Latest news with #TRUBARTM
Cision Canada
6 days ago
- Business
- Cision Canada
TRUBAR INC. ANNOUNCES FIRST QUARTER 2025 RESULTS, AND PROVIDES FISCAL YEAR 2025 OUTLOOK
The TRUBAR TM brand generated Net Revenue of $9.9 million in Q1-2025 from its protein bar sales, excluding contribution from its No B.S. division. TRUBAR's revenue in the quarter was driven by 373% increase in revenues in its physical retail channel (excluding the Company's wholesale club channel) and 593% growth in its direct-to-consumer e-commerce channel. During the quarter TRUBAR announced strategic launches with leading retailers including Costco Canada and Sam's Club. Subsequent to March 31, 2025, the Company announced a nationwide rollout into Target stores and launched into Costco Warehouse locations in Mexico. TRUBAR management expects to deliver Net Revenue of $65 to $70 million for fiscal 2025. VANCOUVER, BC, May 28, 2025 /CNW/ - TRUBAR Inc. (formerly, Simply Better Brands Corp.) (" TRUBAR" or the " Company") (TSXV: TRBR) (OTCQX: TRBRF), a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients, today announced its interim financial results for the three months ended March 31, 2025. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "Gross Revenue", "Gross Profit", "Gross Margin Percentage", "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below. Selected financial and operating information are outlined below and should be read with the Company's interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2025, which are available under the Company's profile on SEDAR+ at MANAGEMENT COMMENTARY Erica Groussman, Chief Executive Officer, TRUBAR, commented: "We are very pleased with our strong first quarter results which reflect a continuation of the progress we made throughout 2024 expanding our distribution footprint to more than 15,000 retailers across North America and driving substantial growth in the direct-to-consumer ecommerce channel. The successful execution of our strategy helped us deliver sales growth of 498% in Q1 2025 vs Q1 2024, excluding sales in the wholesale club channel." Groussman added: "We continue to expand the distribution footprint for TRUBAR™ with the addition of key strategic retail partnerships, and we remain on track to grow to 25,000 retail locations by year-end. We are also seeing continued strong growth and momentum in the ecommerce channel building on our recent success increasing TRUBAR™'s online availability and consumer reach. We have made meaningful progress in our supply chain strategy and execution, ensuring we maintain inventory levels to meet the growing demand for TRUBAR™. In addition, we are leveraging our increasing volumes to secure supplier agreements and partnerships that will help us enhance our margins going forward. I am also very pleased with the world class team of seasoned CPG leaders we have assembled to drive our strategy at this critical point in the growth trajectory of TRUBAR™." Kingsley Ward, Executive Chairman, commented: "We're proud to now be operating as TRUBAR Inc., a rebrand that strategically aligns our corporate identity with our highest-performing brand and positions us for sustained growth and long-term value creation. Our focus remains on enhancing the Company's financial position through strategic initiatives designed to support sustainable growth while ensuring strong operational and working capital efficiency. With higher revenues anticipated next quarter, we are well-positioned to continue executing on our growth strategy while maintaining prudent financial discipline." TRUBAR management expects to deliver Net Revenue between $65 million and $70 million in fiscal 2025. FINANCIAL HIGHLIGHTS FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025 Financial highlights for TRUBAR Inc. continuing operations during the three months ended March 31, 2025, included: Net Revenue was $10.2 million for the three months ended March 31, 2025, representing a decrease of 26% compared to Net Revenue of $13.7 million during the three months ended March 31, 2024. The decrease reflects the timing of marketing activities, with the Costco MVM campaign occurring in Q1 of 2024 versus Q2 this year. Outside of the MVM period, TRUBAR™ maintained strong growth in the protein bar segment, reinforcing its market position and the effectiveness of the Company's expansion strategy. Gross Revenue was $13.9 million for the three months ended March 31, 2025, a decrease of 16% compared to $16.6 million for the comparable period in 2024. Revenue derived from TRUBAR TM sales was $9.9 million for the three months ended March 31, 2025, representing a decrease of $3.1 million or 24% as compared to $13.0 million for the three months ended March 31, 2024. The decline in revenue was due to the above-mentioned timing of promotional activities. Direct-to-consumer/Ecommerce (DTC) net revenue for the three months ended March 31, 2025, was $2.9 million, an increase of 593% compared to $430,000 for the three months ended March 31, 2024, and represented 30% of total TRUBAR TM net revenue. Gross Profit 1 was $3.2 million for the three months ended March 31, 2025, a decrease of 16% as compared to Gross Profit of $3.8 million for the three months ended March 31, 2024. Gross Margin Percentage 1 was 31% for the three months ended March 31, 2025, compared to Gross Margin Percentage of 28% for the comparable period in 2024. Operating costs were $4.9 million for the three months ended March 31, 2025, an increase of $1.5 million (or 47%), compared to $3.4 million for the three months ended March 31, 2024. This increase reflects the Company's strategic investments and operational growth initiatives. TRUBAR Inc. generated an Adjusted EBITDA 2 loss of $1.5 million from continuing operations for the three months ending March 31, 2025, a $2.2 million decrease compared to the Adjusted EBITDA of $0.7 million in Q1 2024. This was primarily due to the timing of the above-mentioned promotional activity in the club channel. TRUBAR Inc. recorded a net loss from continuing operations of $1.2 million during the three months ended March 31, 2025, compared to a net loss of $0.2 million for the three months ended March 31, 2024. FIRST QUARTER 2025 BUSINESS and OPERATIONAL HIGHLIGHTS Significant business and operational highlights for the Company during the three months ended March 31, 2025, included: Sam's Club Expansion: On January 15, 2025, the Company announced the nationwide rollout of TRUBAR™ in select Sam's Club warehouse locations across the U.S. This launch builds on the brand's successful online presence at and further strengthens its North American distribution footprint with key retail partners. Gopuff E-Commerce Expansion: On January 21, 2025, the Company announced the launch of TRUBAR™ on Gopuff, the leading instant commerce platform with a presence in major U.S. markets. This partnership enhances TRUBAR™'s reach through Gopuff's micro-fulfillment centers and omnichannel retail locations across the U.S. GoMart Convenience Channel Expansion: On February 6, 2025, the Company announced the launch of TRUBAR™ in GoMart, a regional convenience store chain with a major presence in West Virginia and additional locations in Ohio and Virginia. TRUBAR™ is now available in 124 GoMart stores. TRUBAR™ Canada Expansion: On February 24, 2025, the Company announced the launch of TRUBAR™ in Costco Canada's West Region, marking a major milestone in the brand's expansion across Canada and strengthening its strategic partnership with Costco. Additionally, SBBC has expanded TRUBAR™'s retail footprint with the addition of Nature's Emporium, an Ontario-based health food market with six locations, and Freson Bros., an Alberta-based grocery chain with 16 locations. Direct to Consumer Growth Update: On March 4, 2025, the Company announced preliminary unaudited results of its estimated growth in direct-to-consumer ("DTC") sales for 2024. TRUBAR™ demonstrated exceptional growth throughout 2024, with total DTC sales increasing by 365% from Q1 to Q4-2024. This growth is reflected in quarterly DTC sales of $395K in Q1, $916K in Q2, $1.48 million in Q3, and $1.84 million in Q4. SIGNIFICANT EVENTS SUBSEQUENT TO MARCH 31, 2025 Significant business and operational highlights for the Company subsequent to March 31, 2025, the Company: Target Expansion: On April 14, 2025, the Company announced the launch of TRUBAR TM in select Target locations, marking further progress in expanding the brand's North American distribution footprint with key national retail partners. Costco National MVM Promotion: On May 12, 2025, the Company announced TRUBAR TM will be featured in National MVM Promotion at Costco U.S. The MVM serves as one of Costco's flagship promotional tools, driving visibility and encouraging trial through exclusive savings offered to an engaged customer base. Name Change to TRUBAR Inc.: On May 21, 2025, the Company announced it has officially changed its name from Simply Better Brands Corp. to TRUBAR Inc., aligning its corporate identity with its flagship brand. As part of the transition, Kingsley Ward has been appointed Executive Chairman to lead capital markets strategy, while Erica Groussman, co-founder of TRUBAR™, has assumed the role of Chief Executive Officer to lead brand operations and growth. UPDATE ON LIQUIDITY AND CAPITAL RESOURCES The Company's primary liquidity and capital requirements are for inventory and general corporate working capital purposes. The Company had a cash balance of $1.65 million as of March 31, 2025, which will provide capital to support the planned growth of the business and for general corporate working capital purposes. The Company's Adjusted working capital increased to $5.3 million as of March 31, 2025, from $4.1 million as of March 31, 2024 ($1.2 million improvement). This excludes warrant liabilities as they are settled through the issuance of Common shares. Significant liquidity and capital-related updates included: Line of Credit Facility – On November 8, 2024, the Company, through its subsidiary, Tru Brands Snack, entered into a credit agreement referred to as the "TBS Overdraft Facility" with a banking institution. This facility provides the Company with overdraft protection of $10.0 million for operational purposes and is repayable on demand. The balance on March 31, 2025, was $2.23 million. Promissory Notes – During the current reporting period, the Company repaid loan principal of $0.98 million. The remaining principal balance on March 31, 2025 is $2.5 million. $10 million Credit Facility – On April 22, 2025, the Company entered into a credit facility agreement with a related party, to provide up to $10 million to support the TRUBAR sales expansion in 2025. The Company's ability to fund operating expenses will depend on its future operating performance which will be affected by general economic, financial, regulatory, and other factors including factors beyond the Company's control (See "Risk and Uncertainties" in the MD&A). Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of accounts receivable, other receivable, accounts payable, accrued liabilities and unearned revenue and deposits; (ii) investing activities (iii) financing activities. WEBCAST and CONFERENCE CALL DETAILS: TRUBAR INC. will be holding a conference call and simultaneous webcast to discuss its financial results on Thursday, May 29, 2025, at 10:00 am ET (7:00 am PT). The call will be hosted by Kingsley Ward, Executive Chairman, and Erica Groussman, Chief Executive Officer & President. Please dial-in 10 minutes prior to the start of the call. Date: Thursday, May 29, 2025 Time: 10:00 am EST (7:00 am PST) For attendees who wish to join by webcast, the event can be accessed at: Dial-in by phone +1 778 907 2071 (Vancouver Local) +1 647 558 0588 (Toronto Local) Click here to find local numbers Meeting ID: 868 4843 4713 Footnotes: 1. Non-IFRS financial measures – Gross Profit, Gross Margin Percentage, Gross Revenue In addition to results reported in accordance with IFRS, the Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures include Gross Revenue, Gross Profit, and Gross Margin Percentage. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. Gross Profit and Gross Margin Percentage The Company defines Gross Profit as revenue less cost of sales and Gross Margin Percentage as Gross Profit as a percentage of revenue. Gross Profit and Gross Margin Percentage should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company believes that Gross Profit and Gross Margin Percentage are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services. Gross Revenue The Company defines Gross Revenue as Net Revenue adjusted for vendor discounts. The Company, through its subsidiary, Tru Brands, engaged in a marketing program with one of its vendors. Discounts and specific promotional expenditures related to this program were recognized as a reduction of revenue in accordance with IFRS 15, 'Revenue from Contracts with Customers'. The following table presents the Gross revenue and Net revenue for the three months ended March 31, 2025, and 2024, and a reconciliation of same to Gross Profit (loss). 2. Non-IFRS Measures - EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are non-IFRS measures used by management that are not defined by IFRS. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that EBITDA and Adjusted EBITDA provide meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges. Readers are cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from methods used by other companies and, accordingly, the Company's EBITDA and Adjusted EBITDA may not be comparable to similar measures used by any other company. Except as otherwise indicated, EBITDA and Adjusted EBITDA are calculated and disclosed by SBBC on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS is net loss. "EBITDA" is calculated as earnings before interest, taxes, depreciation, depletion, and amortization. "Adjusted EBITDA" is calculated as EBITDA adjusted for non-cash, extraordinary, non-recurring, and other items unrelated to the Company's core operating activities. See also Earnings before Interest, Taxes, Depreciation, and Amortization ("EBITDA") and Adjusted EBITDA (Non-GAAP Measures) in the Company's management discussion and analysis for the three months ended March 31, 2025, available on SEDAR+ at The following table presents the EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024, and a reconciliation of same to net income (loss). About TRUBAR Inc. TRUBAR Inc. is a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients. TRUBAR™, the Company's signature product line, is distributed through national retailers, club stores, and e-commerce platforms across North America. The Company is focused on expanding TRUBAR™'s presence throughout North America and select international markets. For more information, visit: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the tariff and regulatory climate in which the Company operates, the Company will receive necessary approvals (including the acceptance of the TSX Venture Exchange) for the Promissory Note and the proposed name change, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: management's current expectations regarding the ability of the Company to drive growth and deliver value to shareholders in fiscal 2025, management's expectations regarding the strategic focus of the Company in 2025, plans to issue the Promissory Note, expansion plans for TRU Brands products, plans to change the Company's corporate name, and the success of the Company's marketing efforts. Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to above prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's management's discussion and analysis available under the Company's SEDAR+ profile at The above summary of assumptions and risks related to forward-looking statements in this news release has been provided to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Yahoo
6 days ago
- Business
- Yahoo
TRUBAR INC. ANNOUNCES FIRST QUARTER 2025 RESULTS, AND PROVIDES FISCAL YEAR 2025 OUTLOOK
The TRUBARTM brand generated Net Revenue of $9.9 million in Q1-2025 from its protein bar sales, excluding contribution from its No B.S. division. TRUBAR's revenue in the quarter was driven by 373% increase in revenues in its physical retail channel (excluding the Company's wholesale club channel) and 593% growth in its direct-to-consumer e-commerce channel. During the quarter TRUBAR announced strategic launches with leading retailers including Costco Canada and Sam's Club. Subsequent to March 31, 2025, the Company announced a nationwide rollout into Target stores and launched into Costco Warehouse locations in Mexico. TRUBAR management expects to deliver Net Revenue of $65 to $70 million for fiscal 2025. VANCOUVER, BC, May 28, 2025 /CNW/ - TRUBAR Inc. (formerly, Simply Better Brands Corp.) ("TRUBAR" or the "Company") (TSXV: TRBR) (OTCQX: TRBRF), a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients, today announced its interim financial results for the three months ended March 31, 2025. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "Gross Revenue", "Gross Profit", "Gross Margin Percentage", "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below. Selected financial and operating information are outlined below and should be read with the Company's interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2025, which are available under the Company's profile on SEDAR+ at MANAGEMENT COMMENTARY Erica Groussman, Chief Executive Officer, TRUBAR, commented: "We are very pleased with our strong first quarter results which reflect a continuation of the progress we made throughout 2024 expanding our distribution footprint to more than 15,000 retailers across North America and driving substantial growth in the direct-to-consumer ecommerce channel. The successful execution of our strategy helped us deliver sales growth of 498% in Q1 2025 vs Q1 2024, excluding sales in the wholesale club channel." Groussman added: "We continue to expand the distribution footprint for TRUBAR™ with the addition of key strategic retail partnerships, and we remain on track to grow to 25,000 retail locations by year-end. We are also seeing continued strong growth and momentum in the ecommerce channel building on our recent success increasing TRUBAR™'s online availability and consumer reach. We have made meaningful progress in our supply chain strategy and execution, ensuring we maintain inventory levels to meet the growing demand for TRUBAR™. In addition, we are leveraging our increasing volumes to secure supplier agreements and partnerships that will help us enhance our margins going forward. I am also very pleased with the world class team of seasoned CPG leaders we have assembled to drive our strategy at this critical point in the growth trajectory of TRUBAR™." Kingsley Ward, Executive Chairman, commented: "We're proud to now be operating as TRUBAR Inc., a rebrand that strategically aligns our corporate identity with our highest-performing brand and positions us for sustained growth and long-term value creation. Our focus remains on enhancing the Company's financial position through strategic initiatives designed to support sustainable growth while ensuring strong operational and working capital efficiency. With higher revenues anticipated next quarter, we are well-positioned to continue executing on our growth strategy while maintaining prudent financial discipline." FISCAL 2025 OUTLOOK TRUBAR management expects to deliver Net Revenue between $65 million and $70 million in fiscal 2025. FINANCIAL HIGHLIGHTS FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025 Financial highlights for TRUBAR Inc. continuing operations during the three months ended March 31, 2025, included: Net Revenue was $10.2 million for the three months ended March 31, 2025, representing a decrease of 26% compared to Net Revenue of $13.7 million during the three months ended March 31, 2024. The decrease reflects the timing of marketing activities, with the Costco MVM campaign occurring in Q1 of 2024 versus Q2 this year. Outside of the MVM period, TRUBAR™ maintained strong growth in the protein bar segment, reinforcing its market position and the effectiveness of the Company's expansion strategy. Gross Revenue was $13.9 million for the three months ended March 31, 2025, a decrease of 16% compared to $16.6 million for the comparable period in 2024. Revenue derived from TRUBARTM sales was $9.9 million for the three months ended March 31, 2025, representing a decrease of $3.1 million or 24% as compared to $13.0 million for the three months ended March 31, 2024. The decline in revenue was due to the above-mentioned timing of promotional activities. Direct-to-consumer/Ecommerce (DTC) net revenue for the three months ended March 31, 2025, was $2.9 million, an increase of 593% compared to $430,000 for the three months ended March 31, 2024, and represented 30% of total TRUBARTM net revenue. Gross Profit1 was $3.2 million for the three months ended March 31, 2025, a decrease of 16% as compared to Gross Profit of $3.8 million for the three months ended March 31, 2024. Gross Margin Percentage1 was 31% for the three months ended March 31, 2025, compared to Gross Margin Percentage of 28% for the comparable period in 2024. Operating costs were $4.9 million for the three months ended March 31, 2025, an increase of $1.5 million (or 47%), compared to $3.4 million for the three months ended March 31, 2024. This increase reflects the Company's strategic investments and operational growth initiatives. TRUBAR Inc. generated an Adjusted EBITDA2 loss of $1.5 million from continuing operations for the three months ending March 31, 2025, a $2.2 million decrease compared to the Adjusted EBITDA of $0.7 million in Q1 2024. This was primarily due to the timing of the above-mentioned promotional activity in the club channel. TRUBAR Inc. recorded a net loss from continuing operations of $1.2 million during the three months ended March 31, 2025, compared to a net loss of $0.2 million for the three months ended March 31, 2024. FIRST QUARTER 2025 BUSINESS and OPERATIONAL HIGHLIGHTS Significant business and operational highlights for the Company during the three months ended March 31, 2025, included: Sam's Club Expansion: On January 15, 2025, the Company announced the nationwide rollout of TRUBAR™ in select Sam's Club warehouse locations across the U.S. This launch builds on the brand's successful online presence at and further strengthens its North American distribution footprint with key retail partners. Gopuff E-Commerce Expansion: On January 21, 2025, the Company announced the launch of TRUBAR™ on Gopuff, the leading instant commerce platform with a presence in major U.S. markets. This partnership enhances TRUBAR™'s reach through Gopuff's micro-fulfillment centers and omnichannel retail locations across the U.S. GoMart Convenience Channel Expansion: On February 6, 2025, the Company announced the launch of TRUBAR™ in GoMart, a regional convenience store chain with a major presence in West Virginia and additional locations in Ohio and Virginia. TRUBAR™ is now available in 124 GoMart stores. TRUBAR™ Canada Expansion: On February 24, 2025, the Company announced the launch of TRUBAR™ in Costco Canada's West Region, marking a major milestone in the brand's expansion across Canada and strengthening its strategic partnership with Costco. Additionally, SBBC has expanded TRUBAR™'s retail footprint with the addition of Nature's Emporium, an Ontario-based health food market with six locations, and Freson Bros., an Alberta-based grocery chain with 16 locations. Direct to Consumer Growth Update: On March 4, 2025, the Company announced preliminary unaudited results of its estimated growth in direct-to-consumer ("DTC") sales for 2024. TRUBAR™ demonstrated exceptional growth throughout 2024, with total DTC sales increasing by 365% from Q1 to Q4-2024. This growth is reflected in quarterly DTC sales of $395K in Q1, $916K in Q2, $1.48 million in Q3, and $1.84 million in Q4. SIGNIFICANT EVENTS SUBSEQUENT TO MARCH 31, 2025 Significant business and operational highlights for the Company subsequent to March 31, 2025, the Company: Target Expansion: On April 14, 2025, the Company announced the launch of TRUBARTM in select Target locations, marking further progress in expanding the brand's North American distribution footprint with key national retail partners. Costco National MVM Promotion: On May 12, 2025, the Company announced TRUBARTM will be featured in National MVM Promotion at Costco U.S. The MVM serves as one of Costco's flagship promotional tools, driving visibility and encouraging trial through exclusive savings offered to an engaged customer base. Name Change to TRUBAR Inc.: On May 21, 2025, the Company announced it has officially changed its name from Simply Better Brands Corp. to TRUBAR Inc., aligning its corporate identity with its flagship brand. As part of the transition, Kingsley Ward has been appointed Executive Chairman to lead capital markets strategy, while Erica Groussman, co-founder of TRUBAR™, has assumed the role of Chief Executive Officer to lead brand operations and growth. UPDATE ON LIQUIDITY AND CAPITAL RESOURCES The Company's primary liquidity and capital requirements are for inventory and general corporate working capital purposes. The Company had a cash balance of $1.65 million as of March 31, 2025, which will provide capital to support the planned growth of the business and for general corporate working capital purposes. The Company's Adjusted working capital increased to $5.3 million as of March 31, 2025, from $4.1 million as of March 31, 2024 ($1.2 million improvement). This excludes warrant liabilities as they are settled through the issuance of Common shares. Significant liquidity and capital-related updates included: Line of Credit Facility – On November 8, 2024, the Company, through its subsidiary, Tru Brands Snack, entered into a credit agreement referred to as the "TBS Overdraft Facility" with a banking institution. This facility provides the Company with overdraft protection of $10.0 million for operational purposes and is repayable on demand. The balance on March 31, 2025, was $2.23 million. Promissory Notes – During the current reporting period, the Company repaid loan principal of $0.98 million. The remaining principal balance on March 31, 2025 is $2.5 million. $10 million Credit Facility – On April 22, 2025, the Company entered into a credit facility agreement with a related party, to provide up to $10 million to support the TRUBAR sales expansion in 2025. The Company's ability to fund operating expenses will depend on its future operating performance which will be affected by general economic, financial, regulatory, and other factors including factors beyond the Company's control (See "Risk and Uncertainties" in the MD&A). Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of accounts receivable, other receivable, accounts payable, accrued liabilities and unearned revenue and deposits; (ii) investing activities (iii) financing activities. WEBCAST and CONFERENCE CALL DETAILS: TRUBAR INC. will be holding a conference call and simultaneous webcast to discuss its financial results on Thursday, May 29, 2025, at 10:00 am ET (7:00 am PT). The call will be hosted by Kingsley Ward, Executive Chairman, and Erica Groussman, Chief Executive Officer & President. Please dial-in 10 minutes prior to the start of the call. Date: Thursday, May 29, 2025Time: 10:00 am EST (7:00 am PST) For attendees who wish to join by webcast, the event can be accessed at: Dial-in by phone+1 778 907 2071 (Vancouver Local)+1 647 558 0588 (Toronto Local)Click here to find local numbersMeeting ID: 868 4843 4713 Footnotes: 1. Non-IFRS financial measures – Gross Profit, Gross Margin Percentage, Gross Revenue In addition to results reported in accordance with IFRS, the Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures include Gross Revenue, Gross Profit, and Gross Margin Percentage. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. Gross Profit and Gross Margin Percentage The Company defines Gross Profit as revenue less cost of sales and Gross Margin Percentage as Gross Profit as a percentage of revenue. Gross Profit and Gross Margin Percentage should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company believes that Gross Profit and Gross Margin Percentage are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services. Gross Revenue The Company defines Gross Revenue as Net Revenue adjusted for vendor discounts. The Company, through its subsidiary, Tru Brands, engaged in a marketing program with one of its vendors. Discounts and specific promotional expenditures related to this program were recognized as a reduction of revenue in accordance with IFRS 15, 'Revenue from Contracts with Customers'. The following table presents the Gross revenue and Net revenue for the three months ended March 31, 2025, and 2024, and a reconciliation of same to Gross Profit (loss).For the three months ended ChangeMarch 31, 2025 March 31, 2024expressed in millions * $ % (in terms ofrevenue) $ % (in terms of revenue) $ Gross revenue 13.9 136 % 16.65 121 % (2.75) Less: Vendor discount (3.7) 37 % (3.00) 22 % (0.7) Revenue 10.20 100 % 13.70 100 % (3.50) Cost of goods sold (7.00) (69 %) (9.90) (72 %) 2.90 Gross profit 3.20 31 % 3.80 28 % (0.60) 2. Non-IFRS Measures - EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are non-IFRS measures used by management that are not defined by IFRS. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that EBITDA and Adjusted EBITDA provide meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges. Readers are cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from methods used by other companies and, accordingly, the Company's EBITDA and Adjusted EBITDA may not be comparable to similar measures used by any other company. Except as otherwise indicated, EBITDA and Adjusted EBITDA are calculated and disclosed by SBBC on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS is net loss. "EBITDA" is calculated as earnings before interest, taxes, depreciation, depletion, and amortization. "Adjusted EBITDA" is calculated as EBITDA adjusted for non-cash, extraordinary, non-recurring, and other items unrelated to the Company's core operating activities. See also Earnings before Interest, Taxes, Depreciation, and Amortization ("EBITDA") and Adjusted EBITDA (Non-GAAP Measures) in the Company's management discussion and analysis for the three months ended March 31, 2025, available on SEDAR+ at The following table presents the EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024, and a reconciliation of same to net income (loss).For the three months ended March 31, 2025 March 31, 2024 Change in$ $ $ Income (loss) for the quarter from continuing operations (1.20) (0.20) (1.00) Amortization - 0.40 (0.40) Finance costs 0.10 0.30 (0.20) EBITDA (1.10) 0.50 (1.60) Fair value adjustment of derivative liability - 0.10 (0.10) (Gain) loss on remeasurement of warrant liabilities (0.80) 0.30 (1.10) Share-based payments 0.40 (0.40) 0.80 Non-recurring expenses - 0.20 (0.20) Adjusted EBITDA (1.50) 0.70 (2.20) About TRUBAR Inc. TRUBAR Inc. is a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients. TRUBAR™, the Company's signature product line, is distributed through national retailers, club stores, and e-commerce platforms across North America. The Company is focused on expanding TRUBAR™'s presence throughout North America and select international markets. For more information, visit: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the tariff and regulatory climate in which the Company operates, the Company will receive necessary approvals (including the acceptance of the TSX Venture Exchange) for the Promissory Note and the proposed name change, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: management's current expectations regarding the ability of the Company to drive growth and deliver value to shareholders in fiscal 2025, management's expectations regarding the strategic focus of the Company in 2025, plans to issue the Promissory Note, expansion plans for TRU Brands products, plans to change the Company's corporate name, and the success of the Company's marketing efforts. Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to above prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's management's discussion and analysis available under the Company's SEDAR+ profile at The above summary of assumptions and risks related to forward-looking statements in this news release has been provided to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. SOURCE Trubar Inc. View original content to download multimedia: Sign in to access your portfolio
Cision Canada
28-04-2025
- Business
- Cision Canada
SIMPLY BETTER BRANDS CORP. ANNOUNCES LAUNCH OF TRUBAR™IN ALL COSTCO WAREHOUSE CLUB LOCATIONS ACROSS MEXICO
Costco Mexico is the second international market launch for TRUBAR TM following the brand's recent introduction in Costco Canada VANCOUVER, BC, April 28, 2025 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQX: SBBCF) a rapidly growing brand accelerator in the global protein-based nutrition category, offering innovative, plant-based protein products that prioritize clean ingredients and exceptional taste, today announced the launch of TRUBAR TM in Costco Warehouse Club locations across Mexico, representing the second international market launch for the brand following its recent introduction in Costco Canada. The launch of TRUBAR TM is now underway in all 42 of Costco's warehouse club locations in Mexico featuring two of the brand's most popular flavor varieties: "Oh Oh Cookie Dough," and "Daydreaming about Donuts." Mexico is Costco's third largest market after the U.S. and Canada. "We are very excited to introduce TRUBAR TM to the Mexico market and build on our partnership with Costco which continues to be a key pillar in our strategy to drive trial and build consumer awareness of our clean ingredient brand," said Erica Groussman, Co-Founder & Chief Executive Officer of TRUBAR TM. "As our second international launch, this marks an exciting step forward in making our clean-ingredient, better-for-you snacks accessible to health-conscious consumers globally. We look forward to introducing TRUBAR TM to health-conscious consumers in Mexico and growing our international footprint in additional markets." About Simply Better Brands Corp. Simply Better Brands Corp. is a rapidly growing brand accelerator in the global protein-based nutrition category, delivering premium protein products made with clean ingredients, exceptional taste, and a commitment to sustainable health and wellness. Focused on innovation and customer empowerment, the company aims to redefine modern nutrition while expanding its reach in this dynamic market. For more information on Simply Better Brands Corp., please visit: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the regulatory climate in which the Company operates, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to expansion plans for TRU Brands products, and the success of the Company's marketing efforts. Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's management's discussion and analysis available under the Company's SEDAR+ profile at The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Yahoo
22-04-2025
- Business
- Yahoo
SIMPLY BETTER BRANDS ANNOUNCES RESULTS FOR FISCAL 2024, HIGHLIGHTING 77% INCREASE IN TRUBAR™ REVENUE, AND CORPORATE NAME CHANGE TO TRUBAR INC.
SBBC generated net revenue of $45.3 million from continuing operations for the twelve months ended December 31, 2024, an increase of 69% as compared to the prior year. Revenue growth was primarily driven by a 77% increase in TRUBARTM revenue. The Company also achieved positive Adjusted EBITDA of $0.5 million from its continuing operations in 2024, an improvement of 151% compared to 2023. During 2024, SBBC expanded TRUBAR™'s regional and national footprint and achieved its goal of 15,000 stores by year-end. The Company secured strategic launches in 2024 with leading retailers including Costco, Whole Foods, Walmart, CVS, and GNC. Subsequent to December 31, 2024, the Company announced the following distribution and significant news; Nationwide rollout into Sam's club stores, expansion into Costco Canada west, strong growth of its DTC sales channel and the launch of TRUBARTM nationwide in select Target locations. The Company is pleased to announce its intention to change its corporate name to TRUBAR Inc., subject to TSX Venture Exchange approval, marking a strategic shift to become a pure-play business focused entirely on the growth and expansion of its flagship brand, TRUBAR™. In line with this transition, the Company has signed a binding Letter of Intent (LOI) for the sale of its portion of the No B.S. brand, with the transaction expected to close by Q2. VANCOUVER, BC, April 22, 2025 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQX: SBBCF), a rapidly growing brand accelerator in the global protein-based nutrition category, offering innovative, plant-based protein products that prioritize clean ingredients and exceptional taste, is pleased to report selected information from its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2024. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below. Selected financial and operating information are outlined below and should be read with the Company's audited consolidated financial statements and related management's discussion and analysis for the twelve months ended December 31, 2024 ("MD&A"), which are available under the Company's profile on SEDAR+ at FINANCIAL HIGHLIGHTS FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2024 Financial highlights for the Company's continuing operations during the twelve months ended December 31, 2024 included: Net revenue of $45.3 million for the twelve months ended December 31, 2024, representing an increase of 69% compared to $26.8 million during the twelve months ended December 31, 2023. This growth was driven primarily by TRUBARTM sales, which contributed 96% of the Company's overall revenue in 2024. Gross Revenue1 was $55.9 million for the twelve months ended December 31, 2024, an increase of 89% compared to $29.6 million for the comparable period in 2023. This growth was driven primarily by TRUBARTM sales. Revenue derived from TRUBARTM sales was $43.6 million for the twelve months ended December 31, 2024, representing an increase of $18.9 million or 77% as compared to $24.7 million for the twelve months ended December 31, 2023. Direct-to-consumer (DTC) revenue for the twelve months ended December 31, 2024, represented 11% of total TRUBARTM revenue. DTC revenue includes e-commerce sales of TRUBARTM through Amazon and Shopify channels. Gross profit was $13.3 million for the twelve months ended December 31, 2024, an increase of 77% as compared to Gross profit of $7.5 million for the twelve months ended December 31, 2023. Gross margin percentage was 29% for the twelve months ended December 31, 2024, compared to Gross margin percentage of 28% for the comparable period in 2023. Operating costs were $16.2 million for the twelve months ended December 31, 2024, an increase of $3.2 million (or 25%), compared to $13.0 million for the twelve months ended December 31, 2023. This increase reflects the Company's strategic investments and operational growth initiatives. The Company achieved Adjusted EBITDA2 of $0.5 million from continuing operations for the twelve months period ending December 31, 2024, a $1.4 million improvement over the Adjusted EBITDA achieved in the comparable period in 2023. The improvement in Adjusted EBITDA was due to higher gross profit which was partially offset by higher cash operating expenses for the twelve months ended December 31, 2024 compared to the prior year. The Company recorded a net loss from continuing operations of $11.5 million during the twelve months ended December 31, 2024, compared to a net loss of $7.5 million for the twelve months ended December 31, 2023. Excluding the impacts of warrant liabilities, net loss from continuing operations would have been $4.4 million during the twelve months ended December 31, 2024, compared to a net loss of $8.5 million for the twelve months ended December 31, 2023. CORPORATE NAME CHANGE TO TRUBARTM INC. SBBC is also pleased to announce its intention to change its name to TRUBARTM Inc., marking a strategic shift to become a pure-play business focused entirely on the growth and expansion of its flagship brand, TRUBAR™, subject to the acceptance of the TSX Venture Exchange. The purpose of the rebrand is to align the Company's identity with its core business and consumer-facing brand, while reinforcing its commitment to building long-term shareholder value. The effective date of the name change and further details, including the new ticker symbol and CUSIP/ISIN numbers for the common shares of the Company will be announced in a subsequent news release once confirmed. Shareholders will not be required to take any action in connection with the name change. Outstanding common share and warrant certificates bearing the old name of the Company will still valid and are not affected by the name and ticker symbol change. MANAGEMENT COMMENTARY Kingsley Ward, Chief Executive Officer and Chairman of SBBC commented on the results, "Fiscal 2024 was a transformational year for SBBC as we accelerated our growth strategy in the better-for-you consumer space. Our efforts to streamline the business and strengthen our leadership team have positioned us for long-term success. With the planned sale of the No BS brand, we are placing our entire focus on TRUBARTM. With a strong Board of Directors, a focused strategy, and increasing consumer demand for better-for you snacks, we are confident in our ability to drive growth and deliver value to our shareholders in 2025 and beyond." Erica Groussman, Co-Founder and CEO of Tru Brands, Inc. added, "2024 was a milestone year for TRUBAR™, as we significantly expanded our retail footprint and secured key partnerships with leading retailers such as Costco, Whole Foods, Walmart, CVS, and GNC. Reaching our target of 15,000 stores reflects the incredible momentum behind the brand and the growing consumer demand for clean, plant-based snacks. With our strengthened and highly skilled leadership team, we remain confident in our ability to build on this success, putting our entire focus on scaling TRUBAR™ in 2025 through expanded distribution, marketing, innovation, and a commitment to providing clean, recognizable ingredients without compromising on taste." FOURTH QUARTER 2024 BUSINESS and OPERATIONAL HIGHLIGHTS Significant business and operational highlights for the Company during the three months ended December 31, 2024 included: Walmart Canada: On October 9th, 2024, the Company announced the rollout of TRUBARTM in more than 300 Walmart stores across Canada, a key strategic addition in expanding the brand's presence to more than 1,000 Walmart store locations across North America. GPM Investments Convenience Store Chains: On October 17, 2024, the Company announced further distribution expansion of TRUBARTM in the convenience channel with the addition of more than 25 regional store brands operating under GPM Investments, LLC, one of the largest convenience store chains in the U.S. with more than 1,400 GPM locations in more than 33 states in a wide range of well-known regional convenience chains including Fas Mart, E-Z Mart, Roadrunner Markets, Village Pantry and Jiffi Shop. Love's Travel Stops: On October 28, 2024, the Company announced the launch of TRUBARTM in over 600 Love's Travel Stops across 42 states, the largest network of travel stops and convenience stores across the U.S. Albertsons Companies: On November 11, 2024, the Company announced the launch of TRUBARTM in more than 500 Albertsons Companies locations, the second-largest supermarket chain in North America. TRUBARTM has since been made available in the following banners: Albertsons, Safeway, Shaw's, Star Market, Jewel-Osco, Carrs, and Market Street. Senior Leadership Appointments: On December 17, 2024, the Company announced key executive appointments. Claire Ughetto has been named Senior Vice President of Operations to oversee TRUBAR™'s expansion and Laura Freimane, CPA, has been appointed Chief Financial Officer, to lead SBBC's financial team and strategy. SIGNIFICANT EVENTS SUBSEQUENT TO DECEMBER 31, 2024 Subsequent to December 31, 2024 the Company announced the following distribution partners: Sam's Club Expansion: On January 15, 2025, the Company announced the nationwide rollout of TRUBAR™ in select Sam's Club warehouse stores across the U.S.. This launch builds on the brand's successful online presence at and further strengthens its North American distribution footprint with key retail partners. Gopuff E-Commerce Expansion: On January 21, 2025, the Company announced the launch of TRUBAR™ on Gopuff, the leading instant commerce platform with a presence in major U.S. markets. This partnership enhances TRUBAR™'s reach through Gopuff's micro-fulfillment centers and omnichannel retail locations across the U.S. GoMart Convenience Channel Expansion: On February 6, 2025, the Company announced the launch of TRUBAR™ in GoMart, a regional convenience store chain with a major presence in West Virginia and additional locations in Ohio and Virginia. TRUBAR™ is now available in 124 GoMart stores. TRUBAR™ Canada Expansion: On February 24, 2025, the Company announced the launch of TRUBAR™ in Costco Canada's West Region, marking a major milestone in the brand's expansion across Canada and strengthening its strategic partnership with Costco. Additionally, SBBC has expanded TRUBAR™'s retail footprint with the addition of Nature's Emporium, an Ontario-based health food market with six locations, and Freson Bros., an Alberta-based grocery chain with 16 locations. Direct to Consumer Growth Update: On March 4, 2025, the Company announced preliminary unaudited results of its estimated growth in direct-to-consumer ("DTC") sales for 2024. TRUBAR™ demonstrated exceptional growth throughout 2024, with total DTC sales increasing by 365% from Q1 to Q4-2024. Target Expansion: On April 14, 2025 the Company announced the launch of TRUBARTM in select Target locations, marking further progress in expanding the brand's North American distribution footprint with key national retail partners. UPDATE ON LIQUIDITY AND CAPITAL RESOURCES The Company's primary liquidity and capital requirements are for inventory and general corporate working capital purposes. The Company had a cash balance of $7.1 million as of December 31, 2024, which will provide capital to support the planned growth of the business and for general corporate working capital purposes. The Company's Adjusted working capital increased from a deficiency of $12.1 million as of December 31, 2023, to a positive working capital $4.1 million as of December 31, 2024 ($16.3 million improvement). This excludes warrant liabilities as they are settled through the issuance of Common shares. Significant liquidity and capital-related updates included: BMO Partnership & Credit Facility: On December 2, 2024, the Company announced a new partnership with BMO Corporate Finance Division and the closing of a USD $10 million credit facility for its subsidiary, TRU Brands Inc. The facility allows TRUBAR™ to borrow against both accounts receivable and inventory. In connection with the new facility, the Company repaid and terminated a $5 million prior facility. Convertible Notes, Promissory Notes and Loans Payable: The Company consolidated two loan agreements from 2023 into a single unified agreement. Under the revised terms, the Company is obligated to pay $114,587 in restructuring fees over 11 equal installments. The agreement also requires the Company to make monthly interest payments. Additionally, during the fiscal year ended December 31, 2024, the Company issued four promissory notes with three of the Company's Board Members and one of its shareholders. The funds were used to finance the operations of the Company, specifically TRUBARTM's growth. Furthermore, convertible notes amounting to CA$850,000 were converted into 2,179,488 units during the fiscal year ended December 31, 2024. Credit Facility with Vimy Ridge Group: Subject to the approval of the TSX Venture Exchange, Vimy Ridge Group Investments Inc. ("VRG"), a company controlled by Kingsley Ward, has provided a credit facility of up to $10 million in favour of the Company to support the TRUBARTM sales expansion in 2025. The credit facility has been made pursuant to a promissory note of the Company representing a principal amount of up to $10 million (the "Promissory Note"). The Promissory Note provides that amounts may be drawn in $100,000 increments. All amounts drawn under the Promissory Note will bear interest at a rate of Prime + 5% per annum payable monthly in arrears. The principal amount drawn under the Promissory Note, plus all accrued and unpaid interest, will be payable upon demand of VRG, as lender. As consideration for the loan, the Company will pay VRG an origination fee equal to 1% of the principal amount available under the Promissory Note. Please refer to the section below entitled "Multilateral Instrument 61-101 – Protection of Minority Security Holders in Related Party Transactions" for additional information regarding the Promissory Note. The Company's ability to fund operating expenses will depend on its future operating performance which will be affected by general economic, financial, regulatory, and other factors including factors beyond the Company's control (See "Risk and Uncertainties" in the MD&A). Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of accounts receivable, other receivable, accounts payable, accrued liabilities and unearned revenue and deposits; (ii) investing activities (iii) financing activities. WEBCAST and CONFERENCE CALL DETAILS: SBBC will be holding a conference call and simultaneous webcast to discuss its financial results on Wednesday, April 23, 2025, at 12:00 pm ET (9:00 am PT). The call will be hosted by Kingsley Ward, Chief Executive Officer, and Erica Groussman, Co-founder & Chief Executive Officer of Tru Brands, Inc. Please dial-in 10 minutes prior to the start of the call. Date: Wednesday, April 23, 2025Time: 12:00 pm EST (9:00 am PST) For attendees who wish to join by webcast, the event can be accessed at: Dial-in by phone+1 778 907 2071 (Vancouver Local)+1 647 558 0588 (Toronto Local)Click here to find local numbersMeeting ID: 892 8561 7506 Multilateral Instrument 61-101 – Protection of Minority Security Holders in Related Party Transactions VRG is a company controlled by Kingsley Ward, the Chairman and Chief Executive Officer of the Company. As a result, the entering into of the Promissory Note and the transaction contemplated thereby is considered to be a "related party transaction", subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Related Party Transaction ("MI 61-101"). Notwithstanding the foregoing, the Company is exempt from the formal valuation requirement per sections 5.5(a) and 5.5(b) of MI 61-101, as neither the fair market value of the subject matter of either of the transaction, nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, exceeds 25% percent of the Company's market capitalization and the Company is not listed on any of the exchanges specified in 5.5(b) of MI 61-101. The Company further confirms that it has not obtained any valuations relevant to the Promissory Note in the 24 months preceding entering into the Promissory Note. In addition, the Company is exempt from the requirement to obtain minority shareholder approval per section 5.7(1)(f) of MI 61-101, as the Promissory Note is a non-convertible loan obtained on reasonable commercial terms that are not less advantageous to the Company than if the Promissory Note and matters relating thereto were obtained from a person dealing at arm's length and is not repayable, directly or indirectly, in equity or voting securities of the Company or a subsidiary. The issuance of the Promissory Note and the matters relating thereto were each approved by the independent directors of the Company, being all directors other than Kingsley Ward. No materially contrary view or abstention was expressed or made by any director of the Company in relation to the proposed transaction. The Company did not file a material change report 21 days in advance of implementing the transaction as the negotiations were only concluded immediately prior to entering into the Promissory Note. Footnotes: The Company defines Gross Revenue as Net Revenue adjusted for vendor discounts. The Company, through its subsidiary, Tru Brands, engaged in a marketing program with one of its vendors. Discounts and specific promotional expenditures related to this program were recognized as a reduction of revenue in accordance with IFRS 15, 'Revenue from Contracts with Customers'. "EBITDA" is calculated as earnings before interest, taxes, depreciation, depletion, and amortization. "Adjusted EBITDA" is calculated as EBITDA adjusted for non-cash, extraordinary, non-recurring, and other items unrelated to the Company's core operating activities. About Simply Better Brands Corp. Simply Better Brands Corp. is a rapidly growing brand accelerator in the global protein-based nutrition category, delivering premium protein products made with clean ingredients, exceptional taste, and a commitment to sustainable health and wellness. Focused on innovation and customer empowerment, the company aims to redefine modern nutrition while expanding its reach in this dynamic market. For more information on Simply Better Brands Corp., please visit: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Non-IFRS Measures (EBITDA and Adjusted EBITDA) EBITDA and Adjusted EBITDA are non-IFRS measures used by management that are not defined by IFRS. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that EBITDA and Adjusted EBITDA provide meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges. The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS is net loss. The following table presents the EBITDA and Adjusted EBITDA for the years ended December 31, 2024, and 2023, and a reconciliation of same to net income (loss).For the years endedexpressed in millions ($) 31-Dec-24 31-Dec-23 Change Loss for the year from continuing operations (11.53) (7.54) (3.99) Amortization 1.53 2.82 (1.29) Finance costs 1.06 1.35 (0.29) Loss before interest, taxes, depreciation, and amortization (8.94) (3.37) (5.57) Fair value adjustment of derivative liability 0.71 (0.17) 0.88 Impairment of intangible assets - 0.25 (0.25) Impairment of goodwill - 1.33 (1.33) Loss (gain) on remeasurement of warrant liabilities 7.10 (0.97) 8.07 Share-based payments 1.29 1.99 (0.70) Warrants issued for services 0.02 - 0.02 Non-recurring expenses 0.30 - 0.30 Adjusted EBITDA 0.48 (0.94) 1.42 Readers are cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from methods used by other companies and, accordingly, the Company's EBITDA and Adjusted EBITDA may not be comparable to similar measures used by any other company. Except as otherwise indicated, EBITDA and Adjusted EBITDA are calculated and disclosed by SBBC on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. See also Earnings before Interest, Taxes, Depreciation, and Amortization ("EBITDA") and Adjusted EBITDA (Non-GAAP Measures) in the Company's management discussion and analysis for the year ended December 31, 2024, available on SEDAR+ at Forward-Looking Information Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the tariff and regulatory climate in which the Company operates, the Company will receive necessary approvals (including the acceptance of the TSX Venture Exchange) for the Promissory Note and the proposed name change, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: management's current expectations regarding the ability of the Company to drive growth and deliver value to shareholders in fiscal 2025, management's expectations regarding the strategic focus of the Company in 2025, plans to issue the Promissory Note, expansion plans for TRU Brands products, plans to change the Company's corporate name, and the success of the Company's marketing efforts. Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to above prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's management's discussion and analysis available under the Company's SEDAR+ profile at The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. SOURCE Simply Better Brands Corp. View original content to download multimedia: Sign in to access your portfolio
Yahoo
04-02-2025
- Business
- Yahoo
SIMPLY BETTER BRANDS CORP. ANNOUNCES APPOINTMENT OF ACCOMPLISHED MARKETING EXECUTIVE TO LEAD MARKETING STRATEGY AND EXECUTION FOR TRUBAR™
Natasha Port joins the TRUBARTM team as Vice President of Marketing with a proven track record of launching and scaling high-growth consumer brands from emerging startups to Fortune 500 companies VANCOUVER, BC, Feb. 4, 2025 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQX: SBBCF) is pleased to announce the appointment of Natasha Port as Vice President of Marketing for TRUBARTM effective February 1, 2025. In this new role, Port will lead marketing strategy and execution for TRUBARTM in North America building on the brand's momentum and growth through the development of a fully integrated marketing strategy that drives brand awareness, consumer engagement and long-term brand loyalty. Port is a highly accomplished marketing leader with a track record of success building and scaling emerging and established consumer brands including Bai Beverages and Keurig Dr Pepper. At Bai Beverages, she played an instrumental role building the brand's identity leading to its $1.7 billion acquisition by Dr Pepper Snapple Group. Following the acquisition, Port directed integrated marketing campaigns to position Keurig Dr Pepper's top 30 brands as category leaders and led globally recognized marketing campaigns including the award-winning Dr. Pepper college football program. "We're thrilled to welcome Natasha to the TRUBARTM team to lead the development and execution of our marketing acceleration strategy," said Erica Groussman, Co-Founder & Chief Executive Officer of TRUBARTM. "Natasha brings invaluable consumer brand experience to our team, and we look forward to the contributions she will make to building awareness and propelling the growth of TRUBARTM." "I couldn't be more excited to join Erica and the TRUBARTM team at this pivotal time for the brand," said Port. "TRUBARTM has already built incredible momentum at retail and direct-to-consumer and now is the time to amplify that success with a full integrated marketing strategy that unlocks the brand's full potential and cements its place as a leader in the "better for you" snack space." About Simply Better Brands Corp. Simply Better Brands Corp. is a rapidly growing brand accelerator in the global protein-based nutrition category, delivering premium protein products made with clean ingredients, exceptional taste, and a commitment to sustainable health and wellness. Focused on innovation and customer empowerment, the company aims to redefine modern nutrition while expanding its reach in this dynamic market. For more information on Simply Better Brands Corp., please visit: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the regulatory climate in which the Company operates, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to expansion plans for TRU Brands products, and the success of the Company's marketing efforts. Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's management's discussion and analysis available under the Company's SEDAR+ profile at The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. SOURCE Simply Better Brands Corp. View original content to download multimedia: Inicia sesión para acceder a tu cartera de valores
