Tattooed Chef, Inc. (TTCF) announced its financial results on March 10, 2021, for the 3 and 12 months ended December 31, 2020,
Financial Highlights for the 4Q of 2020
The company revenue increased 48% from the last year in the same quarter for the fourth quarter, and it was $39.6 million. The Company earned $23.9 million from Tattooed Chef branded products, compared to $8.8 million in the prior-year period. For the fourth quarter, the Company’s net income was $41.5 million. The adjusted EBITDA for the reported quarter was $3.7 million. Operating expenses were $7.9 million in the reported quarter. Gross profit was $6.9 million in the three months ended December 31, 2020.
Financial Highlights for Full Year 2020
For the full year 2020, the company revenue was $148.5 million, with an increase of 75% compared to 2019. It earned $84.6 million in revenue from Tattooed Chef branded products. The adjusted EBITDA of TTCF was $9.6 million, while its net income was $45.4 million. For the full year, gross profit was $23.7 million, and the Operating expenses increased to $19.5 million for the reported year. The Company had cash and cash equivalents of $131.6 million as of December 31, 2020.
TTCF Financial outlook
The Companyexpects$222 million, which is 49% more compared to the fiscal year 2020. The TTCF wants to keep the gross margin in the range of 20% to 25%. The Company expects an Adjusted EBITDA in the range of $8 million to $10 million and net income in the range of $2.5 million to $5 million for the fiscal year 2021.
Current Stock market Picture
The TTCF stock price increased after the financial results announcement. The share price closed at $21.39 in the regular trading session on Wednesday, March 10, 2021, with a 4.55% increase. However, in the after-hours session, the price went down by 2.71%.