Real Good Food Reports Q2 Revenue Growth Of 64%
Real Good Food Company Inc (NASDAQ: RGF) reported second-quarter FY22 sales growth of 64.9% year-on-year, to $30.80 million, missing the analyst consensus estimate of $32.12 million.
The revenue increase was driven by demand from existing retail and club customers.
The gross profit decreased 11.1% Y/Y to $2.4 million with a gross margin of 7.6%.
The loss from operations widened to $(9.8) million from $(4.1) million last year.
The company held $10.3 million in cash and equivalents as of June 30, 2022.
Adjusted EBITDA loss for the quarter was $(3.2) million versus $(1.4) million last year.
Net loss for the quarter widened to $(11.1) million.
Outlook: Real Good Food sees FY22 sales of $155 million - $160 million, versus the consensus estimate of $153.03 million.
It expects an FY22 adjusted gross margin of 19% - 21%. Adjusted EBITDA loss of $(7) million - $(9) million.
Price action: RGF shares are trading higher by 2.61% at $7.10 on the last check Friday.
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