Reed's Q3 gross margin surges to 34%; first modified EBITDA profit since 2016

REED'S, INC.

2023-Q3 EPS reported -$2.69 revenue$33,018,000

Q3 net sales $11.9M (-2% YoY); gross profit $4.0M (+66% YoY); gross margin 34.0% vs 20.1%.
Operating loss narrowed to $0.1M from $2.5M; modified EBITDA turned positive at $0.2M vs -$2.2M.
SG&A down 14% to $2.3M; delivery & handling costs cut 15% to $2.98/case.
FY2023 net sales guidance revised to $45-$47M due to inventory shortages; expects to maintain EBITDA profitability.
Cash $1.0M; total debt $26.8M ($17.1M convertible note, $9.7M revolver); $3.1M revolver available.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REED'S, INC. reported three months ended September 30, 2023 results: revenue $11.9 million, EPS $(0.03) per share. Guidance reaffirmed.

Period: three months ended September 30, 2023
Revenue: $11.9 million
EPS: $(0.03) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

natural ginger beverages, is reporting financial results for the three months ended September 30, 2023. Q3 2023 Financial Highlights (vs. Q3 2022): ● Net sales were $11.9 million compared to $12.1 million. ● Gross profit increased 66% to $4.0 million compared to $2.4 million, with gross margin up 1,390 basis points to 34.0% compared to 20.1%. ● Delivery

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-040114

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