Organto Foods Stock Price, News & Analysis

Organto Foods Inc. is set to achieve record quarterly revenues for Q2 2021, projecting CDN $7.2 to CDN $7.4 million, representing a 235% increase year-over-year. This will mark the largest quarterly revenues in the company’s history and the eighth consecutive quarter of revenue growth. First half revenues are expected to reach CDN $11.9 to CDN $12.2 million, surpassing the total fiscal 2020 revenue of $11.4 million. Organto reaffirms its annual revenue target of CDN $35.0 to CDN $37.0 million with an annualized run rate of approximately CDN $50.0 million by year-end.

Organto Foods Inc. (OTC PINK: OGOFF) announced a shareholder update webinar scheduled for May 20, 2021, at 11:00 AM EDT. The session will be hosted by Chair and Co-CEO Steve Bromley and Co-CEO Rients van der Wal.

The webinar aims to discuss market trends, commercial initiatives, and strategic growth plans. Following the presentation, participants will have the opportunity to engage in a Q&A session. Investors can join the meeting via a provided Zoom link.

Organto Foods Inc. has announced its expected record first quarter revenues for 2021, projecting between CDN $4.7 million and CDN $4.8 million, a 200% increase year-over-year. This marks the largest first quarter in the company's history and the seventh consecutive quarter of revenue growth. Additionally, Organto has reaffirmed its annual revenue target of CDN $35.0 to CDN $37.0 million for fiscal 2021, which indicates a substantial increase from 2020's CDN $11.4 million. The growth is attributed to new customers and expanded product offerings.

Organto Foods reported record revenues of $11,448,036 for fiscal 2020, marking a 208% increase from the previous year. Gross profit reached $1,072,942, or 9.4% of revenues, compared to 5.9% in 2019. The fourth quarter also saw record revenues of $4,937,180, a 212% increase year-over-year. Year-end cash on hand rose to $4,133,730 from $56,565. Despite these successes, a net loss of $7,054,745 was reported, attributed to non-cash charges. The company aims for further growth in the organic produce sector.

Organto Foods has announced a significant expansion of its organic ginger supply, partnering with a Brazilian supplier to increase volumes from 120,000 kg in 2020 to 800,000 kg in 2021. The company aims to raise its revenue target for the ginger and turmeric category from CDN $5 million to CDN $10 million by 2023, driven by growing consumer demand for health benefits and unique taste. This strategic move positions Organto as a stronger player in the organic produce market.

Organto Foods Inc. has reported significant revenue growth for its recently acquired subsidiary, Fresh Organic Choice. In March 2021, the subsidiary achieved the highest revenue in its history, attributed to market demand and new customer acquisitions. Fresh Organic Choice's fresh cut organic herbs are now listed with notable retailers, including a UK online supermarket and a German organic distributor. The company aims for annual revenues of approximately CDN $10 million from this category. However, strong market demand and operational integration continue to be key focus areas.

Organto Foods Inc. (TSX-V:OGO) (OTC:OGOFF) has announced that Robert Giustra will step down from the Board of Directors effective April 2, 2021, but will transition into the role of Advisor. Giustra, a co-founder, has been instrumental since the company's inception. His departure aims to allow new food industry executives to bring fresh perspectives to the company. The Board expressed gratitude for Giustra's contributions, stating that the addition of four new Directors over the past year enhances Organto's capability to grow. Giustra remains supportive of Organto's future endeavors.

Organto Foods Inc. has secured a 5-year exclusive supply agreement with a Mexican supplier of organic avocados, anticipated to generate approximately CDN $65 million in revenue. This agreement will facilitate the marketing of 12.5 million to 14 million kg of organic avocados from 2021 to 2025, leveraging Organto's year-round supply chain from multiple regions. The supplier is working toward Fairtrade and Bio Suisse certifications to enhance product appeal. Organto will issue up to 1 million common shares based on delivery targets, pending TSX-V approval.

Organto Foods Inc. has announced the appointment of Joe Riz to its Board of Directors, pending acceptance by the TSX Venture Exchange. Riz brings significant experience in operating and governance, having previously been a founding director at SunOpta and serving as Executive VP and COO during growth periods. The board transformation aims to bolster Organto's strategic plans for growth, with the recent addition of several directors bringing extensive global food industry expertise. This development signifies a commitment to enhancing leadership as Organto scales its operations in organic produce.