Tattooed Chef Shares Rise After a Strong Q3 Financial Report

Nov 17, 2021 By MarketDepth

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Tattooed Chef, Inc. (NASDAQ: TTCF) stock is up more than 13% after the plant-based food company announced third quarter financial results for 2021. Revenue was a record $58.8 million, a 43.5% increase compared to $41.0 million in the prior year period; Tattooed Chef branded product revenue was $35.3 million, an increase of 55.9% compared to $22.6 million in the prior year period. Gross profit was $5.9 million, or 10.1% gross margin, compared to $4.2 million, or 10.3% gross margin, in the prior year period.

“We are pleased with our third quarter results with record revenue driven by our Tattooed Chef branded products. Tattooed Chef is now a top 10 brand across the club, grocery and mass channels in the categories in which we compete. Our branded products are now in over 13,000 stores nationwide as we have executed on our plan to diversify both channel and customer mix. Looking ahead, we believe we are well positioned to execute on our growth strategy with tremendous momentum entering 2022 and beyond.”

Sam Galletti, President and CEO of Tattooed Chef

The Company has also provided outlook for full year 2021, indicating that it expects revenue of  in the range of $210 million to $215 million, an increase of 41% to 45% compared to 2020.

“We are thrilled with Tattooed Chef’s acceptance at retail stores and believe our products resonate with the next generation of consumers. We are constantly looking for new ways to go to market and, supported by our recently announced acquisitions, we plan to expand our product portfolio beyond the freezer aisle allowing consumers to enjoy Tattooed Chef products at home and on-the-go. I have never been more excited about our future opportunities for growth.”

Sarah Galletti, Chief Creative Officer and “The Tattooed Chef”

Tattooed Chef, Inc., a plant-based food company, produces and sells a portfolio of frozen foods. It supplies plant-based products to retailers in the United States.