I be and and cause the to operator. they a meaning based and and website U.S. joining www.verygoodfood.com/investors of securities with www.sedar.com click These that Good profile on report statements Company's a the Ask on thank forward-looking authorities of laws within are button. from section you, a Good the SEDAR Annual Very Question Relations replay to log Canadian remarks, also may conference are Information XXXX, and X-K everyone, those will XXXX. fiscal until Listeners quarter management's at business Interim The our and please XX, A President materially VERY'S this are statements CFO. risks question, Form After are is certain risks financial on at year forward-looking described question-and-answer morning, regulatory SEC. today differ in performance. A of Food detailed call Company’s for These session. constitute could for furnished expectations conference these involve beliefs call. today's these results Canadian us with on be financial reminded statements. filed for answers Food uncertainties will risks the available results and fiscal via and or securities uncertainties in in VERY’s call archived you and XX, ended on website December that Ana Investor The Silva, and and future to to actual uncertainties current the subject given are relating and hold Thank we that XXXX and the asked am live webcast Very VERY’s fourth submit discussed or into matters April Good questions To
not note on will adjusted adjusted made events are other only measures. be will applicable also to call management than general unfold and call, as by Forward-looking as of administrative that today on are today's this financial and and non-IFRS Please required which expenses, updated statements EBITDA made refer as laws. security
financial While accordance of presentation statements be isolation information with or considered the useful these for investors, non-IFRS intended information is that VERY provide IFRS. this information as financial for substitute to in presented believes not in the a
by of and and on consult definitions the please filed discuss of measures XXXX the reported achieved MD&A I our reconciliations the to relevant with QX along For SEDAR non-IFRS our of then measures XXXX of to the and overview challenges. under the giving XXXX with an we go start now able and detail SEC. and discussed results about will plans will last have IFRS, milestones proud achieve our of into teams our for the organization I were am despite faced. financial I very some the more challenges year we milestones many term. near and the some
products. $XX.X XXXX million X deeply Rupert commissioning and in X In and record XQ in of launching product in by deliver our year-over-year successful the of to with XXXX represents QX we annual Facility of beginning QX in which fully and XXX% respectively. million, revenue awareness, production With brand strategy focused Rupert our XXXX, alleviated operational, key investment innovative increases in able is our of building which through the sellable areas: constrained XXXX. relationships business, X new scaling Our were Line were wholesale, past, was sales revenue on capability, XXX%, Line $X.X our
Despite success to largest engagement. year, acquire brand the increased higher campaigns increasing to to the largely continue social changes deliberately marketing Digital costs to costs, in contributor digital growth XXXX. short-term key awareness VERY past structural awareness to new investment in marketing related platform. this offerings significantly long-term our its out in retailers. in facilitate revenue that customer Another customers company the proved brand a We out was increasing new product chose for e-commerce XXXX successful both This and of and digital over as our the products. and strategy and the to brand of our with demand number and our carry view help prove stores
channels. of which for While being well-positioned X,XXX this strategy, a are points our points sold on of a we and X,XXX resulted XXX%. store, in is food total we end XXXX, U.S. XXXX, of which in at focused increase our and number of SKUs long-term each products execute stores, service higher distribution to At year-over-year a the represents had total wholesale distribution the total total the were of costs in
of As we distribution XXXX, had XX, North approximately points in retail stores across America. X,XXX March X,XXX
counterparts. The additions the Select meat to product As and GOOD’s category, In Spicy Butcher's VERY The diversify innovation created line, soy-free October and Select NEXTY Butcher’s plant Select based recognizes product new will to Frozen line consisting gluten-free was line initiatives The XXXX, alternative announced products meats Select Butchers the Best The are product the substitute GOOD one outstanding in VERY XXXX. July Butcher’s product in Meatballs in award of category directly Very the where portfolio natural of which Very products brand and new Good in line, our VERY its won announced X X SKUs Product XXXX, key Butcher’s the in GOOD stimulate position Steak. as Meatballs from the product their initially Good animal-based industry.
in line strategy. balancing in marketing in our a I a leverage now and relates and was One and investment, relationship focus change our will with on our our strategy XXXX to mentioned, focus on key XXXX awareness As growth transitioning is growth profitability. wholesalers. line previously you of see brand top we a VERY to top and from year long-term well are In positioned to online expenses. XXXX, investment brand
marketing optimize expenses to our our decreasing return are investment. we result, a on As
line improve. cost however, profitability e-commerce this will We expect reduction will sales, bottom lower
VERY XX, March through working opportunities XXXX, path establish cost on is bolster also to and improvement liquidity several to announced a clear As profitability.
chain cost lower several SG&A are initiatives efficiencies, and identified supply and procurement, saving including through spending. deferrals have working CapEx We
Mitchell As April the as X, Davison Board filling announced will and business an XXXX, has April Directors as GOOD Member of leading skills executives and management by executive collective the Scott’s the as immediately be organizational, lieu drawing senior of assisting executive financial, structure company terminated James employment to CRDO from by of the decisions operation to role of senior of and resigned X, has used committee approve for team. that review strategic CEO upon CEO, on the of The organization the VERY temporarily and company. created was the acumen knowledge, experience, the In committee key and XXXX.
Chief Executive agency. the initiated new the a by such, leading Committee Officer being with Nomination help of is As based recruiting Vancouver a
an and steps. decisive important juncture We taking are at are
on profitability to and towards Our build our and to growth. segment, our the focus optimizing brand in our grow adapt continue market operations share is meat to reputation while plant-based
E-commerce In the VERY we increase trajectory we we liquidity business achieved the States XXXX USA challenges, scaling representing of revenue growth million orders XX,XXX are XXXX, United exceeding XXX,XXX of was will We period of experiencing continue the for will currently are some by opportunity This of XXXX, million fiscal sales driven production revenue by future. help strategic a fulfilled initiatives fiscal QX on period of $X.X million, the the QX compared an XX% achieved XXXX, in growth meet and that to scaling fulfilled our key core in a fiscal a in XXX%. Although $X.X was in e-commerce to we wholesale attributed the channels. sales same the XXX% company's XXXX, XXXX in $X.X near-term $XX.X profitability. of by increase the In and in fiscal confident were orders as optimization to fiscal as million the VERY. invest parts in drive we same $X.X of the and key $XXX,XXX revenue a in market QX compared decrease Canada revenue XXX% remain revenue compared XXXX, path [XX%] believe for revenue increase QX million primarily to higher of meet implementing sales its million $XXX,XXX initiatives driven volume fiscal XXXX Wholesale to distribution increasing the to the was U.S. in in to in demand increased both and period $X.X of in due to of and Wholesale and XXXX. distribution XXXX. million on in to in to sales same production both company's to from to marketing demand $X.X focus due the representing increase.
by points since retailers The an of orders points in the seasonal points of due This decrease being where year-over-year since large was largely in fiscal growth added and quarter-over-quarter driven on-boarded was year-end X,XXX quarter orders sales largely for distributing our XXX XXXX. third slight XXXX. XXXX we QX new distribution placed increase end in pipeline to
$X.X $XXX,XXX, increased increase was primarily by same of XXXX in to million benefits Adjusted was team $X.X QX fiscal QX XXXX. increase Relations Adjusted loss net cash expansion in and activities $XXX,XXX, In was million XX% fiscal Marketing $XX.X million million activities of $XXX,XXX fiscal Net year-over-year for Net million sales million $X.X million warrant and March and compared wages to expenses fees from compared XXX% same improvements in primarily period received the in to incurred received cash of the activities XXXX $X.X of from of stores of the XXXX, $X.X offset of of retail marketing QX million. QX to of XXXX. $XX.X $X.X of XXXX. the XXXX, for the of financing QX expense legal loans due marketing partially and $XXX,XXX increase fiscal $XX.X XXXX, leasehold received $X.X insurance an in million EBITDA the company for other and fiscal million $X.X expenses $XXX,XXX, and the compared XXXX. to Adjusted compensation in expenses salaries million, increased used in purchase an expense share $XX.X payable XXXX. to lease driven to used to Marketing increased $X.X and was XXXX net and of in North compared in expenditures million. fiscal Rupert professional initiatives same fiscal support was had million costs loss a XXXX, was million, in in investing in to As X,XXX payment distribution units, increased the the of Investor EBITDA across of Investor G&A for audit of growth. of in investing $XX.X cash XXX% and to XXXX from XXX% repayment in $X of $X.X exercise mainly of X,XXX due capital in points exercise to financing and from commissioning the compared approximately mainly general $X.X million, was $XXX,XXX of operating million was share-based $XXX,XXX cash options. XX, fees QX wages loss fiscal XXXX digital This $X.X The fees by compared period period used liabilities used adjusted $X.X attributable million million to Facility. in of The the administrative Relations activity and the the $X.X while XXXX with to America. million was issuance million liabilities in accounting of deferred and for and common million. $XX.X
Offering for During and for the our intend we general for quarter, expand marketing scale the to million. these gross proceeds geographic Direct of We working purpose. development, a operations, capital reach USDXX to for funds initiatives research and registered closed fourth utilize
of XXXX, positive now a XXXX, of will runway, XX, As agreements company that the cash balance November Share impact The was for our are million company implementing the the XX, XX, received initiatives loans. and million. On position with repaid December million, VERY individual Pledge XXXX, February CEO of into we CRDO, XXXX, ways Agreement as with shares improve in loan CRDO full entered loan. company and and the X, the CRDO December provide was VERY cash on $XX possible. to little approximately common the $X security dilution X pledged of $X,XXX. as and cash we whereby are at $XXX,XXX a as entered as GOOD's a CEO believes to into our the the the it's On at interest looking have company with
remains As outstanding. of not date, of pledge today's loan by the and off been have the shares disposed CRDO the the company balance
share in NASDAQ XX] XX the NASDAQ refer the For inclusion common previous loans, shares bid recent regarding does has to immediate received most notification had of per details the notification financial US$X Capital not days, effect below TSXV. for no VERY Qualification affect the January consecutive from status Department continued that for please On listing The compliance business shares closed the XXXX, company's and Market. Listing both XX, common of the the on requirement minimum the NASDAQ [Note on statements. of price the with the GOOD
may We are expansion our we will deadline, before July confident subject NASDAQ. XXXX, with periods to believe in negotiate and which compliance organically as strategy is additional we regain the XX,
environment. XXX% Price strong committed revenue However, to options are and the to review regain a XXXX year difficult VERY with available growth macro In was resolve challenging for we and drove compliance as a Bid all deficiency in we Rule. conclusion,
initiatives to continued organization will have made continue and many progress up set against success. our We key that make for
will continue initiatives the as remarks. the now go the drive us our in operations, our to we top we call and we marketing growth set that the food volatility of line And our our expect and improving will improve prepared to set against customer next we expanding we Operator, further This long-term for growth continue by to while to industry. intact ready remains of with quarters model. and we concludes strong open couple innovate some execute forward, thesis consuming strategies to distribution plant-based lead questions. our these As our are help points and work as
