The stock of Montreal-based ready-to-cook meal provider Marché Goodfood hit its highest level of the last 52 weeks in Toronto on Tuesday after presenting an early fiscal year performance relatively in line with expectations.
Updated yesterday at 11:58 p.m.
The results presentation comes as management revealed last Thursday that it had recently made an initial bitcoin investment of approximately $1 million through an exchange-traded fund (ETF) with the aim of building a “reserve strategic” of bitcoins.
Management also seems to see operational utility in the most prominent cryptocurrency. “In the future, we would like to accept bitcoin payments,” says Jonathan Ferrari, CEO and co-founder of Goodfood.
Jonathan Ferrari, however, did not offer further details surrounding the company’s plans in this direction.
Asked Tuesday about bitcoin by analysts during the conference call organized on the sidelines of the release of the results for the fall months, Jonathan Ferrari stressed that the intention is to invest excess cash flow in bitcoin to create value for shareholders.
The simplest way to express our position is to say that we have a choice between holding Canadian dollars, an asset that loses value year after year, and bitcoin, the quantity of which is fixed, making it a active which appreciates year after year as it is adopted.
Jonathan Ferrari, CEO and co-founder of Goodfood
“Our intention is therefore to continue to accumulate bitcoins from cash flow from our operating activities,” he continues.
PHOTO ALAIN ROBERGE, LA PRESSE ARCHIVES
Jonathan Ferrari, president and founder of Marché Goodfood
Later in the day, Goodfood held its annual meeting of shareholders virtually. There was no question period during the essentially procedural meeting, which was completed in less than 20 minutes.
-“We haven’t had any questions at the meeting for the last two years, so we simplified the format of the presentation this year,” said Jonathan Ferrari.
“If our shareholders ask us for more information, we could return to the old format next year,” he added.
Goodfood generated a net loss of 2 cents per share and sales fell 14% year-over-year to 35 million during the months of September, October and November, marking a 15e consecutive quarter of revenue decline.
The number of active customers – that is, those who have placed an order in the last three months – fell to 106,000 as of December 7, compared to 124,000 a year earlier.
Goodfood shares rose 6% during Tuesday’s session to close at 51 cents on the Toronto Stock Exchange.
The title is going through a good period. It is up almost 40% so far in 2025, and has doubled since bottoming out in October.
This progression is observed while the only two analysts who officially follow Goodfood’s activities still did not recommend buying the company’s stock on Tuesday.
Customs tariffs could also have an impact on Goodfood. “The U.S. government could impose tariffs on Canadian exports to the United States. In such a case, the Canadian government could retaliate by imposing tariffs on U.S. exports to Canada and some of these tariffs could be imposed on U.S. exports of food products and fruits and vegetables to Canada. This could increase the cost of goods sold by Goodfood and weigh on margins,” comments analyst Martin Landry of the Stifel firm.
It is possible to diversify some of Goodfood’s supply outside the United States, but this diversification could be limited, he said.
“The cost of sourcing fruits and vegetables and meat from outside the United States may not be more economical, even after possible tariffs are applied. »
The company may therefore have to review the design of its menus to take into account increased costs in the event that Canada imposes customs duties on exports of fruits and vegetables and meat from the United States to Canada.
