Coho Collective Kitchens Inc. Reports Q1 2023 Financial Results
Vancouver, British Columbia - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is pleased to announce that it has filed its unaudited Q1 financial results for the three months ending June 30, 2022, the highlights of which are included in this news release. The full set of Consolidated Interim Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company's website at www.cohocommissary.com or its profile page on SEDAR at www.sedar.com.
Quarterly revenues of $543,312 for the three-month period ended June 30, 2022 compared to $493,078 for the three-month period ended June 30, 2021, an improvement of $50,234.
Quarterly net loss was $1,492,663 for the three-month period ended June 30, 2022 compared to $566,865 for the three-month period ended June 30, 2021. The net loss includes $553,950 in professional fees, some of which are related to the initial public offering which closed in June 2022.
Cash on hand at June 30, 2022 was $2,229,643, compared to $111,496 on March 31, 2022, Working capital at June 30, 2022 was $1,240,802 compared to $(2,241,226) on March 31, 2022.
"Our focus on fundraising in Q1 has set up the company to succeed in upcoming quarters. Successfully closing our initial public offering allows Coho to continue to grow, open facilities in line with our expansion strategy, and capture new opportunities to become a dominant player in the emerging Ghost Kitchen industry in North America," said Andrew Barnes, Co-Founder and Chief Executive Officer of Coho Collective Kitchens Inc.
"Coho's waitlist currently sits at over 400 companies, representing millions of dollars of uncaptured opportunity. Coho's facility openings in FY23 and beyond will help capture that immediate opportunity and support our future growth, and that of our members," added Mr. Barnes.
Closed an initial public offering and listing on the TSX Venture Exchange, raising over $5,000,000 in gross proceeds.
Secured additional loan commitments of $1,300,000 to support corporate growth.
153 companies added to waitlist during Q1 period.
After closing six new lease agreements in 2021, locations are now coming online. Two of these locations have already opened since March 2022 and another two are expected to open imminently. Signed one additional lease for turnkey facility in Victoria, British Columbia.
Opened new brand vertical featuring Coho's first retail/shared-kitchen concept location in Sechelt, British Columbia on May 31, 2022.
Grew staff from 39 to 57 employees to support growth, company expansion, and retail openings. Key hires within senior management include: Sarah Hitner (Director of Marketing) and Roxanne Beriault (Senior Director of Business Operations).
Transition of auditors following IPO to BDO Canada LLP.
Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the Company's customers, called "Members", are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.
Andrew Barnes, Chief Executive Officer
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under "Risk Factors" in the final long-form prospectus of the Company dated May 27, 2022. Coho disclaims any obligation to update these forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.