Tattooed Chef Inc. (NASDAQ: TTCF) stock plunged by 2.31% at last close while the TTCF stock price declines by 8.12% in the after-hours trading. Tattooed Chef is a prominent plant-based food brand that offers a diverse range of creative and sustainably produced plant-based products. Tattooed Chef is able to launch new goods on a regular basis because of its understanding of customer lifestyle and food trends, dedication to creativity, and self-manufacturing.
TTCF stock, Financial Results
The highlights of the second quarter 2021 financial results released by Tattooed Chef are given below:
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- Revenue was $50.7 million, a rise of 45.9% from $34.8 million in the same time the previous year. The sales from Tattooed Chef branded products was $33.1 million, up 62.3 percent from the previous year’s $20.4 million.
- The gross profit was $8.0 million, or 15.7 percent gross margin, relative to $3.7 million, or 10.8 percent gross margin, the previous year.
- In the preceding year period, the company had a net loss of $53.2 million, compared to a net profit of $1.3 million. This loss comprises a $46.0 million non-cash charge related to a valuation allowance on a deferred tax asset as a result of further investments.
- For the second quarter of 2021 Adjusted EBITDA was negative $5.9 million, down from a positive $2.0 million in the prior-year period.
Sarah Galletti, Chief Creative Officer, commented,
As they plan to extend Tattooed Chef further than the frozen aisle and into refrigerated and ambient items later this year or early next year, they are still in the early stages of growth. She is certain that their innovative ideas for Mexican food items, meat substitutes, and alternative tortillas will truly appeal with customers, and that she is thrilled about all of the future growth prospects.
TTCF Stock Full year 2021 outlook
The Company currently forecasts the following for the entire year of 2021:
- Revenue of $235 million to $242 million, representing a 58 percent to 63 percent growth over 2020.
- A gross margin of 16 percent to 22 percent is expected.
- Negative $14 million to $17 million in adjusted EBITDA is expected for the full year 2021. The Company is dedicated to an aggressive brand-building strategy that includes considerable marketing and promotional investment and has already resulted in significant revenue growth in grocery and mass retail.
- Foe the full year 2021 the company is expecting its capital expenditures to be around $15 million to $20 million.