Is Tattooed Chef the Next Beyond Meat? 3 Points to Consider
Having gone public via a SPAC (special purpose acquisition company) merger at the start of the current SPAC craze back in mid-2020, Tattooed Chef (NASDAQ: TTCF) says in its own investor materials that it's looking to be a disruptive upstart in the fast-growing plant-based foods sector. After a pair of recent acquisitions and a toothsome first-quarter earnings report, investors rewarded the company with a 20% share price increase in May.
An investor conference began on June 16, allowing investors to get a better look at the company's recent background and get clues as to where it might be going. Here are three points you may want to consider while deciding if Tattooed Chef is the next Beyond Meat (NASDAQ: BYND) or if its weaknesses will limit its growth.
Despite the company having a traditional advertising budget of zero, Tattooed Chef's sales are booming, with overall revenue jumping 59% year over year from $33.2 million in Q1 2020 to $52.7 million in Q1 2021. An even more favorable sign for customer loyalty and brand recognition was the 105% year-over-year surge in products specifically branded with the Tattooed Chef name (the company also produces store-brand food products for various retailers). The company is projecting between $235 million and $242 million in total revenue for 2021 and a minimum of $300 million in the coming year.
Source Fool.com
