |
|
|
$ |
3,548 |
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION |
|
|
|
Cash paid during the six months for: |
|
|
|
Interest |
$ |
237 |
|
|
$ |
152 |
|
Income taxes |
$ |
16 |
|
|
$ |
- |
|
Noncash financing activities |
|
|
|
Distributions |
$ |
617 |
|
|
$ |
1,192 |
|
|
|
|
|
MYJOJO INC. AND SUBSIDIARIESAdjusted
EBITDA ReconciliationUnaudited
|
|
Nine Months Ended |
|
Three Months Ended |
|
|
September
30, |
|
September
30, |
(in
thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net income
(loss) |
|
$ |
3,894 |
|
|
$ |
3,423 |
|
$ |
(3,260 |
) |
|
$ |
1,839 |
Interest |
|
$ |
569 |
|
|
$ |
493 |
|
$ |
188 |
|
|
$ |
155 |
Taxes |
|
$ |
1,775 |
|
|
$ |
346 |
|
$ |
492 |
|
|
$ |
162 |
Depreciation
& amortization |
|
$ |
693 |
|
|
$ |
477 |
|
$ |
222 |
|
|
$ |
176 |
EBITDA |
|
$ |
6,931 |
|
|
$ |
4,739 |
|
$ |
(2,358 |
) |
|
$ |
2,332 |
Adjustments |
|
|
|
|
|
|
|
|
Gain on
foreign currency forward contracts |
|
$ |
(1,113 |
) |
|
$ |
- |
|
$ |
(825 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
Non-recurring (transaction expenses) |
$ |
4,770 |
|
|
$ |
- |
|
$ |
4,646 |
|
|
$ |
- |
Total Adjustments |
|
$ |
(3,657 |
) |
|
$ |
- |
|
$ |
(3,821 |
) |
|
$ |
- |
Adjusted EBITDA |
|
$ |
10,588 |
|
|
$ |
4,739 |
|
$ |
1,463 |
|
|
$ |
2,332 |
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