Muscle Maker is going public via SADOT GROUP INC. They run fast-casual spots and delivery-only ghost kitchens focused on high-protein, lean meals like chicken, seafood, and wraps. IPO size and price r

Revenue was $6.9M for the nine months ended Sept 30, 2021, with a net loss of $13.2M. For full-year 2020, revenue hit $6.5M and net loss reached $12.6M. Operating losses have continued to mount. The company lists supply chain disruption and food safety as key risks. It also warns its success depends on continued access to third-party delivery platforms like DoorDash and Uber Eats. Proceeds are earmarked for working capital, opening new locations, and potential acquisitions. The filing also notes a focus on expanding the ghost kitchen footprint. A capital-light ghost kitchen play in better-for-you fast food, but the deep losses and reliance on delivery apps make this one to watch closely.

Revenue was $6.9M for the nine months ended Sept 30, 2021, with a net loss of $13.2M. For full-year 2020, revenue hit $6.5M and net loss reached $12.6M. Operating losses have continued to mount.