Kona Gold Beverage, Inc. Posts First Million Dollar Quarter

Rhea-AI Summary

Kona Gold Beverage (OTC Pink: KGKG) reported over $1 million in revenue for Q1 2022, marking a significant milestone for the company. March saw revenues of approximately $310,000 from its distribution subsidiary, Gold Leaf, exceeding projections by 19%. Despite missing overall Q1 projections by about $60,000, CEO Robert Clark anticipates a revenue increase from their Ooh La Lemin product line due to upcoming distribution deals with Walmart. The company is in discussions with national retailers for further expansion.

Positive

• Achieved over $1 million in revenue for Q1 2022, a significant milestone.
• Gold Leaf's revenue exceeded projections by 19%, reaching approximately $310,000 in March.
• Anticipates increased sales from the Ooh La Lemin product line due to Walmart distribution.
• Currently negotiating with other national retailers for expanded distribution.

Negative

• Missed Q1 revenue projections by approximately $60,000.

Company recorded revenues of approximately $400,000 in the month of March

Melbourne, FL, April 04, 2022 (GLOBE NEWSWIRE) -- Kona Gold Beverage, Inc. (OTC Pink: KGKG), a holding company focused on product development in the better-for-you and hemp and CBD functional beverage sector, is pleased to announce the Company had revenues of over one million dollars in the first quarter of 2022.  This marks the Company’s first quarter of one million dollars or more, which is a huge milestone and testament to the continued growth it’s experiencing.  Kona Gold Beverages two subsidiaries, Kona Gold LLC and Gold Leaf Distribution LLC’s combined revenue broke the one-million-dollar mark in Q1.

Gold Leaf Distribution, the Company’s distribution subsidiary, continues to have record month-over-month revenue and March was no exception.  March revenue projections for Gold Leaf were $260,000 and the Company did approximately $310,000 in revenue, exceeding projections by approximately 19%.

“Q1 marks a huge milestone for Kona Gold Beverage with over one million dollars in sales and I couldn’t be prouder of our team,” stated Robert Clark, CEO of Kona Gold Beverage, Inc. “We did miss our Q1 projections by roughly $60,000, but the sales that were anticipated to post in March, will be posting in April, so we are right on track and where we want to be.  In April, we anticipate a big uptick in revenue from our Kona Gold subsidiary’s Ooh La Lemin product lines.  We have several current and new distribution partners that will be placing orders in preparation for Walmart roll outs and to begin selling into other retail chains.”

Clark continued, “Our distribution subsidiary, Gold Leaf, continues to beat our estimates and expectations, with over $300,000 in sales in the month of March.  Gold Leaf is nearing profitability as its new distribution center in Conway South Carolina quickly ramps up.  Gold Leaf has also begun distributing our new Sparkling Ooh La Lemin Lemonades to Walmart retail locations in South Carolina and anticipates an upswing in revenue as Gold Leaf continues to distribute to additional locations.”

Kona Gold announced last month its popular Ooh La Lemin Lemonades will be sold in Walmart brick and mortar stores.  The Company’s 16 oz Ooh La Lemin Lemonades, available in 4 flavors, will be included in modular sets in all stores with 12 ft or wider coolers in select states starting in June of 2022.  The Company will announce which states at a later date as it gets closer to launch.  The 4 flavors of Ooh La Lemin will be in Walmart’s system nationwide, which will give the Company fire power to secure distribution in states where it’s currently lacking.

This is a huge step forward for Kona Gold Beverage as the Company focuses on taking its brand portfolio nationally.  The Company’s Ooh La Lemin Lemonades are currently sold in popular chains such as Wawa, Plaid Pantry, Piggly Wiggly, Coborn’s, Hyvee, and others.  The Company is currently in talks with several other national retailors to carry its Ooh La Lemin Lemonades, and will update shareholders as those come to fruition.

For more information regarding Kona Gold Beverage, please visit:
https://konagoldbeverage.com/

About Kona Gold Beverage, Inc.

Kona Gold Beverage, Inc., a Delaware corporation, has created wholly-owned subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf Distribution, LLC.  Kona Gold, LLC has developed a premium Hemp-Infused Energy Drink line; please visit its website at www.konagoldhemp.com.  HighDrate, LLC has developed the beverage industry’s first CBD-Infused Energy Water, available in 6 delicious flavors; please visit its website at www.highdrateme.com.  Gold Leaf Distribution, LLC was created to fill the Company’s distribution needs in markets that it wants to enter quickly; please visit its website at www.goldleafdist.com.  Kona Gold Beverage, Inc. recently rebranded its Lemin Lemonade to Ooh La Lemin Lemonade; please visit its website at www.oohlalemin.com. Kona Gold and its family of companies are located on the east coast of Florida in Melbourne and in Greer and Conway South Carolina.

Safe Harbor Statement:

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions.  The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties.  There can be no assurance that such statements will prove to be accurate.  The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Registration Statement on Form S-1.  Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated.  These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control.  The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.

Investor Relations Contact:
Robert Clark
844-714-2224
investorrelations@konagoldbeverage.com

FAQ

What were Kona Gold Beverage's revenues for March 2022?

Kona Gold Beverage reported approximately $310,000 in revenues for March 2022.

Did Kona Gold Beverage reach its Q1 2022 revenue targets?

Kona Gold Beverage missed its Q1 revenue projections by about $60,000.

Which product line is Kona Gold Beverage expecting to increase revenue with?

Kona Gold Beverage anticipates increased revenue from its Ooh La Lemin product line.

What is the significance of the $1 million revenue mark for Kona Gold Beverage?

This is the first time Kona Gold Beverage achieved over $1 million in revenue in a single quarter, marking a major milestone.

What subsidiary of Kona Gold Beverage exceeded revenue projections in March 2022?

Gold Leaf Distribution exceeded its revenue projections by 19%, achieving approximately $310,000 in March.