Welcome to our dedicated page for Eastside Distilling news (Ticker: EAST), a resource for investors and traders seeking the latest updates and insights on Eastside Distilling stock.
Eastside Distilling, Inc. (NASDAQ: EAST) generates news across both craft spirits and financial technology, reflecting its evolution from a Portland, Oregon-based producer of award-winning whiskey, vodka, rum and related brands into a holding company that also includes Beeline Financial Holdings, Inc. Company press releases highlight its commitment to quality, innovation, and sustainability in spirits, alongside its expansion into an end-to-end, all-digital, AI-enhanced mortgage platform.
News coverage for EAST often includes updates on financial results, where the company reports segment performance for its spirits operations and corporate activities. Releases detail sales trends, gross profit, operating expenses, and non-GAAP measures such as adjusted EBITDA, as well as commentary on restructuring efforts and portfolio realignment within the spirits business.
Another key stream of news focuses on strategic transactions. Eastside has issued announcements regarding a merger agreement and subsequent closing with Beeline Financial Holdings, Inc., the classification and sale of its Craft Canning + Printing subsidiary, and debt-for-equity exchanges and registered direct offerings of common stock and pre-funded warrants. These items provide insight into capital structure changes and balance sheet management.
For the Beeline segment, news emphasizes the AI-enhanced mortgage origination platform, its direct-to-consumer focus, and the use of AI-driven customer service tools and sales support AI. Company communications also cover shareholder meetings, proxy materials, and Nasdaq listing matters. Investors and observers who follow EAST news can use this page to review earnings announcements, transaction updates, and operational developments across both the spirits and mortgage technology businesses.
Eastside Distilling (NASDAQ: EAST) reported its Q1 2024 financials. Gross sales fell to $2.5M from $2.9M YoY, mainly due to lower mobile canning and spirits sales. However, digital printing sales surged, achieving a record 4.8 million cans, a 320% increase YoY. Gross profit decreased to $0.2M from $0.6M, with a gross margin drop from 22% to 8%. The Company decreased operating costs by $0.6M due to headcount reduction and lower professional fees. Net loss improved to $1.3M from $1.6M. Adjusted EBITDA also saw an improvement, with Craft and Spirits segments showing better performance. The company continues its restructuring, focusing on profitable spirits brands and regions.
Eastside Distilling, Inc. (NASDAQ: EAST) will report its first quarter financial results on May 13, 2024. The company specializes in craft inspired brands, premium spirits, digital can printing, co-packing, and mobile filling. A conference call will be held on the same day at 5:00pm ET to discuss the results.
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