Reed's Q3 net sales fall 10% to $12.1M; gross margin drops to 20.1%; guidance trimmed

REED'S, INC.

2023-Q3 EPS reported -$6.54 revenue$38,001,000

Net sales $12.1M vs $13.4M YoY; $3.8M delayed shipment pushed into Q4.
Gross margin 20.1% vs 28.9% due to lower revenue, higher promo spend, and mix.
Operating loss narrowed to $2.5M ($0.03/share) from $3.7M; operating expenses down 35%.
Modified EBITDA loss improved to $2.2M from $3.1M; cash used in ops just $177k vs $5.0M.
FY2022 guidance: net sales $56-59M (13-19% growth), gross margin ~25% (down from 27.4%).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REED'S, INC. reported fiscal year 2022 results: revenue $56-59 million. Guidance lowered.

Period: fiscal year 2022
Revenue: $56-59 million
Guidance: lowered
Result: guidance update

Exact text from the filing

of October 31, 2022, the Company had approximately $253,000 of cash. FY 2022 Financial Guidance and Outlook Reed’s expects 2022 net sales to range between approximately $56-59 million, reflecting growth of approximately 13-19% from 2021. The Company also expects gross margin in 2022 to be approximately 25% compared to 27.4% in 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REED'S, INC. reported the third quarter ended September 30, 2022 results: revenue $12.1 million, EPS $(0.03) per share.

Period: the third quarter ended September 30, 2022
Revenue: $12.1 million
EPS: $(0.03) per share
Result: reported results

Exact text from the filing

Net sales were $12.1 million compared to $13.4 million.

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-22-031404

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