Plant-based food producer Ittella has big Q1
Ittella International, a plant-based food company that includes a portfolio of private label items as well as the Tattooed Chef brand, reported preliminary revenue for the six-month period ended June 30, 2020 at $65.2 million, a 96% increase over last year’s period.
The strong Q1 revenue of $33.2 million, a 95% increase over Q1 2019, was followed by an estimated Q2 revenue of $32 million, a 96% increase over Q2 2019.
In June, Tattooed Chef and Forum Merger II Corp., a special purpose acquisition company, entered into a definitive agreement for a business combination that will introduce Tattooed Chef as a Nasdaq-listed public company.
"Our outstanding six-month revenue is a testament to our ability to continue executing on our vision and business plan to build Tattooed Chef," said Sam Galletti, president and CEO of Tattooed Chef. “Our products tap into the growing consumer demand for plant-based food products, and we look forward to taking advantage of the benefits we expect from becoming a public company.”
Tattooed Chef offers a broad portfolio of plant-based food products like ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts, which are available in the frozen food sections of leading national retail food stores across the United States, and the company joins a portfolio of private label products under Ittella and is available to work with on private brand products.
“Tattooed Chef’s preliminary second quarter results underscore our confidence in the business and its strong growth potential,” said David Boris, Co-CEO and CFO of Forum. “We are continuing to work with Tattooed Chef towards closing the transaction as soon as possible."