Splash Beverage Group Reports Record First Quarter 2022 Financial Results. Revenues Increase 86% Year over Year with $4 Million in Gross Sales as Company Signs 12 New or Expanded Distribution Agreements
Beverage Group Reports Record First Quarter 2022 Financial
Increase 86% Year over Year with $4 Million in Gross Sales as
Company Signs 12 New or Expanded Distribution
Fort Lauderdale, FL -- May 16, 2022 --
InvestorsHub NewsWire -- Splash
Beverage Group, Inc. (NYSE American: SBEV) ("Splash" or the "Company"), a portfolio
company of leading beverage brands, today reported financial
results for the first quarter period ended March 31,
Investors are encouraged to read
the Company's quarterly report on Form 10-Q which was filed with
the Securities and Exchange Commissions (the "SEC"), contains
additional information, and is posted at https://splashbeveragegroup.com/.
First Quarter Financial
Gross sales for the first quarter
were $4.1 million compared to $2.2 million in the prior year
period, an increase of 86% over the prior year period.
The increase in revenue were primarily due to
increased sales from the single-serve wine business and increases
in B2B and B2C ecommerce sales.
Company reports twelve new or
expanded distribution/sales agreements with distributors or
Gross profit for the first
quarter was $832K compared to $517K in the prior year
First quarter net loss from
continuing operations was $5.7 million compared to $4.4 million in
the prior year period. The increased difference was primarily due to
expenses relating to non-cash items, share-based compensation, and
increased marketing costs.
As of March 31, 2022, the company
had total cash and cash equivalents of $8.5 million, compared with
$4.2 million at December 31, 2021.
Robert Nistico, Splash Beverage Group's
Chairman and CEO, commented, "Our 2022 first quarter results
demonstrate how we are effectively executing our business strategy
of acquiring and expanding undervalued beverage brands within our
growing distribution system. Since our announcement in November 2021, when
we reported our transformational agreement with AB ONE
distributors, we have added 15 new distribution agreements, with 12
agreements in the first quarter alone. This has helped drive gross sales growth to a
record $4.1 million in the first quarter, a significant increase
over the prior year period as well as strong sequential growth from
the fourth quarter of 2021. These agreements include TapouT Performance
Drink where we will see the impact in Q2 as it takes time to set up
and physically ship to new distributors.
"During the first quarter we also
significantly strengthened our balance sheet with an $8 million
capital raise under our existing shelf registration
The cash provided from this
offering will help finance our ongoing operations and inventory
needs to fuel future growth needs. At the end of the quarter, we still had more
than $8 million in cash and less than $1 million in long term
We believe we are well positioned
to benefit from the strong growth of the categories we compete in
and consumer acceptance."
Beverage Group, Inc.
Splash Beverage Group, an
innovator in the beverage industry, owns a growing portfolio of
alcoholic and non-alcoholic beverage brands including Copa di Vino
wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and
TapouT performance hydration and recovery drink. Splash's strategy
is to rapidly develop early-stage brands already in its portfolio
as well as acquire and then accelerate brands that have high
visibility or are innovators in their categories. Led by a
management team that has built and managed some of the top brands
in the beverage industry and led sales from product launch into the
billions, Splash is rapidly expanding its brand portfolio and
For more information
This press release includes
"forward-looking statements" within the meaning of U.S. federal
securities laws. Words such as "expect," "estimate," "project,"
"budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential,"
"continue" and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from the expected results and,
consequently, you should not rely on these forward-looking
statements as predictions of future events. These forward-looking
statements and factors that may cause such differences include,
without limitation, the risks disclosed in the Company's Annual
Report on Form 10-K filed with the SEC on March 31, 2022, and in
the Company's other filings with the SEC. Readers are cautioned not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made. Except as required by law, the
Company disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in
this press release.
Splash Beverage Group
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