SBEV - InvestorNewsBreaks - Splash Beverage Group Inc. (NYSE American: SBEV) Releases Q4 FY 2022 Financial Report
Splash Beverage (NYSE American: SBEV), a portfolio company of leading beverage brands, is reporting financial results for its fourth quarter and full year period ended Dec. 31, 2022. Highlights of the report include Q4 revenues of $4.79 million compared to $3.06 million, a 56% increase over the same period the previous year, with full-year gross revenues increasing 61%, from $11.8 million in 2021 to $19 million in 2022. Fourth-quarter gross margin increased to $3.3 million with full-year gross margin totaling $5.9 million compared to $3.9 million in the prior year. Q4 net loss decreased to $4.8 million from $6.2 million in the previous year with full-year net loss also decreasing from $29 million in 2021 to $21.7 million in 2022. As of Dec. 31, 2022, the company reported total cash and cash equivalents of $4.4 million, up from $4.2 million the year before. “Our 2022 full year results reflect solid progress in the execution of our long-term business plan,” said Splash Beverage CEO Robert Nistico in the press release. “It was our first full year of operating results after our mid-year 2021 public offering and uplisting of our shares to the NYSE American. We’ve grown gross revenue to more than $19 million while continuing to enhance gross margins. We are doing the work internally to rachet down cost of goods and capture efficiencies. We have made new investments in marketing and personnel in support of our brand’s growth and still successfully narrowed net losses on a year over year basis. These investments resulted in significant new retail chain activity toward the back half of 2022 strengthening the base of our revenues as we head into 2023. We’ve successfully accessed the capital and credit markets when we needed to grow inventory, and all the while we have been adding to our top tier distribution network across all of our brands and, most importantly, with some of the largest names in the retail chain industry. As I’ve said many times, in the beverage industry, distribution is key, if you can’t put product on the shelves, you won’t succeed. We’ve invested heavily to build the infrastructure needed to put product through our distribution networks and into the hands of our consumers, and we expect the combination of infrastructure and distribution to translate into continued fast revenue growth shortening our path on our march toward profitability.”
To view the full press release, visit https://ibn.fm/z4jIO
About Splash Beverage Group Inc.
Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and TapouT performance hydration and recovery drink. 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.
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