Tattooed Chef's Chief Growth Officer Resigns

The Chief Growth Officer of Tattooed Chef, Matt Williams, has suddenly left the company. It was reported in an 8-K, filed on March 3, 2023.


The departure came as a bit of surprise, as the company is set to be showcased at Natural Products Expo West in the coming week. The convention is a major event for CPG companies and raising brand awareness. Furthermore, the resignation is particularly puzzling as Williams was enthusiastically posting a few weeks ago about Expo West, where he will no longer be representing Tattooed Chef.


It's not the first time a high-level has suddenly left the company. Last month, the Chief Operating Officer Gaspare Guarrasi resigned from his position after just over a year in the role. In April 2021, CFO Chuck Chargile suddenly resigned. The company has regularly failed to report earnings on time and has disappointed on their gross margin projections ever since going public via a SPAC merger in October 2020. Admittedly, I was once bullish on this company but their continued misses on earnings, failure to post margins remotely close to their projections, and inability to file quarterly reports on time have made me change my mind.

I haven't followed this stock too closely since the beginning of 2021, and I can see that the stock has plummeted with the management's continued disappointing performance. 


The FY 2021 earnings were nowhere near what was originally expected. Projections from original investor presentation (June 2020) vs. actual reported results:


While they have still yet to report the full year for 2022, it's guaranteed to be another disappointing year. As of September 30, 2022, Tattooed Chef has $14.22M left on their balance sheet and was still posting negative gross margins. While the stock has at least appeared to have bottomed for now, things could get much worse for the plant-based food maker if the financials do not improve. The distribution of the products has grown, but the departure of key employees at this stage does not appear to be a sign of good things to come.

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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.

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