- NGTF secured distribution in 15 states during Q1; company’s goal is to reach 10,000 retail outlets by mid-2020
- A second ice cream production run of all eight flavors has been completed; back orders have shipped, and e-commerce shipping is returning to normal
- Nightfood ice cream won the 2019 ‘Product of the Year’ award in a Kantar survey of more than 40,000 consumers
Nightfood Holdings Inc. (OTCQB: NGTF), owner of Nightfood ice cream, secured distribution in 15 states and recorded greater than $150,000 in revenue in Q1 2019, the three months ended March 31, 2019. The majority of the reported revenue came from wholesale sales of the ice cream.
The company recently announced that e-commerce shipping will return to normal, and online back orders are also being shipped. In addition, NGTF’s second production run of all eight flavors has been completed.
Nightfood Vice President of Ice Cream Sales Jim Christensen said in a news release (http://ibn.fm/JWo6J), “It’s important to point out that we were never on back order for our wholesale customers, which is the focus of our business. In fact, we shipped several pallets to a new distributor last week when this run was just getting underway.”
Within three months of the manufacture of its first pint, NGTF established distribution in 15 states. The company estimated that, if its national rollout goal of selling into 10,000 retail doors by March 31, 2020, is reached, revenues could approach or exceed $10 million per quarter by mid-2020 (http://ibn.fm/KoIzo).
In a news release, Nightfood CEO Sean Folkson said, “We won our 2019 Product of the Year Award in the ice cream category on the strength of consumers viewing Nightfood as both unique and exciting. Those attributes, along with a great-tasting and better-for-you product, have allowed us to expand distribution so rapidly.” The company won the ice cream category award in February 2019 after a Kantar survey of over 40,000 consumers.
Referring to the company’s e-commerce shipping issues, Folkson added, “Our focus is on making Nightfood available locally across the country, and mail order ice cream has never been a primary focus. Management reminds investors there is plenty of untapped production capacity already available through existing relationships.”
NGTF is focused on solving America’s $50 billion nighttime snacking problem, and its new ice cream line is sleep-friendly and formulated by sleep and nutrition experts. Based in Tarrytown, New York, Nightfood Holdings Inc. owns Nightfood Inc., along with MJ Munchies Inc. MJ Munchies was formed in 2018 as a new, wholly owned subsidiary of Nightfood Holdings Inc. in an effort to capitalize on legally compliant opportunities in the CBD and marijuana edibles and related spaces. The company intends to market some of these new products under the brand name ‘Half-Baked’, a moniker for which it has successfully secured trademark rights.
For more information, visit the company’s website at www.Nightfood.com
NOTE TO INVESTORS: The latest news and updates relating to NGTF are available in the company’s newsroom at http://ibn.fm/NGTF
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