---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-015300"
form_type: "8-K"
ticker: "SAM"
cik: "0000949870"
company_name: "BOSTON BEER CO INC"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T11:11:45.568601+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Boston Beer Reports Q1 2023 Net Loss and Declining Revenue Amid Depletions Drop

## Summary
- Net revenue of $410.0 million decreased 4.7% from prior year; net loss of $9.0 million ($0.73 per diluted share).
- Depletions fell 6% and shipments declined 7.6%, with growth in Twisted Tea and Hard Mountain Dew offset by declines in Truly, Angry Orchard, Samuel Adams, and Dogfish Head.
- Gross margin of 38.0% was impacted by 210 basis points from inventory obsolescence costs and a non-recurring contract brewery payment.
- Ended quarter with $122.6 million cash and no debt; repurchased $27.5 million in shares year-to-date through April 21, 2023.
- Reiterated full-year 2023 guidance: depletions and shipments down 2% to 8%; EPS expected $6.00 to $10.00.

## SEC filing metadata
- accession: 0000950170-23-015300
- form_type: 8-K
- ticker: SAM
- cik: 0000949870
- company_name: BOSTON BEER CO INC
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/949870/000095017023015300/0000950170-23-015300-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/949870/000095017023015300/sam-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-015300
- JSON: https://secwatch.observer/filing/0000950170-23-015300.json
- Plain text: https://secwatch.observer/filing/0000950170-23-015300.txt

## Key facts
- Earnings Releases
  BOSTON BEER CO INC reported the first quarter ended April 1, 2023 results: revenue $410.0 million, net income Net loss of $9.0 million, EPS Diluted loss per share of $0.73. Guidance reaffirmed.
  - Period: the first quarter ended April 1, 2023
  - Revenue: $410.0 million
  - Net income: Net loss of $9.0 million
  - EPS: Diluted loss per share of $0.73
  - Guidance: reaffirmed
  - Result: reported results
  source text: results for the first quarter ended April 1, 2023. Key results were: First Quarter 2023 Summary: • Depletions decreased 6% and shipments decreased 7.6% • Net revenue of $410.0 million decreased 4.7% • Gross margin of 38.0%, inclusive of non-recurring charges with an unfavorable impact of 210 basis points • Net loss of $9.0 million • Diluted loss per share of
  evidence_url: https://www.sec.gov/Archives/edgar/data/949870/000095017023015300/0000950170-23-015300-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.