On January 19, 2024, DayDayCook released its latest financial and company updates. The figures reflect the company's pre-IPO performance in November 2023.
Financial Highlights:
- Total incomeIn the nine months to September 30, 2023, there was an increase of 255% (compared to the same period in 2022), to $23.7 million.
- Gross profitThis is an increase of 484% to $6.3 million, with gross margin from 223% to 264%
-ebitda(non-GAAP) achieved a profit of $600,000 in nine months.
Company Highlights:
The fourth quarter of the year was a successipo: The Company completed its initial public offering (IPO) on the New York Stock Exchange (NYSE) and raised $33.15 million in new capital (net of underwriting discounts, commissions and other offering expenses payable by the Company).
Continued execution of the company's mergers and acquisitions (m&a”Strategy, with a primary focus on acquiring brands in the Asian food and culinary categories and complementing sales channels, with recent acquisitions including:
Q3 2023: Completion of the sale of Cook San Francisco, LLC(Nona Lim), a U.S.-based Asian food brand that sells Quick Cooking (RTC) Asian noodle lunch boxes and a variety of soup bases to customers through a distribution network in the U.S., including major retailers such as Whole Foods Market, Target, and Kroger
Q1 2024: Completed the acquisition of Yai's Thai, a Thai food brand that offers Thai cuisine such as ready-to-eat Thai curries and stir-fried sauces in the U.S. market. Yai's Thai products are sold in channels such as Costco, Whole Foods Market, Safeway, Sprouts, and Kroger. The company expects revenue of $8 million to $10 million in 2023.
Q1 2024: An agreement was reached to acquire G., an Asian ready-to-eat food producer in Italyl. industry s.p.A ("GLI") 51% stake, representing approximately $9.3 million in cash, plus additional cash payments based on GLI's revenue and EBITDA over the next three years and** as a transaction. GL's 2023 projected annual revenue is approximately $11 million.
Norma Chu, Chairman and CEO of DayDayCook, said: "These achievements come from the pre-IPO period, and now that we are listed on the New York Stock Exchange, we look forward to continued financial success in the future. We are very excited about our recent acquisitions and the number of opportunities we see in the U.S. and international markets. As a newly listed company, we are focused on executing the Group's growth strategy and creating value for our shareholders. ”