Sow Good Inc. (PNK:SOWG) Q4 2023 Earnings Call Transcript
Sow Good Inc. (PNK:SOWG) Q4 2023 Earnings Call Transcript March 22, 2024
Sow Good Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, and thank you for standing by. Welcome to the Sow Good Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jackie Keshner, Director of Investor Relations. Please go ahead.
Jackie Keshner: Good morning everyone, and thank you for participating in today's conference call to discuss Sow Good's financial results for the fourth quarter and full year ended December 31, 2023. Joining us today is Sow Good's Co-Founder, CEO, and Interim Chief Financial Officer, Claudia Goldfarb. Certain statements made during this call are forward-looking statements, including those concerning our financial outlook, our market opportunities, and the impact of the global economic environment on our business. These statements are based on currently available information and assumptions, and we undertake no duty to update this information except as required by law. These statements are also subject to a number of risks and uncertainties, including those highlighted in today's earnings release and our filings with the SEC.
Additional information concerning these statements and the risks and uncertainties associated with them is highlighted in today's earnings release and in our filings with the SEC. Copies are available from the SEC or on our Investor Relations website. Furthermore, we will discuss adjusted EBITDA, a non-GAAP financial measure on today's call. A reconciliation of adjusted EBITDA to net loss, the nearest comparable non-GAAP financial measure discussed on today's call is available in our earnings press release at our Investor Relations website. With that, I will turn the call over to Claudia.
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Claudia Goldfarb: Thank you, Jackie, and good morning, everyone. I'm thrilled to be here today and share exciting updates since our last call. In early 2023, we helped launch the freeze-dried candy category quickly becoming the market leaders. We have since experienced incredible growth, which continued into the fourth quarter of 2023. We achieved record quarterly revenue of $9.5 million representing substantial year-over-year growth and an 89% sequential increase above our third quarter results. When we first launched our novel treats, we had our sights set on repeating management history of identifying and growing niche trends into everyday categories. We entered the market with best-in-class freeze drying technology, and the manufacturing and leadership expertise needed to sustain a high growth consumer brand.
Our success to date reflects the strength of our growth strategies and the customer demand for our innovative snackable treat. In 2024, we are focused on increasing our market share as well as capturing the expansive growth opportunities accompanying the nascent, but booming freeze-dried candy space, which we helped pioneer. Excitingly, our treats have continued outperforming sales forecast across our retail base. Customers are increasing their order quantities, expanding their SKU portfolio, and working closely with us to develop new and seasonal treats. To meet this increasing demand, we've implemented numerous strategies to grow our production capacity. As we previously shared, during the fourth quarter, we leased a 51,000 square foot distribution and warehousing facility in Irving, Texas, optimizing our capacity for heightened order volumes.
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