VINE - Fresh Vine Wine reports FY results

2023-04-03 13:36:33 ET

• Fresh Vine Wine press release ( NYSE: VINE ): FY Revenue of $2.86M (+68.2% Y/Y).
• The Company's cash and cash equivalents balance as of December 31, 2022, was $2.1 million. The Company has no material debt.
• Expanded our portfolio of Premium Better for You wines from three to seven varietals
• Invested $3.7 million in inventory, valued at nearly $8 million at year end 2022, which will be used to meet our growth objectives for 2023
• Right-sized and strengthened our organization, streamlined operations, and reduced our monthly operating expenses by approximately 50% beginning in Q4 2022.

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