Reed's Q2 net sales up 19% to $11.9M; gross margin expands 720 bps; modified EBITDA turns positive

REED'S, INC.

2024-Q2 EPS reported -$1.17 revenue$21,469,000

Net sales increased 19% YoY to $11.9M; gross profit up 53% to $3.8M; gross margin 32.3% vs 25.1%.
Operating loss narrowed to $0.7M from $1.7M; modified EBITDA improved to $45,000 from $(1.6)M.
Delivery/handling costs cut 16% to $2.18/case; SG&A flat at 26% of sales.
Cash used in operations reduced to $0.9M from $3.4M; total debt $27.4M as of June 30, 2024.
Reaffirms FY 2024 outlook: net sales growth, gross margin expansion, positive modified EBITDA, and positive op cash flow.

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