- Blender Bites (BITE) has provided a summary of its shareholder update call, held on June 1
- In Q2 2022, the company reported a 641 per cent YoY increase in revenues
- The company reported a 64.5 per cent QoQ increase in revenues
- Blender Bites anticipates generating roughly $10 million in revenue by the end of 2022
- The company believes itself to be well-positioned for continued growth into 2023
- Blender Bites offers organic, plant-based, frozen smoothies in over 900 stores across Canada and the U.S.
- Blender Bites (BITE) opened trading at C$0.68
Blender Bites (BITE) has summarized its shareholder update call, held on June 1, 2022.
Q2 2022 revenue performance
The company reported revenues of $1,281,441, a 641 per cent increase compared to Q2, 2021 and a 64.5 per cent increase compared to Q1, 2022.
Revenue projections
Assuming the continuation of orders from existing customers, recurring orders from the World’s largest club store chain in Western Canada, and securing an additional, pending, US Club Store division, the company anticipates generating roughly $10 million in revenue by the end of 2022.
Blender Bites has pre-ordered enough raw materials to manage the production necessary to realize the projected revenue for the calendar year ended December 31, 2022, and has sufficient working capital to fulfill projected orders. The company is dependent on third-party supply chains to deliver raw materials necessary for production, or disruptions in deliveries could result in delays in order fulfilment.
US & Canada expansion
Blender Bites will continue to focus on developing and executing upcoming projects and expansion plans.
The United States represents a significant segment of the smoothie market, which is expected to reach US$17 billion by 2026. The company will look to capitalize on this market segment by rolling out to additional grocery retail and club stores within other major markets in the US. The company has initiated discussions with some of these distribution businesses.
Blender Bites believes that its successful expansion into Southwest US club stores and more recently into Western Canada club stores, as well as its nationwide Canada roll out, will position the company for continued growth into 2023.
Blender Bites is a Canadian company offering organic, plant-based, frozen smoothies in over 900 stores across Canada and the U.S.
Blender Bites (BITE) opened trading at C$0.68.