Source: Happy Belly Food Group Inc.
  • Happy Belly Food Group (CSE:HBFG) gave its financial results and corporate update for the three months ended March 31st, 2023
  • Q1 2023 represents the second consecutive quarter the company achieved more than $1 million in total income, recording a $1,038,876 in product sales compared to $324,682 in Q1 2022, an increase of $714,194 (+220 per cent) in revenue year over year
  • Q1 2023 represents the sixth consecutive quarter of quarter over quarter growth
  • Happy Belly Food Group Inc. (HBFG) opened trading at $0.16 per share

Happy Belly Food Group (CSE:HBFG) gave its financial results and corporate update for the three months ended March 31st, 2023.

The Toronto-based company recorded a profitable quarter for both the quick-service restaurant division and the consumer-packaged goods division, for the first time.

Q1 2023 represents the second consecutive quarter the company achieved more than $1 million in total income, recording a $1,038,876 in product sales compared to $324,682 in Q1 2022, an increase of $714,194 (+220 per cent) in revenue year over year.

Q1 2023 was the fourth consecutive record quarter for the company delivering $1,038,876 in product sales vs $995,178 in Q4 2022, an increase of $43,698 (+4 per cent) in product sales quarter over quarter (QoQ).

Q1 2023 represents the sixth consecutive quarter of quarter over quarter growth (QoQ).

Cash flow from operations on Q1 2023 revenues of $1,038,876 was ($235,537) vs ($289,834) on Q4 2022 revenues of $1,000,167, a decrease of net losses by 18.7 per cent while increasing revenue by 3.9 per cent QoQ.

In comparison, cash flow from operations in Q1 2023 vs Q1 2022 operations also resulted in a decrease of net losses by 43.7 per cent year over year. Its cash balance sits at +$1,780,000 in cash as of March 31st, 2023.

Chief executive, Shawn Moniz, noted that that during the slowest quarter in both the restaurant and consumer product goods cycle the company increased its gross margin to 47 per cent while at the same time, delivered a quarter of record revenue and growth with decreased expenses.

“We are witnessing a significant indication that Happy Belly is on a solid path to profitability through our consistent execution. I’m extremely proud of the positive progress that our management team, alongside our brand partners, have been able to achieve in Q1.”

Happy Belly Food Group is a consolidator of emerging food brands, responsible for Yam Chops, Lumber Heads, Heal Wellness, Holy Crap, Ladyt Glaze Doughnuts, and more.

The company recently completed construction and opened a new corporate location for Heal Wellness in Milton, Ontario. Click here for more on that news.

Happy Belly Food Group Inc. (HBFG) opened trading at $0.16 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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