Reed's Q1 net sales down to $11.2M; secures $5.6M financing; reiterates FY profitability targets

REED'S, INC.

Net sales $11.2M vs $12.2M YoY; operating loss improved to $(2.6)M from $(4.2)M.
Modified EBITDA loss improved to $(2.3)M vs $(3.8)M; gross margin flat at 24.2%.
Secured $4.1M PIPE from D&D and top shareholders plus $1.5M note augmentation for total $5.6M.
FY2023 outlook: net sales growth expected, gross margin to surpass 30%, modified EBITDA positive in H2.
Cash $2.3M, total debt $22.4M as of May 31, 2023; inventory challenges offset net sales by >$1.6M.

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 the three months ended March 31, 2023 results: revenue $11.2 million, EPS $(1.01) per share.

Period: the three months ended March 31, 2023
Revenue: $11.2 million
EPS: $(1.01) per share
Result: reported results

Exact text from the filing

of handcrafted, natural ginger beverages, is reporting financial results for the three months ended March 31, 2023. Q1 2023 Financial Highlights (vs. Q1 2022): ● Net sales were $11.2 million compared to $12.2 million. ● Gross profit was $2.7 million compared to $2.9 million, with gross margin of 24.2% compared to 24.1%. ● Delivery and handling costs declined 25% to

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-019741

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