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Planting Hope Reports Record Revenues of $12.2 Million (CAD $16.7 Million) in 2022

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CHICAGO, IL and VANCOUVER, B.C. / ACCESSWIRE / May 2, 2023 – The Planting Hope Company Inc. (TSXV: MYLK) (OTCQB: MYLKF) (FRA: J94) (“Planting Hope” or the “Company”), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, is pleased to report financial results for the three and twelve months ended December 31, 2022. All figures are in U.S. dollars unless otherwise stated.

“2022 was a record growth year for Planting Hope: through numerous accomplishments over 12 short months we have proven out acceptance and demand for our products, and laid the platform for accelerated revenue growth and scaling in 2023 and beyond,” said Julia Stamberger, CEO and Co-founder of Planting Hope. “Key achievements in 2022 include expanding our products to more than 10,000 Grocery Retail doors and more than 60,000 total distribution points, and securing distribution through multiple regional and national Foodservice distributors to support our strategy to develop high-volume, strong net margin Foodservice placements across our brands. Additionally, we successfully completed and integrated our first brand acquisition with RightRice®, and launched our top items in bilingual Canadian-compliant packaging to retailers across Canada.”

Stamberger went on to say, “In 2022, we rolled out our flagship Hope and Sesame® Barista Blend Sesamemilk to the critical Café channel. Since its introduction, Hope and Sesame® Sesamemilk has won or been recognized as a finalist with more than a dozen industry and consumer awards for taste, sustainability, nutrition, and performance in hot and cold beverages.  After five years of formulation, development and testing, sesame milk is the first meaningful new Plant Milk subcategory since oat milk and we are rapidly validating its potential to significantly disrupt the Café space and Foodservice channels. Additionally, we continue to push forward sustainability initiatives across our products, including Hope and Sesame®’s recent Upcycled certification from the Upcycled Food Association.”

“The food and beverage categories that our plant-based, planet-friendly products are disrupting - Plant-Based Milk & Creamers, Rice & Legumes, and Healthy Snacking - continue to grow by double digits in North America and globally. Planting Hope’s standout brands in each of these categories are poised to create meaningful disruption through delivering revolutionary sustainability, nutrition, and taste to consumers and operational ease and functionality to Foodservice operators,” Stamberger added. “The gameboard is now set up for the Planting Hope Company: in 2023, we start to play, and our shareholders win.”

2022 Financial Highlights:

During financial year ended December 31, 2022 (“FY 2022”), the Company achieved the following financial growth and improvements over the financial year ended December 31, 2021 (“FY 2021”):

The increase in SG&A dollars YOY was primarily due to:         

Q4 2022 Financial Highlights:

During three months ended December 31, 2022 (“Q4 2022”), the Company achieved the following growth versus the three months ended December 31, 2021 (“Q4 2021”):

Moving into 2023, the Company is focused on improving overall profitability, with the goal of turning the corner on EBITDA profitability by the end of 2024. Losses as a percentage of revenue continue to lessen as the Company focuses on scaling profitable channels, business and customers.

Significant Achievements in FY 2022 and Q4 2022 include:

Additional Growth:

Select FY 2022 Achievements Include:

New products launched during Q4 2022 (initial production):

Launched bilingual packaging for the Canadian market for the top-selling Hope and Sesame®, RightRice®, and Mozaics™ products, achieving initial and growing distribution in Canadian retailers starting in Q4 2022.

Industry trade shows

In 2022, the Company invested heavily in industry trade shows to get its products in front of key buyers in Grocery Retail and Foodservice. Many of these shows had not been held in person since 2019 due to COVID-19, and the Company had all-new products and packaging to showcase, including the RightRice® products. Through Q4 2022, the Company exhibited at 18 trade shows, including: Winter Fancy Food Show (Las Vegas/February 2022), CoffeeFest NYC (NYC/March 2022), Natural Products Expo West (Anaheim, CA/March 2022), Specialty Coffee Expo (Boston/April 2022), CHFA West (Vancouver/April 2022), National Restaurant Association Show (Chicago/May 2022), Sweets and Snacks Expo (Chicago/May 2022), UNFI Holiday Show (Mohegan Sun/June 2022), Summer Fancy Food Show (NYC/June 2022), KeHE Distributor Show (Chicago/June 2022), CoffeeFest Chicago (June 2022), Carmela Specialty Foods Expo (August 2022), CoffeeFest Los Angeles (September 2022), Plant-Based World NYC (September 2022), CHFA (September 2022), CoffeeFest Seattle (October 2022), and UNFI Show (October 2022). Across these tradeshows the Company’s brands and products were introduced to retail buyers, distributors, and Foodservice operators, including independent café baristas and owners. 

Operations:

The Company started implementation of the NetSuite ERP platform across the Company, beginning with Finance and Operations in Q3 2022, and completed the implementation of the Financial modules by the end of FY 2022. The Company expects to successfully complete the implementation of NetSuite across all departments by the end of Q2 2023.

The Company effectively executed on its business plan for 2022, including expanding core products in key channels, and setting up new products and distribution channels that the Company expects will achieve scale and add to profitability in 2023.

There are two significant areas of market demand in Foodservice that have particular alignment with the Company’s products:

  Key Growth Priorities for 2023: 

Financial Statements & Management’s Discussion and Analysis

This earnings press release should be read in conjunction with Planting Hope’s consolidated annual and interim financial statements and management’s discussion and analysis thereto, which have been posted on SEDAR at www.sedar.com and the Company’s website at www.plantinghopecompany.com.

About The Planting Hope Company Inc.

Planting Hope develops, launches, and scales uniquely innovative plant-based and planet-friendly food and beverage brands. Planting Hope's award-winning and cutting-edge products fill key unmet needs in the skyrocketing plant-based food and beverage space. The Planting Hope brand family includes Hope and Sesame® Sesamemilk, Barista Blend Sesamemilk, and Sesamilk™ creamers, RightRice® Veggie Rice, Mozaics™ Real Veggie Chips, and Veggicopia® Veggie Snacks. Products from Planting Hope brands are available in more than 9,000 doors and more than 50,000 total distribution points at grocery retailers throughout North America, and are carried by key distributors to grocery, foodservice, and cafés. Founded by experienced food industry entrepreneurs, Planting Hope is a women-managed and woman-led company focused on nutrition, sustainability, and diversity.

For more information about Planting Hope and where to find its award-winning plant-based brands please visit plantinghopecompany.com, sign up for Planting Hope news emails HERE and follow on LinkedIn. An informational webinar on The Planting Hope Company from CEO and Co-founder Julia Stamberger is available HERE. To follow the brands on Instagram and Facebook, please visit: @hopeandsesameco, @veggicopia, @rightrice, @mozaicschips.  To purchase products directly from the Company that ship within the United States, please visit its direct-to-consumer website at plantinghopebrands.com. For the Planting Hope product store locator, please visit HERE.

All dollar amounts are in USD unless otherwise stated. An exchange rate of $0.7323 was applied to the USD to CAD FX conversions, the rate as of market close April 28, 2023.

Contacts

Company Contact:
Julia Stamberger
CEO and Co-founder
(773) 492-2243
julia@plantinghopecompany.com

Investor Relations Contact:
Glen Akselrod, Bristol Capital
(905) 326-1888 ext. 1
glen@bristolir.com

Media Contact:
Alex Jessup, Jessup PR
(323) 529-3541
alex.jessup@jessuppr.com

 

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

Forward-Looking Statements

This news release contains "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, including, but not limited to, statements about the Company's ability to execute on its goals, the timing pertaining to these goals the potential demand for the Company’s products, the timing and success of anticipated product launches and distribution of the Company’s products, the Company's business prospects, future trends, plans, scalability and strategies, that the Company will achieve profitability in the next few years, the timing of the Company’s implementation of NetSuite, and the Company’s key growth priorities for 2023 . In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that demand for the Company’s product will be sustained or increase in accordance with management’s projections, that the Company’s internal research and analysis is indicative of broader market trends and the Company’s anticipated future demand for its products, that changes in consumer preferences in the plant-based food industry will continue in accordance with the Company’s expectations, that the Company’s current business objectives can be achieved and that its other corporate activities will proceed as expected, and that general business and economic conditions will not change in a materially adverse manner. Although the management of the Company believes that the assumptions made and the expectations represented by such forward-looking statements are reasonable, there can be no assurance that any forward-looking statement herein will prove to be accurate. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting its industry can be found in the Company’s annual information form dated January 6, 2022 and the Company's continuous disclosure record available on SEDAR at www.sedar.com. Such cautionary statements qualify all forward-looking statements made in this news release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

 

1 Source: Company market testing, market experience, and market analysis.  

2 https://www.ibisworld.com/industry-statistics/number-of-businesses/coffee-snack-shops-united-states/

3 https://www.megamexFoodservice.com/why-you-should-have-bowl-options-on-your-menu/

4 https://www.qsrmagazine.com/content/22-fast-food-trends-watch-2023

5 https://www.lentils.org/food-trend-spotlight-power-bowls/

General Contact

  • US Address

    4710 N. Sheridan Road
    Chicago IL
    60640 USA
  • Canadian Address

    c/o Bentall 5
    550 Burrard Street, Suite 1008
    Vancouver, British Columbia, V6C 2B5