- My Foodie Box (MBX) suspends trading as funding details are finalized
- The Perth-based meal kit delivery company has released its quarterly report for September. The report showed a significant increase in active subscribers and customers along with an increase in spending.
- My Foodie Box increased its operating cash outflow to $1.7 million as part of its efforts to increase brand awareness, but it expects to save $200,000 each month by changing its approach.
- At the end of the quarter, the company had $392,000 in available cash, with an estimated 0.23 quarters of available cash remaining.
- MBX is expected to lift its suspension by Nov. 3, and the stock last traded at 6 cents on Oct. 12.
My Foodie Box (MBX) has closed trading as it finalizes details of a proposed capital raise.
The Perth-owned and operated company offers a subscription-based meal kit service to WA customers. We use locally sourced ingredients to prepare and deliver your customizable box.
My Foodie Box has not yet disclosed how much money it plans to raise and how it will use the funds, but the trading halt came a day after its quarterly report in September.
The consumer discretionary stock described the three months as a “transition quarter,” completing a major marketing strategy focused on building brand awareness and winning more customers.
When listed on the ASX in January 2022, MBX had approximately 1650 active subscribers, increasing to an average of 2781 in the September quarter. This growth continues, with over 3950 active subscribers now.
Active customers also increased to 6,347. This is up 133% year-on-year, and in the June quarter he is up 115%.
Due to its focus on brand awareness, the company reported a $1.7 million increase in operating cash outflow. Since then, MBX has saved more than $200,000 in costs each month, which it says will be reflected in future quarters along with increased revenue.
My Foodie Box’s current strategy is to retarget and reactivate its customer database via direct SMS or email promotions at low acquisition costs.
At the end of the quarter, the company had $392,000 in available cash and only 0.23 quarters of available cash left.
My Foodie Box is expected to be lifted by Thursday, November 3rd.
The stock last traded at 6 cents on Oct. 12.