RGF
RGF
The Real Good Food Company, Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2023 | $55.56M ▲ | $20.45M ▲ | $-4.44M ▼ | -7.98% ▲ | $-0.5 ▲ | $-7.29M ▲ |
| Q2-2023 | $35.36M ▲ | $15.45M ▼ | $-4.17M ▼ | -11.8% ▲ | $-0.58 ▼ | $-9.04M ▼ |
| Q1-2023 | $29.8M ▼ | $15.73M ▲ | $-3.69M ▼ | -12.39% ▼ | $-0.53 ▼ | $-8.8M ▼ |
| Q4-2022 | $35.65M ▼ | $14.16M ▲ | $-2.88M ▲ | -8.08% ▲ | $-0.47 ▲ | $-7.71M ▲ |
| Q3-2022 | $37.55M | $12.42M | $-3.15M | -8.38% | $-0.51 | $-9.68M |
What's going well?
Revenue jumped 57% and gross profit more than doubled, showing strong demand. Margins are improving, and operating losses are shrinking as the company grows.
What's concerning?
The company is still losing money, and interest costs are rising. Shareholders are being diluted as more shares are issued, and the business remains unprofitable.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2023 | $78K ▼ | $151.71M ▲ | $195.43M ▲ | $28.61M ▼ |
| Q2-2023 | $692K ▲ | $138.86M ▲ | $171.44M ▲ | $31.05M ▼ |
| Q1-2023 | $550K ▼ | $131.09M ▼ | $151.09M ▲ | $33.23M ▼ |
| Q4-2022 | $5.28M ▲ | $131.44M ▲ | $139.54M ▲ | $35.15M ▼ |
| Q3-2022 | $3.04M | $123.46M | $121.05M | $36.67M |
What's financially strong about this company?
The company still has a positive shareholder equity number and a decent base of tangible assets like property and inventory. Most assets are real, not just accounting entries.
What are the financial risks or weaknesses?
Cash is nearly gone, debt is rising, and working capital is under pressure from rising receivables and inventory. The company is delaying payments to suppliers and has a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2023 | $-13.12M ▲ | $-2.27M ▲ | $-787K ▼ | $2.04M ▼ | $-1.01M ▼ | $-3.05M ▲ |
| Q2-2023 | $-14.59M ▼ | $-10.66M ▲ | $-416K ▲ | $11.22M ▼ | $151K ▲ | $-11.07M ▲ |
| Q1-2023 | $-13.68M ▼ | $-15.94M ▼ | $-537K ▼ | $11.76M ▲ | $-4.72M ▼ | $-16.48M ▼ |
| Q4-2022 | $-11.9M ▲ | $-7.77M ▲ | $12K ▲ | $10M ▼ | $2.24M ▲ | $-7.76M ▲ |
| Q3-2022 | $-13.12M | $-19.41M | $-107K | $12.23M | $-7.3M | $-19.52M |
What's strong about this company's cash flow?
Cash burn improved a lot this quarter, dropping from over $10 million to just $2-3 million. The company is spending modestly on capital needs and not diluting shareholders with new stock.
What are the cash flow concerns?
RGF is still losing money and burning cash, with only $2 million left in the bank. The improvement came mainly from delaying payments to suppliers, which can't last forever, and the company still needs outside funding to survive.
Revenue by Products
| Product | Q4-2022 | Q1-2023 | Q2-2023 | Q3-2023 |
|---|---|---|---|---|
Breakfast | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Entrees | $30.00M ▲ | $30.00M ▲ | $30.00M ▲ | $50.00M ▲ |
Pizza And Snacks | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Q3 2023 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at The Real Good Food Company, Inc.'s financial evolution and strategic trajectory over the past five years.
RGF combines rapid revenue growth, a clearly defined niche in better‑for‑you comfort foods, and a brand message that resonates with health‑conscious consumers. It has achieved broad distribution for its size, built a sizable social media presence, and shown an ability to repeatedly launch differentiated products that maintain consumer interest. Historically adequate liquidity ratios and access to outside capital have allowed it to fund expansion and build a larger operational footprint than many comparably young food brands.
At the same time, the company’s financial profile is risky: persistent operating losses, worsening cash burn, and high leverage culminated in a Chapter 11 filing and subsequent restructuring. Overhead growth has outpaced revenue, margins remain negative, and free cash flow is deeply in the red, leaving the business dependent on lenders and investors. Competitive risks from large incumbents and other niche brands, plus any erosion in retailer or consumer confidence following delisting and bankruptcy, add further uncertainty to the story.
Looking forward, RGF’s prospects hinge on whether it can convert its brand momentum and product innovation into a sustainable, profitable model with positive cash generation. The restructuring and new ownership create an opportunity to reset the cost base and capital structure, but also underscore how challenging the journey has been so far. If management can tighten expenses, fully utilize its expanded assets, and maintain product relevance in its niche, the company could move toward healthier financial footing; if not, growth may remain costly and financially constrained. Uncertainty is high, and outcomes will depend heavily on execution in the next phase.
About The Real Good Food Company, Inc.
https://www.realgoodfoods.comThe Real Good Food Company, Inc., through its subsidiary, Real Good Foods, LLC operates as a health and wellness focused frozen food company in the United States. The company develops, manufactures, and markets foods designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2023 | $55.56M ▲ | $20.45M ▲ | $-4.44M ▼ | -7.98% ▲ | $-0.5 ▲ | $-7.29M ▲ |
| Q2-2023 | $35.36M ▲ | $15.45M ▼ | $-4.17M ▼ | -11.8% ▲ | $-0.58 ▼ | $-9.04M ▼ |
| Q1-2023 | $29.8M ▼ | $15.73M ▲ | $-3.69M ▼ | -12.39% ▼ | $-0.53 ▼ | $-8.8M ▼ |
| Q4-2022 | $35.65M ▼ | $14.16M ▲ | $-2.88M ▲ | -8.08% ▲ | $-0.47 ▲ | $-7.71M ▲ |
| Q3-2022 | $37.55M | $12.42M | $-3.15M | -8.38% | $-0.51 | $-9.68M |
What's going well?
Revenue jumped 57% and gross profit more than doubled, showing strong demand. Margins are improving, and operating losses are shrinking as the company grows.
What's concerning?
The company is still losing money, and interest costs are rising. Shareholders are being diluted as more shares are issued, and the business remains unprofitable.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2023 | $78K ▼ | $151.71M ▲ | $195.43M ▲ | $28.61M ▼ |
| Q2-2023 | $692K ▲ | $138.86M ▲ | $171.44M ▲ | $31.05M ▼ |
| Q1-2023 | $550K ▼ | $131.09M ▼ | $151.09M ▲ | $33.23M ▼ |
| Q4-2022 | $5.28M ▲ | $131.44M ▲ | $139.54M ▲ | $35.15M ▼ |
| Q3-2022 | $3.04M | $123.46M | $121.05M | $36.67M |
What's financially strong about this company?
The company still has a positive shareholder equity number and a decent base of tangible assets like property and inventory. Most assets are real, not just accounting entries.
What are the financial risks or weaknesses?
Cash is nearly gone, debt is rising, and working capital is under pressure from rising receivables and inventory. The company is delaying payments to suppliers and has a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2023 | $-13.12M ▲ | $-2.27M ▲ | $-787K ▼ | $2.04M ▼ | $-1.01M ▼ | $-3.05M ▲ |
| Q2-2023 | $-14.59M ▼ | $-10.66M ▲ | $-416K ▲ | $11.22M ▼ | $151K ▲ | $-11.07M ▲ |
| Q1-2023 | $-13.68M ▼ | $-15.94M ▼ | $-537K ▼ | $11.76M ▲ | $-4.72M ▼ | $-16.48M ▼ |
| Q4-2022 | $-11.9M ▲ | $-7.77M ▲ | $12K ▲ | $10M ▼ | $2.24M ▲ | $-7.76M ▲ |
| Q3-2022 | $-13.12M | $-19.41M | $-107K | $12.23M | $-7.3M | $-19.52M |
What's strong about this company's cash flow?
Cash burn improved a lot this quarter, dropping from over $10 million to just $2-3 million. The company is spending modestly on capital needs and not diluting shareholders with new stock.
What are the cash flow concerns?
RGF is still losing money and burning cash, with only $2 million left in the bank. The improvement came mainly from delaying payments to suppliers, which can't last forever, and the company still needs outside funding to survive.
Revenue by Products
| Product | Q4-2022 | Q1-2023 | Q2-2023 | Q3-2023 |
|---|---|---|---|---|
Breakfast | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Entrees | $30.00M ▲ | $30.00M ▲ | $30.00M ▲ | $50.00M ▲ |
Pizza And Snacks | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Q3 2023 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at The Real Good Food Company, Inc.'s financial evolution and strategic trajectory over the past five years.
RGF combines rapid revenue growth, a clearly defined niche in better‑for‑you comfort foods, and a brand message that resonates with health‑conscious consumers. It has achieved broad distribution for its size, built a sizable social media presence, and shown an ability to repeatedly launch differentiated products that maintain consumer interest. Historically adequate liquidity ratios and access to outside capital have allowed it to fund expansion and build a larger operational footprint than many comparably young food brands.
At the same time, the company’s financial profile is risky: persistent operating losses, worsening cash burn, and high leverage culminated in a Chapter 11 filing and subsequent restructuring. Overhead growth has outpaced revenue, margins remain negative, and free cash flow is deeply in the red, leaving the business dependent on lenders and investors. Competitive risks from large incumbents and other niche brands, plus any erosion in retailer or consumer confidence following delisting and bankruptcy, add further uncertainty to the story.
Looking forward, RGF’s prospects hinge on whether it can convert its brand momentum and product innovation into a sustainable, profitable model with positive cash generation. The restructuring and new ownership create an opportunity to reset the cost base and capital structure, but also underscore how challenging the journey has been so far. If management can tighten expenses, fully utilize its expanded assets, and maintain product relevance in its niche, the company could move toward healthier financial footing; if not, growth may remain costly and financially constrained. Uncertainty is high, and outcomes will depend heavily on execution in the next phase.

CEO
Timothy S. Zimmer
Compensation Summary
(Year 2022)
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2025-01-06 | Reverse | 1:12 |

