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Muscle Maker, Inc's (NASDAQ:GRIL) subsidiary, Sadot LLC, crossed the $100 million revenue milestone in its first 45 days of operation.
What Happened? Sadot generated $54.19 million in revenue in November and an additional $55.84 million in top-line sales through December 19.
Sadot, in its first 45 days of operation, has generated over $110 million in revenue.
Total company year-to-date revenue increased by 1,369% to $118.7 million since the end of Q3, 2022.
Sadot currently focuses on international shipping of physical food commodity items like wheat, soybean meal, and corn.
Shipments are via cargo ships that can range between 25,000 to 75,000 metric tons.
December shipments through December 19 included soybean meal and corn shipped between the USA, Australia, South Korea, and the Philippines.
Why Does It Matter? CEO Michael Roper stated, "it has been our belief that the creation of the new Sadot subsidiary and the diversification of Muscle Maker into the shipping, farming, and sourcing of food commodity products could be a game changer for Muscle Maker overall. To put the revenue Sadot has generated in its first 45 day of operation through December 19 into perspective, the total company revenue through Q3, 2022 was $8.67 million."
On November 18, Muscle Maker announced a new subsidiary, Sadot, and a material agreement between Sadot and AGGIA.
AGGIA will manage the day-to-day operations of Sadot, focusing on shipping, trading, sourcing, farming, and production of physical food commodities.
Roper continued, "We recently announced we have now sold 55 Pokemoto franchise agreements to date, opening eight so far, and have an additional 47 to still be opened. This structure allows the Muscle Maker team to focus on franchise growth while the AGGIA team focuses on the food commodity shipping side of the business."
Price Action: GRIL shares traded higher by 3.45% at $0.90 premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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