EQUATOR Beverage Company Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

EQUATOR Beverage Company (MOJO) reported strong Q3 2024 financial results, with revenue increasing 57% to $1,061,645 compared to $675,947 in the prior year. The company achieved a gross profit of $357,275, up 16% year-over-year, and net income grew 228% to $69,027. Growth was driven by expanded grocery store shelf space and online sales. For the nine months ended September 30, 2024, revenue reached $2,547,620, up from $1,780,059 in the previous year. October 2024 revenue was $282,097, marking a 31% increase from the previous year.

Positive

• Revenue increased 57% YoY to $1,061,645 in Q3 2024
• Net income grew 228% YoY in Q3 2024
• Gross profit increased 16% to $357,275
• Fourth consecutive quarter of YoY revenue growth
• October 2024 revenue up 31% YoY to $282,097
• Expanded grocery store shelf space and online sales presence

Negative

• 300% increase in ocean shipping costs
• Gross profit margin at 34%, impacted by increased shipping costs

Third quarter revenue of $1,061,645, up 57% year over year

Third quarter gross profit of $357,275, up 16% year over year

Third quarter net income of $69,027, up 228% year over year

Jersey City, New Jersey--(Newsfile Corp. - November 4, 2024) - EQUATOR Beverage Company (OTCQB: MOJO), maker of MOJO Energy and MOJO Coconut Water premium lifestyle functional beverages today reported record third quarter 2024 financial results. The Form 10Q was filed November 1, 2024 with the US Securities and Exchange Commission.

Glenn Simpson, Chairman & CEO of EQUATOR Beverage Company, said: "EQUATOR Beverage had its highest third quarter revenue. Driving revenue was a gain in shelf space and new points of sale. Unit cases sold increased proportionally to the increase in sales revenue. Our solid $357,275 third quarter gross profit reflects a balanced and disciplined approach to growth while simultaneously building the business despite a significant increase in ocean freight cost."

FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER 2024

Revenue for the third quarter increased 57% to $1,061,645 compared to $675,947 for the prior-year, 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 year over year. Gross profit for the third quarter of 2024 increased to $357,275 compared to $308,685 for the prior-year quarter. Gross profit as a percentage of revenue was 34% for the three months ended September 30, 2024. This was very positive despite a 300 percent increase in ocean shipping costs.

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

For the nine months ended September 30, 2024, revenue was $2,547,620 compared to $1,780,059 for the same period last year. The trailing 2024 12-month revenue was $3,055,832 compared to $2,131,819 for the same period last year.

October 2024 revenue was $282,097 up 31 percent from the same month last year.

EQUATOR Beverage ®

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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/228765

FAQ

What was EQUATOR Beverage Company's (MOJO) revenue in Q3 2024?

EQUATOR Beverage Company reported Q3 2024 revenue of $1,061,645, representing a 57% increase from the previous year.

How much did MOJO's net income grow in Q3 2024?

MOJO's net income grew 228% year-over-year to $69,027 in Q3 2024.

What was EQUATOR Beverage's (MOJO) gross profit margin in Q3 2024?

MOJO's gross profit margin was 34% for Q3 2024, affected by a 300% increase in ocean shipping costs.

How much revenue did MOJO generate in October 2024?

MOJO generated revenue of $282,097 in October 2024, up 31% from the same month in the previous year.