TAIPEI (Taiwan News) — Taiwanese ghost kitchen operator specializing in delivery-only food JustKitchen released its annual financial report for the fiscal year ending Sept. 30, 2022 on Monday (Jan. 30).
The company increased both total revenue and number of retail deliveries by 59% in fiscal 2022, which was offset by a 51% increase in comprehensive loss during the same period. Food and beverage sales for the third quarter 2022 came in at US$4,591,363 (NT$136,169,726) compared to US$4,443,746 in 3Q21.
Sales for the 12-month period ending on Sept. 30, reached US$18,968,696 compared to US$11,926,094 from a year earlier. Sales volume for fiscal 2022 rose to 1,159,020 customer orders, up from 730,665 orders the year before.
The number of ghost kitchens increased from 20 ghost kitchens in fiscal 2021 to 29 last year. The average retail order was US$14.83 in fiscal 2022 compared to US$15.20 in fiscal 2021.
Adjusted EBITDA losses came in at US$2,475,796 and US$13,036,338 for the 3Q22 and fiscal 2022, respectively, compared to adjusted EBITDA losses of US$2,263,445 and US$7,801,567 for the same quarter and 12-month period in 2021. Meanwhile, net losses for 3Q22 and fiscal 2022 came in at US$3,953,817 and US$17,517,291, respectively, compared to net losses of US$3,440,775 and US$11,237,581 for the same periods the prior year.
The losses were primarily due to an overall increase in business activities and an increase in general and administrative costs due to higher amounts for salaries, professional fees, advertising, and marketing, JustKitchen said.
“As we transitioned to the 2023 fiscal period, our team continued entering into new arrangements and bringing great new food brands to market for the benefit of our customers, while also making mature business decisions to position JustKitchen for the long term. Controlling costs, optimizing operations, reducing waste, and targeting opportunities with higher margins and positive returns on investment are our current priorities,” said Jason Chen (陳星豪), co-founder and CEO of JustKitchen.
