Planting Hope Company (CVE:MYLK) announced its financial results for the fiscal year ending December 2022 and reported that it achieved record revenue of $12.2M last year, more than 4.6 times its revenue in 2021.
“Sesame milk is the first meaningful new plant milk subcategory since oat milk”.
Planting Hope, whose products include hop and sesame milk, RightRice and Mosaics veggie chips, said its 2022 revenue was up 358% from 2021, driven by its acquisition of RightRice, significant retail expansion in North America and a strong response to its Barista semimilk. has been In food service and coffee shops.
“In 2022, we bring our flagship Hope and Sesame Barista Blend Sesame Milk to the critical cafe channel,” said Julia Stamberger, CEO and co-founder of Planting Hope. “After five years of formulation, development and testing, sesame milk is the first meaningful new plant milk subcategory since oat milk and we are quickly verifying its potential to significantly disrupt the cafe space and foodservice channels.
“Additionally, we are advancing sustainability initiatives across all of our products, including Hope and Sesame’s recent Upcycled certification from the Upcycled Food Association.”
Growth is accelerated
The company reported that it has expanded its retail footprint to more than 10,000 grocery locations and secured distribution with key partners such as Dot Foods.
Stamberger added, “2022 was a record growth year for Plant Hope: With numerous achievements in 12 short months, we proved acceptance and demand for our products and set the platform for accelerated revenue growth and scaling in 2023 and beyond.”
Here’s a look back at some of the company’s most notable milestones:
- November – An all-female C-suite and board leadership, Planting Hope completes its IPO In Canada, debuting TSX-V under the symbol “MYLK”.
- February – Introducing the new 48 oz. refrigerated bottles at Kroger, America’s largest grocery chain
- February – Became a “World’s First”. Upcycle Certified Plant-based milk
- march – Expanded distribution with Dot Foods by adding nine additional SKUs
- march – The CEO Joined by Julia Stamberger Board of Directors of the Plant Based Food Association
Looking ahead, Planting Hope says it wants to focus on growth in foodservice and e-commerce channels like Amazon.
“Our plant-based, planet-friendly products that are disrupting food and beverage categories – plant-based milks and creamers, rice and legumes and healthy snacking – are growing at double digits in North America and globally,” Stamberger said.
He added, “Planting Hope’s standout brands are poised to create meaningful disruption in each of these categories by revolutionizing sustainability, nutrition and taste to consumers and delivering operational ease and efficiency to foodservice operators. The gameboard is now set up for the Planting Hope Company: In 2023, we start playing and our shareholders win.”