Things that stood out:
They buy this pea protein: https://www.roquette.com/product-overview/proteins-and-deriv.... Have committed to $22MM of protein (from 2 vendors)
Founder owns 6%
Co-manufactured by https://www.clwfoods.com/ and http://www.fplfood.net/ (seemingly typo'ed in the S-1 as FLP)
The burger was 70% of 2018 revenue and 48% of 2017 revenue
Q4 gross margin: 25%, up from ~0% a year prior
R&D: 63 food engineers
Things that stood out:
They buy this pea protein: https://www.roquette.com/product-overview/proteins-and-deriv.... Have committed to $22MM of protein (from 2 vendors)
Founder owns 6%
Co-manufactured by https://www.clwfoods.com/ and http://www.fplfood.net/ (seemingly typo'ed in the S-1 as FLP)
The burger was 70% of 2018 revenue and 48% of 2017 revenue
Q4 gross margin: 25%, up from ~0% a year prior
R&D: 63 food engineers