ISRAEL – Else Nutrition Holdings, a plant-based formula processor, has announced its financial results for the first quarter of 2024, reporting a 27% decrease in revenue ending March 31, 2024.

Despite experiencing the decrease to US$2.1 million due to order delays from large retailers, the company reported significant strides in market penetration and product expansion.

Operating expenses decreased by 15% to US$4.2 million, reflecting strategic cost management. As of March 31, 2024, the cash balance stood at US$3.1 million.

CEO Hamutal Yitzhak highlighted the strong start to 2024, with multiple major retailers signing on to carry Else Nutrition’s products.

“The company is seeing rapid traction in the market, particularly with its dairy and soy-free alternatives,” he said.

Positive feedback from both retailers and consumers underscores this growth, especially on the Amazon platform, where first-quarter sales surged by 92% in the U.S. and 330% in Canada compared to the previous year.”

Sequentially, Amazon sales grew by 13% in the U.S. and 65% in Canada from the fourth quarter of 2023.

He highlighted that Else Nutrition’s kids’ ready-to-drink shakes, launched late last year, are experiencing remarkable success, with new and existing retailers onboarding the product and the company anticipates further growth in this segment throughout the year.

Additionally, the upcoming launch of an adult ready-to-drink product this summer is expected to drive further market expansion.

Hamutai noted that a significant milestone for the company was the first commercial launch of its plant-based infant formula in Australia.

“This product, free from antibiotics, hormones, pesticides, GMOs, and heavy metals, caters to a growing demand among parents for cleaner, plant-based nutrition,” he added.

“The core ingredients—almonds, buckwheat, and tapioca—boast a 65% lower carbon footprint and require no chemical processing, maintaining protein integrity.”

The formula is designed for infants aged 6-12 months, supporting their transition to solid foods with essential nutrients for growth and development.

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