Revenues Surge $150 Million at Newly Formed Sadot Subsidiary
FORT WORTH, TX / ACCESSWIRE / March 21, 2023 / Muscle Maker, Inc. (Nasdaq:GRIL), (the "Company"), today reported its financial results for the full year and fourth quarter ended December 31, 2022, and will host a call to review the results tomorrow, Wednesday, March 22, 2023, at 10:00 AM EDT / 7:00 AM PDT.
- Muscle Maker, Inc. generated $161,698,417 in total revenue.
- October 2022 formed its new wholly owned subsidiary, Sadot LLC.
- November 2022 entered into a material agreement with AGGIA, an international agri-commodity shipping, sourcing and sustainable farming consulting firm to assist in the operations of Sadot LLC.
- November/December revenue generated from Sadot subsidiary was $150,585,644.
- Net income generated from Sadot LLC was $4,548,440 or a 3% profit margin.
- The Company's restaurant division generated revenue, net of discounts, of $10,300,394.
- The Company's restaurant division consisting of Pokomoto, Muscle Maker Grill and Superfit Foods had an 11% year over year growth in sales.
- There are now 28 Pokemoto restaurants open and operating with an additional 50 new franchise agreements sold to still be opened.
- The Company's restaurant division labor, rent, other operating and SG&A key metrics all improved year over year.
- As of December 31, 2022, the Company had a:
- Cash Balance of $9,898,420.
- Working Capital surplus of $4,032,888.
"We are thrilled with the performance of our newly formed subsidiary Sadot," said Muscle Maker, Inc.'s CEO, Mr. Michael Roper. "It has proven to be a strategic addition to our Company with its material impact on our revenue and net income. As we look to the future, we remain committed to leveraging the strengths of Sadot along the with the expansion of our Pokemoto restaurant brand to continue driving growth and delivering value to our stakeholders."
Date: March 22, 2023
Time: 10:00 AM EDT / 7:00 AM PDT
To register, please use the link below to listen in live or click the link at a later time to view the replay:
About Muscle Maker, Inc.
Muscle Maker, Inc. is the parent company of "healthier for you" brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bases, universities, delivery and by direct-to-consumer ready-made meal prep options. Brands include Muscle Maker Grill Restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal prep. The menus highlight healthier versions of traditional and non-traditional dishes and feature grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon, shrimp, tofu, and plant-based options. For more information on Muscle Maker, Inc., visit www.musclemakergrill.com, for more information on Pokemoto visit www.pokemoto.com or for more information on SuperFit Foods visit www.superfitfoods.com.
About Sadot LLC
Sadot is a wholly owned subsidiary of Muscle Maker, Inc. Sadot's goal is to create a comprehensive, global food company that stretches from sustainable farming, agricultural commodity shipping and trading, distribution, production and ultimately reaches consumers through our restaurant, franchise, and meal prep companies. Sadot currently focuses on international agricultural commodity shipping and trading for items such as soybean meal, wheat, and corn. Shipments are via commercial cargo ships that can range between 25,000 to 75,000 metric tons.
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This press release may include "forward-looking statements" pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products, or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should", "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc., does not undertake any duty to update any forward-looking statements except as may be required by law.
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SOURCE: Muscle Maker, Inc.