Simply Better Brands Lives Up To Its Name With Big Q3 Dive Into Growth Drivers

Simply Better Brands Corp PKANF SBBCF, a Canada-based company operating in emerging plant-based and holistic wellness consumer product categories, announced its financial results for the three and nine months ended September 30, 2023.

Q3 2023 Financial Highlights

• Revenue for the third quarter of 2023 was $19.4 million, an increase of $6.0 M or 45% growth compared to $13.4 million in Q3 2022.
• Net loss was $0.6 million for the third quarter of 2023, which decreased by $5.7 million over the loss in the same period of last year.
• Adjusted EBITDA was a positive $0.1 million for Q3 2023, a $2.5 million improvement over the loss incurred in the second quarter of 2023 and an increase of $0.1 million compared to the same period in 2022.
• Gross profit for Q3 2023 was $12.7 million, an increase compared to $8.8 million in Q3 2022.

The company’s strategic brands, including TRUBAR, No B.S. Skincare, PureKana, and Vibez Wellness, all contributed to this growth:

• TRUBAR, the protein bar brand, expanded its presence in major retailers such as Costco and BJ’s Wholesale, contributing to a forecasted revenue of over $30 million in 2023, a substantial increase from $10 million in 2022.
• PureKana Wellness, known for its plant-based products, added over 60,443 customers during the quarter and ventured into the pet wellness market, tapping into a substantial growth opportunity.
• No B.S. Skincare extended its retail footprint to 3,200 CVS Health stores and is set to launch nationally in 3,400 Walgreens locations in Q4 2023.
• Vibez Wellness, focusing on non-CBD wellness products, reported $3.7 million in revenue for 2023, targeting millennial consumers with products like keto gummy supplements.

SBBC's CEO Outlook

“As our Q3 2023 financial and commercial results illustrate, we are positioned for continued revenue growth, profit optimization, and debt reduction in 2023. Our strategic priorities remain to lead consumer-centric innovation and relentlessly acquire customers to these emerging brands by driving category and omnichannel expansion," says SBBC CEO, Kathy Casey. 

"Our clean ingredient wellness brands are resonating with our targeting Generation Z and Millennial consumers and retailers as we innovate to solve their daily challenges. This commercial relevancy has all four of strategic brands in growth mode, while focusing on cost reduction to fuel the continued momentum. As we assess all opportunities, our highest priority is keeping up with the relentless demand on the unicorn of TRUBAR.” 

PKANF Price Action
PKANF's shares were trading at $0.2068 per share at the time of this writing around 3 PM ET Friday.

Related News

• Simply Better Brands Corp. Announces Second Quarter results at $23.6 M IN REVENUE WHILE INVESTING IN brand GROWTH and capability expansion