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Reeds, Inc. (REED) delivers natural consumer products through disciplined financial management and operational excellence. This news hub provides investors with essential updates on corporate developments, financial reporting, and strategic initiatives.
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Reed's Inc. (OTCQX: REED) reported strong Q2 2024 results, with net sales increasing 19% to $11.9 million and gross profit rising 53% to $3.8 million. The company achieved significant gross margin expansion of 720 bps to 32.3%. Notably, Reed's reduced delivery and handling costs by 16% to $2.18 per case. The operating loss improved to $0.7 million from $1.7 million in Q2 2023, while Modified EBITDA turned positive at $45,000 compared to $(1.6) million last year. Reed's reaffirmed its FY 2024 outlook, projecting net sales growth, gross margin expansion, and Modified EBITDA profitability, along with positive cash flow from operations.
Reed's Inc. (OTCQX: REED), the leading producer of natural ginger beverages, has announced its upcoming Second Quarter 2024 Conference Call scheduled for August 13, 2024, at 5:00 p.m. ET. The company will discuss its financial results for the three months ended June 30, 2024, with a press release to be issued prior to the call.
Investors can join via toll-free dial-in at (800) 717-1738 or international dial-in at (646) 307-1865, using Conference ID: 78880. A live webcast will also be available on the company's investor relations website. Management will host the call, followed by a Q&A session. Participants are advised to dial in 5-10 minutes before the start time.
Reed's has launched Virgil's full sugar handcrafted sodas in a new 12oz can format for five classic flavors: Root Beer, Vanilla Cream, Black Cherry, Cola, and Orange Cream. This launch caters to consumer preferences for on-the-go beverages and will initially be available at Sprouts Farmers Market nationwide. The new can format aims to make Virgil's premium sodas more accessible and convenient, targeting active lifestyles. Customers can purchase these multi-pack and single serve options in-store at Sprouts or online via Virgil's website.
Reed’s (OTCQX: REED) reported its Q1 2024 financial results, highlighting significant cost optimizations despite lower net sales. Net sales decreased to $9.6 million from $11.2 million in Q1 2023.
However, gross profit rose by 26% to $3.4 million, and gross margin increased by 1,140 basis points to 35.6%. Delivery and handling costs dropped by 29%, and selling, general, and administrative expenses were reduced by 19%. Operating loss improved to $0.6 million, and modified EBITDA loss improved to $0.4 million. The company reiterated its 2024 financial outlook, projecting net sales growth, gross margin expansion, and modified EBITDA profitability, with positive cash flow from operations expected for the full year.
Reed's, Inc. will host a conference call on May 14, 2024, to discuss its financial results for Q1 2024. The call will be followed by a question-and-answer session. Investors can dial in or join via webcast.
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