Starco Brands files Soylent audited financials: revenue $48M, net income $1.6M in 2022

Starco Brands, Inc.

Soylent 2022 net revenue $48.0M, down 4% YoY from $50.0M; net income $1.64M, down 66% from $4.76M.
Soylent total assets $25.5M, liabilities $8.7M, convertible preferred stock $71.8M as of Dec 2022.
Soylent EBITDA and cash flow not separately reported; operating cash flow was negative $4.8M in 2022.
Pro forma financials combining Starco and Soylent for year ended Dec 2022 are provided as Exhibit 99.2.
Two customers account for 43% of Soylent 2022 revenue; three suppliers account for 80% of inventory purchases.

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