secwatch.observer — SEC 8-K summary
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Issuer:     REED'S, INC. (REED)
CIK:        0001140215
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0001493152-23-027553
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1140215/000149315223027553/0001493152-23-027553-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1140215/000149315223027553/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-027553

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