Rainforest achieves EBITDA profitability and positive operating cashflow on the back of 46% Revenue Growth in 2023
- US$54.7 million in revenue , up by 46%
- Operating cashflow turned positive at US$2.9 million
- Rainforest continues to make acquisitions and drive organic growth
[Singapore, 6th Sept 2024] – Rainforest, a leading ecommerce house of brands, today announced the financial results for the fiscal year ending December 2023. The company reported a 46% surge in revenue, reaching US$54.7 million, further underscoring its successful strategy and robust growth trajectory.
The impressive revenue performance builds upon the company's exceptional 9x revenue growth in 2022, demonstrating Rainforest's ability to consistently deliver strong results even amidst a challenging time in the sector. The company attributes its success to the continued growth of its acquired brands, which have expanded their product offerings, entered new markets, and leveraged additional sales channels.
"We are incredibly proud of our achievements in 2023," said JJ Chai, CEO and co-founder of Rainforest. "Our revenue growth reflects the strength of our brand portfolio and the dedication of our team. We remain committed to making strategic acquisitions that create synergies while also improving our offerings to customers of our existing brands"
Rainforest's strategic focus on acquiring and scaling high-potential ecommerce brands in the mother and baby category has proven to be a winning formula. The company's portfolio includes successful brands such as Lilly's Love, which has experienced a remarkable 3x growth in both top line and EBITDA since being acquired by Rainforest. It also owns and operates Babbleroo, a recent winner of best diaper backpack in BabyCentre’s best baby products of 2024.
The company's commitment to operational efficiency and cost discipline has also contributed to its success. While total expenses increased in 2023, they grew at a slower rate than revenue, resulting in an operating cashflow of US$2.9 million. Rainforest is pleased to report that it has also achieved net profitability in 2024 and is currently debt-free.
Looking ahead, Rainforest remains focused on its strategic growth initiatives. The company plans to continue making selective acquisitions, expand its presence in Asia, invest in brand building, and explore opportunities in the offline retail space.
About Rainforest
Rainforest is a digital-first house-of-brands that focuses on brands and products for the modern parent. We acquire, build and operate consumer e-commerce brands. Our mission is to fulfil the potential of our portfolio of brands, growing the brands with great products to delight parents worldwide.
