TTCF - TTCF STOCK NEWS

Tattooed Chef, a plant-based food leader, received a Notification Letter from Nasdaq on March 31, 2023, indicating a non-compliance issue due to the late filing of its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. This letter does not immediately affect the company's stock trading. Previously, on March 17, 2023, the company filed a Notification of Late Filing, citing the implementation of a new enterprise resource planning system and the need to restate previous financial statements as reasons for the delay. Tattooed Chef has until May 30, 2023, to submit a compliance plan, with a potential extension up to September 27, 2023, if accepted. The company is committed to filing the Form 10-K and regaining compliance promptly.

Tattooed Chef (TTCF) announced updates on cost reduction initiatives and operating activities in a press release dated March 17, 2023. The company has filed a Form 12b-25 with the SEC, indicating delay in the filing of its FY 2022 Annual Report. Tattooed Chef now anticipates up to $40 million in annual cost savings for 2023, aiming for breakeven Adjusted EBITDA by Q4 2023. Key actions include a $15 million reduction in marketing expenses and a workforce reduction plan. Retail expansion is underway, with products in over 24,000 stores and agreements with CVS. Preliminary FY 2022 results show net revenue at $234 million, with a gross margin anticipated between -4% to -5%.

The global plant-based food ingredients market is experiencing significant growth, projected to reach $12,341.4 million by 2030, from $2,895.6 million in 2020, reflecting a CAGR of 15.3% from 2021 to 2030. The rise in health consciousness, shift to organic foods, and concerns for animal welfare are key drivers of this trend. Notably, the emulsifiers segment is highlighted as the largest market contributor, with an expected rise from $738.4 million in 2020 to $2,305.0 million by 2030. Companies like Tattooed Chef (TTCF), Beyond Meat (BYND), and Oatly Group (OTLY) are prominent players in this evolving market.

Tattooed Chef (TTCF) reported Q3 2022 net revenue of $54.1 million, down 6.7% from Q3 2021's $58.0 million. The company experienced a gross loss of $(3.9) million with a margin of (7.2)%, compared to a gross profit of $5.0 million and a margin of 8.6% last year. Net loss surged to $(38.5) million or $(0.46) per share, widening from last year's $(8.2) million. The company revised its 2022 revenue guidance to $235 - $245 million, down from $280-$285 million.

Despite challenges, Tattooed Chef aims for annual cost savings of $30 million by 2023 and plans to achieve positive EBITDA by mid-2024.

Tattooed Chef (Nasdaq: TTCF) announced the upcoming release of its third-quarter financial results for the period ended September 30, 2022, scheduled for November 15, 2022, after the market closes. A conference call will take place on the same day at 5:00 PM ET to discuss the results. Interested investors can join via phone or online, with the call also being archived for 30 days. Tattooed Chef is a leading player in plant-based foods, offering a diverse range of products available in national retail and e-commerce.

Tattooed Chef (TTCF) announced plans to achieve approximately $30 million in expense savings by year-end 2023, targeting positive EBITDA and operating cash flow by mid-2024. The company is implementing cost reduction measures, including cutting marketing expenses and improving operational efficiencies. Despite these efforts, it revised its 2022 revenue outlook to $235-$245 million, down from $280-$285 million, citing inflationary pressures and changing consumer behavior. The gross margin forecast has also been lowered to 0-3% from 8-10%.

Tattooed Chef (TTCF) announced it will restate its financial statements for 2021 and Q1-Q2 2022 due to material misstatements identified by its former accounting firm, BDO USA. The misstatements primarily involve incorrect expense recording related to a multi-vendor mailer program and advertising placements. The expected adjustments may result in a net revenue decrease of up to $5 million and impact gross profit and operating expenses variably. Despite these restatements, the company claims there will be no effect on cash position or future operations.

Tattooed Chef (Nasdaq: TTCF) has announced a significant expansion of its distribution agreement with Walmart, increasing the availability of its products from an average of 300 to 2,000 stores across the U.S. This includes expanding its frozen product line from 5 to 13 SKUs. Additionally, the company acquired assets from Desert Premium Group for approximately $10 million and signed a lease for a new 80,000 sq. ft. manufacturing facility in Albuquerque, New Mexico, which will enhance production capabilities and economies of scale, effective August 19, 2022.