JustKitchen Reports Record Financial Results for Third Quarter 2021

The Company Experienced A 67% Increase in Food Order Volume
from the Second to the Third Quarter of 2021

TSXV: JK

Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTC: JKHCF) ( Frankfurt : 68Z) an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that is pleased to announce it has filed its unaudited financial results for the third quarter of the fiscal year ending June 30, 2021 the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company's website at en.justkitchen.com or its profile page on SEDAR at www.sedar.com .

JustKitchen (CNW Group/Just Kitchen Holdings Corp.)

Financial Highlights

  • Food and beverage sales of $3,346,897 for the three-month period ended June 30, 2021 compared to $479,664 for the three-month period ended June 30, 2020 ; similarly, sales reached $7,482,348 for the nine-month period ended June 30, 2021 compared to $712,801 reported for the 217-day period from November 27, 2019 to June 30, 2020 (the " Comparative Period ");
  • Approximate sales volume grew to 214,744 retail customer food orders in the third quarter from 128,400 retail customer food orders in second quarter of 2021, which is an increase of 67%;
  • Adjusted EBITDA losses were $2,056,192 and $5,178,122 for the three- and nine-month periods ended June 30, 2021 , respectively, as compared to Adjusted EBITDA losses of $629,351 and $990,578 for the same three-month period of the prior year and the Comparative Period, respectively, primarily as the result of an overall increase in business activities which caused an increase in general and administrative costs. Non-cash stock-based compensation included in general and administrative expenses were $493,047 and $1,887 ,909 for the three- and nine-month periods ended June 30, 2021 , respectively; and
  • Net losses were $2,836,847 and $7,796,806 for the three- and nine-month periods ended June 30, 2021 , respectively, as compared to $832,286 and $1,335,132 for the same three-month period of the prior year and the Comparative Period, respectively, due to the same primary reasons listed above.

Management Commentary

"We are pleased with the financial and operating results for the third quarter of 2021 as they are beginning to more accurately reflect JustKitchen's rapid and continuing growth. The significant increase in revenues by way of the step-change in food order volume reflects our growing number of ghost kitchen locations, food brands and menu offerings," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen. "Our investments in new locations, partnerships and markets, as well as into our people and technology, are generating a steady pipeline of development opportunities for JustKitchen to pursue for the foreseeable future," added Mr. Chen.

Summary of Key Financial Measures


Three months
ended
June 30,
2021
$

Three months
ended
June 30,
2020
$

Nine months
ended
June 30,
2021
$

217 days
ended
June 30,
2020 2
$

Revenue

3,346,897

479,664

7,482,348

712,801

Adjusted EBITDA 1

(2,056,192)

(629,351)

(5,178,122)

(990,578)

Loss for the period

(2,836,847)

(832,286)

(7,796,806)

(1,335,132)

Loss per share

(0.05)

(0.03)

(0.17)

(0.07)

The following is a reconciliation of Adjusted EBITDA to Income (Loss) from Operations:


Three months
ended
June 30,
2021
$

Three months
ended
June 30,
2020
$

Nine months
ended
June 30,
2021
$

217 days
ended
June 30,
2020 2
$

Income (Loss) from operations

(2,836,847)

(832,286)

(7,796,806)

(1,335,132)

Interest expense

28,400

17,796

78,654

46,945

Depreciation expense

259,208

99,989

652,121

212,459

EBITDA 1

(2,549,239)

(714,501)

(7,066,031)

(1,075,728)

Stock-based compensation

493,047

85,150

1,887,909

85,150

Adjusted EBITDA 1

(2,056,192)

(629,351)

(5,178,122)

(990,578)

1.

Adjusted EBITDA is a financial measure that does not have a standardized meaning under IFRS. Adjusted EBITDA is defined as earnings before interest expense, depreciation and stock-based compensation. As there is no standardized method of calculating Adjusted EBITDA, it may not be directly comparable with similarly titled measures used by other companies. The Company considers Adjusted EBITDA to be a relevant indicator for measuring trends in performance and its ability to generate funds to service its debt and to meet its future working capital and capital expenditure requirements. Adjusted EBITDA is not a generally accepted earnings measure and should not be considered in isolation or as an alternative to net income (loss), cash flows or other measures of performance prepared in accordance with IFRS.

2.

Represents the period from acquisition of control on November 27, 2019.

Corporate Highlights Subsequent to June 30, 2021

The Company:

  • Opened a new ghost kitchen location in Taoyuan, Taiwan ;
  • Launched two new delivery-only offerings including the TGI Fridays Go Burgers Collection and the Cali Vibe proprietary bento food brand;
  • Entered into an agreement to collaborate in the Hong Kong market with Foodpanda, which is the dominant customer food order fulfilment platform in the region and a global online food and grocery delivery brand owned by Berlin -based Delivery Hero;
  • Signed a Hong Kong -focused collaborative agreement with Zeek, which provides smart logistics with integrated on-demand delivery services for Hong Kong and Southeast Asia ;
  • Launched multiple delivery-only desserts in association with Paul Café, the global chain of bakeries and cafés with operations in 47 countries that was founded in France in 1889;
  • Acquired the virtual branding rights to the Hutong Yakiniku brand from GYEN Intl Business Co., Ltd., which is one of the best Japanese barbecue cuisine offerings in Taiwan and has rapidly become a well-known name both locally and abroad with 11 restaurants in Taiwan , 11 in China and one in Hong Kong ;
  • Acquired the virtual branding rights to the local Taiwanese Ice Monster brand, which is a popular shaved ice dessert shop that successfully expanded to Japan and China in 2015 and Hawaii in 2017;
  • Hired Michael Liu as its Executive Vice President of Operations, who prior to his current role with JustKitchen was the Head of Commercial for Deliveroo in Taiwan since 2019, which involved leading a commercial team of over 40 professionals connected to a portfolio of over 5,000 restaurant partners;
  • Warren Tseng appeared as an industry panelist as part of a session entitled "The Ghost Kitchen Tech Stack" during The Spoon's Restaurant Tech Summit on August 17, 2021 ; and
  • Temporarily operated ghost kitchen locations between the months of June and August within the underutilized Marriott Courtyard Taipei Downtown and Madison Taipei hotels.

Similar to the outlook provided previously, and despite the significant increase in revenues on both a quarterly and annual basis, the Company anticipates that operating costs will remain proportionally elevated in the near term to support its rapid expansion in Taiwan and internationally.

ABOUT JUSTKITCHEN

JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan and Hong Kong with plans to expand operations to the United States and other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.

For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments the expected rapid and continuing growth of its business These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021 , and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE Just Kitchen Holdings Corp.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2021/31/c3872.html

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
ARway.ai Announces Major 300,000 SQ FT or 30,000 M. Retail Store Pilot of its AR Navigation Platform

ARway.ai Announces Major 300,000 SQ FT or 30,000 M. Retail Store Pilot of its AR Navigation Platform

ARway.ai ("ARway" or the "Company") (CSE:ARWY)(OTCQB:ARWYF)(FSE:E65) is an AI powered Augmented Reality Experience platform with a disruptive no-code, no beacon spatial computing solution enabled by visual marker tracking with centimeter precision is pleased to announce its new partnership with Megatek Albania's leading home improvement and do-it-yourself (DIY) retailer. This groundbreaking collaboration is set to bring an unprecedented retail experience to the Albanian market, beginning with a pilot program at Megatek's expansive flagship store that spans more than 323,000 square feet

The successful implementation of ARway's technology in Megatek's flagship store will pave the way for future deployments across more locations and similar stores, signaling a significant growth and revenue opportunity for both companies.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
NEO Battery Materials Announces Change of Auditor to MNP LLP

NEO Battery Materials Announces Change of Auditor to MNP LLP

NEO Battery Materials Ltd. (" NEO " or the " C o mpan y ") ( T S X V : NBM ) ( OTC: NBMFF ), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to announce that it has changed its auditors from DeVisser Gray LLP (" Former Auditor ") to MNP LLP (" Successor Auditor "), effective March 19, 2024.

NEO Battery's board of directors accepted the resignation of DeVisser Gray LLP and appointed MNP LLP as the new auditor of the Company, effective March 19, 2024, until the Company's next annual general meeting of shareholders.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

NANALYSIS ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED BEST EFFORTS PROSPECTUS EXEMPT OFFERING PURSUANT TO THE LISTED ISSUER EXEMPTION AND CONCURRENT PRIVATE PLACEMENT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ./

Nanalysis Scientific Corp. (TSXV: NSCI) (the " Company " or " Nanalysis ") is pleased to announce that it has closed its prospectus exempt offering of units (the " Offering ") and concurrent brokered "best efforts" prospectus exempt offering of units (the " Concurrent Offering" ), as announced on March 6, 2024 . A total of 11,111,110 units (the " Units ") were issued at a price of $0.45 per Unit for gross proceeds of $4,999,999.50 . A total of 8,888,888 Units were issued pursuant to the Offering and 2,222,222 Units were issued pursuant to the Concurrent Offering.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
ARway.ai Announces EWROS as New Partner in Turkey for its Augmented Reality Navigation Experience Platform

ARway.ai Announces EWROS as New Partner in Turkey for its Augmented Reality Navigation Experience Platform

ARway.ai ("ARway" or the "Company") (CSE:ARWY)(OTCQB:ARWYF)(FSE:E65) is an AI powered Augmented Reality Experience platform with a disruptive no-code, no beacon spatial computing solution enabled by visual marker tracking with centimeter precision is pleased to announce a paid partner deal with EWROS, a leading developer of automation systems software based out of Turkey. This new partner is another step in ARway.ai's expansion, aligning with EWROS's recognized position in the region as a premier automation solutions provider

EWROS becomes an integral part of the ARway ecosystem, licensing ARway's innovative platform for large-scale projects within the region. This partnership allows EWROS to leverage ARway's cutting-edge AR technology in conjunction with their existing IoT deployments, thereby offering a comprehensive tech stack to their clientele.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Sona Nanotech Announces Filing of Provisional Patent Application

Sona Nanotech Announces Filing of Provisional Patent Application

Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company" or "Sona") announces that it has submitted a provisional patent application with the United States Patent and Trademark Office (USPTO), for its proprietary photothermal light device, entitled, "ENDOSCOPE WITH EMR OPTICAL FIBER AND THERMAL SENSOR FOR PHOTOTHERMAL THERAPY".

A prototype of Sona's medical laser was engineered in conjunction with Minnetronix Medical to apply non-thermal, 860 nanometer wavelength high intensity infrared laser light. The device has been designed for use with Sona's patented/patent pending biocompatible gold nanorods which efficiently convert the non-thermal light energy into heat. The device has controls to regulate the intensity and duration of the light exposure and to permit a user to monitor and control the temperature generated in tissue. The device is currently being used for the Company's ongoing pre-clinical efficacy study of its Targeted Hyperthermia Therapy cancer treatment at Dalhousie University.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Aether Global Innovations Announces Non-Brokered Private Placement

Aether Global Innovations Announces Non-Brokered Private Placement

(TheNewswire)

Aether Global Innovations Corp.

Vancouver, B.C. TheNewswire March 14, 2024 - Aether Global Innovations Corp. (CSE:AETH) (OTC:AETHF) (Frankfurt:4XA) (WKN#A2N8RH) ("Aether Global", "AETH", or the "Company"), a drone management and automation company, announced today a non-brokered private placement financing of up to 10,000,000 units (the "Units") of securities at a price of $0.05 CAD per Unit for aggregate gross proceeds of up to $500,000.00 CAD (the "Offering").

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×