Eastside Distilling Inc Stock Price, News & Analysis

Eastside Distilling (NASDAQ: EAST) reported its Q1 2022 results, revealing a net loss of $(2.0) million compared to a net income of $3.7 million in Q1 2021. Gross sales rose to $3.8 million, bolstered by a bulk sale of rye whiskey generating $1.5 million. Despite a gross profit increase to $0.9 million, lower Azuñia sales and competition impacted overall performance. The company reduced operating costs by $0.3 million and paid down $0.9 million in debt. A $2.0 million loan supports strategic growth initiatives.

Eastside Distilling, Inc. (NASDAQ: EAST) will announce its first quarter financial results on May 16, 2022, after market close. A conference call will follow at 5:00 PM ET to discuss the results. Investors can participate via phone or a live webcast at the company's website. Eastside Distilling is known for its award-winning craft spirits, including Azuñia Tequilas and Burnside Whiskeys, and operates its Craft Canning + Bottling subsidiary in Portland, Oregon.

Eastside Distilling (NASDAQ: EAST) announced its fourth quarter and year-end 2021 results, revealing a net loss of $(2.2) million, an improvement from $(9.9) million in 2020. The company raised $4.0 million during Q4 and an additional $3.5 million post-year-end, focusing on three-year growth initiatives. Gross sales decreased to $12.9 million, down from $14.8 million in the previous year, mainly due to lower mobile canning revenue. Despite a decrease in gross profit to $2.9 million, operational costs declined to $9.8 million, improving EBITDA performance year over year.

Eastside Distilling (NASDAQ: EAST) announced a new secured credit facility of up to $3 million with TQLA, LLC. The agreement includes a one-year loan of $2 million and a conditional $1 million loan extension. The loan has an interest rate of 9.25% and a commitment fee of 2.5%. As part of the deal, Eastside will issue a stock purchase warrant with a strike price of $1.20. CEO Geoffrey Gwin highlighted the partnership's importance in supporting the company's growing working capital needs, particularly for launching digital can printing.

Eastside Distilling, Inc. (NASDAQ: EAST) will release its fourth quarter and fiscal year 2021 financial results after market close on March 30, 2022. A conference call will follow at 5:00pm ET for a review of the results. The call can be accessed via phone or live webcast on the Company's website. Eastside has established itself in the craft spirits industry since 2008, offering products like Azuñia Tequilas and Burnside Whiskeys. The Company emphasizes quality ingredients and has a notable canning subsidiary in the Northwest.

Eastside Distilling (NASDAQ: EAST) announced the cancellation of its Special Meeting of Stockholders scheduled for March 4, 2022, due to insufficient proxies and likely lack of quorum. The agenda will be presented for approval at the upcoming 2022 Annual Meeting, with details to be announced later. Eastside specializes in high-quality craft spirits, operating since 2008 in Portland, Oregon, producing well-known brands like Azuñia Tequilas and Burnside Whiskeys. The Company emphasizes natural ingredients and has a significant presence in ready-to-drink canned beverages.

Eastside Distilling (NASDAQ: EAST) announced a sale of 798 barrels of whiskey for $1.5 million to address inventory surplus. The barrels, aged between three and eight years, were not part of existing product plans. CEO Geoffrey Gwin highlighted that the sale not only helps in debt reduction with Live Oak but also frees up capital for new projects. Eastside maintains an inventory of over 2,000 barrels for future bottling. The company's lineup includes notable products like Burnside Whiskeys and Azuñia Tequilas.

On February 14, 2022, Eastside Distilling launched its first Maraschino Cherry Whiskey, made with a rare whiskey blend and Luxardo Maraschino Liqueur. This product follows the Marionberry Whiskey released in fall 2021. The Cherry Whiskey is crafted with Luxardo’s premium cherries and offers a balance of cherry, vanilla, and citrus flavors. It is priced at $39.95 and will be available in select Oregon liquor stores and online, with plans for distribution expansion to several states this year.

Eastside Distilling (NASDAQ: EAST) will host a business update conference call on February 16, 2022, at 5:00 PM ET. The call will be accessible by dialing (844) 889-4332 or (412) 717-9595, and via a live webcast on the company's website. A replay will be available for three days via teleconference or for 90 days on the website. Eastside Distilling is known for its craft spirits and ready-to-drink cocktails, producing high-quality products in Portland, Oregon.