Tattooed Chef (TTCF) Misses Q1 EPS by 11c, Revenues Beat; Offers FY21 Revenues Guidance Above Consensus
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Tattooed Chef (NASDAQ: TTCF) reported Q1 EPS of ($0.10), $0.11 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $52.7 million versus the consensus estimate of $46.4 million.
Financial Highlights for the First Quarter of 2021 Compared to the First Quarter of 2020
- Revenue was $52.7 million, a 59% increase compared to $33.2 million in the prior year period; Tattooed Chef branded product revenue was a record $36.0 million, an increase of 105% compared to $17.6 million in the prior year period.
- Gross profit was $13.7 million, or 26% gross margin, compared to $9.2 million, or 28% gross margin, in the prior year period.
- Net loss was $7.9 million compared to net income of $5.9 million in the prior year period.
- Adjusted EBITDA loss was $3.0 million compared to Adjusted EBITDA of $7.0 million in the prior year period. 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.
“Our record start to the year demonstrates the strength of our business and the Tattooed Chef brand,” said Sam Galletti, President and CEO of Tattooed Chef. “Branded revenue increased 105% in the first quarter across the mass, club, and grocery channels driven by successful product launches, increased distribution, and a promotion at a large club chain. We are executing on our growth strategy to increase distribution, build brand awareness, expand manufacturing capabilities, and diversify our product portfolio through innovation. We are investing in the business today in order to support strong long-term growth, and we believe the recently announced strategic acquisition of Foods of New Mexico will help create meaningful shareholder value going forward.”
Sarah Galletti, Chief Creative Officer and “The Tattooed Chef”, added, “We are revolutionizing plant-based eating with the Tattooed Chef brand by tapping into consumer preferences and constantly bringing new ideas to the market. Our recent product launches in retail have been very successful and with the addition of our new manufacturing capabilities with the Foods of New Mexico acquisition, we have a pipeline of over 250 plant-based innovation ideas including ambient products and snacks.”
Tattooed Chef sees FY2021 revenue of $235-242 million, versus the consensus of $224 million.
For full year 2021, the Company expects:
- Revenue in the range of $235 million to $242 million, an increase of 58% to 63% compared to 2020. This guidance implies 49% year-over-year growth on the base business to $222 million, and a $13 million to $20 million contribution from one of the two facilities included in the Foods of New Mexico acquisition, which is expected to close near-term. This revenue guidance excludes any revenue contribution from the second facility (Karsten) because it is currently not in operation. The Company expects to update guidance again once production begins at that facility in the coming months.
- Gross margin in the range of 20% to 25%
- Adjusted EBITDA in the range of $2 million to $4 million
- Capital expenditures in the range of $15 million to $20 million
The Company is in a high growth phase and does not provide guidance for the most directly comparable GAAP measure, net income, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to upcoming one-time transactional costs, starting of a new facility, and stock compensation that are unknowable at this time and affect the reliability of estimates for certain items. These items are difficult to estimate and may vary greatly between periods and could significantly impact future financial results.
For earnings history and earnings-related data on Tattooed Chef (TTCF) click here.
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