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Home Bistro Inc (OTCMKTS:HBIS) Stock Jumps After Announcing Record Revenue in Q1

Jon Williams , , , ,

Shares of Home Bisto, Inc (OTCMKTS:HBIS) closed up on Friday after the company announced quarterly results.

Market Stats

On Friday, HBIS stock moved up 2.3% to $0.89 with more than 3.18K shares, compared to its average volume of 9K shares. The stock moved within a range of $0.8300 – 0.8900 after opening trading at $0.83.          

Home Bistro, Inc. Reports Record Revenue for Quarter Ended January 31, 2022

Leading online meal delivery platform offering celebrity chef-inspired, gourmet and lifestyle ready-made meals, Home Bistro, Inc (OTCMKTS:HBIS) on March 18, 2022 reported record quarter one revenue for quarter one ending January 31, 2022.

ZalmiDuchman, Home Bistro CEO said that it takes about a year for celebrity chief to establish cuisine its platform and achieve much traction. Duchman added that understanding the timeline reassures a robust performance. The CEO further stated that Hungry Fan chef, Daina Falk, who started on its platform last October, will continue to build increasing momentum during the year. The CEO expected the goal is to carry on growing revenue ensuring positive cash flow by 2023.

Home Bistro expects that Claudia Sandoval and Richard Blais will start generating sales by second half of 2022 and 2023. The firm also launched two collaborative partnerships, one of which complements its meal offerings.

Revenue from product sales surged by 101% to $802,000 in quarter one, marked by the integration of Model Meals brand, product sales of celebrity chefs Daina Falk, Cat Cora and mid-quarter launch of Claudia Sandoval and Richard Blais. Home Bistro has seen operating expenses for quarter one reach $1.6 million compared to $274,000 for first quarter 2021. The net loss for the quarter was $2.9 million.

Key Quote

Zalmi Duchman, Home Bistro CEO, stated, “It takes up to 12 months for a newly launched celebrity chief to fully establish their cuisine on our platform and achieve significant traction. Understanding this timeline makes first quarter a solid performance as it is only now that menu offerings of Iron Chef Cat Cora are beginning to gain meaningful traction.

Jon Williams

Jon graduated from the University of Michigan with a degree in finance. He is an avid investor and enjoys reporting on the markets. When he is not in front of a computer he enjoys playing golf and watching basketball.