Food Tech Stock BranchOut Food Inc. (NASDAQ: BOF) Sees Big Gains on Revenue Growth
August 28, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including food and beverage stocks reports on trading for BranchOut Food Inc. (NASDAQ: BOF), an industry leader in food technology focused on dehydrated fruit and vegetable products.
The stocks makes the NASDAQ top percentage gainer list on revenue news. BranchOut Food is trading at $1.4080, up0.7355, gaining 109.3680% on volume of over 185 Million shares as of this report. The stock has a day's high of $1.58.
BranchOut Food today provided a comprehensive update on its financial performance and operational milestones. The company reported a remarkable 640% increase in net revenue for the first half of 2024, as disclosed in its 10-Q filed on August 14, 2024. Net revenue surged to $2.83 million, up from $440,000 during the same period in 2023, signaling robust momentum for the year ahead.
Building on this extraordinary growth, BranchOut expects second-half 2024 revenue to outperform the comparable period last year, projecting $5 million in net revenue and positioning the company to close the year with an estimated $8 million in total revenue. The company is also on track to eliminate its outstanding debt by Q4 2025, underpinned by strong financial discipline and operational execution.
BranchOut's growth trajectory has been bolstered by the completion of $5.4 million in combined financings in June and July 2024, including a personal investment of $400,000 by CEO and Founder Eric Healy. This capital infusion is set to facilitate the completion of the company's state-of-the-art production facility in Peru, a transformative development expected to further catalyze growth and profitability. Full details of the financing are available in the company's recent 8K filings.
A TRANSFORMATIVE EXPANSION IN PERU
"Our new production facility in Peru represents a pivotal moment for BranchOut," said Eric Healy. "We are preparing to bring online three large-scale continuous dehydration machines and an R&D unit, with production expected to commence in October. This expansion will equip us with approximately $40 million in production capacity, offering a competitive advantage through our GentleDry Technology and Peru's low operational costs, which will drive both strong margins and profitability."
This expanded capacity is expected to unlock additional revenue streams from BranchOut's robust pipeline of customers, eager for increased supply. "We're already seeing heightened demand, and with this new facility, we anticipate attracting new customers, setting us up for a stellar 2025," added Healy.
Recent news:
https://finance.yahoo.com/news/branchout-food-delivers-shareholder-2024-090000819.html
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