Vancouver, BC, October 6th, 2022 – UpMeals is very pleased to announce another record performance in Q3 2022, with revenues growing 148% YoY from Q3 2021. September was also a single-month revenue record for the company.
The company posted revenues of $690K in Q3 2022, beating their forecast and increasing 148% from Q3 2021’s performance. September 2022 revenues alone were $265K, beating their August 2022 performance by 9%.
The company recently installed 5 SmartVending machines at Vancouver International Airport and completed a deployment at Capilano University. Additionally, the company also became the main provider of healthy, ready to eat meals for Lululemon’s Vancouver headquarters via their partnership with Compass Group.
UpMeals’ management is forecasting profitability for the company by Q1 of 2023 on the back of strong B2B partnerships and upcoming contracts, improved operational efficiencies and facility upgrades.
“While UpMeals continues to deliver consistent top line growth, our leadership team is also focused on achieving profitability and strong operating cashflows”, said UpMeals CEO Drew Munro, “This year’s Q3 saw us not only achieve record revenues, but significantly improved Gross Profit and reduced operating expenses. Our leadership team has created a clear road map to achieving positive cash flow based on our upcoming contracts and we look forward to continuing to drive the value of the company for our shareholders.”
*Financial results are from management prepared statements and are unaudited
UpMeals currently has limited availability remaining in their current financing round. To confirm investment allocations or top ups, please email:
Drew Munro
drew@upmeals.ca
