The following is a summary of the Else Nutrition Holdings Inc. (BABYF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Else Nutrition Holdings reported a Q1 2024 revenue of $2.1 million, a drop from $2.9 million in Q1 2023.
Despite a decrease in the quarter revenue due to anticipated customer deal delays, the company expects to see significant revenue growth throughout 2024.
The company saw a 92% increase in U.S. Amazon sales and a 330% increase in Canadian Amazon sales compared to the same period in 2023.
Business Progress:
Else Nutrition started 2024 on a high note, with several retail partner announcements and launching their kids ready-to-drink shakes in both vanilla and chocolate flavors.
They are preparing to introduce an adult ready-to-drink line.
With the commercial launch of their plant-based infant formula in Australia, they are entering a growing market.
They have secured three manufacturing partners and signed a powder manufacturing agreement to guarantee supply through the end of 2025.
A new marketing program is underway to broaden brand recognition and fuel growth.
They are continually liaising with the FDA for U.S. approval based on the rising global demand for plant-based products.
More details: ELSE NUTRITION HOLDINGS INC IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.