Tattooed Chef rises on smaller loss, positive outlook

Tattooed Chef

16/05/2023 10:31

** Shares of plant-based food maker Tattooed Chef Inc 
 TTCF.O  up 4.3% at $0.85 premarket
    ** Co reports smaller Q1 net loss of $19.0 million, or
$0.23/share vs net loss of $20.2 million, or $0.25/share, last
year
    ** Co says it is confident of saving costs up to $40 million
or more in 2023
    ** TTCF expects to reach breakeven adj EBITDA & become cash
flow neutral in Q3 2024
    **Co seeks to raise additional debt or equity capital in
near future
    ** Forecasts 2023 net revenue to be in range of $200 million
and $205 million, lower than 2022 reported net revenue of $231
million
    ** Up to last close, stock fell 33.73% so far this year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))