Muscle Maker Inc (GRIL) Crosses $150 Million Revenue Milestone In First 60 Days Of Operation Of New Subsidiary, Sadot LLC
09 Janvier 2023 - 3:15PM
Muscle Maker, Inc. (Nasdaq:
GRIL), today announced
its new wholly owned subsidiary, Sadot LLC (“Sadot”), has crossed
the $150 million revenue milestone in its first 60 days of
operation. Sadot generated $54.19 million in revenue in November
and an additional $96.39 million in top line sales for the full
month of December. Sadot, in its first two months of operation, has
now generated $150.58 million in total revenue. Total company
year-to-date revenue increased by 1,836% to $159.25 million since
the end of Q3, 2022.
Sadot currently focuses on international
shipping of physical food commodity items such as wheat, soybean
meal, corn, etc. Shipments are via cargo ships that can range
between 25,000 to 75,000 metric tons.
Michael Roper, CEO of Muscle Maker, stated “it
has been our belief that the creation of the new Sadot subsidiary
and the diversification of Muscle Maker into additional lines of
business could change the landscape for Muscle Maker overall. While
Pokemoto and growing our franchising footprint will be a critical
part of the restaurant division moving forward, the launch of Sadot
and our agreement with AGGIA has made an immediate, significant
impact to our top line revenue. Total company revenue through Q3,
2022 was $8.67 million. Sadot has generated $150.58 million in
revenue in Q4, its first two months of operation, pushing the total
company revenue for the entire 2022 year-to-date upwards of 1,836%
to over $159.25 million in just 60 days. These numbers exclude Q4
revenue generated by our restaurant, meal prep, franchising and
other divisions.
Value creation for our shareholders remains a
focus for management. We are creating a more diversified company
that currently reaches consumers via restaurants, meal plans,
franchising and food commodity shipping. We continue to look for
opportunities to further this strategy which could include many
other lines of business such as farming, sourcing or production of
food products.”
On November 18th, Muscle Maker filed a Form 8K
with the Securities and Exchange Commission and issued a
corresponding press release announcing a new subsidiary, Sadot, and
a material agreement between Sadot and AGGIA. AGGIA will manage the
day-to-day operations of Sadot for Muscle Maker, focusing on
shipping, trading, sourcing, farming and production of physical
food commodities.
Roper continued, “We are excited to continue
implementing the Sadot strategy, and we believe we are on the right
path since we have generated over $150 million in revenue in the
first two months of operation. While our wholly owned subsidiary
Sadot focuses on the food commodity shipping and farming side of
the business, the current Muscle Maker franchising team will
continue to focus on growing the company through our Pokemoto
franchising efforts. Our strategy remains the same. As a matter of
fact, we recently announced we have now sold 55 Pokemoto franchise
agreements to date, opening 8 so far and have an additional 47 to
still be opened. Our efforts in 2022 should lead to an exciting
2023!”
The preliminary, unaudited financial results
included in this press release are based on information available
as of January 6, 2023, and management’s initial review of
operations and financial results as of such date. They remain
subject to change based on the completion of the Company’s
customary quarterly financial closing and review procedures and are
forward-looking statements. The Company assumes no obligation to
update these statements, except as may be required by law. The
actual results may be materially different and are affected by the
risk factors and uncertainties identified in this press release and
in the Company's annual and quarterly filings with the Securities
and Exchange Commission. Further, the Company’s independent auditor
has not reviewed or performed any procedures on the preliminary,
unaudited financial results.
About Muscle Maker Grill
Restaurants
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 direct
to consumer ready-made meal prep options. Brands include Muscle
Maker Grill restaurants, Pokemoto Hawaiian Poke and SuperFit Foods
meal prep. Our 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.
Forward-Looking Statements
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.
Contact:
Muscle Maker Grill
Marketingmarketing@musclemakergrill.com
Investor
Relations:IR@musclemakergrill.com
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