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Starco Brands (OTCQB: STCB) announced its first quarter 2024 results, reporting a 39% increase in net revenue to $15.5 million and a 26% increase in gross profit to $7.2 million, compared to the previous year. Despite these gains, the company reported a net loss of $4.3 million, up from $1.7 million in Q1 2023. The loss was attributed to increased marketing, administrative expenses, and compensation due to acquisitions made in 2023. The company projects net revenue between $72 million and $76 million for fiscal year 2024. Major highlights included new product launches and expanded distribution across its brands, including Whipshots, Skylar, Soylent, and Winona Popcorn Spray. Starco Brands also plans to reinvest in growth and operational infrastructure, which may impact short-term profitability but is aimed at fostering long-term growth.
Starco Brands, Inc. will announce its first-quarter 2024 financial results on May 15, 2024. The company will host a conference call to discuss the results at 1:30 pm Pacific Time. Investors can participate by dialing (877) 407-0792 (U.S.) or (201) 689-8263 (international). A telephone replay will be available, and a live webcast will also be accessible on the Investor Relations section of the company's website.
Starco Brands' Whipshots® has won the prestigious 2024 Growth Brand Award for the second year in a row, solidifying its position as an industry trailblazer. The vodka-infused whipped cream has experienced remarkable growth, selling 5 million cans in just two years. This award recognizes Whipshots as a mainstay in the spirits category, offering an over-the-top experience to various beverages and desserts. CEO Ross Sklar expressed gratitude for the recognition and highlighted the brand's commitment to innovation and consumer satisfaction.
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