The Very Good Food Company (NASDAQ: VGFC) announces expanded retail distribution with its products now in over 400 locations across 30 U.S. cities and 1,100 locations in Canada. The company began production at its Patterson facility, launching the Taco Stuffer and planning further innovative products. New items include spicy mmmMeatballs and A Cut Above plant-based meats, set for eCommerce release in February. The Very Good Dog has earned accolades in the 'Eat This, Not That!' Food Awards, highlighting the brand's commitment to quality plant-based options.
The Very Good Food Company Inc. (NASDAQ: VGFC) announced it received notification from Nasdaq regarding its common shares trading below the minimum bid price of US$1.00 for 30 consecutive business days. This notification does not immediately affect its Nasdaq listing nor its status on the TSX Venture Exchange. The company has until July 11, 2022, to regain compliance. If not compliant, it may obtain an additional 180 days period under specific conditions. CEO Mitchell Scott expressed confidence in regaining compliance through enhanced access to US retail market.
The Very Good Food Company Inc. (NASDAQ: VGFC) announced significant changes to its board of directors and senior leadership team. Co-founder Mitchell Scott has stepped down as CEO and Chairman, leading to a board with a majority of independent directors. A Nominating and Governance Committee has been established for governance leadership. The company has appointed Janet Meiklejohn as Vice President of Finance & Investor Relations, bringing extensive experience in capital markets. These changes aim to enhance corporate governance as the company continues to grow in the plant-based food sector.
The Very Good Food Company Inc. (NASDAQ: VGFC) has announced the distribution of its popular Stuffed Beast in 123 Real Canadian Superstore locations and 40 Loblaw and Zehrs stores in Ontario for the 2021 holiday season. This follows last year's sellout, prompting increased production to meet demand. The product will also be available at various Canadian retailers, contributing to over 1,400 locations across North America selling The Very Good Butchers products. CEO Mitchell Scott expressed excitement over the demand and the commitment to providing accessible plant-based options for the holidays.
The Very Good Food Company (NASDAQ: VGFC) announced the departure of Chief Financial Officer Kamini Hitkari to pursue new opportunities. Ana Silva, the President, assumes the role of Interim CFO. This transition comes as the company navigates its first year as a public entity. A search for a new CFO is underway. The Company emphasizes its commitment to providing nutritious plant-based food products through its brands, The Very Good Butchers and The Very Good Cheese Co.
The Very Good Food Company (NASDAQ: VGFC) reported a 178% increase in eCommerce orders during Black Friday and Cyber Monday compared to 2020, with a total of 5,795 orders from the U.S. and Canada. This surge in sales was attributed to the popularity of their holiday boxes and the limited-edition Stuffed Beast amidst a turkey shortage. CEO Mitchell Scott expressed excitement over the success of the campaign, highlighting the goal of making plant-based eating more accessible.
The Very Good Food Company reported Q3 2021 financial results showing a significant year-over-year revenue increase of 85% to $2.54 million, primarily driven by a robust eCommerce and wholesale performance. YTD revenue surged 184% to $8 million. eCommerce revenue alone rose 206% YTD, affirming strategic retail focus. However, Q3 revenue dropped 9% from Q2 due to prioritizing retail orders. Adjusted EBITDA loss widened to $(8.17 million). Despite supply chain challenges, increased retail distribution is set to support future growth.
The Very Good Food Company reported a record revenue of C$1.5 million in October 2021, marking a 202% increase compared to the same month last year. This surge was driven by heightened demand for the Company's products, particularly the Stuffed Beast and new Holiday Boxes. The Company has expanded its presence to over 396 U.S. stores and 805 Canadian stores, contributing to eCommerce growth. Additionally, loans amounting to C$1.25 million were secured by the CEO and R&D Chief for personal financial obligations, set at a 9% interest rate.
The Very Good Food Company (NASDAQ: VGFC) will announce its third quarter financial results for the period ending September 30, 2021, on November 23, 2021, post-market close. A conference call to discuss the results and future outlook will take place on November 24, 2021, at 11:00 a.m. ET. The call will be hosted by CEO Mitchell Scott and CFO Kamini Hitkari, followed by a Q&A session. Interested participants can join via dial-in or through a webcast available on the company's investor page.
The Very Good Food Company (NASDAQ: VGFC) recently shared a corporate video update featuring CEO Mitchell Scott, highlighting growth in production capability and wholesale retail distribution. The company plans to increase its production capacity to 60,000 pounds per day in Q1 2022, responding to rising consumer demand for plant-based products. Currently, VGFC's products are available in 1,060 stores across 15 U.S. states, with orders soaring to over 55,000 by August 2021.