$BABYF Else Nutrition Reports First Quarter 2021 Results, Delivers 90% Quarter over Quarter Revenue Growth

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VANCOUVER, BC, May 31, 2021 /PRNewswire/ - ELSE NUTRITION HOLDINGS INC. (TSXV: BABY) (OTCQX: BABYF) (0YL.F) ("Else" or the "Company") the Plant-Based baby, toddler and children nutrition company, today announced results for its first quarter ended March 31, 2021. Management is pleased to announce it achieved significant progress executing its go-to-market plan in the US market to become one of the leading providers of baby food products as a healthy alternative to dairy-based formulas. The following summarizes major execution points achieved in the first quarter of 2021, as well as execution on our business strategy. Full financial results can be found in the Company News section of our website at https://elsenutrition.com/pages/investor-relations or on SEDAR at www.sedar.com

Q1 2021 Financial Highlights

Q1 2021 revenues of C$1,135 thousand, an 90% growth over revenues of C$598 thousand in Q4 2020 and an increase of 282% vs. revenues over C$297 thousand in Q1 2020.
149% growth in quarter-over-quarter Formula revenues of C$862 thousand in Q1 2021 over C$346 thousand in Q4 2020.
First quarter to recognize formula revenues from the retail market. The Company successfully launched retail sales at Sprouts Farmers Market, a leading natural food retailer in the US.
Successfully completed the first commercial production of ELSE's second product – Complete Nutrition for Kids (3+ years; in powder form). The product is expected to launch online in Vanilla and Chocolate flavors in Q2 2021.
Successfully increased Amazon.com formula number of orders by 66% and average basket value by 15% quarter-over-quarter. In March 2021 Else launched a new product store in amazon.com to improve its position on this critical platform.
Successfully onboarded UNFI (the largest US natural food distributor), KeHE Distributors and Imperial Distributors, together providing reach to most retail stores in the U.S.
Selected to the high-profile KeHE Distributor's Elevate program.
Successfully listed at Raley's, a 126 door West Coast retailer that plans to launch in Q2 2021.
Successfully launched on three online platforms – Thrive Market, a leading natural food e-tailer with 500,000 subscribers; iHerb, a US based international online platform that serves 180 countries; and PlantX, a new plant-based e-tailer.

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Operating loss was C$3,945 thousand, compared to C$1,532 thousand in the first quarter of 2020. Net profit in Q1 2021 was C$2,182 thousand, or C$0.02 per share, compared to net loss of C$1,651 thousand, or C$0.02 per share in Q1 2020. The net profit and loss include the non-cash revaluation of Investor warrants liability of C$6,565 thousand Profit in Q1 2021 and C$336 thousand loss in Q1 2020.
Cash flow used for operating activities was C$4,338 thousand, compared to C$1,220 thousand in the first quarter of 2020.
Cash position was C$22,085 thousand as of March 31, 2021 (including restricted cash and short-term bank deposit).
The Company had no Loans liability as of March 31, 2021.

Hamutal Yitzhak, Else CEO, commented: "I am very proud of our achievements this quarter. We continued delivering rapid growth in our business while we successfully launched our first retail stores and started working with the largest US natural food distributors".

Impact of COVID-19

We experience the effect of the pandemic in all areas of our business, from delays in raw material deliveries, to clinical and product development projects and absence of key persons in the company from time to time. Due to lockdowns and other COVID-19 related measures all our business meeting, marketing events, conferences and expos were either canceled or turned virtual, slowing down the pace of our business development efforts.

About Else Nutrition Holdings Inc.

Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the "2017 Best Health and Diet Solutions" award at the Global Food Innovation Summit in Milan. Else Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 Top seller in the baby and toddler formula category on Amazon. The holding company, Else Nutrition Holdings Inc., is a publicly traded company, listed as TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and on the Frankfurt Exchange under the symbol 0YL. Else's Executives includes leaders hailing from leading infant nutrition companies. Many of Else advisory board members had past executive roles in companies such as Mead Johnson, Abbott Nutrition, Plum Organics and leading infant nutrition Societies, and some of them currently serve in different roles in leading medical centers and academic institutes such as Boston Children's Hospital, Pediatrics at Harvard Medical School, USA, Tel Aviv University, Schneider Children's Medical Center of Israel, Rambam Medical Center and Technion, Israel and University Hospital Brussels, Belgium.

For more information, visit: elsenutrition.com or @elsenutrition on and Instagram.

TSX Venture Exchange

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

Caution Regarding Forward-Looking Statements

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company's financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Else Nutrition Holdings Inc.

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