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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 (NASDAQ: EAST) reported its Q1 2022 results, revealing a net loss of $(2.0) million compared to a net income of $3.7 million in Q1 2021. Gross sales rose to $3.8 million, bolstered by a bulk sale of rye whiskey generating $1.5 million. Despite a gross profit increase to $0.9 million, lower Azuñia sales and competition impacted overall performance. The company reduced operating costs by $0.3 million and paid down $0.9 million in debt. A $2.0 million loan supports strategic growth initiatives.
Eastside Distilling, Inc. (NASDAQ: EAST) will announce its first quarter financial results on May 16, 2022, after market close. A conference call will follow at 5:00 PM ET to discuss the results. Investors can participate via phone or a live webcast at the company's website. Eastside Distilling is known for its award-winning craft spirits, including Azuñia Tequilas and Burnside Whiskeys, and operates its Craft Canning + Bottling subsidiary in Portland, Oregon.
Eastside Distilling (NASDAQ: EAST) announced its fourth quarter and year-end 2021 results, revealing a net loss of $(2.2) million, an improvement from $(9.9) million in 2020. The company raised $4.0 million during Q4 and an additional $3.5 million post-year-end, focusing on three-year growth initiatives. Gross sales decreased to $12.9 million, down from $14.8 million in the previous year, mainly due to lower mobile canning revenue. Despite a decrease in gross profit to $2.9 million, operational costs declined to $9.8 million, improving EBITDA performance year over year.
Eastside Distilling (NASDAQ: EAST) announced a new secured credit facility of up to $3 million with TQLA, LLC. The agreement includes a one-year loan of $2 million and a conditional $1 million loan extension. The loan has an interest rate of 9.25% and a commitment fee of 2.5%. As part of the deal, Eastside will issue a stock purchase warrant with a strike price of $1.20. CEO Geoffrey Gwin highlighted the partnership's importance in supporting the company's growing working capital needs, particularly for launching digital can printing.
Eastside Distilling, Inc. (NASDAQ: EAST) will release its fourth quarter and fiscal year 2021 financial results after market close on March 30, 2022. A conference call will follow at 5:00pm ET for a review of the results. The call can be accessed via phone or live webcast on the Company's website. Eastside has established itself in the craft spirits industry since 2008, offering products like Azuñia Tequilas and Burnside Whiskeys. The Company emphasizes quality ingredients and has a notable canning subsidiary in the Northwest.
Eastside Distilling (NASDAQ: EAST) announced the cancellation of its Special Meeting of Stockholders scheduled for March 4, 2022, due to insufficient proxies and likely lack of quorum. The agenda will be presented for approval at the upcoming 2022 Annual Meeting, with details to be announced later. Eastside specializes in high-quality craft spirits, operating since 2008 in Portland, Oregon, producing well-known brands like Azuñia Tequilas and Burnside Whiskeys. The Company emphasizes natural ingredients and has a significant presence in ready-to-drink canned beverages.
Eastside Distilling (NASDAQ: EAST) announced a sale of 798 barrels of whiskey for $1.5 million to address inventory surplus. The barrels, aged between three and eight years, were not part of existing product plans. CEO Geoffrey Gwin highlighted that the sale not only helps in debt reduction with Live Oak but also frees up capital for new projects. Eastside maintains an inventory of over 2,000 barrels for future bottling. The company's lineup includes notable products like Burnside Whiskeys and Azuñia Tequilas.
On February 14, 2022, Eastside Distilling launched its first Maraschino Cherry Whiskey, made with a rare whiskey blend and Luxardo Maraschino Liqueur. This product follows the Marionberry Whiskey released in fall 2021. The Cherry Whiskey is crafted with Luxardo’s premium cherries and offers a balance of cherry, vanilla, and citrus flavors. It is priced at $39.95 and will be available in select Oregon liquor stores and online, with plans for distribution expansion to several states this year.
Eastside Distilling (NASDAQ: EAST) will host a business update conference call on February 16, 2022, at 5:00 PM ET. The call will be accessible by dialing (844) 889-4332 or (412) 717-9595, and via a live webcast on the company's website. A replay will be available for three days via teleconference or for 90 days on the website. Eastside Distilling is known for its craft spirits and ready-to-drink cocktails, producing high-quality products in Portland, Oregon.
Eastside Distilling's Craft Canning + Bottling, LLC has partnered with Canadian Canning Inc. to enhance its canning services. This collaboration ensures a steady supply of domestically manufactured Crown cans, providing cost-effective solutions for Craft Canning customers. The partnership positions Craft Canning as a full-service co-packer, enabling it to serve small and midsize beverage producers effectively. The Crown cans are reported to perform exceptionally well with Craft Canning's new digital printer, enhancing operational efficiency and logistics for beverage manufacturers.
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