CHICAGO - The Planting Hope Company Inc. (TSXV: MYLK) (OTCQB: MYLKF) (FRA: J94) ('Planting Hope' or the 'Company'), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, is pleased to report financial results for the three and nine months ended September 30, 2022.
'This third consecutive quarter of record revenue underscores our ability to scale our core products into key retail and foodservice channels,' said Julia Stamberger, CEO and Co-founder of Planting Hope. 'Our team continues to successfully drive placement and consumer adoption of Planting Hope's products via strong distributor and retailer partnerships across channels, from grocery to foodservice. National media outlets are taking notice of our products, as are consumers, who are purchasing our products and celebrating our brands on social media. This month marks our one-year anniversary as a publicly listed company, and we have achieved tremendous growth in a short period of time thanks to our team, our partners, and support from the investment community. Moving ahead, we will continue to expand our brands across foodservice and retail channels in the United States and Canada, realizing substantial customer-driven demand for our plant-based, planet-friendly, and delicious pantry-staple products. We look forward to bringing new innovative products from each brand to market in 2023.'
Q3 2022 Financial Highlights
Revenues of $3.7 million (CAD $4.9 million) in Q3 2022, an increase of 378% over Q3 2021 revenues of $0.8 million (CAD $1.0 million) and an increase of 10% over Q2 2022 revenues; Q3 revenue alone is 38% higher than the entire FY 2021.
Net revenues of $2.7 million (CAD $3.6 million) in Q3 2022, an increase of 313% over Q3 2021 net revenues of $0.6 million (CAD $0.8 million) and 8% over Q2 2022 net revenues.
Selling, general & administrative expenses of $2.8 million (CAD $3.7 million) in Q3 2022, a 33% increase from $2.1 million (CAD $2.8 million) in Q3 2021 as a result of company growth, increased employee count to support the larger organization and reduced professional fees, increased outbound freight costs, significant trade show participation, and marketing costs associated with ecommerce sales.
Net loss of $4.9 million (CAD $6.6 million) in Q3 2022 compared with net loss of $7.6 million (CAD $10.1 million) in Q3 2021, an improvement of $2.6 million (CAD $3.4 million) or 34%, primarily due to one-time merger fees incurred in Q3 2021 that were not incurred in 2022.
Outlook and growth
Overall, the Company's execution across Q3 2022 increased product distribution into new grocery retail customers and added distributor placements, effectively laying the groundwork for additional growth in successive quarters. Securing distributor placements is a critical step to the successful execution of its business plan as distributors are the vital 'last mile' piece in getting product to retailers and, when in place, open up clear opportunities and paths to scale.
Additionally, the Company's execution on the Canadian bilingual packaging across its brands effectively opened Canadian retail and foodservice markets for the Company's products, adding a sizeable growth market opportunity. In 2020, total plant-based food and beverage grocery sales in Canada were CAD $647 million,(1) and plant-based milks were CAD $337 million (52% of all plant-based foods sold in Canada).(2)
The Company continues to effectively execute on its business plan for 2022, including expanding core products in key channels, and setting up new products and distribution that will achieve scale in 2023.
Throughout 2022, the Company has been focused on establishing retail distribution and getting its products into critical distributors in grocery and foodservice channels. Additionally, the Company has been laying the groundwork for successful marketing reach and promotions to its consumers, with the intent of expanding both customer marketing and ecommerce marketing in 2023.
About The Planting Hope Company Inc.
Planting Hope develops, launches, and scales uniquely innovative plant-based and planet-friendly food and beverage brands. Planting Hope's award-winning and cutting-edge products fill key unmet needs in the skyrocketing plant-based food and beverage space. The Planting Hope brand family includes Hope and Sesame Sesamemilk, Barista Blend Sesamemilk, and Sesamilk creamers, RightRice Veggie Rice, Mozaics Real Veggie Chips, and Veggicopia Veggie Snacks. Products from Planting Hope brands are available in more than 9,000 doors and more than 50,000 total distribution points at grocery retailers throughout North America, and are carried by key distributors to grocery, foodservice, and cafes. Founded by experienced food industry entrepreneurs, Planting Hope is a women-managed and woman-led company focused on nutrition, sustainability, and diversity.
Contact:
Julia Stamberger
Tel: (773) 492-2243
Email: julia@plantinghopecompany.com
THE PLANTING HOPE COMPANY INC. 
