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Eastside Distilling, Inc. (NASDAQ: EAST) is a renowned producer of high-quality, hand-crafted spirits and a prominent player in the craft beverage industry. Founded in 2008 by Lenny Gotter, the company has garnered acclaim for its unique and locally produced spirits, crafted in the heart of Portland, Oregon. Eastside Distilling operates through two main segments: Spirits and Craft Canning + Printing.
The company's extensive portfolio includes award-winning products such as Azuñia Tequila, Burnside Bourbon, Hue-Hue Coffee Rum, and Portland Potato Vodka. These spirits are crafted from natural ingredients and produced in small batches, ensuring exceptional taste and quality.
Eastside Distilling's Craft Canning + Printing division is a leading independent mobile canner and digital can printer in the Pacific Northwest. This segment provides services such as co-packing, mobile filling, and digital can printing, supporting the company's vision of delivering high-quality, craft-inspired products.
Recent financial updates highlight significant progress. In June 2023, Eastside signed a non-binding term sheet to convert substantial debt into equity, positively impacting cash flow and Nasdaq compliance. Second quarter results showcased a substantial reduction in net operating loss and record segment sales for its Craft division.
In October 2023, Eastside successfully completed a debt-for-equity exchange, converting $6.51 million of debt into equity, thus stabilizing cash flow and retaining Nasdaq listing. The company's strategic focus on digital can printing has led to remarkable achievements, with more than 15 million cans printed since launching its Portland facility.
Eastside Distilling's third quarter of 2023 financial results indicated operational improvements and sequential increases in digital can sales. Despite a net loss reduction, the company's spirits division continues to align investments towards profitable brands and regions.
Overall, Eastside Distilling exemplifies a commitment to quality and innovation in the beverage industry, continuously striving to enhance its market presence and financial performance.
Eastside Distilling, Inc. (NASDAQ: EAST) will report its first quarter financial results on May 13, 2024. The company specializes in craft inspired brands, premium spirits, digital can printing, co-packing, and mobile filling. A conference call will be held on the same day at 5:00pm ET to discuss the results.
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