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BranchOut Food (NASDAQ: BOF) announced record Q1 2024 results, achieving a remarkable 1,407% revenue increase to $1.47 million compared to $97,000 in Q1 2023. Gross margin improved significantly to 19%, up from -3% last year. The company secured $8 million in recurring revenue and $1.1 million in rotational retailer commitments from a major warehouse club. Recent accomplishments include retail expansion, securing a new production facility in Peru to boost efficiency, and a successful sale of notes and warrants raising $1,150,000. New product lines such as salad toppers and kids' snack packs were launched, and strategic partnerships were expanded. The company expects gross margins to increase to 40-50% with the new facility and remains focused on achieving profitability and enhancing shareholder value.
BranchOut Food (NASDAQ: BOF) has secured a long-term lease for a 50,000 square foot production facility in Peru. The build-out will start immediately, with production expected in Q3 2024. This facility, which BranchOut has the option to purchase within the 10-year lease term, will support the company's expansion due to increasing demand for its dehydrated fruit and vegetable products. The facility will house BranchOut's existing dehydration machine and a second one to be installed soon.
The new facility is expected to yield up to $40 million in production capacity with 40-50% gross margins. The move to Peru, a key agricultural region, will enable BranchOut to control quality, planning, and costs, leveraging strong relationships with local farmers for fresh produce at low costs. This strategic expansion aims to meet the growing demand from major U.S. retailers, thereby enhancing operational efficiency and profitability.
