The Real Good Food Company, Inc. RGF shares are trading lower on Wednesday after the company reported preliminary third-quarter financial results and issued full-year and fourth-quarter revenue guidance below estimates. Additionally, the company announced the commencement of a public offering.
What To Know: On Tuesday, the company said preliminary third-quarter net sales are expected to increase between 46% and 52% year-over-year to a range of $55 million to $57 million.
The company also said it anticipates full-year 2023 revenue to be between $185 million and $194 million, versus the $202.35 million estimate. Full-year 2024 revenue is estimated to be $245 million, versus the $245.81 million estimate. Positive operating cash flow is expected to be reached beginning in the fourth-quarter of 2023. Fourth-quarter revenue is expected to be between $65 million and $72 million, versus the $74.48 million estimate.
Also on Tuesday, Real Good Food announced the commencement of an underwritten public offering to issue and sell shares of its Class A common stock.
Shares of the stock fell in response to the news on Wednesday.
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RGF Price Action: Shares of RGF were down 26.1% at $2.29 at the time of publication, according to Benzinga Pro.
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