Reed's Q4 net sales up 18% to $15.0M; gross margin expands 250bps; reiterates FY23 outlook

REED'S, INC.

Q4 net sales record $15.0M (+18% YoY); gross profit $3.5M (+32%); gross margin 22.9% vs 20.4%.
Operating loss improved to $2.8M from $4.4M; Modified EBITDA loss improved 36% to $2.5M.
FY22 net sales $53.0M (+7%); operating loss improved to $14.0M from $16.0M; Modified EBITDA loss $12.8M.
Reiterates FY23 outlook: double-digit revenue growth, gross margin >30%, $6M opex cuts, positive Modified EBITDA and cash flow in H2.
Expanded distribution at Whole Foods (7 new products) and Loblaws (500+ stores in Canada); appointed Chris Burleson as CCO.

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 0.95

REED'S, INC. reported three months ended December 31, 2022 results: revenue $15.0 million, EPS ($1.19) per share.

Period: three months ended December 31, 2022
Revenue: $15.0 million
EPS: ($1.19) per share
Result: reported results

Exact text from the filing

2 ex99-1.htm Exhibit 99.1 Reed’s Reports Fourth Quarter and Full Year 2022 Results and Reiterates Its 2023 Financial Outlook - Q4 2022 Net Sales Grew 18% to a Record $15.0 million, Gross Margins Expanded +250bps and Operating Expenses Declined 10% - - Continued Double-Digit Net Sales Growth, Gross Margin Expansion and Operating Expense Reductions to Drive

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

REED'S, INC. updated its FY 2023 guidance (reaffirmed).

Period: FY 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company is reiterating its previously issued guidance and projects double-digit net revenue growth in 2023, gross margin to surpass 30%, $6 million of operating expense reductions and modified EBITDA to turn profitable by the second half of 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

REED'S, INC. reported three and twelve months ended December 31, 2022 results: revenue $15.0 million Q4 2022; $53.0 million FY 2022, EPS ($1.19) per share Q4 2022; no FY 2022 EPS provided.

Period: three and twelve months ended December 31, 2022
Revenue: $15.0 million Q4 2022; $53.0 million FY 2022
EPS: ($1.19) per share Q4 2022; no FY 2022 EPS provided
Result: reported results

Exact text from the filing

On March 29, 2023 Reed’s, Inc., a Delaware corporation (the “company” or “Reed’s”) issued a press release announcing financial results for the fourth quarter and full fiscal year ended December 31, 2022.

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-009500

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