Else Nutrition Reports 2024 First Quarter Financial Results and Provides Business Update

Continuing to add major retail partners; now serving thousands of stores across North America

Amazon sales increased approximately 92% and 330% over the same quarter last year in the U.S. and Canada, respectively

Conference Call to be Held Today at 10:00 AM Eastern Time

Image: Notable retailers added by Else Nutrition during the first quarter of 2024

VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F) ("Else" or the "Company"), today reported financial results for the first quarter ended March 31, 2024. The financial statements and MD&A are available on SEDAR under the Company’s profile.

“We are proud of our strong start to 2024 with multiple, significant retail partners signing on to carry our products,” commented, Hamutal Yitzhak, CEO of Else Nutrition. “We remain committed to providing dairy and soy-free alternatives to families around the world and are rapidly gaining traction within the market. Although we continued to experience temporary order delays from certain large retailers that impacted our revenue for the quarter, the outlook for the full year is extremely positive and we have received very favorable feedback from both retailers and consumers. This is illustrated by the continued adoption of our products by major retailers within the United States and Canada. The increase in consumer awareness and demand is also evident in the Amazon platform, with first quarter 2024 sales increasing approximately 92% and 330% in the U.S. and Canada, respectively, over the same period last year. Even more notable, Amazon sales increased sequentially from the fourth quarter of 2023 by 13% and 65% within the U.S. and Canada, respectively.”

“Furthermore, we are seeing remarkable success with our kids ready-to-drink shakes, with new and existing retailers onboarding the product. Given we only launched the product late last year, we anticipate additional growth throughout the reminder of the year as we continue to increase brand awareness. In addition, we expect to launch our adult ready-to-drink product during the summer, which we believe will receive similar traction in the market, further propelling our growth.”

“Importantly, we recently announced the highly anticipated first commercial launch of our groundbreaking plant-based infant formula in Australia. Our plant-based formula addresses an unmet need in the market, with a desired composition that is free of antibiotics, hormones, pesticides, GMOs, and heavy metals—all of which are an increasing concern for parents. The core ingredients, almonds, buckwheat, and tapioca, have a ~65% lower carbon footprint and require zero chemical processing, keeping proteins intact. Our product is meticulously crafted to support infants aged 6-12 months as they transition to solid foods, ensuring they receive essential nutrients for optimal growth and development. We are very proud to have achieved this major milestone.”