Borealis Foods Cooks Up Strong Q3 Results with Soaring Gross Margins
November 14, 2024
Merger/DeSPAC: Feb 08, 24
Industry:
FOOD AND KINDRED PRODUCTS
New York, NY – Borealis Foods Inc. (Nasdaq: BRLS, BRLSW), the innovative food tech company behind Chef Woo ramen, Ramen Express, and Woodles noodles, announced impressive third-quarter 2024 financial results, marked by significant gross margin improvement and strategic expansion.
Net sales jumped over 45% to $7.7 million compared to the previous quarter, driven by a strategic focus on higher-margin premium brands like Chef Woo and Woodles. Gross margin more than doubled to 17%, fueled by this shift in product mix.
Borealis continued its national expansion by adding key Walmart locations, bringing its total retail store count to over 23,000 across the US and Canada. The company also launched Woodles noodles in schools, with promising early results and plans for further expansion in the education sector.
“The third quarter marked an important inflection point,” said Borealis CEO Reza Soltanzadeh. He highlighted the company’s commitment to innovation, citing a recent study by Texas Tech University that demonstrated the potential of Chef Woo’s high-protein ramen to reduce caloric intake.
Looking ahead, Borealis expects continued sequential sales growth in the fourth quarter, driven by seasonal demand, new product launches with brand ambassador Gordon Ramsay, and the expansion of Woodles in schools. The company remains focused on driving sales of its premium brands and further expanding its gross margins.
Intuitive Machines Reaches New Heights with Record Revenue and Major NASA Contracts
November 14, 2024
Merger/DeSPAC: Feb 14, 23
Industry:
SEARCH, DETECTION, NAVAGATION, GUIDANCE, AERONAUTICAL SYS
Houston, TX – Intuitive Machines (Nasdaq: LUNR, LUNRW), a leading space exploration company, announced stellar third-quarter 2024 results, marked by significant revenue growth and major contract wins with NASA.
The company secured a $116.9 million contract through NASA’s Commercial Lunar Payload Services (CLPS) initiative, its fourth such award and more than any other CLPS vendor. Intuitive Machines also won a groundbreaking data services contract with a potential value of $4.82 billion for NASA’s Near Space Network (NSN).
“Intuitive Machines had a very strong third quarter highlighted by key wins, revenue growth, and the largest cash balance in Company history,” said CEO Steve Altemus. The company achieved $58.5 million in revenue, a 359% year-over-year increase, and ended the quarter with a record backlog of $316.2 million.
These achievements highlight the company’s progress in its three core service areas: delivery, data transmission, and infrastructure as services. Intuitive Machines continues to advance its lunar lander technology and expand its capabilities in space exploration.