Reed's Q3 net sales $6.8M, down 43% YoY; operating loss $3.1M; secures $10M credit facility

REED'S, INC.

2024-Q3 EPS reported -$2.02 revenue$28,221,000

Net sales $6.8M vs $11.9M Q3 2023; gross margin dropped to 18.0% from 34.0%.
Operating loss $3.1M vs $0.1M; Modified EBITDA -$3.0M vs +$0.2M.
Majority stockholder D&D bought all secured notes from Whitebox; new $10M revolver at 8% closes Nov 14.
FY 2024 outlook withdrawn; inventory shortages caused ~$4M in lost sales.
Cash $0.3M, total debt $27.1M at Sep 30; new facility aims to improve liquidity.

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