Reed's Q2 net sales down 27% to $10.0M; guides FY sales to $48-52M, reiterates margin and EBITDA targets

REED'S, INC.

2023-Q2 EPS reported -$2.59 revenue$21,162,000

Net sales $10.0M vs $13.7M YoY; shortfall of ~$1.6M due to supplier credit terms constraining inventory.
Operating loss improved to $(1.7)M from $(4.5)M; modified EBITDA loss improved to $(1.6)M from $(4.3)M.
Gross margin expanded 105 bps to 25.1%; management targets >30% for FY 2023.
FY 2023 net sales guidance cut to $48-52M; reaffirms $6M opex savings, modified EBITDA profitable in H2.
Cash $0.4M; total debt $22.8M ($16.2M convertible note, $6.6M revolver); operations used $3.4M cash in Q2.

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 the second quarter ended June 30, 2023 results: revenue $10.0 million. Guidance lowered.

Period: the second quarter ended June 30, 2023
Revenue: $10.0 million
Guidance: lowered
Result: reported results

Exact text from the filing

During the second quarter of 2023, net sales were $10.0 million compared to $13.7 million in the year-ago period.

View on SEC.gov

44 earnings releases filed in the last 30 days. Browse all earnings releases →

REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-027553

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.