- My Foodie Box (MBX) enters a trading halt while it finalises the details of a capital raise
- The Perth-based meal kit delivery company released its September quarterly report which saw a large increase in active subscribers and customers alongside increasing spending
- My Foodie Box increased operating cash outflows to $1.7 million as part of its efforts to grow brand awareness, but as it changes its approach, it expects to save $200,000 per month
- At the end of the quarter, the company had $392,000 in available cash and just 0.23 estimated quarters left of available funding
- MBX expects to come out of the halt by November 3 and shares last traded at six cents on October 12
My Foodie Box (MBX) has entered a trading halt while it finalises the details of a proposed capital raise.
The Perth-owned and operated company offers a subscription-based meal kit service to WA customers. It prepares and delivers customisable boxes using locally sourced ingredients.
My Foodie Box is yet to divulge how much it plans to raise and how it will spend the funds, but the trading halt does come a day after its September quarterly report.
The consumer discretionary stock described the three-month period as a “transition quarter” in which it completed its large-scale marketing strategy focused on increasing brand awareness to onboard more customers.
Upon it listing on the ASX in January 2022, MBX had around 1650 active subscribers which increased to an average of 2781 over the September quarter. This growth has only continued with its active subscriber count now at over 3950.
Active customers also grew to 6347 which represents a 133 per cent year-on-year growth and a 115 per cent increase on the June quarter.
Due to its focus on brand awareness, the company reported an increase in operating cash outflows of $1.7 million. MBX has since reduced costs by over $200,000 per month which it said will be reflected in the coming quarters along with increasing revenues.
My Foodie Box’s strategy now is on re-targeting and re-activating 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 just 0.23 estimated quarters left of available funding.
My Foodie Box expects to come out of the halt by Thursday, November 3.
Shares last traded at six cents on October 12.