REED - Reed's Inc. GAAP EPS of -$1.70 misses by $0.68 revenue of $11.2M misses by $2.92M
2023-06-01 07:47:50 ET
- Reed's, Inc. press release ( OTCQX:REED ): Q1 GAAP EPS of -$1.70 misses by $0.68 .
- Revenue of $11.2M (-8.0% Y/Y) misses by $2.92M .
- The decrease was primarily driven by tightened credit terms from several suppliers that impacted the Company’s ability to purchase inventory, which offset net sales by more than $1.6 million.
- Delivery and handling costs declined 25% to $3.46 per case.
- The Company currently expects net sales growth for the full year 2023, gross margin to surpass 30%, $6 million of operating expense reductions and modified EBITDA to turn profitable by the second half of 2023. The Company also expects to turn cash flow positive in the second half of 2023.
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Reed's, Inc. GAAP EPS of -$1.70 misses by $0.68, revenue of $11.2M misses by $2.92M