Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the
“Company”), a leader in plant-based foods, today announced
financial results for the fourth quarter and full year ended
December 31, 2021, as well as full year 2022 guidance.
2021 Fourth Quarter Financial Overview
Compared to Fourth Quarter of 2020
- Revenue rose 32.2% to $52.3 million
- Tattooed Chef branded product revenue increased 21.7% to $29.2
million, or 56% of total revenue
- Net loss was $13.1 million
- Adjusted EBITDA(1) loss was $11.4 million
2021 Full Year Financial Overview
Compared to Full Year 2020
- Revenue rose 43.7% to a record $213.4 million
- Tattooed Chef branded product revenue increased 56.7% to a
record $132.5 million, or 63% of total revenue
- Net loss was $87.4 million
- Adjusted EBITDA(1) loss was $26.1
million(1) Adjusted EBITDA is a non-GAAP financial
measure defined below under “Non-GAAP Measures.” Please see
“Adjusted EBITDA Reconciliation” at the end of this press
release.
2021 Operational Highlights
- Ended the year with 78 branded SKUs, up from 38 branded SKUs at
the end of 2020.
- Expanded branded distribution to more than 160 retailers with
approximately 14,000 locations, up from 4 retailers and
approximately 4,000 locations at the close of 2020.
- Acquired New Mexico Food Distributors and the assets of and
certain liabilities of Belmont Confections Inc., which together
added three new production facilities, accelerated the Company’s
entrance into new product categories, and provided scale for future
margin accretion.
- Commenced enterprise-wide investments in automation, internal
R&D, and cold storage to support anticipated growth and drive
efficiencies beginning in 2022.
- Launched first national media campaign to elevate brand
awareness and drive sales.
“2021 was a milestone year for Tattooed Chef,”
said Sam Galletti, President and CEO. “We grew our revenue by
approximately 44%, consummated two transformative acquisitions,
expanded our national presence, diversified our channel and
customer mix, and broadened our product line. That these financial
and operational achievements were realized against a backdrop of
supply chain stresses and pricing pressures is a testament to our
team, the resiliency of our vertically integrated infrastructure,
growing interest in our plant-based offerings, and a validation of
the investments we are making in our people, products, and
processes.
“We expect the recently acquired Belmont
Confections facility to begin transitioning to the manufacture of
Tattooed Chef branded bars beginning in the second quarter of 2022
and we expect that the two facilities acquired as part the New
Mexico Food Distributors transaction will be fully operational and
manufacturing both private label and Tattooed Chef branded products
during the second quarter of 2022. We have also taken steps to
strengthen the vertically integrated nature of our operations by
initiating company-wide investments in automation, staffing, cold
storage facilities, and internal R&D. We believe that these
improvements will support our anticipated revenue growth, deliver
operating efficiencies, accelerate our ability to achieve scale,
and enhance margins. We look forward to our future with great
confidence.”
Sarah Galletti, Chief Creative Officer, added,
“After nearly doubling the number of Tattooed Chef branded SKUs in
2021, we are planning to introduce new, innovative products during
2022, including Mexican-inspired foods, refrigerated plant-based
snack bars, and wood-fired pizzas. Tattooed Chef’s
plant-based products are attracting a wide range of dynamic,
engaged and passionate consumers who #GiveACrop about what they
eat, how that food is produced, and the values of the company that
creates it.”
Fourth Quarter 2021 Results
Revenue increased 32.2% to $52.3 million during
the fourth quarter of 2021 (“Q4 2021”) from $39.6 million in the
fourth quarter of 2020 (“Q4 2020”), the result of a 21.7% increase
in “Tattooed Chef” branded products and a 23.0% increase in private
label products and legacy products for select private label
retailers when compared to the comparable prior year period. With
the acquisition of New Mexico Food Distributors there were also
food service sales of $4.2 million due to some holiday items that
were already scheduled. Higher branded product sales
were driven by a significant increase in U.S. distribution points
in late 2020 and during 2021, increased volume at existing retail
stores, and new product introductions.
Gross profit declined to $1.1 million, or 2.1%
of revenue, from $4.4 million, or 11.1% of revenue, in Q4 2020.
Gross profit in Q4 2021 included significantly higher freight and
container costs compared to Q4 2020, a promotional allowance
accrual that did not occur in Q4 2020, and one-time slotting fees.
Gross profit and gross margin were also impacted by the manufacture
of lower margin private label products at the two facilities that
comprise New Mexico Food Distributors, which the Company acquired
in May 2021. Increased capacity at the New Mexico Food Distributors
and Belmont Confections facilities, coupled with the sale of
comparatively higher margin Tattooed Chef branded products planned
for 2022, are expected to partially offset fixed manufacturing
expenses and generate improved gross margin.
Operating expenses decreased to $14.8 million
from $19.0 million in Q4 2020, due primarily to $13.6 million in
one-time, merger related expenses recognized in Q4 2020, partially
offset by increased sales and marketing spend during Q4 2021 that
was directed at supporting the Company’s overall growth
initiatives.
The loss before provision for income taxes was
$13.5 million compared to Q4 2020 income before provision for
income taxes of $23.5 million. In Q4 2020, the Company recognized a
nonrecurring gain of $37.2 million from the settlement of a
contingent consideration derivative liability upon the release of
the Holdback Shares to certain stockholders.
Income tax benefit in Q4 2021 was $0.4 million
compared to an income tax benefit of $42.1 million in Q4 2020. The
income tax benefit in Q4 2020 included a deferred tax asset of
$39.3 million, which the Company recorded a full valuation
allowance against in Q2 2021.
Net loss was $13.1 million in Q4 2021 compared
to net income of $65.3 million in Q4 2020, which included the tax
items mentioned above.
Adjusted EBITDA loss was $11.4 million in Q4
2021 compared to Adjusted EBITDA loss of $1.7 million in Q4 2020.
The quarter-over-quarter variance was due primarily to the cost
items that resulted in lower gross margins, as discussed above.
Full Year 2021 Results
Revenue increased 43.7% to a record $213.4
million in 2021 from $148.5 million the prior year, the result of a
$47.9 million increase in Tattooed Chef branded products and a
$12.7 million increase in private label products and legacy
products for select private label retailers when compared to 2020.
Higher branded product sales were driven by a significant increase
in U.S. distribution points in late 2020 and during 2021, increased
volume at existing retail stores, and new product
introductions.
Gross profit was $22.1 million, or 10.4% of
revenues, in 2021 compared to $21.7 million, or 14.6% of revenues,
the prior year. The decline in gross margin in 2021 was primarily
due to annual freight and container expenses (included in cost of
goods sold) of $31.3 million, up $12.9 million, or 70%, from 2020
costs of $18.4 million and a promotional expense accrual of $4.1
million. Gross margin was also impacted by the manufacture of lower
margin private label product at the recently acquired New Mexico
Food Distributors and Belmont Confections facilities, partially
offset by higher revenues and improved production capacity.
Operating expenses increased to $59.1 million in
2021 from $31.6 million in 2020, due to increased marketing
expenses of $12.0 million, advertising expenses of $5.0 million,
and payroll and recruiting expenses of $4.2 million. The 2021 loss
before provision for income taxes was $39.5 million compared to
2020 income before provision for income taxes of $28.7 million.
The income tax expense in 2021 was $47.9 million
compared to an income tax benefit of $40.3 million in 2020. The
income tax expense in 2021 reflected a $47.5 million full valuation
allowance, while the income tax benefit in 2020 reflected a
deferred tax asset of $47.5 million.
Net loss was $87.4 million in 2021 compared to
net income of $69.0 million the prior year; net loss in 2021
included the $47.9 million income tax expense while net income in
2020 included the income tax benefit of $40.3 million.
Adjusted EBITDA loss was $26.1 million in 2021
compared to Adjusted EBITDA of $8.5 million in 2020, with the
variance driven by lower gross margins and higher operating
expenses, as discussed above.
Financial Condition
At December 31, 2021, cash and cash equivalents
were $92.4 million and total debt was approximately $700,000. Net
cash used in operating activities was $51.3 million for full year
2021 compared to net cash used in operating activities of $13.4
million the prior year. Capital expenditures increased to $63.8
million in 2021 from $7.0 million the prior year and primarily
reflected $16.9 million to purchase property, plant and equipment,
and $46.9 million used to fund acquisitions.
Full Year 2022 Outlook
Highlights of the Company’s outlook for 2022
include:
- Revenue of $280- $285 million, driven by a combination of new
product introductions, an increase in retail distribution via new
relationships and penetrating existing accounts compared to 2021,
and contributions from acquisitions consummated in 2021.
- Gross margin of 10-12%
- Marketing expenses of $27- $32 million
- Capital expenditures of approximately $20 million, with
investments focused on automation and robotics at our manufacturing
facilities.
Conference Call and Webcast
The Company will host a conference call today at
9:00 a.m. Eastern Time. Investors interested in participating in
the live call can dial:
- (877) 407-9753 from the U.S.
- (201) 493-6739 internationally.
The call will be webcast and available on the
Investors section of the Company’s website at www.tattooedchef.com.
The webcast will be archived for 30 days.
About Tattooed Chef Tattooed
Chef is a leading plant-based food company offering a broad
portfolio of innovative and sustainably sourced plant-based foods.
Tattooed Chef’s signature products include ready-to-cook bowls,
zucchini spirals, riced cauliflower, acai and smoothie bowls, and
cauliflower pizza crusts, handheld burritos, and quesadillas, which
are available in the frozen food sections of leading national
retail food and club stores across the United States as well as on
Tattooed Chef’s e-commerce site. Understanding consumer lifestyle
and food trends, a commitment to innovation, and self-manufacturing
allows Tattooed Chef to continuously introduce new products.
Tattooed Chef provides approachable, great tasting and chef-created
products to the growing group of plant-based consumers as well as
the mainstream marketplace. For more information, please visit
www.tattooedchef.com.
Follow us on social: Facebook, Instagram,
TikTok, Twitter, and LinkedIn and Taste the Jams on Spotify.
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, words
such as “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose,” “trend,” “accelerate,”
“expansion,” “new,” “leverage,” “continues,” “opportunities,”
“outlook,” “next,” “increase,” “beyond,” “potential,” “growth,”
“pipeline,” “guidance” 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; continued acceptance of Tattooed Chef branded products by
new retail customers; Tattooed Chef’s ability to increase in-store
count and points of distribution; the outcome of any legal
proceedings that may be instituted against Tattooed Chef; Tattooed
Chef’s ability to effectively and efficiently integrate New Mexico
Food Distributors and Belmont Confections’ business; competition
and the ability of the business to grow and manage growth
profitably; the impact of inflation, particularly with respect to
freight and container expenses; the effect of possible supply chain
disruption; and other risks and uncertainties indicated from time
to time in our annual report on Form 10-K for the year ended
December 31, 2020 filed with the Securities and Exchange Commission
(the “SEC”), 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 or hostilities in the
Ukraine. Tattooed Chef undertakes no 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 defines EBITDA as net income
before interest, taxes, and depreciation. Adjusted EBITDA further
adjusts EBITDA by adding back non-cash compensation expenses,
non-recurring expenses, and other non-operational charges. 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
INVESTORSStephanie Dieckmann, CFOTattooed
Chef(562) 602-0822
Devin Sullivan, SVPThe Equity Group(212) 836-9608 /
dsullivan@equityny.com
Karin Daly, VPThe Equity Group(212) 836-96 /
kdaly@equityny.com
|
TATTOOED CHEF, INC.CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (in
thousands, except per share information) |
|
|
|
|
|
Three-Months Ended December 31, |
|
Twelve-Months Ended December 31, |
|
|
2021 |
2020 |
|
|
2021 |
|
|
2020 |
|
NET REVENUE |
$ |
52,336 |
|
|
$ |
39,595 |
|
|
$ |
213,430 |
|
|
$ |
148,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS
SOLD |
|
51,240 |
|
|
|
35,199 |
|
|
|
191,318 |
|
|
|
126,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
1,096 |
|
|
|
4,396 |
|
|
|
22,112 |
|
|
|
21,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
14,807 |
|
|
|
19,043 |
|
|
|
59,109 |
|
|
|
31,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS |
|
(13,711 |
) |
|
|
(14,647 |
) |
|
|
(36,997 |
) |
|
|
(9,953 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(102 |
) |
|
|
(166 |
) |
|
|
(261 |
) |
|
|
(735 |
) |
Other (expense) income |
|
314 |
|
|
|
38,321 |
|
|
|
(2,222 |
) |
|
|
39,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
(13,499 |
) |
|
|
23,508 |
|
|
|
(39,480 |
) |
|
|
28,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE)
BENEFIT |
|
355 |
|
|
|
42,054 |
|
|
|
(47,924 |
) |
|
|
40,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME |
|
(13,144 |
) |
|
|
65,562 |
|
|
|
(87,404 |
) |
|
|
69,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS: INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
- |
|
|
|
274 |
|
|
|
- |
|
|
|
1,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME ATTRIBUTABLE TO TATTOOED CHEF, INC. |
$ |
(13,144 |
) |
|
$ |
65,288 |
|
|
$ |
(87,404 |
) |
|
$ |
67,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.16 |
) |
|
$ |
1.07 |
|
|
$ |
(1.07 |
) |
|
$ |
1.85 |
|
Diluted |
$ |
(0.17 |
) |
|
$ |
1.01 |
|
|
$ |
(1.08 |
) |
|
$ |
1.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
82,009,854 |
|
|
|
61,012,304 |
|
|
|
81,532,234 |
|
|
|
36,487,862 |
|
Diluted |
|
82,148,749 |
|
|
|
64,601,630 |
|
|
|
81,671,129 |
|
|
|
40,077,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS), NET OF TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
$ |
(45 |
) |
|
$ |
978 |
|
|
$ |
(954 |
) |
|
$ |
777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive (loss) income, net of tax |
|
(45 |
) |
|
|
978 |
|
|
|
(954 |
) |
|
|
777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income |
$ |
(13,189 |
) |
|
$ |
66,540 |
|
|
$ |
(88,358 |
) |
|
$ |
69,801 |
|
Less: comprehensive income attributable to the noncontrolling
interest |
|
- |
|
|
|
267 |
|
|
|
- |
|
|
|
1,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income attributable to Tattooed Chef, Inc.
stockholders |
$ |
(13,189 |
) |
|
$ |
66,273 |
|
|
$ |
(88,358 |
) |
|
$ |
68,295 |
|
TATTOOED CHEF, INC.CONSOLIDATED BALANCE
SHEETS(in thousands, except per share
information) |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
2020 |
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash |
|
$ |
92,351 |
|
|
$ |
131,579 |
Accounts receivable |
|
|
25,117 |
|
|
|
16,281 |
Inventory |
|
|
54,562 |
|
|
|
38,002 |
Prepaid expenses and other current assets |
|
|
7,027 |
|
|
|
18,416 |
TOTAL CURRENT ASSETS |
|
|
179,057 |
|
|
|
204,278 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
46,476 |
|
|
|
16,083 |
Operating lease right-of-use assets, net |
|
|
8,039 |
|
|
|
- |
Finance lease right-of-use assets, net |
|
|
5,639 |
|
|
|
- |
Intangible assets, net |
|
|
151 |
|
|
|
- |
Deferred income taxes, net |
|
|
266 |
|
|
|
47,549 |
Goodwill |
|
|
26,924 |
|
|
|
- |
Other
assets |
|
|
649 |
|
|
|
605 |
TOTAL ASSETS |
|
$ |
267,201 |
|
|
$ |
268,515 |
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
28,334 |
|
|
$ |
24,075 |
Accrued expenses |
|
|
3,767 |
|
|
|
3,610 |
Line of credit |
|
|
1,200 |
|
|
|
22 |
Notes payable to related parties, current portion |
|
|
- |
|
|
|
66 |
Notes payable, current portion |
|
|
5,019 |
|
|
|
111 |
Forward contract derivative liability |
|
|
1,804 |
|
|
|
- |
Operating lease liabilities, current |
|
|
1,523 |
|
|
|
- |
Other current liabilities |
|
|
122 |
|
|
|
1,403 |
TOTAL CURRENT LIABILITIES |
|
|
41,769 |
|
|
|
29,287 |
|
|
|
|
|
|
|
Warrant liability |
|
|
814 |
|
|
|
5,184 |
Operating lease liabilities, net of current portion |
|
|
6,599 |
|
|
|
- |
Notes payable, net of current portion |
|
|
716 |
|
|
|
1,990 |
TOTAL LIABILITIES |
|
$ |
49,898 |
|
|
$ |
36,461 |
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES (See Note 21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred stock- $0.0001 par value; 10,000,000 shares authorized;
none issued and outstanding at December 31, 2021 and 2020 |
|
|
- |
|
|
|
- |
Common stock- $0.0001 par value; 1,000,000,000 shares authorized;
82,237,813 shares issued and outstanding at December 31, 2021,
71,551,067 shares issued and 71,469,980 shares outstanding at
December 31, 2020 |
|
|
8 |
|
|
|
7 |
Treasury stock- 0 shares at December 31, 2021, 81,087 shares at
December 31, 2020 |
|
|
- |
|
|
|
- |
Additional paid in capital |
|
|
242,362 |
|
|
|
168,448 |
Accumulated other comprehensive (loss) income |
|
|
(953 |
) |
|
|
1 |
Retained (deficit) earnings |
|
|
(24,114 |
) |
|
|
63,598 |
Total equity |
|
|
217,303 |
|
|
|
232,054 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
267,201 |
|
|
$ |
268,515 |
TATTOOED CHEF, INC.Adjusted EBITDA
Reconciliation (in thousands)
|
|
|
|
|
|
Three-Months Ended |
|
Twelve-Months Ended |
|
December 31, |
December 31, |
(in thousands) |
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Net income (loss) |
$ |
(13,144 |
) |
$ |
65,562 |
|
|
$ |
(87,404 |
) |
$ |
69,024 |
|
Interest |
|
102 |
|
|
166 |
|
|
|
261 |
|
|
735 |
|
Income tax (benefit) expense |
|
(355 |
) |
|
(42,054 |
) |
|
|
47,924 |
|
|
(40,278 |
) |
Depreciation |
|
1,089 |
|
|
734 |
|
|
|
3,603 |
|
|
1,427 |
|
EBITDA |
$ |
(12,308 |
) |
$ |
24,408 |
|
|
$ |
(35,616 |
) |
$ |
30,908 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
Stock compensation expense |
$ |
848 |
|
$ |
3,399 |
|
|
$ |
5,192 |
|
$ |
3,399 |
|
Loss (gain) on foreign currency forward contracts |
|
17 |
|
|
71 |
|
|
|
2,847 |
|
|
(1,042 |
) |
Transaction related bonuses |
|
- |
|
|
8,840 |
|
|
|
- |
|
|
13,610 |
|
Gain on settlement of contingent consideration derivative |
|
- |
|
|
(37,200 |
) |
|
|
- |
|
|
(37,200 |
) |
Loss (gain) on warrant remeasurement |
|
(422 |
) |
|
(1,192 |
) |
|
|
(589 |
) |
|
(1,192 |
) |
Acquisition expenses |
|
36 |
|
|
- |
|
|
|
1,043 |
|
|
- |
|
UMB ATM transaction |
|
- |
|
|
- |
|
|
|
148 |
|
|
- |
|
Dispute resolution and related fees |
|
- |
|
|
- |
|
|
|
465 |
|
|
- |
|
ERP related expenses |
|
415 |
|
|
- |
|
|
|
415 |
|
|
- |
|
Total Adjustments |
$ |
894 |
|
$ |
(26,082 |
) |
|
$ |
9,521 |
|
$ |
(22,425 |
) |
Adjusted EBITDA |
$ |
(11,414 |
) |
$ |
(1,674 |
) |
|
$ |
(26,095 |
) |
$ |
8,483 |
|
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