Meal kit provider Marley Spoon (ASX: MMM) is staying busy as it tries to grow its dinner delivery service on three continents.

The company’s 4C filing for the three months to March showed quarterly net revenue of 29.5 million euros.

That’s a gain of 56 per cent from the prior year comparative period. After increasing by 20 per cent in Q4 2018, q/q revenue growth in the March quarter slowed to three per cent.

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However, Marley Spoon “expects this to accelerate again in Q2 thanks to the increasing acquisition momentum throughout the first quarter”.

“This is already reflected in the 10% increase in active customers to around 190,000 as of 31 March 2019,” the company said.

Building blocks

Marley Spoon’s latest market update showed plenty of activity in Q1, as the company works to get back in investors’ good books.

After listing last July at $1.20, shares in MMM declined rapidly from around $1.00 in late-October to a low of 34 cents in early January.

Its stock price was unchanged at 38 cents following this morning’s update.

The company says it’s undertaken a number of infrastructure initiatives, including the consolidation of its manufacturing base.

Last October, MMM relocated merged its US operations into a larger facility based in Texas, which it says will provide increased purchasing power from economies of scale.

It also closed down its German facility and transferred the remaining output to the Netherlands, and set up a global services hub in Portugal.

As a result, investment cash outflows rose to 3 million euros in Q1, but the company forecasts lower capital costs for the rest of the year.

CEO Fabian Seigel said the March quarter was all about “successfully delivering important improvements to the Marley Spoon infrastructure”.

“While the team was delivering on all these structural improvements, we simultaneously made strong progress on the contribution margin in our US business,” he said.

The company has a bit of extra capital to play with, after completing a convertible bond issue for 12 million euros in Q1 to US-based VC fund Union Square Ventures.

Siegel said the operational improvements will allow the company to “continue on our trajectory towards operating EBITDA break-even by 2020”.

In other ASX quarterlies news today

Rhinomed (ASX: RNO), which makes an anti-snoring nasal spray, said revenues rose to $1.12m in the three months to March, a quarterly increase of 64 per cent. The company said it shipped 71,554 units in Q3, up 36 per cent q/q. Operating cash outflows were $1.43m on cash receipts of $611k, and the RNO closed March 31 with $2.473m cash in the bank. Shares in the company were unchanged at 19 cents.

It’s been a good session for local BNPL player Zip Co (ASX: Z1P), which was up 6.45 per cent to $2.64 following the release of its quarterly numbers. The company posted record quarterly revenue of $23m, a quarterly gain of 20 per cent, while total customer numbers rose by 143,000 to 1.2 million.

Sleep devices manufacturer Somnomed (ASX:SOM) reported operating cash outflows of $2.7m, on cash receipts from customers of $15.9m. The company reported a March 31 cash balance of $7.06m, down from $8.5m as at December 31. Shares in SOM were unchanged at $1.85.

Healthcare stock Genetic Signatures (ASX:GSS), which provides technology used in the quick detection of different viruses, reported operating outflows of $1.201mm on cash receipts of $1.196m. The company closed the quarter with $7.8m cash in the bank and no debt, and said it remains committed to its European expansion strategy. Shares in GSS fell by 1.74 per cent to $1.13 in morning trade.

Industrial-strength foam producer CFOAM (ASX: CFO) reported quarterly cash receipts of $US588k, after its largest customer put in an order for 1,800 cubic feet of foam billets. Net quarterly cash outflows were $US930k. The company issues another $US3.764m of convertible notes to sophisticated investors in the quarter, and paid down some other debt. Shares in CFO were unchanged at 26 cents, up from a 2019 low of 10.4 cents.

Shares in Emerge Gaming (ASX: EM1) were down 6.9 per cent to 2.7 cents following this morning’s 4C. The eSports gaming company had no receipts from customers in Q1 with operating outflows of $402k. It finished the March quarter with $1.952m in the bank, down from $2.357m at December 2018.