DayDayCook Provides Financial Update And Corporate Highlights; Total Revenues Were $23.7M For The Nine Months Ended September 30, 2023

Author: Benzinga Newsdesk | January 19, 2024 10:04am

DDC Enterprise, Ltd., (NYSEAM:DDC) ("DayDayCook," "DDC," or the "Company"), a leading content-driven food consumer brand, provides a financial and corporate update coincident with the filing of the Company's financial results for the nine months ended September 30, 2023. These financial results are for periods prior to DayDayCook's IPO in November of 2023.

 

Financial Highlights:

• Total revenues were $23.7 million for the nine months ended September 30, 2023, representing 25.5% increase from the same period in 2022
  
   
• Gross Profit was $6.3 million for the nine months ended September 30, 2023, representing a 48.4% increase from the same period in 2022. Gross profit margin increased from 22.3% for the nine months ended September 30, 2022, to 26.4% for the nine months ended September 30, 2023
  
   
• EBITDA (non-GAAP) was a positive $0.6 million for the nine months ended September 30, 2023, compared to a negative EBITDA (non-GAAP) of $10.1 million in the same period of 2022
  
   

Corporate Highlights:

• Successful IPO in Q4 2023: The Company completed its initial public offering on NYSE American and raised $33.15 million (before deducting underwriting discounts and commissions and other offering expenses payable by the Company) in new funding
  
   
• Continued execution of the Company's Mergers and Acquisitions ("M&A") strategy which primarily focuses on the acquisition of complimentary brands in the Asian food and cooking categories as well as sales channel access with the following acquisitions:
  • Q3 2023: Completed the acquisition of Cook San Francisco, LLC. ("Nona Lim"), an Asian food brand company based in San Francisco, USA which sells RTC Asian noodle meal kits and a variety of soup bases to its customers through an established distribution network in the United States, including major retailers such as Whole Foods Market, Target, and Kroger
  • Q3 2023: Completed the acquisition of Shanghai Yuli Development Limited ("Yuli"), a Chinese company principally engaged in sales of RTC and RTE product gift boxes
  • Q1 2024: Completed the acquisition of Yai's Thai, which provides Thai-based pantry staples in the U.S. market such as curries and stir-fry sauces. The company's products may be found at Costco, Whole Foods Market, Safeway, Sprouts, and Kroger. The company has anticipated revenues of $8 million to $10 million in 2023
  • Q1 2024: Entered into agreement to acquire 51% of Italian company GLI for approximately US$9.3 million in cash over the next three years, plus an additional potential consideration of cash and stock based on GLI's revenue and EBITDA over that period. GLI produces Asian-style ready-meals. GLI anticipates revenue of approximately of US$11 million in 2023

Norma Chu, DDC's Chairwoman and Chief Executive Officer said, "These financial results are from a pre-IPO period, and we look forward to continuing financial success now that we are trading on the NYSE American. We are very excited about our recent acquisitions as well as the significant number of opportunities we see in the U.S. and international markets. As a newly listed company, we are focused on executing our growth strategy to deliver value for our shareholders."

Posted In: DDC