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BOF Nasdaq· BranchOut Food Inc
Earnings report Q3 2023

BOF Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

BOF reported net revenue of $906.99 million for the three months ended September 30, 2023, representing a significant increase of $725.07 million or 399% compared to the same period last year. The company attributed this substantial growth primarily to increased sales to big box retailers during the quarter.

Strengths

BOF's strong financial performance in the latest quarter can be attributed to its successful sales strategy targeting big box retailers. The company's ability to increase sales to this segment resulted in a significant boost in revenue. Management's focus on expanding its customer base and capturing market share has proven successful, as evidenced by the impressive revenue growth.

Challenges

Despite the strong revenue growth, BOF reported an operating loss of $698.99 million for the quarter, representing an increase of $97.12 million compared to the same period last year. This indicates that the company's operating expenses have also increased significantly. The rise in general and administrative expenses, salaries and benefits, professional services, and depreciation and amortization contributed to the higher operating loss.

Noteworthy

BOF's gross profit margin improved during the nine months ended September 30, 2023, compared to the same period last year. The company achieved a gross profit of $91.88 million, or 7% of net revenue, for the current period, compared to a gross loss of $149.69 million, or -21% of net revenue, in the prior year. This improvement can be attributed to cost savings realized from the transition to bulk shipping arrangements.

Summary

BOF delivered a strong performance in terms of revenue growth in the latest quarter, driven by increased sales to big box retailers. The company's successful sales strategy and focus on expanding its customer base have resulted in a significant increase in net revenue. However, BOF also faced challenges, as evidenced by the higher operating loss due to increased operating expenses. The improvement in gross profit margin reflects the cost savings achieved through the transition to bulk shipping arrangements. Overall, BOF's revenue growth demonstrates its ability to capture market share and generate strong sales, but the company needs to address its operating expenses to improve profitability.

Source documents

Form 10-Q  filed on Nov 14, 2023
3 pages scanned

Reference data

Company financials Q3 revenue 907k
Analyst estimates Q3 EPS missed by NaN%
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