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General Assembly Holdings Limited Reports Second Quarter 2021 Financial Results

August 30, 2021 GMT

TORONTO--(BUSINESS WIRE)--Aug 30, 2021--

General Assembly Holdings Limited (the “Company” or “GA Pizza”) (TSXV: GA), reported financial results for the three and six months ended June 30, 2021. Unless otherwise specified, all amounts are in Canadian dollars.

Ali Khan Lalani, Founder & Chief Executive Officer said: “We are pleased to be reporting quarterly results that show continued growth and consumer demand for our premium, freezer-to-table pizza offering with 74% sequential quarterly growth in units shipped. Our Company has experienced strong momentum, and we are looking forward to added efficiencies and significant scaling capabilities in the upcoming quarters as we shift production from our restaurant to our new facility in September. In Q3 2021, with our facility online and scaling production, we are also focusing on deepening our distribution capabilities, in particular through larger grocery banners—an as yet untapped opportunity for our business due to production capacity constraints. As we look to the fourth quarter, we’re excited to welcome guests back to our flagship restaurant to enjoy an updated GA experience featuring our fresh new brand, an expanded food and beverage program, and a curated bodega.”


Second Quarter 2021 Highlights


  • Total frozen pizza revenues, which comprises revenues generated by the Wholesale and Direct-to-Consumer (DTC) channels increased by $449,377 (57%) in Q2 2021.
  • Revenue increased by $201,532 (19%) to $1,273,870 in Q2 2021, compared to $1,072,338 in Q1 2021. The increase in revenue is related to continued growth of the Company’s Wholesale and DTC frozen pizza offerings.
  • The Company shipped 143,790 frozen pizzas in Q2 2021, an increase of 74% from the 82,651 units shipped in the Q1 2021.
  • The growth in frozen pizza revenues was offset by a reduction in restaurant revenue due to the short-term closure of the restaurant’s dine-in and off-premise services (take out and delivery) to focus instead on meeting demand for the Company’s consumer packaged goods (CPG) line.
  • Revenue increased by $859,913 (208%) to $1,273,870 in Q2 2021, compared to $413,958 in Q2 2020.
  • For the six months ended June 30, 2021, Frozen pizza revenues increased by $1,968,033 (3,802%) compared to $51,768 for the same period in 2020 which is a result of the Company shipping 226,441 frozen pizzas in the first six months of 2021, compared to 4,998 for the same period in 2020.
  • Gross Profit (1), which the Company defines as revenue minus procurement costs, was $555,440 (44%) in Q2 2021 compared to $555,705 (52%) in Q1 2021. Gross profit represents the Company’s cost to procure and manufacture the Company’s frozen pizzas as well as the gross profit from the restaurant operations.
  • Fulfillment costs increased by 67% in Q2 2021 to $546,852 compared to Q1 2021 because of an increase in number of shipments in Q2 2021, an increase in the cost of product packaging materials as a result of the warmer weather, as well as an increase in third party delivery and shipment costs due to an increase in the numbers of markets to which the Company delivers.
  • General and administrative expenses increased by $842,614 in Q2 2021 compared to Q1 2021 and increased by $1,841,235 compared to the same quarter in 2020 because of an increase in headcount associated with the growth in the Company’s frozen pizza offering as well as costs incurred in connection with the Company’s go public requirements.
  • Adjusted EBITDA (1) was a loss of $(2,250,096) in Q2 2021 compared to $(1,281,294) in Q1 2021 and Adjusted EBITDA of $76,484 in Q2 2020.
  • On June 30, 2021, the Company had cash on hand of $6,293,740, compared to $878,505 as of December 31, 2020.
  • On June 3, 2021, the Company’s shares commenced trading on the TSX-V under the symbol “GA.V”.

Financial and Operational Metrics

Three months endedSix months ended
June 30, 2021March 31, 2021June 30, 2020June 30, 2021June 30, 2020
Revenue by channel
Direct to Consumer ("DTC")

$ 980,755

$ 634,618

$ —

$ 1,615,373

$ —







Restaurant and other






Total revenue

$ 1,273,870

$ 1,072,338

$ 413,958

$ 2,346,209

$ 911,914

Procurement expense






Gross Profit (1)

$ 555,440

$ 555,705

$ 220,967

$ 1,111,147

$ 444,450

Gross Profit (1) %






Fulfillment expense






General and administrative expense






Sales and marketing expense






Operating loss

$ (2,549,060)

$ (1,413,345)

$ (6,038)

$ (3,962,403)

$ (90,558)

Net income (loss)






Adjusted EBITDA

$ (2,250,096)

$ (1,281,294)

$ 76,484

$ (3,531,388)

$ 70,741

Production volume shipped by channel (units)
Direct to Consumer ("DTC")
















Frozen pizza revenue

$ 1,234,589

$ 785,212

$ 51,768

$ 2,019,801

$ 51,768

(1) See “Non-GAAP Measures” below and in our Management’s Discussion and Analysis for the three months and six months ended June 30, 2021 and 2020 for further details concerning Gross Profit, Gross Profit % and Adjusted EBITDA including definitions and reconciliations to the relevant reported IFRS measures, which is available under our SEDAR profile at

Corporate and Operational Highlights in Q2 2021 and subsequent to quarter end

  • Secured 42,060 square foot master production facility in Vaughan, Ontario to scale production and distribution.
  • Secured the largest wholesale partnership to date for the Company: a five-store pilot program with Loblaw-owned Fortinos Supermarket.
  • Strengthened independent grocery partners through strategic partnership with Annex Distribution.
  • Announced multi-channel relationship with Impossible Foods and launched first co-branded pizza.
  • Expanded DTC to Ottawa markets and further into Southwestern Ontario, including Muskoka and Prince Edward County.
  • Launched GA Pizza’s Experience channel, including a satellite open-air restaurant at Toronto’s Harbourfront and a summer long mobile-oven pop-up tour at destinations in Niagara-on-the-lake, Milton, and Prince Edward County.

Non-GAAP Measures

The items listed below represent the consolidated income and expense amounts that are required to reconcile net loss for the year as defined under IFRS to the non-IFRS measure of adjusted EBITDA for the year.

Three months endedSix months ended
June 30, 2021March 31, 2021June 30, 2020June 30, 2021June 30, 2020
Net income (loss) as reported

$ 532,214

$ (5,490,214)

$ (48,169)

$ (4,957,998)

$ (184,001)

Stock-based compensation










Finance expense






Remeasurement of derivative warrant liability




Gain on lease concession



Other expense (income)



Adjusted EBITDA

$ (2,250,096)

$ (1,281,294)

$ 76,484

$ (3,531,388)

$ 70,741

The Company measures the success of the Company’s strategies and performance based on adjusted EBITDA, which is outlined and reconciled with net income (loss). The Company defines adjusted EBITDA as net income (loss) from operations before: (a) depreciation of property and equipment and amortization of intangible assets; (b) share-based payments; (c) finance income and costs; (d) gain or loss from the remeasurement of derivative warrant liabilities; (e) depreciation of right-to-use-assets; and (h) employee severance expenses. Management uses adjusted EBITDA as a measure of the Company’s operating performance because it provides information related to the Company’s ability to generate operating cash flows for working capital requirements, capital expenditures, and potential acquisitions. The Company also believes that analysts and investors use adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry.

The non-IFRS financial measure is used in addition to and in conjunction with results presented in the Company’s consolidated financial statements prepared in accordance with IFRS and should not be relied upon to the exclusion of IFRS financial measures. Management strongly encourages investors to review the Company’s consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-IFRS financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-IFRS financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-IFRS adjustments described above, and exclusion of these items from the Company’s non-IFRS measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring.

Please see the Company’s profile on SEDAR ( ) for complete copies of the Company’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2021

About GA Pizza

GA Pizza began its life as a fast-casual pizza restaurant in the heart of Toronto. Three years later, we also offer a freezer-to-table consumer packaged goods line and a revolutionary direct-to-consumer eCommerce experience—not to mention a pizza box with more than one pizza in it. Our ambition? Make delicious pizzas available to everyone, everywhere. We’re always working to take pizza to new heights—from showing the world that better pizza is possible, to finding new spaces and places to deliver unrivaled pizza experiences. Find us in your freezer or visit for more information.

Cautionary Notice

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains statements which constitute “forward-looking information” or “forward-looking statements” (together “forward-looking information”) within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding anticipated increases to the Company’s production capacity at the master facility and the Company’s growth strategy.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the combined company. Among key factors and risks that could cause actual results to differ materially from those projected in the forward-looking information may include, without limitation, the following: there being no market for the securities of the Company; the Company’s limited operating history; global economic risk; COVID-19’s impact on the Company; the general economic environment; cybersecurity risks; financial projections may prove materially inaccurate or incorrect; the Company may experience difficulties to forecast sales; general competition in the industry from other companies; management of growth-related risks; reliance on management; risks relating to insurance; changes in food and supply costs could adversely affect profitability and ultimately our results of operations; our business could be adversely affected by increased labour costs or difficulties in finding suitable employees; changes in customer tastes and preferences, spending patterns and demographic trends could cause sales to decline; changes in nutrition and food regulation; failure to establish our master production facility; failure to expand production capacity; disruption at our facilities; government regulation of the food industry creating risks and challenges; risk associated with food safety and consumer health; changes in internet and social media search algorithms; risks associated with leasing commercial and retail space; third party reliance for shipping and payment processing; environmental laws; we may not persuade customers of the benefits of paying our prices for higher-quality food; our marketing and advertising strategies may not be successful, which could adversely impact our business; requirements for further financing; the Company may prioritize customer growth and engagement and the customer experience over short-term financial results. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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CONTACT: Investor Relations

Glen Akselrod, Bristol Capital


Tat Read, Communications Director, GA Pizza

tat@gapizza.comAli Khan Lalani, Chief Executive Officer & Founder

(416) 583-5571



SOURCE: General Assembly Holdings Limited

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PUB: 08/30/2021 08:45 AM/DISC: 08/30/2021 08:46 AM