- The Very Good Food Company (VERY) has significantly boosted its recent quarterly revenue, as plant-based tech continues to draw investor interest
- Revenue for the quarter jumped 26.6 per cent to around 1.39 million, when compared to the previous quarter
- As demand for its services continues to grow, the company recently leased a new food facility in Vancouver, which is expected to increase annual production by almost 3000 per cent
- Despite the improving revenue, the company still generated a net loss of around 4.5 million for the quarter due mainly to ballooning operating expenses
- The Very Good Food Company is up 6.99 per cent for $4.13 per share
The Very Good Food Company (VERY) has significantly boosted its recent quarterly revenue, as plant-based tech continues to draw investor interest.
Revenue for the quarter jumped 26.6 per cent to around 1.39 million, when compared to the previous quarter and was up more than 320 per cent on last year’s same period.
The company’s share price has followed its improving financial metrics, to be up more than 400 per cent since its IPO at 71 cents back in June this year.
Nevertheless, despite the improving revenue, the company still generated a net loss of around 4.5 million for the quarter due mainly to ballooning operating expenses.
CEO Mitchell Scott said the company remains committed to operating its business in a focused and disciplined manner.
“We are particularly happy with our results this quarter, as we were able to generate an increase in top line revenue in spite of production constraints, and a worsening COVID landscape that has negatively affected our industry peers,” he added.
To build on the increasing demand for its service, the company recently leased a new food facility in Vancouver, which is expected to increase annual production by almost 3000 per cent.
Mitchell went on to comment on the new facility and the company’s immediate future in this booming industry.
“We are making the necessary investments to ensure that our new facilities launch with the right equipment and team in place to scale rapidly and meet the growing demand for our products,” he said.
The Very Good Food Company is up 6.99 per cent for $4.13 per share at 12:01pm EST.