Happy Belly Food Group Announces 6th Consecutive Record Quarter, and 8th Consecutive Quarter of QoQ Growth


Toronto, Ontario (November 28th, 2023) – Happy Belly Food Group Inc. (CSE:HBFG) (OTCQB:VGANF) (“Happy Belly” or the “Company”), a leading consolidator of emerging food brands is pleased to announce its financial results and corporate update for the three months ended September 30th, 2023.

Financial Highlights


  • The Company recorded total revenue of $3.8 million for the nine-month period end and $1.5 million for the quarter. The Company is on target to exceed $5 million in revenue for the year. Gross profit continues to improve due to cost control measures, reporting $0.8 million for the quarter and $2.0 million year to date.
  • Q3 2023 was the sixth consecutive record quarter for the company delivering $1,507,229 in total revenue vs $1,322,508 in Q2 2023, an increase of $184,721 (+14%) in revenue quarter over quarter (QoQ).
  • Q3 2023 represents the eight consecutive quarterof QoQ growth and gross profit has improved by almost 10%.
  • The Company delivered strong quarterly and year to date operating results from its Quick Service Restaurant (“QSR”) and the Consumer Product Goods (“CPG”) divisions.


  • QSR division had revenue increases from $550,313 in Q3 2022 to $1,116,000 in Q3 2023 and from $1,047,044 to $2,828,531 for the three quarters year to date period (+103% and +170% respectively).
  • QSR division reported EBITDA(1) of $47,252 for the quarter ended September 30, 2023 compared to a loss of $19,048 in the same period Q3 2022. For the nine months ended September 30, 2023, the Company had segment EBITDA of $281,442 compared to a loss of $108,695 for the period ended September 30, 2022. The QSR segment of Happy Belly is demonstrating strong EBITDA growth year over year.
  • Our CPG division had revenue increases from $244,147 in Q3 2022 to $364,186 in Q3 2023 and from $692,274 to $1,013,039 for the three quarters year to date period (+49% and +46% respectively).
  • The CPG division reported EBITDA(1) of $48,834 for the quarter ended September 30, 2023 compared to a loss of $33,010 in the same period Q3 2022.
  • The QSR division demonstrated a robust EBITDA increase of $390,137 for the year over year period and the CPG division demonstrated an increase of $66,300 over the same period.
  • For the three and nine months ended September 30, 2023, revenue increased 85% and 121% respectively over the corresponding periods of 2022.
  • Total Net Operating Loss for the Company after removal of non-cash items for Q3 2023 was $272,166 compared to a loss of $467,587 in the same period in 2022. One-time costs of building the Joey Turks restaurant, increased labour for training and launching of two corporate locations for Heal Wellness and increased legal for M&A activities played a factor.


  • The Company’s cash position as of September 30, 2023 is $1,410,325


“With our 8th consecutive quarter of QoQ growth, and 6th consecutive record setting quarter in revenue, you can see our continued commitment to shareholders as we continue to execute our plans and improve company wide performance”, said Shawn Moniz, Chief Executive Officer of Happy Belly.

“We are once again witnessing the consistent and repeatable pattern of Happy Belly’s operations staying financially disciplined while achieving organic and inorganic growth.  I’m extremely proud of the positive progress that our management team, alongside our brand partners, have been able to achieve in the first nine months of 2023.  Each quarter has resulted in significant quarter-over-quarter growth while continuing to improve operations within our businesses and deliver consistent record quarters.”

“Franchising revenue for all our QSR brands is a key component to our future quarters of growth. Happy Belly’s performance will continue to improve as we remain disciplined, and work to continue to close the gap towards company-wide profitability. We have a great team with the patience and experience to continue building our stable of emerging brands, and the funding to continue accelerating growth organically and through accretive M&A opportunities.”

Q3 Corporate Highlights

  • On September 13th, 2023, the Issuer announces that its PIRHO Fresh Greek Grill Enters Greater Toronto Area with Signed Franchisee for Oakville, Ontario
  • On September 8th, 2023, the Issuer announces Signing of First Franchised Location in the Beaches, Toronto, for its Heal Wellness QSR
  • On August 25th, 2023 the Issuer Announced its 5th Consecutive Record Quarter, and 7th Consecutive Quarter of QoQ Growth
  • On July 31st, 2023 the issuer announced Expanded CPG Distribution While Receiving Record Purchase Orders for Both LumberHeads Popcorn And Holy Crap Cereals and Oatmeal’s
  • On July 24, 2023, the Issuer announced that it has closed its non-brokered private placement issuing 645 unsecured convertible debentures for gross proceeds of $645,000.
  • On July 20, 2023, the Issuer announced that it has signed an area development agreement for the province of British Columbia for the opening of 30 franchise restaurants of HEAL Wellness, a fresh smoothie bowls, acai bowls, smoothies, and delicious breakfast waffles quick serve restaurant.
  • On July 18, 2023, the Issuer announced that it has signed an area development agreement for the province of British Columbia for the opening of 20 franchise restaurants of Pirho Fresh Greek Grill, a gourmet bowls, wraps, and pitas fast casual Greek restaurant with the fresh wholesome tastes of Greece and its delicious traditional foods.
  • On July 7, 2023, the Company announced that it has entered the Caribbean fast casual sector with the launch of its 100% wholly owned subsidiary brand, Joey Turks Island Grill.


(1) EBITDA Is a non-IFRS and non-GAAP financial measure which does not have a standardised meaning prescribed by IFRS. The Company has included this performance measure, EBITDA (Earnings before interest, taxes, depreciation and amortization). The Company believes that, in addition to conventional measures prepared in accordance with IFRS, we and certain investors use this information to evaluate the Company’s performance and ability to generate cash, profits and meet financial commitments.  This Non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. 

EBITDA is calculated by adding back interest, taxes, depreciation and amortization to the Company’s net income/loss.


About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: VGANF) (“Happy Belly” or the “Company”), a leading consolidator of emerging food brands.

Happy Belly Food Group
Shawn Moniz
Chief Executive Officer


www: www.happybellyfg.com or email hello@happybellyfg.com
If you wish to contact us please call: (604) 737-2303

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, and include the future performance of LumberHeads Food Co. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.