JUST Preparing for Early IPO After Selling the Equivalent of 50 Million Eggs
During a record-breaking year in sales so far in 2020, Eat JUST Inc., maker of the plant-based egg alternative JUST Egg looks to the future and considers going public sooner than the company initially expected. CEO and founder Josh Tetrick is optimistic that JUST will IPO in the near future, saying, "It makes it more likely we’ll go public sooner. The target to hit operating profitability is sometime before the end of 2021. Once we hit operating profitability, then I'll really begin considering an IPO with my team and with my board and with some of our major shareholders."
So far, the brand has sold the equivalent of 50 million plant-based eggs, and in 2020, sales of plant-based egg alternatives are up 192 percent, of which JUST owns 99 percent of the market, which shows great promise that JUST will continue skyrocketing into eventual profitability.
A recent report by Reuters shares some additional background information on JUST's future in the stock market, saying, "Expectations for an IPO of the company, officially called Eat Just Inc, have been fueled by a boom in demand for plant-based food. Led by companies including Beyond Meat (BYND.O) and Impossible Foods, U.S. retail sales of plant-based food rose 11% last year to $5 billion, with the faux egg market nearly tripling, according to market research firm SPINS."
Prepping for major growth, JUST acquired its own 30,000 square foot manufacturing company earlier this year, and was able to ramp up production and slash retail prices for the liquid egg replacer nearly in half. Formerly hovering around ten dollars, JUST Egg is now sold for an SRP of $4.99, becoming much more accessible to customers with this reduction in price and increase in production efficiency.
JUST also released a pre-cooked, pre-folded plant-based egg in February of this year, a great option for busy mornings and on-the-go breakfasts. From January to March of this year, JUST saw a 36 percent increase in sales, and is poised to continue its record growth as it expands its foodservice channels and becomes available in more retail stores across the U.S. and Canada.
Will JUST Be the Next Plant-Based Stock to Skyrocket?
One of the most memorable plant-based companies to go public recently was Beyond Meat, which debuted with one of the highest IPOs in the last decade, and has currently tripled sales during the coronavirus pandemic. Will Eat JUST Inc. be the latest to make stock market headlines? We'll have to wait until 2021 to see.