Reeds (REED) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the REED SEC filings page.
Reeds (REED) reported $34.1M in revenue for fiscal year 2025, down 10.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is offsetting operating cash destruction as margin compression turns lower sales into deeper losses.
In FY2025, cash conversion worsened alongside reported earnings: operating cash flow was-$17.0M against net loss of-$15.8M , indicating the deterioration was not mainly an accounting effect. Free cash flow reached-$17.3M while financing cash flow provided$17.3M , revealing financing dependence as the mechanism offsetting the operating shortfall.
The margin structure deteriorated sharply: gross margin fell from
Short-term coverage improved, with the current ratio rising from 0.7x in FY2023 to 1.6x in FY2025. Yet debt-to-equity remained 1.6x, while reported liquidity equaled 7.3 months of annual operating outflow, so better current coverage coexists with financing reliance.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Reeds's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Reeds held $10.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $17.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Reeds scores 24/100 among other emerging companies.
Reeds had 12M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Reeds scores 15/100 among other emerging companies.
Not available for Reeds, and counted as zero in the overall score.
Reeds reported revenue of $34.1M in fiscal year 2025, against $38.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Reeds scores 26/100 among other emerging companies.
Reeds's operations used $17.0M of cash in fiscal year 2025, against $6.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Reeds scores 7/100 among other emerging companies.
Reeds's cash, cash equivalents and investments came to $10.4M at the end of fiscal year 2025, against $14.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Reeds scores 52/100 among other emerging companies.
Reeds scores -9.85, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.3M) relative to total liabilities ($14.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Reeds passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Reeds reported a net loss of $15.8M while operations used $17.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Reeds reported an operating loss of $15.1M against $1.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Reeds generated $7.5M in revenue in Q2 2026. This represents a decrease of 21.4% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.
Reeds's EBITDA was -$4.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.7% from the same quarter a year earlier. Against the prior quarter it is up 34.7%.
Reeds reported -$4.3M in net income in Q2 2026. This represents an increase of 29.3% from the same quarter a year earlier. Against the prior quarter it is up 33.9%.
Reeds earned -$0.36 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 34.5%.
Cash & Balance Sheet
Reeds held $2.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Reeds's gross margin was 23.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 15.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.1 percentage points.
Reeds's operating margin was -54.3% in Q2 2026, reflecting core business profitability. This is up 6.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 32.8 percentage points.
Reeds's net profit margin was -57.1% in Q2 2026, showing the share of revenue converted to profit. This is up 6.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 33.5 percentage points.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
REED Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5M-21.4% | $7.1M-28.8% | $7.5M-23.1% | $7.0M+4.2% | $9.5M-19.8% | $10.0M+4.5% | $9.7M-16.8% | $6.8M-43.0% |
| Cost of Revenue | $5.6M-21.1% | $5.7M-12.5% | $5.8M-11.9% | $5.7M+2.9% | $7.1M-11.6% | $6.5M+5.6% | $6.5M-19.3% | $5.5M-29.2% |
| Gross Profit | $1.8M+121.7% | $697K-79.5% | $1.5M-47.6% | $1.2M+0.7% | $807K-78.9% | $3.4M-0.3% | $2.9M+518.0% | $1.2M-69.9% |
| SG&A Expenses | $3.0M-19.2% | $4.0M+100.7% | $2.7M-31.2% | $2.9M+59.7% | $3.8M+89.7% | $2.0M+37.3% | $3.9M+128.9% | $1.8M+27.3% |
| Operating Income | -$4.1M+29.8% | -$6.2M-256.8% | -$3.5M+4.1% | -$4.1M-30.8% | -$5.8M-765.9% | -$1.7M-168.0% | -$3.7M+26.1% | -$3.1M-2094.4% |
| EBITDA | -$4.0M+29.7% | -$6.2M-263.6% | N/A | N/A | -$5.7M | -$1.7M-173.9% | N/A | -$3.1M |
| Interest Expense | $204K-32.2% | $204K-29.4% | $244K-73.0% | $274K-88.6% | $301K-73.8% | $289K-71.7% | $903K-45.2% | $2.4M+86.0% |
| Net Income | -$4.3M+29.3% | -$6.5M-218.3% | -$3.8M+8.2% | -$4.0M+4.0% | -$6.0M-88.3% | -$2.0M-21.4% | -$4.1M+37.6% | -$4.2M-189.0% |
| EPS (Basic) | -$0.36+53.8% | -$0.55-103.7% | -$0.37-197.4% | -$0.48+90.2% | -$0.78-1.3% | -$0.27+32.5% | $0.38+122.4% | -$4.91-1344.1% |
| EPS (Diluted) | -$0.36 | -$0.55 | -$0.37 | -$0.48 | -$0.78 | -$0.27 | $0.38 | -$4.91 |
| Diluted Shares (Avg) | 12M | 12M | N/A | 8M | 8M | 8M | N/A | 844,402 |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
REED Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.4M-34.8% | $18.7M-23.8% | $23.3M-7.2% | $19.9M+32.5% | $23.7M+26.5% | $24.5M+27.4% | $25.1M+33.1% | $15.0M-39.1% |
| Current Assets | $13.7M-37.6% | $16.8M-25.7% | $21.5M-7.9% | $18.1M+28.5% | $21.9M+23.5% | $22.7M+24.7% | $23.3M+31.2% | $14.1M-40.2% |
| Cash & Equivalents | $2.4M-10.0% | $4.6M-5.8% | $10.4M+0.3% | $4.1M+1251.6% | $2.7M+721.2% | $4.9M+1448.4% | $10.4M+1623.2% | $306K-69.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $7.0M-46.9% | $8.0M-34.7% | $8.0M-0.8% | $10.6M+14.2% | $13.2M+28.9% | $12.3M+2.6% | $8.1M-28.2% | $9.3M-42.1% |
| Accounts Receivable | $3.1M-37.9% | $2.9M-32.7% | $2.3M-41.8% | $2.4M-12.1% | $5.0M-5.6% | $4.3M+33.2% | $4.0M+11.4% | $2.8M-47.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $16.9M-22.9% | $16.0M-19.4% | $14.2M-23.3% | $17.2M-53.6% | $22.0M-48.4% | $19.9M-50.3% | $18.5M-51.4% | $37.0M-1.2% |
| Current Liabilities | $16.1M-23.7% | $15.2M-20.1% | $13.4M-24.2% | $16.4M-55.8% | $21.2M-43.0% | $19.0M-24.0% | $17.7M-35.1% | $37.0M+33.6% |
| Non-Current Liabilities | $787K-3.6% | $799K-3.4% | $803K-4.1% | $805K | $816K-85.1% | $827K-94.5% | $837K-92.3% | $0-100.0% |
| Total Equity | -$1.5M-185.6% | $2.7M-42.3% | $9.2M+37.7% | $2.8M+112.6% | $1.7M+107.3% | $4.7M+122.5% | $6.6M+134.7% | -$22.0M-72.0% |
| Retained Earnings | -$178.5M-11.6% | -$174.2M-13.2% | -$167.7M-10.4% | -$163.9M-11.0% | -$160.0M-11.4% | -$153.9M-9.6% | -$151.9M-9.5% | -$147.8M-11.8% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
REED Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M+57.0% | -$5.8M-9.0% | -$3.8M+1.6% | -$2.8M-367.8% | -$5.0M-453.5% | -$5.4M-123.9% | -$3.9M-2026.4% | $1.1M+158.6% |
| Depreciation & Amortization | $25K-51.0% | $30K-26.8% | N/A | N/A | $51K | $41K+41.4% | N/A | $30K |
| Stock-Based Compensation | $3K-70.0% | $5K-89.4% | N/A | N/A | $10K | $47K-63.6% | N/A | N/A |
| Capital Expenditures | N/A | N/A | $81K-19.8% | $96K+317.4% | $22K+83.3% | $73K+356.3% | $101K+10000.0% | $23K |
| Free Cash Flow | N/A | N/A | -$3.9M+2.1% | -$2.9M-383.1% | -$5.1M-448.7% | -$5.4M-125.4% | -$4.0M-2069.9% | $1.0M |
| Investing Cash Flow | N/A | N/A | -$81K+25.7% | -$71K-195.8% | -$27K-68.8% | -$74K-311.1% | -$109K-3533.3% | -$24K+71.4% |
| Financing Cash Flow | N/A | N/A | $10.2M-27.6% | $4.3M+514.7% | $2.9M+207.4% | -$93K-104.4% | $14.1M+6611.1% | -$1.0M-143.0% |
| Dividends Paid | N/A | N/A | N/A | $0 | $5K | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
REED Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.9%+15.4pp | 9.8%-24.2pp | 20.4%-9.5pp | 17.4%-0.6pp | 8.5%-23.8pp | 33.9%-1.7pp | 30.0%+25.9pp | 18.0%-16.0pp |
| Operating Margin | -54.3%+6.6pp | -87.0%-69.7pp | -46.9%-9.3pp | -58.3%-11.9pp | -60.8%-55.2pp | -17.4%-10.6pp | -37.6%+4.7pp | -46.5%-45.3pp |
| Net Margin | -57.1%+6.5pp | -90.5%-70.3pp | -50.5%-8.2pp | -56.6%+4.8pp | -63.5%-36.5pp | -20.3%-2.8pp | -42.3%+14.1pp | -61.5%-49.4pp |
| Return on Equity | N/A | -240.2%-196.7pp | -41.3%+20.6pp | -144.4% | -348.6% | -43.5% | -61.9% | N/A |
| Return on Assets | -27.7%-2.2pp | -34.6%-26.3pp | -16.2%+0.2pp | -20.0%+7.6pp | -25.5%-8.4pp | -8.3%+0.4pp | -16.4%+18.6pp | -27.6%-21.8pp |
| Current Ratio | 0.85-0.2x | 1.11-0.1x | 1.60+0.3x | 1.10+0.7x | 1.03+0.6x | 1.19+0.5x | 1.32+0.7x | 0.38-0.5x |
| Debt-to-Equity | N/A | 5.94+1.7x | 1.55-1.2x | 6.23 | 12.66 | 4.26 | 2.78 | N/A |
| Asset Turnover | 0.48+0.1x | 0.380.0x | 0.32-0.1x | 0.35-0.1x | 0.40-0.2x | 0.41-0.1x | 0.39-0.2x | 0.450.0x |
| FCF Margin | N/A | N/A | -52.0%-11.2pp | -41.5%-56.7pp | -53.2%-45.5pp | -54.2%-29.1pp | -40.8%-39.2pp | 15.3% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Reeds REED | FY2025 | $34.1M | -$15.8M | -46.5% | $11.3M | 21/100 |
| Jones Soda Co JSDA | FY2025 | $25.3M | -$1.8M | -7.0% | $39.0M | — |
| EQUATOR BEVERAGE CO MOJO | FY2025 | $4.2M | $49K | 1.2% | $7.9M | — |
Where Reeds Ranks
Frequently Asked Questions
What is Reeds's annual revenue?
Reeds (REED) reported $34.1M in total revenue for fiscal year 2025. This represents a -10.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Reeds's revenue growing?
Reeds (REED) revenue declined by 10.2% year-over-year, from $38.0M to $34.1M in fiscal year 2025.
Is Reeds profitable?
No, Reeds (REED) reported a net income of -$15.8M in fiscal year 2025, with a net profit margin of -46.5%.
What is Reeds's EBITDA?
Reeds (REED) had EBITDA of -$15.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Reeds's gross margin?
Reeds (REED) had a gross margin of 20.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Reeds's operating margin?
Reeds (REED) had an operating margin of -44.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Reeds's net profit margin?
Reeds (REED) had a net profit margin of -46.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Reeds's return on equity (ROE)?
Reeds (REED) has a return on equity of -173.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Reeds's free cash flow?
Reeds (REED) recorded an outflow of $17.3M in free cash flow during fiscal year 2025. This represents a -175.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Reeds's operating cash flow?
Reeds (REED) recorded an outflow of $17.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Reeds's total assets?
Reeds (REED) had $23.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Reeds's capital expenditures?
Reeds (REED) invested $272K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Reeds's current ratio?
Reeds (REED) had a current ratio of 1.60 as of fiscal year 2025, which is generally considered healthy.
What is Reeds's debt-to-equity ratio?
Reeds (REED) had a debt-to-equity ratio of 1.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Reeds's return on assets (ROA)?
Reeds (REED) had a return on assets of -67.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Reeds's P/E ratio?
Reeds (REED) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $11.3M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Reeds's price-to-sales ratio?
Reeds (REED) trades at 0.4x sales, its market capitalization divided by revenue of $29.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $11.3M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Reeds's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Reeds (REED) held $10.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $17.0M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Reeds's Altman Z-Score?
Reeds (REED) has an Altman Z-Score of -9.85, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Reeds's Piotroski F-Score?
Reeds (REED) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Reeds's earnings high quality?
Reeds (REED) reported a net loss of $15.8M while operations used $17.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Reeds cover its interest payments?
Reeds (REED) reported an operating loss of $15.1M against $1.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Reeds?
Reeds (REED) scores 21 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.