VANCOUVER, British Columbia, July 14, 2023 (GLOBE NEWSWIRE) -- Blender Bites Ltd. (the "Company", "Blender Bites" or "Blender"), (CSE: BITE, FWB: JL4, WKN: A3DMEJ), is proud to announce it has achieved record-breaking revenues for the month of June, 2023.
Revenue in the month of June, based on orders received and delivered within the month, reached $918,509.00, with related expense for the same period of $611,498, representing a 32% gross profit margin, and the Company's largest month in sales to date. The record-breaking revenues in June surpassed the Company's previous all-time high revenue, demonstrating a continued and growing demand for Blender Bites' products in the market. The Company's progression is evident with this historic month of sales, and it's looking forward to the next chapter with the full US rollout coming soon.
Blender Bites remains committed to meeting the increased sales demand, enhancing gross margins, and advancing towards profitability in 2024. The Company's strategic focus on delivering high-quality, organic, and plant-based functional foods continues to resonate with consumers seeking healthier and convenient options.
Blender Bites is steadfast in its mission to provide premium, nutritious, and sustainable food choices, while delivering outstanding value to its customers. The Company's commitment to excellence, coupled with its innovative product offerings, is helping to position Blender Bites as a leading player in the functional food industry.
"We are thrilled to announce our record-breaking revenue for the month of June, and this momentum sets a promising tone for the upcoming quarter and beyond, as we forge ahead with our full US rollout. This remarkable growth not only showcases the increasing demand for Blender Bites' premium, organic, and plant-based functional foods but also underscores the potential for our Company's future growth. We remain dedicated to meeting the rising sales demands, optimizing both gross and contribution margins, and committing tour plan of hitting positive EBITDA by mid 2024," stated Chelsie Hodge, Blender Bites Founder and CEO.
The Company cautions that the above figures for revenue have not been audited and are based upon calculations prepared by the Company's financial management team. Actual results may differ from those reported in this release once these figures have been audited.
ABOUT BLENDER BITES
Blender Bites is a multi award-winning Canadian company involved in the development and marketing of a line of premium, frozen functional food and beverages. Blender Bites products are made with organic ingredients, non-GMO, gluten free, dairy free and soy free. Blender Bites was founded in 2016 and first launched to market in Western Canada in 2017 with a pre-portioned 1-Step Smoothie product that is free of any unnecessary inner plastic packaging. Blender Bites products are now distributed internationally across Canada and the US, and are currently sold in over 1000 stores, including Walmart, Sobeys, Loblaws, Safeway, Save on Foods, Real Canadian Superstore, Whole Foods Market, Buy-Low/Nesters, IGA, and Thrifty's.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email - chelsie@blenderbites.com
Telephone - 236-521-0626
For further information, contact Blender IR Team at:
Email - investors@blenderbites.com
Telephone - 1-888-997-2055
Media Contact - teamblenderbites@jonesworks.com
CAUTIONARY DISCLAIMER STATEMENT
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including with respect to the success of the Company's further expansion into the United States consumer market, expectations regarding sustained and continued growth and expected profitability and EBITDA growth. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or 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.
