EQUATOR Beverage Company Reports Second Quarter 2024 Financial Results

Rhea-AI Summary

EQUATOR Beverage Company (OTCQB: MOJO) reported record second quarter 2024 financial results. Highlights include:

• Revenue increased 44% to $845,321
• Gross profit rose 22% to $342,483
• Gross profit margin was 41%

The growth was driven by increased shelf space, new points of sale, and online sales. Despite a 300% increase in ocean shipping costs, the company maintained a balanced approach to growth. The positive trend continued into Q3, with revenue up 94% to $568,956 through August 7th compared to the same period last year.

Positive

• Record Q2 2024 revenue of $845,321, up 44% year-over-year
• Record Q2 2024 gross profit of $342,483, up 22% year-over-year
• Gross profit margin of 41% despite increased shipping costs
• Significant gain in shelf space and new points of sale
• Q3 2024 revenue through August 7th up 94% compared to the same period last year

Negative

• 300% increase in ocean shipping costs impacting profitability

Record second quarter revenue of $845,321, up 44% year over year

Record second quarter gross profit of $342,483, up 22% year over year

Jersey City, New Jersey--(Newsfile Corp. - August 8, 2024) - EQUATOR Beverage Company (OTCQB: MOJO), maker of MOJO Energy and MOJO Coconut Water premium lifestyle functional beverages, today reported record second quarter 2024 financial results. The Form 10Q was filed on August 5, 2024 with the US Securities and Exchange Commission.

Glenn Simpson, Chairman & CEO of EQUATOR Beverage Company, said, "EQUATOR Beverage had its highest second quarter revenue. Driving revenue was a significant gain in shelf space and new points of sale. Unit cases sold increased proportionally to the increase in sales revenue. Our solid $342,483 second quarter gross profit reflects a balanced and disciplined approach to growth while simultaneously building the business and expanding despite a significant increase in ocean freight cost which we expect to ease toward the fourth quarter of 2024."

The company reports financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). Management believes that disclosure of Taxable Income, a non-GAAP financial measure, may provide users with additional insights into operating performance. Taxable Income excludes charges for the issue of common stock to officers and directors.

FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER 2024

Revenue for the second quarter increased 44% to $845,321 compared to $588,478 for the prior-year period, driven primarily by grocery store shelf space increases and online sales. We saw sustaining consumer demand growth, and overall channel growth. Same stores growth was also up significantly year over year. Gross profit for the second quarter of 2024 increased to $342,483 compared to $280,757 for the prior-year quarter. Gross profit as a percentage of revenue was 41% for the three months ended June 30, 2024. This was very positive despite a 300 percent increase in ocean shipping costs which we have not seen since the pandemic.

This marks the third quarter of consecutive revenue growth year over year.

This growth has continued in the first half of Q3 through August 7^th with revenue of $568,956 compared to $293,426 for the same period last year. This is a $275,530 increase or 94 percent. 2023 Q3 revenue was $675,947.

Contact:
Glenn Simpson Chairman & CEO
EQUATOR Beverage Company
917 574 1690
GlennSimpson@EquatorBeverage.Com
Symbol Ticker: MOJO
Website: www.equatorbeverage.com

Forward-Looking Statements
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risk.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219241

FAQ

What was EQUATOR Beverage Company's (MOJO) revenue for Q2 2024?

EQUATOR Beverage Company (MOJO) reported record Q2 2024 revenue of $845,321, a 44% increase from the prior-year period.

How much did EQUATOR Beverage Company's (MOJO) gross profit grow in Q2 2024?

EQUATOR Beverage Company's (MOJO) gross profit for Q2 2024 increased by 22% to $342,483 compared to the prior-year quarter.

What factors drove EQUATOR Beverage Company's (MOJO) revenue growth in Q2 2024?

EQUATOR Beverage Company's (MOJO) revenue growth in Q2 2024 was primarily driven by increased grocery store shelf space, new points of sale, and strong online sales.

How has EQUATOR Beverage Company's (MOJO) performance been in early Q3 2024?

EQUATOR Beverage Company (MOJO) reported strong early Q3 2024 performance, with revenue of $568,956 through August 7th, a 94% increase compared to the same period last year.