Happy Belly Food Group Announces 11th Consecutive Record Quarter, and First Fiscal Year of Positive Adjusted EBITDA
Happy Belly Food Group has announced its 11th consecutive record quarter and first fiscal year of positive Adjusted EBITDA. The company reported remarkable growth in 2024, with system-wide sales increasing 419% to $30.30M and total operating revenues rising 72% to $9.38M.
Key achievements include:
- Expansion from 13 to 43 operating restaurants
- Product sales up 56% to $7.93M
- Royalties and franchise fees increased 400% to $0.98M
- Positive Adjusted EBITDA of $0.26M
- Strong cash position of $3.49M
The company made strategic acquisitions including Via Cibo, IQ Foods, and Yolks Breakfast. In early 2025, they've already opened 10 additional restaurants and acquired Smile Tiger Coffee Roasters. With multiple new franchise agreements and area development deals across Canada, Happy Belly continues its aggressive expansion in both QSR and CPG segments.
Happy Belly Food Group ha annunciato il suo undicesimo trimestre consecutivo da record e il primo anno fiscale con un EBITDA rettificato positivo. L'azienda ha registrato una crescita straordinaria nel 2024, con le vendite a livello di sistema aumentate del 419% raggiungendo 30,30 milioni di dollari e i ricavi operativi totali in crescita del 72% a 9,38 milioni di dollari.
Risultati chiave includono:
- Espansione da 13 a 43 ristoranti operativi
- Vendite di prodotti aumentate del 56% a 7,93 milioni di dollari
- Royalty e commissioni di franchising cresciute del 400% a 0,98 milioni di dollari
- EBITDA rettificato positivo di 0,26 milioni di dollari
- Solida posizione di cassa di 3,49 milioni di dollari
L’azienda ha effettuato acquisizioni strategiche tra cui Via Cibo, IQ Foods e Yolks Breakfast. All'inizio del 2025, ha già aperto 10 nuovi ristoranti e acquisito Smile Tiger Coffee Roasters. Con numerosi nuovi accordi di franchising e di sviluppo territoriale in tutto il Canada, Happy Belly continua la sua espansione aggressiva sia nel settore QSR che in quello CPG.
Happy Belly Food Group ha anunciado su undécimo trimestre consecutivo de récord y su primer año fiscal con EBITDA ajustado positivo. La compañía reportó un crecimiento notable en 2024, con las ventas a nivel de sistema aumentando un 419% hasta 30.30 millones de dólares y los ingresos operativos totales incrementándose un 72% hasta 9.38 millones de dólares.
Logros clave incluyen:
- Expansión de 13 a 43 restaurantes en operación
- Ventas de productos aumentaron un 56% hasta 7.93 millones de dólares
- Regalías y tarifas de franquicia incrementadas un 400% hasta 0.98 millones de dólares
- EBITDA ajustado positivo de 0.26 millones de dólares
- Fuerte posición de efectivo de 3.49 millones de dólares
La compañía realizó adquisiciones estratégicas incluyendo Via Cibo, IQ Foods y Yolks Breakfast. A principios de 2025, ya han abierto 10 restaurantes adicionales y adquirido Smile Tiger Coffee Roasters. Con múltiples nuevos acuerdos de franquicia y desarrollo territorial en todo Canadá, Happy Belly continúa su agresiva expansión tanto en los segmentos QSR como CPG.
Happy Belly Food Group는 11분기 연속 기록 경신과 첫 번째 긍정적인 조정 EBITDA를 기록한 회계연도를 발표했습니다. 회사는 2024년에 시스템 전체 매출이 419% 증가하여 3,030만 달러에 달했고 총 영업수익은 72% 증가한 938만 달러를 기록하는 놀라운 성장을 보였습니다.
주요 성과는 다음과 같습니다:
- 운영 중인 레스토랑 수 13개에서 43개로 확장
- 제품 판매 56% 증가하여 793만 달러 달성
- 로열티 및 프랜차이즈 수수료 400% 증가하여 98만 달러 달성
- 긍정적인 조정 EBITDA 26만 달러 기록
- 강력한 현금 보유액 349만 달러
회사는 Via Cibo, IQ Foods, Yolks Breakfast 등 전략적 인수를 단행했습니다. 2025년 초에는 이미 10개의 추가 레스토랑을 오픈하고 Smile Tiger Coffee Roasters를 인수했습니다. 캐나다 전역에서 다수의 신규 프랜차이즈 계약과 지역 개발 계약을 체결하며 Happy Belly는 QSR 및 CPG 부문 모두에서 공격적인 확장을 지속하고 있습니다.
Happy Belly Food Group a annoncé son 11e trimestre consécutif de résultats records ainsi que sa première année fiscale avec un EBITDA ajusté positif. L'entreprise a connu une croissance remarquable en 2024, avec des ventes à l’échelle du système en hausse de 419% atteignant 30,30 millions de dollars et un chiffre d’affaires total en hausse de 72% à 9,38 millions de dollars.
Les principales réalisations comprennent :
- Expansion de 13 à 43 restaurants en activité
- Ventes de produits en hausse de 56% à 7,93 millions de dollars
- Revenus de redevances et de frais de franchise augmentés de 400% à 0,98 million de dollars
- EBITDA ajusté positif de 0,26 million de dollars
- Position de trésorerie solide de 3,49 millions de dollars
L’entreprise a réalisé des acquisitions stratégiques incluant Via Cibo, IQ Foods et Yolks Breakfast. Début 2025, elle a déjà ouvert 10 restaurants supplémentaires et acquis Smile Tiger Coffee Roasters. Avec plusieurs nouveaux accords de franchise et de développement territorial à travers le Canada, Happy Belly poursuit son expansion agressive dans les segments QSR et CPG.
Happy Belly Food Group hat sein elftes Rekordquartal in Folge und das erste Geschäftsjahr mit positivem bereinigtem EBITDA bekannt gegeben. Das Unternehmen verzeichnete im Jahr 2024 ein bemerkenswertes Wachstum, wobei die systemweiten Umsätze um 419% auf 30,30 Mio. USD stiegen und die gesamten Betriebserlöse um 72% auf 9,38 Mio. USD zunahmen.
Wichtige Erfolge umfassen:
- Erweiterung von 13 auf 43 betriebene Restaurants
- Produktverkäufe stiegen um 56% auf 7,93 Mio. USD
- Lizenzen und Franchisegebühren erhöhten sich um 400% auf 0,98 Mio. USD
- Positives bereinigtes EBITDA von 0,26 Mio. USD
- Starke Barreserven von 3,49 Mio. USD
Das Unternehmen tätigte strategische Akquisitionen, darunter Via Cibo, IQ Foods und Yolks Breakfast. Anfang 2025 wurden bereits 10 weitere Restaurants eröffnet und Smile Tiger Coffee Roasters übernommen. Mit mehreren neuen Franchiseverträgen und Gebietsentwicklungsvereinbarungen in ganz Kanada setzt Happy Belly seine aggressive Expansion sowohl im QSR- als auch im CPG-Bereich fort.
- 419% increase in system-wide QSR sales to $30.30M in 2024
- 72% revenue growth to $9.38M in 2024
- First year of positive Adjusted EBITDA at $0.26M (2.7%)
- 400% increase in royalties and franchise fees to $0.98M
- Strong cash position of $3.49M and healthy working capital of $3.28M
- Expanded from 13 to 43 operating restaurants in 2024
- Successful acquisition of 3 QSR brands (Via Cibo, IQ Foods, Yolks Breakfast)
- Multiple area development agreements signed for expansion
- 10 new restaurant openings in early 2025
- 56% increase in product sales to $7.93M
- Significant capital reinvestment in Q4 2024 impacting immediate profitability
- Dilution from convertible debentures ($3M raised, $1M converted to shares)
- Heavy reliance on franchise expansion model for growth
- Increased operational complexity from rapid expansion and multiple brand management
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada, is pleased to announce its audited financial results and corporate update for the fiscal year ended December 31st, 2024.
"In 2024, Happy Belly Food Group delivered record growth and transformation, advancing our mission to become Canada's leader in acquiring and scaling emerging food brands while generating significant shareholder value. Through a combination of organic expansion and strategic acquisitions, we added 30 new restaurant locations, drove a
"As I reflect on 2024, I am proud of our sustained momentum across both top and bottom-line metrics, including an 11th consecutive record quarter. Equally important is the collaborative culture we have built at Happy Belly. Our management team and brand partners are working seamlessly to support franchisees and expand our national footprint. This dynamic teamwork is the foundation of our rapid execution and positions us for an even stronger performance in 2025. While 2024 was transformational, our best chapters are still ahead as we are very focused on delivering more growth throughout 2025. In a few short weeks we look forward to unveiling our Q1 2025 results, as we continue our push toward cash-flow positivity and positive earnings per share; our story is truly just beginning."
We are just getting started.
2024 Financial Highlights
System wide sales across Quick Service Restaurants (QSR) totaled
$30.30M in fiscal 2024, up419% versus prior fiscal year (2023 -$5.84M ). The increase is attributed to organic baseline restaurant growth, alongside increased restaurant count, which reached 43 operating restaurants in 2024 versus 13 in the prior fiscal year.Total operating revenues and other income totaled
$9.38M in fiscal 2024, up72% versus prior fiscal year (2023 -$5.45M ). Year over year growth was driven by continued sales growth in both the QSR and Consumer Product Goods (CPG) segments, three (3) business acquisitions in 2024, combined with new franchised restaurant openings and royalties collected during 2024 (16 net new openings).Total product sales totaled
$7.93M in fiscal 2024, up56% versus prior fiscal year (2023 -$5.07M ). Furthermore, royalties and franchise fee revenues reached$0.98M , up400% from the prior fiscal year (2023 -$0.19M ), which was driven by royalties collected from 16 new restaurant openings in 2024.Adjusted EBITDA(1) reached
$0.26M or2.7% in fiscal 2024, up144% versus prior fiscal year (2023 - adjusted EBITDA loss of$0.58M or negative10.6% ).Net working capital remains healthy at
$3.28M as at December 31, 2024 (2023 -$0.80M ). Total cash and cash equivalents were$3.49M in 2024. Two separate non-brokered private placements were completed during fiscal 2024 for the sum of$3M total.Happy Belly Food Group Inc. made accretive cash and equity investments during fiscal 2024. First acquiring three (3) QSR brands: Via Cibo Franchising Inc., IQ Foods and Yolks Breakfast Inc. Secondly, to increase capacity for growth in 2025 investments were made in Q4 2024 to add headcount and infrastructure that will support the build and servicing of the significant net new restaurant pipeline in 2025. Subsequent to fiscal 2024, the company has already opened and is operating 10 additional restaurants and acquired Smile Tiger Coffee Roasters on January 27, 2025. Such investments are aligned and support the company's direction for strategic growth.
Q4 2024 Financial Highlights
System wide sales across QSR brands increased
377% in Q4 2024 to$8.88M versus$1.86M in Q4 2023 and increased4% versus$8.53M in the prior quarter. The increase is attributed to the organic growth with baseline restaurants and the increase in restaurant count from 13 in Q4 2023 to 43 opened as at Q4 2024.Total operating revenues and other income increased
62% in Q4 2024 to$2.56M versus$1.58M in Q4 2023. The significant growth was primarily driven by organic product sales growth in both the Quick Service Restaurants (QSR) and Consumer Product Goods (CPG) segments of the business, combined with new restaurant openings and franchise royalties and fees collected.Total product sales from both the QSR and CPG segments increased
116% to$2.66M in Q4 2024 versus the same quarter last year (2023 -$1.23M ) Both segments continued to be profitable once again this quarter. QSR EBITDA reached$0.21M in 2024 and CPG EBITDA reached$0.15M .Despite seasonality, revenues increased
4% in Q4 2024 to$2.6M versus$2.5M in Q3 2024. Furthermore, quarter over quarter total system sales increased4.7% in Q4 2024 to$8.9M versus$8.5M in Q3 2024.Q4 2024 adjusted EBITDA(1) was positive versus an adjusted EBITDA(1) loss of
$0.10M or negative6.4% in Q4 2023. It is now two (2) consecutive quarters whereby the Company has achieved positive adjusted EBITDA(1), which also led to positive adjusted EBITDA(1) for fiscal year ended 2024.
The Company continues to maintain a healthy net working capital position of
The closing of the private placements strengthens our balance sheet and provides us the ability to accelerate our growth strategy and execute material M&A opportunities with strong positive cash flow, when the opportunity presents itself.
Happy Belly had 7 net new restaurant openings during Q4 2024. The Heal Lifestyle brand opened three locations in Kitsilano BC, Edmonton AB, and the Greater Toronto Ontario region. Lettuce Love Cafe brand opened 1 location in Toronto. Both Rosie's Burgers and Pirho Grill brands each opened 1 location in Calgary Alberta. IQ Foods opened 1 location in Toronto.
Q4 2024 CORPORATE HIGHLIGHTS
December 20th, 2024 - Happy Belly's Smash Burger Brand Rosie's Burgers Secures Real-Estate Location in Toronto's Avenue & Lawrence Neighborhood
December 16th 2024 - Happy Belly Food Group Signs Order for 4th Consecutive Above-Market Financing
December 6th, 2024 - Happy Belly's HEAL Wellness QSR Secures Real-Estate Location for Its Multi-Unit Franchisee in the Kensington Area of the City of Calgary, Alberta
December 5th, 2024 - Happy Belly's Yolks Breakfast Announces the Signing of Its 13th Franchise to Open in the Greater Vancouver Area
December 4th, 2024 - Happy Belly Announces the Opening of its Newest Co-Branded Store with Lettuce Love Cafe and Heal Wellness QSRs in Toronto's Bloor West Village
December 3rd - Happy Belly's HEAL Wellness QSR Secures Real-Estate Location in Whitby's Taunton Gardens
November 29th, 2024 - Happy Belly's Smash Burger Brand Rosie's Burgers Announces the Opening of its Newest Location in Calgary, Alberta
November 26th, 2024 - Happy Belly Food Group Partners with Cadillac Fairview and Announces Secured Real-Estate for IQ Foods, Heal Wellness and Rosie's Burgers for CF Shops at Don Mills
November 25th, 2024 - Happy Belly's HEAL Wellness QSR Announces Signing of its 46th Franchise and Real-Estate Location in Bolton, Ontario
November 22th, 2024 - Happy Belly's HEAL Wellness QSR Announces the Opening of Its Newest Location in Edmonton's North Town Center
November 21th, 2024 - Happy Belly Food Group Announces 10th Consecutive Record Quarter
November 19th, 2024 - Happy Belly's HEAL Wellness QSR Announces the Signing of a Franchise Agreement for Kingston, Ontario
November 15th, 2024 - Happy Belly's HEAL Wellness QSR Announces Toronto Multi-Unit Franchisee Signs Third Location
November 14th, 2024 - Happy Belly's Via Cibo Announces it has secured a real estate location for Barrhaven, in the City of Ottawa, Ontario
November 12th, 2024 - Happy Belly's Rosie's Burgers Announces the Signing of a franchise agreement for Hamilton, Ontario
November 1st, 2024 - Happy Belly's announces the signing of a Definitive Agreement to acquire
October 25th, 2024 - Happy Belly's Pirho Fresh Greek Grill Announces the opening of its newest location in the city of Calgary, Alberta
October 18th, 2024 - Happy Belly's IQ Foods Announces the Signing of a 25-Unit Area Development Agreement in Ontario
October 16th, 2024 - Happy Belly's Heal Wellness secures 5,th Calgary based real-estate location at Aspen Landing Shopping Center
October 15th, 2024 - Happy Belly's Via Cibo Announces the Signing of a franchise agreement for Barrhaven, in the City of Ottawa, Ontario
October 10th, 2024 - Happy Belly's Via Cibo Announces the Signing of a franchise agreement for the Niagara Falls region of Ontario
October 7th, 2024 - Happy Belly Announces the appointment of Randall Papineau as Brand President of IQ Foods
October 4th, 2024 - Happy Belly's Heal Wellness Announces the opening of its newest location in the Kitsilano neighborhood of Vancouver, BC
October 3rd, 2024 - Happy Belly Announces the appointment of John Delutis as Vice President of Restaurant Operations
SUBSEQUENT EVENTS
April 25th, 2025 - Happy Belly's Heal Wellness QSR Announces Opening in Downtown Calgary's Historic Alberta Block
April 24th, 2025 - Happy Belly's Yolks Breakfast Signs 10 Unit Area Development Agreement in Atlantic Canada
April 23rd, 2025 - Happy Belly's Yolks Breakfast Announces Entry to Quebec Market with Signing of First Real-Estate Location
April 17th, 2025 - Happy Belly's Via Cibo Italian Restaurant Opens Its Newest Location Located in Barrhaven, in the City of Ottawa, Ontario
April 16th, 2025 - Happy Belly Promotes Randall Papineau to President of Emerging Brands
April 14th, 2025 - Happy Belly's Yolks Breakfast Signs Franchise Agreement and Real-Estate Location in the City of Tsawwassen, British Columbia
April 11th, 2025 - Happy Belly's Smash Burger Brand Rosie's Burgers Announces the Opening of its Newest Location in Toronto, Ontario
April 8th, 2025 - Happy Belly's Yolks Breakfast Signs Franchise Agreement for the City of Richmond Hill, Ontario
April 7th, 2025 - Happy Belly Promotes John Delutis to Chief Restaurant Officer
April 4th, 2025 - Happy Belly Selects TOAST to Power Growing Restaurant Portfolio
March 28th, 2025 - Happy Belly's Rosie's Burgers Announces the Signing of a Franchise Agreement for the City of Mississauga, Ontario
March 27th, 2025 - Happy Belly's Rosie's Burgers Announces the Signing of a Multi Unit Franchise Agreement for 5 Stores in the Province of British Columbia
March 21st, 2025 - Happy Belly Opens 50th Restaurant in Hamilton's Westdale Village Featuring Lettuce Love & Heal Wellness
March 18th, 2025 - Happy Belly Expands CPG Availability with Lumber Heads Popcorn Now Available in 193 Loblaws Retail Locations
March 17th, 2025 - Happy Belly's Heal Wellness QSR Announces Multi-Unit Franchisee is Now Open in Calgary's Aspen Landing, Alberta, Canada
March 14th, 2025 - Happy Belly's Heal Wellness QSR Announces Multi-Unit Franchisee Opens Third Location in Toronto, Ontario
March 13th, 2025 - Happy Belly's Heal Wellness QSR Announces Securing a Real-Estate Location for Windermere, in the City of Edmonton, Alberta
March 12th, 2025 - Happy Belly's Heal Wellness Announces the Signing of their 49th Franchise Agreement to be Located in Brampton, Ontario
March 10th, 2025 - Happy Belly's Smash Burger Brand Rosie's Burgers Announces the Signing of a Real Estate Location and Franchisee for University of Alberta in Edmonton
March 6th, 2025 - Happy Belly Food Group's Heal Wellness QSR Signs 20 Unit Area Development Agreement in Atlantic Canada
March 4th, 2025 - Happy Belly Food Group's Smash Burger Brand Rosie's Burgers Signs 10 Unit Area Development Agreement in Manitoba, Canada
February 28th, 2025 - Happy Belly Food Group's Smash Burger Brand Rosie's Burgers Signs 15 Unit Area Development Agreement in Atlantic Canada
February 27th, 2025 - Happy Belly's Heal Wellness Announces the Signing of a Franchise Agreement for Grand Bend, Ontario
February 26th, 2025 - Happy Belly Food Group's iQ Food Co. QSR Signs 20-Unit Area Development Agreement in British Columbia
February 24th, 2025 - Happy Belly's HEAL Wellness QSR Brand Enters 4th Province in Canada with Signing of a 10-Unit Area Development Agreement in The Province of Saskatchewan
February 21st, 2025 - Happy Belly's Yolk's Breakfast Announces the Opening of Its Newest Location in Canada's Capital, Ottawa, Ontario
February 24th, 2025 - Happy Belly's Smile Tiger Coffee Roasters Signs 25-Unit Area Development Agreement in British Columbia
February 11th, 2025 - Happy Belly Appoints David LeBlanc as Director of Design and Construction
February 7th, 2025 - Happy Belly's HEAL Wellness QSR Announces the Opening of its Newest Location in the City of Calgary, Alberta
February 6th, 2025 - Happy Belly's HEAL Wellness QSR Announces Securing a Franchisee and Real-Estate Location for Aurora, Ontario
January 27th, 2025 - Happy Belly Closes
January 23rd, 2025 - Happy Belly's HEAL Wellness QSR Secures Real-Estate Location for Kingston, Ontario
January 22nd, 2025 - Happy Belly's HEAL Wellness QSR Announces Toronto Multi-Unit Franchisee Signs Fourth Agreement
January 17th, 2025 - Happy Belly Food Group Signs National Distributional Agreement with Sysco
January 10th, 2025 - Happy Belly's HEAL Wellness QSR Announces the Grand Opening of its Newest Location at the University of Alberta
January 9th, 2025 - Happy Belly Closes 6th Consecutive Above-Market Non-Brokered Financing
January 8th, 2025 - Happy Belly Signs Definitive Agreement to Acquire
January 7th, 2025 - Happy Belly Appoints Former Fat Burger Vice President John Grieve as Regional Vice President of Operations, Western Canada
FOOTNOTES:
- Adjusted EBITDA Is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are used by management as supplemental measures to review and assess operating performance and to provide a more complete understanding of factors and trends impacting the Company's business. Management believes Adjusted EBITDA are useful measures of operating performance and the Company's ability to generate cash-based earnings, as they provide a more relevant position of operating results by excluding the effects of financing and investing activities, which removes the effects of interest, depreciation and amortization expenses as well as other expenses, as described, that are not reflective of the Company's underlying business. This non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Adjusted EBITDA is defined as net comprehensive income or (loss), excluding interest, taxes, depreciation and amortization (EBITDA), adjusted for share-based compensation, gain (loss) on equity investments and sublease, expected credit loss and non-recurring expenses.
About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.
Happy Belly Food Group
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Sean Black
Chief Executive Officer
Shawn Moniz
Chief Operating Officer
FOR FURTHER INFORMATION, PLEASE VISIT:
www: www.happybellyfg.com or email hello@happybellyfg.com
If you wish to contact us please call: 1-877-589-8805
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250280
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