Earnings release
Page 1
The Very Good Food Company Reports Second Quarter 2021 Financial Results YTD Q2 2021 Revenue Increased 280 % Year - over - Year to $ 5.4 Million Production Units Sold Increased 226 % Year - over - Year YTD Q2 2021 eCommerce Revenue Increased by $ 3.4m , or 355 % Year - over - Year Fulfilled 47,206 eCommerce orders as of YTD Q2 2021 , compared to a total of 40,322 in 2020 Newbrokerage and distribution partnerships to accelerate U.S. retail reach Vancouver , British Columbia -- ( Newsfile Corp. - August 19 , 2021 ) - The Very Good Food Company Inc. ( TSXV : VERY ) ( OTCQB : VRYYF ) ( FSE : OSI ) ( " VERY GOOD " or the " Company " ) , a leading plant- based food technology company , is pleased to announce its financial results for its second quarter ended June 30 , 2021 . " The fact that we have achieved year - over - year triple digit growth in revenue is a direct result of the robust demand for our premium plant - based food products coupled with our expanding production capacity , " said Mitchell Scott , co - founder and CEO of VERY GOOD . " While I am very proud of our progress over the past year , we still have a lot of runway in front us . Growing our production capabilities to meet the strong demand for our products continues to be a priority for us . In April , we commissioned Line 1 at the Rupert facility and started producing limited saleable product as we continued to test our SKUs ensuring that we reached our high standards of quality and taste . Production volume at our Rupert Facility is rapidly increasing week over week and later this year we will start to commission Line 2. Even with the changes in Apple's privacy settings and Facebook's advertising tools in April , both of which impacted the effectiveness of targeted ad campaigns , our eCommerce sales continue to steadily grow quarter over quarter . Wholesale sales are also increasing due to higher distribution points achieved . Just last week , we announced that The Very Good Butchers products are available in more than 750 outlets across North America as we are now listed in over 100 stores in the US . We expect to be on the shelves of many more stores by the end of the year , but more so in the first quarter of 2022 , after the major retailers ' fall 2021 product category review period . " Q2 2021 Financial Highlights • Revenue increased 156 % to $ 2,780,681 in Q2 2021 compared to $ 1,087,790 in Q2 2020 and increased 5 % from $ 2,643,083 in Q1 2021 primarily driven by increase in eCommerce sales and increase in wholesale revenue due to the Company's scaling of production and distribution to meet demand in both sales channels . • Product units sold increased 132 % to 307,745 units in Q2 2021 compared to 132,869 units in Q2 2020 and from 265,702 units in Q1 2021 . • eCommerce sales increased 161 % to $ 2,206,403 in Q2 2021 compared to $ 846,134 in Q2 2020 ; and increased 1 % from $ 2,185,095 in Q1 2021 . • eCommerce sales as a percentage of revenue remained at ~ 80 % in Q2 2021 compared to Q1 2021 . • eCommerce orders fulfilled increased 115 % to 24,025 in Q2 2021 compared to 11,194 orders fulfilled in Q2 2020 and increased 4 % from 23,181 in Q1 2021 . • Wholesale revenue increased 168 % to $ 455,055 in Q2 2021 compared to $ 169,859 in Q2