• During the first quarter, food technology stocks performed poorly overall. However, the alt proteins and food delivery marketplaces sectors outperformed the S&P 500 index. DoorDash stood out with its stock climbing 30% over the quarter.

The company cut costs by slashing its workforce by 6% in November 2022 while Q1 revenues climbed 40%, beating analysts’ expectations.

• 2023 e-commerce revenue estimates increase: Experts predict that the online grocery and food delivery sectors will experience a revenue growth surge of more than 30% by 2023. The market is currently undergoing consolidation, with key players such as DoorDash and Delivery Hero increasing their market share. Food delivery is becoming an essential sales channel for consumers.

While growth is expected to persist in 2024, it will likely be more gradual.

• EBITDA in the red for Restaurant & retail tech: Between 2019 and 2022, restaurant and retail tech companies reported negative EBITDA and are predicted to continue operating in the red until 2023. However, EBITDA is forecast to improve and turn to a positive starting in 2024, with an average category EBITDA margin of 4%.