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Tattooed Chef Cauliflower Crust Cheese Pizza with Plant Based

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Tattooed Chef Inc.

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PARAMOUNT, Calif., May 09, 2022 (GLOBE NEWSWIRE) — Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a baton in plant-based foods, today appear banking after-effects for the aboriginal division concluded March 31, 2022. The Aggregation additionally common its banking advice for abounding year 2022.

First Division 2022 Banking Overview Compared to 2021 Aboriginal Quarter

Revenue rose 37.3% to $72.1 million

Tattooed Chef branded artefact acquirement added 21.2% to $43.5 million, or 60% of absolute revenue

Adjusted EBITDA (1) was abrogating $13.4 million

Net accident was $17.6 million

First Division 2022 Operational Highlights

Branded SKUs rose to 90 as of March 31, 2022 from 78 as of December 31, 2021

Added added than 10,000 new credibility of distribution

Commenced assembly of frozen, ready-to-eat Mexican aliment items

Enterprise-wide automation action underway and accepted to be completed by the end of 2022

Additional Operational Highlights

“After a almanac 2021, our advance connected during the 2022 aboriginal division and we appear our accomplished anytime anniversary acquirement of about $72 million,” said Sam Galletti, President and CEO. “We are continuing to calibration our business, and during the aboriginal division we saw added contributions from the accessories acquired as allotment of the New Mexico Aliment Distributors, Inc. and Karsten Tortilla Factory, LLC transactions.”

Mr. Galletti continued, “We are advancing initiatives advised to advantage our added accomplishment accommodation and appeal contour to drive efficiencies, abate costs, aggrandize margins, and enhance our aggressive profile. These accommodate accretion our retail cast and artefact calculation in absolute retailers; accretion our attendance alfresco of the freezer alley to accommodate air-conditioned and ambient products; and amalgam automation beyond our operations. We commenced operations at our committed algid accumulator adeptness in April 2022 and apprehend to accomplish cogent accumulation this year by bringing this adequacy in-house. I am acutely appreciative of our aggregation as they abide to bear advance and advance the accomplished levels of affection and applicant account while abyssal assorted macroeconomic challenges.”

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(1) Adjusted EBITDA is a non-GAAP banking admeasurement authentic beneath beneath “Non-GAAP Measures.” Amuse see “Adjusted EBITDA Reconciliation” at the end of this columnist release.

Sarah Galletti, the Tattooed Chef, Founder and Chief Creative Officer added, “We accept everybody has a plant-based side, and the accession of a ample ambit new artefact SKUs during the 2022 aboriginal division reflects our adeptness to adeptness adorable plant-based aliment for a advanced ambit of bistro occasions, acidity profiles, and comestible needs. Through our cornball accession approach, we abide to actualize commons that bodies apperceive and love, now fabricated healthier. We are decidedly agog about our amplification into new arctic artefact categories: burritos, quesadillas and Mexican entrees that accommodate a array of appetizing plant-based meat alternatives and additive combinations, such as the Bulb Based Chorizo and Egg Burrito, the Bulb Based Al Pastor Quesadilla, and Bulb Based Chicken Mole Enchiladas. In addition, we are decidedly accretion our vegan band by accumulation vegan eggs and proprietary meat alternatives, including plant-based pork into our meals. Finally, we are on plan to arise assembly of Tattooed Chef branded oat adulate confined during the additional division of 2022, accretion the cast out of the freezer aisle.”

First Division 2022 Results

Revenue added 37.3% to $72.1 actor during the aboriginal division of 2022 (“Q1 2022”) from $52.5 actor in the aboriginal division of 2021 (“Q1 2021”), primarily the aftereffect of a 21.2% access in “Tattooed Chef” branded products, as able-bodied as connected increases in both clandestine characterization and foodservice sales that agitated over from the acquisitions fabricated in 2021. College branded artefact sales were apprenticed by a cogent access in U.S. administration credibility that started in backward 2020 and connected through 2021, added aggregate at absolute retail stores, and new artefact introductions.

Cost of appurtenances awash added 41.1% to $63.9 actor in Q1 2022 from $45.3 actor in Q1 2021, due to college revenue, and inflationary pressures that resulted in cogent quarter-over-quarter increases in bales costs (inbound and outbound), algid accumulator costs (which are accepted to be mitigated due to the admission of operations at the Company’s committed algid accumulator adeptness in April 2022), and activity costs.

Gross accumulation was $8.2 actor in Q1 2022, or 11.3% of revenue, compared to $7.2 million, or 13.7% of revenue, in Q1 2021. The abatement in gross accumulation allowance was due to a greater access in amount of appurtenances awash than the access in revenues as a aftereffect of inflationary pressures.

Net accident was $17.6 million, or $(0.22) per adulterated share, as compared to a net accident of $8.2 million, or $(0.11) per adulterated share, in Q1 2021.

Adjusted EBITDA was abrogating $13.4 actor in Q1 2022 compared to Adjusted EBITDA of abrogating $3.4 actor in Q1 2021. The quarter-over-quarter aberration was due to the increases in costs of appurtenances awash ahead mentioned above.

Financial Condition

At March 31, 2022, banknote and banknote equivalents were $57.4 actor and abiding debt was about $0.6 million. Net banknote acclimated in operating activities was $26.4 million, $21.4 actor of which was attributable to an access in accounts receivable absorption decidedly college sales in Q1 2022. Capital expenditures during Q1 2022 were $8.8 actor and primarily reflected bottomward payments fabricated on new accessories for automation during 2022.

Full Year 2022 Outlook

The Aggregation common its angle for 2022:

Revenue of $280-$285 million, apprenticed by a aggregate of new artefact introductions, an access in retail administration via new relationships and biting absolute accounts compared to 2021, and contributions from acquisitions consummated in 2021.

Gross allowance of 10-12%

Marketing costs of $27- $32 million

Capital expenditures of about $20 million, with investments focused on automation and robotics at our accomplishment facilities.

Conference Alarm and Webcast

The Aggregation will host a appointment alarm today at 5:00 p.m. Eastern Time. Investors absorbed in accommodating in the alive alarm can dial:

The alarm will be webcast and accessible on the Investors area of the Company’s website at www.tattooedchef.com. The webcast will be archived for 30 days.

About Tattooed ChefTattooed Chef is a arch plant-based aliment aggregation alms a ample portfolio of avant-garde and sustainably sourced plant-based foods. Tattooed Chef’s signature articles accommodate ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts, handheld burritos, and quesadillas, which are accessible in the arctic aliment sections of arch civic retail aliment and club aliment beyond the United States as able-bodied as on Tattooed Chef’s e-commerce site. Understanding customer affairs and aliment trends, a charge to innovation, and self-manufacturing allows Tattooed Chef to continuously acquaint new products. Tattooed Chef provides approachable, abundant tasting and chef-created articles to the growing accumulation of plant-based consumers as able-bodied as the boilerplate marketplace. For added information, amuse appointment www.tattooedchef.com​.

Follow us on social: Facebook, Instagram, TikTok, Twitter, and LinkedIn and Taste the Jams on Spotify.

Forward Looking StatementsCertain statements fabricated in this absolution are “forward-looking statements” aural the acceptation of the “safe harbor” accoutrement of the United States Clandestine Securities Litigation Reform Act of 1995. When acclimated in this release, words such as “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “trend,” “accelerate,” “expansion,” “new,” “leverage,” “continues,” “maintains,” “opportunities,” “outlook,” “next,” “increase,” “beyond,” “potential,” “growth,” “pipeline,” “guidance” and variations of these words or agnate expressions (or the abrogating versions of such words or expressions) are advised to analyze advanced statements. These advanced statements are not guarantees of approaching performance, altitude or results, and absorb a cardinal of accepted and alien risks, uncertainties, assumptions and added important factors, abounding of which are alfresco Tattooed Chef’s control, that could account absolute after-effects or outcomes to alter materially from those discussed in the advanced statements. Important factors, amid others, that may affect absolute after-effects or outcomes include: ambiguity surrounding the ultimate success of Tattooed Chef’s e-commerce platform; the charge to prove Tattooed Chef’s adeptness to body cast acquaintance and abide to barrage avant-garde products; connected accepting of Tattooed Chef branded articles by new retail customers; Tattooed Chef’s adeptness to access in-store calculation and credibility of distribution; the aftereffect of any acknowledged affairs that may be instituted adjoin Tattooed Chef; Tattooed Chef’s adeptness to finer and calmly accommodate contempo and/or new acquisitions; antagonism and the adeptness of the business to abound and administer advance profitably; the appulse of inflation, decidedly with account to bales and alembic expenses; the aftereffect of accessible accumulation alternation disruption; and added risks and uncertainties adumbrated from time to time in our anniversary address on Form 10-K for the year concluded December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”), including those beneath “Risk Factors” therein, and added factors articular in accomplished and approaching filings with the SEC, accessible at www.sec.gov. Some of these risks and uncertainties may be amplified by COVID-19 or hostilities in Ukraine. Tattooed Chef undertakes no obligation to amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as appropriate by law.

Non-GAAP Measures

The Aggregation seeks to accomplish profitable, abiding advance by ecology and allegory key operating metrics, including Adjusted EBITDA. The Aggregation defines EBITDA as net assets afore interest, taxes, and depreciation. Adjusted EBITDA added adjusts EBITDA by abacus aback non-cash advantage expenses, non-recurring expenses, and added non-operational charges. The Company’s administration uses this non-GAAP banking metric and accompanying computations to appraise and administer the business and to plan and accomplish abreast and abiding operating and cardinal decisions. The administration aggregation believes this non-GAAP banking metric is advantageous to investors to accommodate added advice in accession to the GAAP banking results. Administration reviews the use of its primary key operating metrics from time-to-time. Adjusted EBITDA is not advised to be a acting for any GAAP banking admeasurement and as calculated, may not be commensurable to analogously blue-blooded measures of achievement of added companies in added industries or aural the aforementioned industry. The Company’s administration aggregation believes it is advantageous to accommodate investors with the aforementioned banking advice that it uses internally to accomplish comparisons of actual operating results, analyze trends in basal operating results, and appraise its business.

CONTACTS

INVESTORSStephanie Dieckmann, CFOTattooed Chef(562) 602-0822

Devin Sullivan, SVPThe Equity Group(212) 836-9608 / [email protected]

Karin Daly, VPThe Equity Group(212) 836-9623 / [email protected]

TATTOOED CHEF, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE LOSS (unaudited)(in thousands, except for allotment and per allotment information)

Three Months EndedMarch 31,

2022

2021

NET REVENUE

$

72,064

$

52,469

COST OF GOODS SOLD

63,914

45,289

GROSS PROFIT

8,150

7,180

OPERATING EXPENSES

24,793

14,196

LOSS FROM OPERATIONS

(16,643

)

(7,016

)

Interest assets (expense)

(41

)

(20

)

Other assets (expense)

(611

)

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(2,681

)

LOSS BEFORE INCOME TAX BENEFIT

(17,295

)

(9,717

)

INCOME TAX (EXPENSE) BENEFIT

(256

)

1,475

NET LOSS

$

(17,551

)

$

(8,242

)

NET LOSS PER SHARE

Basic

$

(0.21

)

$

(0.10

)

Diluted

$

(0.22

)

$

(0.11

)

WEIGHTED AVERAGE COMMON SHARES

Basic

82,237,898

80,240,105

Diluted

82,248,414

80,544,129

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX

Foreign bill adaptation adjustments

(430

)

109

COMPREHENSIVE LOSS

$

(17,981

)

$

(8,133

)

TATTOOED CHEF, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)(in thousands, except for allotment information)

March 31,2022

December 31,2021

ASSETS

CURRENT ASSETS

Cash

$

57,417

$

92,351

Accounts receivable, net

46,324

25,117

Inventory

58,339

54,562

Prepaid costs and added accepted assets

3,695

7,027

TOTAL CURRENT ASSETS

165,775

179,057

Property, bulb and equipment, net

54,217

46,476

Operating charter right-of-use assets, net

7,573

8,039

Finance charter right-of-use assets, net

5,597

5,639

Intangible assets, net

124

151

Deferred assets taxes, net

555

266

Goodwill

26,924

26,924

Other assets

771

649

TOTAL ASSETS

$

261,536

$

267,201

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

36,528

$

28,334

Accrued expenses

6,222

3,767

Line of credit

1,583

1,200

Notes payable, accepted portion

4,962

5,019

Forward arrangement acquired liability

1,960

1,804

Operating charter liabilities, accepted portion

1,529

1,523

Other accepted liabilities

736

122

TOTAL CURRENT LIABILITIES

53,520

41,769

Warrant liability

607

814

Operating charter liabilities, net of accepted portion

6,171

6,599

Notes payable, net of accepted portion

629

716

TOTAL LIABILITIES

60,927

49,898

COMMITMENTS AND CONTINGENCIES (See Note 18)

STOCKHOLDERS’ EQUITY

Preferred stock- $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021

Common shares- $0.0001 par value; 1,000,000,000 shares authorized; 82,441,641 shares and 82,237,813 shares issued and outstanding at March 31, 2022, and December 31, 2021, respectively

8

8

Additional paid in capital

243,649

242,362

Accumulated added absolute loss

(1,383

)

(953

)

Accumulated deficit

(41,665

)

(24,114

)

TOTAL STOCKHOLDERS’ EQUITY

200,609

217,303

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

261,536

$

267,201

TATTOOED CHEF, INC.Adjusted EBITDA Reconciliation(in thousands)

Three Months Ended

(in thousands)

March 31,2022

March 31,2021

Net loss

$

(17,551

)

$

(8,242

)

Interest

41

20

Income tax amount (benefit)

256

(1,475

)

Depreciation

1,507

552

EBITDA

(15,747

)

(9,145

)

Adjustments

Stock advantage expense

1,287

3,185

Loss on adopted bill advanced contracts

1,023

3,001

Gain on accreditation remeasurement

(207

)

(472

)

Acquisition expenses

105

ERP accompanying expenses

159

Total Adjustments

2,367

5,714

Adjusted EBITDA

$

(13,380

)

$

(3,431

)

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