Organto Foods Stock Price, News & Analysis

Organto Foods has announced plans to amend and extend terms of its 2020 convertible debentures while launching a private placement of new 2022 convertible debentures to raise up to $500,000. The 2020 debentures will see an interest rate increase from 8% to 10% and a maturity extension of two years. As of now, $522,000 of the original $3,666,850 has been converted into shares. The new debentures will also have a 10% interest rate, with the option to convert into shares at $0.30. Proceeds will be directed towards growth initiatives and general working capital.

Organto Foods Inc. (OTCQB:OGOFF) reported record sales of $4,574,574 for Q3 2022, a 6% increase year-over-year and the highest third quarter sales in its history. Gross profit was $166,126 or 3.7% of sales, down from 12.3% previous year, due to inflation and rising supply chain costs. Year-to-date sales rose 15.3% to $16,657,387, but net loss widened to $7,065,357. Increased overhead costs of 31.3% reflect investments in growth initiatives. Organto anticipates continued demand for organic products despite challenging macroeconomic conditions.

Organto Foods has expanded its geographic footprint by partnering with a major European supermarket chain to sell organic products in Serbia, following recent sales in the Czech Republic. The supermarket chain operates over 7,500 stores across 10 countries and is a leader in the Serbian market with 457 retail locations. The initial launch in Belgrade aims for a broader rollout in the coming months. Additionally, Organto has granted 85,000 stock options to an employee, while terminating an exclusive avocado supply agreement due to supply chain disruptions without a material impact on the company's operations.

Organto Foods Inc. has partnered with Central Europe's leading e-grocer to expand its presence in the Czech Republic. The collaboration will feature Organto's "I AM Organic" branded and private label products, which include fruits, vegetables, and herbs. The online grocer, which commands a 70% market share in the Czech Republic, aims to enhance its organic category. Initial launches began in Prague, with plans for nationwide availability within a year. Organto's commitment to sustainability and organic produce aligns with increasing consumer demand for healthy food options.

Organto Foods Inc. (TSXV:OGO, OTC:OGOFF) announced its participation in the Fruit Attraction Fair in Madrid, Spain from October 6-8, 2022. Co-CEO Rients van der Wal emphasized the growing demand for sustainable organic produce and highlighted Organto's innovations, including proprietary digital passport technology for product transparency. The company aims to build business relationships and showcase its I AM Organic brand at the event. Organto reports eleven consecutive quarters of record revenue growth, driven by a flexible, asset-light business model serving eighteen European countries.

Organto Foods (OTCQB:OGOFF) reported its Q2 2022 financial results, showing sales of $5.11 million, down 4.9% year-over-year. However, when adjusted for currency fluctuations, sales in Euros increased by 4%. Gross profit was $208,084, or 4.1% of sales, significantly lower compared to 12.1% in the previous year. The company's cash position improved to $8.42 million. Despite challenges from the Russia/Ukraine war and rising costs, Organto continues to invest in growth initiatives. A net loss of $2.68 million was reported, up from a loss of $1.16 million in the earlier year.

Organto Foods Inc. has launched its I AM Organic product line, starting with organic bananas and apples, in approximately 400 fueling and EV charging stations in the Netherlands. This initiative aims to provide healthy, convenient snack options for consumers. The products utilize digital passport technology for transparency, showcasing details like origin and carbon footprint. Co-CEO Rients van der Wal emphasized the brand's mission of accessibility to organic produce. This partnership reinforces Organto's strategy to expand its presence in the market and enhance its brand visibility.

Organto Foods Inc. held its 2022 Annual General Meeting on June 22, 2022, in Vancouver, BC, with approximately 19% of eligible shares voted. Shareholders overwhelmingly supported all resolutions, with over 98% approval. Eight directors were elected, with 62.5% being independent. The firm appointed Dale Matheson Carr-Hilton Labonte LLP as independent auditor for the upcoming year and approved amendments to its Share Option and Restricted Share Unit Plans.

Organto Foods announced its financial results for Q1 2022, marking record quarterly sales of $6,999,864, up 46.7% from the previous year. This increase is also a 57.7% rise when adjusted for currency fluctuations. The company achieved a gross profit of $670,602, maintaining a 9.6% profit margin. Operating expenses rose to 25.7% of sales due to investments in growth. Organto improved its balance sheet with cash on hand of $9,542,805 compared to $3,629,677 year-over-year. However, the company reported a net loss of $2,328,787 for the quarter.