UpMeals is pleased to announce record revenues in April due to an increase in demand across their SmartVending, B2B and D2C platforms, surpassing April 2021’s revenues by 61%.
Additionally, the company reported strong growth in Q4 (Oct-Dec 2021) of 81% from previous Q4 results, and 53% growth in Q1 (Jan-Dec 2022).
UpMeals is experiencing a surge in demand across their platform as office environments, universities, transit centres and other high traffic locations are returning to normal capacity. The company recently installed new SmartVending machine deployments at the University of British Columbia, Simon Fraser University, and their BC Ferries installation is slated to take place this week.
The machines have received a warm welcome with university students, often selling out daily. The company’s customised B2B solutions, serving organisations like Meta (Facebook) and others have also seen increased demand as office headcount increases.
“We’re thrilled to see steady, continued growth across our platform”, said UpMeals CEO Drew Munro, “our technology-driven solutions add incredible value and make healthy, safe food accessible 24/7, wherever it’s needed. We expect strong growth to continue throughout 2022 and beyond as we prepare to make several exciting announcements over the coming weeks about new partnerships and contracts.”
UpMeals is a food accessibility solution on a mission to make healthy, nutritious meals available 24/7 via SmartVending machines and customized grab ‘n go solutions. They provide custom, healthy, sustainably packaged meals that meet the highest food safety standards. The Company provides access to its products via SmartVending machines, B2B and D2C platforms. The company’s AI-driven proprietary technology manages the meal customization process, and a custom app provides data and feedback on sales and food availability to make informed decisions and reduce waste.
The financial results disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.
Forward Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may,” “will,” “expect,” “likely,” “should,” “would,” “plan,” “anticipate,” “intend,” “potential,” “proposed,” “estimate,” “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the business and strategic plans of the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct; and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company’s ability to comply with all applicable governmental regulations, including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; the conflict in Eastern Europe; a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company’s reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.