Splash Beverage (NYSE American: SBEV), a portfolio company of leading beverage brands, is reporting its financial results for the second quarter period ended June 30, 2023. Highlights of the report include a 15% increase in quarterly revenue and a 31% increase in six-month revenues as well as a 32% increase in quarterly gross profit and a 34% increase in six-month gross profit. Specifically, net revenues for Q2 period totaled $5.2 million compared to $4.5 million in the prior year period with six-month revenues totaling $11 million compared to $8.4 million in the prior year period. Gross profit for Q2 period reached $1.7 million compared to $1.3 million in the prior year period, with six-month gross profit reported at $3.5 million compared to $2.6 million in the same period 2022 year. In addition, the report noted that SBEV’s TapouT Energy Drink launched during the second quarter. As of June 30, 2023, the company had total cash and cash equivalents of $903,235, compared with $4.4 million on Dec. 31, 2022. “Our 2023 second quarter results reflect the strengths that we are developing as we grow the business as well as some of the challenges that inevitably emerge in growth businesses,” said Splash Beverage chair and CEO Robert Nistico in the press release.
“Our Qplash platform, which has increased 43% in the first half of the year compared to last year, is developing very nicely on both a business-to-business (‘B2B’) and business-to-consumer (‘B2C’) basis and is now expanding to select international markets. We look for continued contributions from that business. Our quarterly beverage revenues were down slightly in the second quarter, but we attribute that to buying patterns of distributors which can have an impact of timing of sales. The first half beverage sales increased modestly at 7% overall, so we expect a greater upward trend the second half of the year. The beverage business generally ‘stair steps’ it’s way to growth . . . you focus on distribution, support those new placements with marketing and the cycle starts over again. In total, we are where we believe we are supposed to be. Subsequent to the second quarter reporting period, we disclosed an additional $2.7 million raise from existing investors and a $10 million credit facility, which will not only provide us with needed growth capital but also allows us to withdraw the much larger $200 million shelf offering, which has been the source of some investor concern. We remain committed to executing a business plan that relies on four key pillars for success. We have a strong management team, we have a diverse portfolio of brands that match consumer trends, our marketing strategy continues to yield new distribution agreements and retail authorizations, and we have the financial flexibility we need. We look forward to the second half of 2023.”
To view the full press release, visit https://ibn.fm/zcAfY
About Splash Beverage Group Inc.
Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and nonalcoholic beverage brands including Copa di Vino wines by the glass, SALT flavored tequilas, Pulpoloco sangrias, and TapouT performance hydration and recovery drinks. Splash’s strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution. For more information about the company, please visit www.SplashBeverageGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to SBEV are available in the company’s newsroom at https://ibn.fm/SBEV
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