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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.
Access authoritative coverage of earnings announcements, leadership changes, product innovations, and market positioning. Our curated news collection enables informed analysis of REED's performance through key metrics like Modified EBITDA, which excludes non-recurring items to clarify core operations.
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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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