Kona Gold Beverage, Inc's Closes Out 2022 with Record Revenue Month in December

Rhea-AI Summary

Kona Gold Beverage (OTCQB: KGKG) reported a record revenue month for December 2022, exceeding $400,000, marking a strong finish to a successful year. The company's quarterly revenue reached approximately $1,190,000, its second best ever. Revenue increased by 172% from 2020 to 2021 and is expected to rise by about 80-85% from 2021 to 2022. The growth is credited to strong sales in the Ooh La Lemin Lemonade brand and the Gold Leaf Distribution subsidiary, which also reported record revenue of $362,000 in November.

Positive

• December 2022 revenue surpassed $400,000, highest in company history.
• Quarterly revenue approximately $1,190,000, marking the second strongest quarter.
• Revenue growth of 172% from 2020 to 2021; projected 80-85% growth from 2021 to 2022.
• Strong sales performance from Ooh La Lemin Lemonade and Gold Leaf Distribution.
• Gold Leaf Distribution's November revenue reached approximately $362,000, doubling previous year's figure.

Negative

• None.

Melbourne, FL, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Kona Gold Beverage, Inc. (OTCQB: KGKG), a holding company focused on product development in the better-for-you and functional beverage sector is pleased to announce it closed out 2022 with a record revenue month in December compared to all previous Decembers in Company history with approximate revenues of just over $400,000.  This is a display of strength in sales as December is generally the slowest month in the beverage industry.  Kona Gold Beverage also finished the quarter with approximately $1,190,000 in revenue, its second strongest quarter in Company history. 

Kona Gold Beverage had an increase in Revenue of 172% from fiscal year 2020 to 2021 and although the Company is still finalizing numbers, the revenue increase from fiscal year 2021 to 2022 should be approximately 80-85%.  This marks two years of solid back-to-back growth.  The Company has positioned itself to have another large growth year in 2023 across its subsidiaries.

"I'm very pleased to share with our stockholders that Kona Gold Beverage closed out a very strong year with an even stronger December," stated Robert Clark, CEO of Kona Gold Beverage, Inc. "December is generally our slowest month of the year, but with the growth of our Ooh La Lemin Lemonade brand and extremely strong sales with our Gold Leaf Distribution subsidiary, our team executed across the board."

Clark added, "Our strong December is only a preview to what is coming down the pipe for 2023.  We are looking forward to starting out the year very strong with a big uptick in Ooh La Lemin Lemonade sales and continued growth with our distribution subsidiary."

In November, Kona Gold Beverage announced it entered into an agreement with Strategy & Execution Inc ("SEI") to accelerate growth of its beverage portfolio over the next three years and beyond.  SEI has begun to set meetings with distributors and retail chains around the country.  The current relationships and brand portfolio that SEI has in the market will undoubtedly drive the Kona Gold Beverage Brands go-to-market objectives.

Kona Gold Beverage also recently announced its wholly owned subsidiary, Gold Leaf Distribution, posted record revenue in the month of November.  Record revenue in November shows strong growth for Gold Leaf Distribution as the winter months are historically the slowest in the beverage industry.  Gold Leaf Distribution posted approximately $362,000 in revenue for the month of November.  Year-over-year revenue growth in November doubled from the prior year's revenue, which was approximately $180,000.

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 was Kona Gold Beverage's revenue for December 2022?

Kona Gold Beverage reported over $400,000 in revenue for December 2022.

How much revenue did Kona Gold Beverage generate in Q4 2022?

The company generated approximately $1,190,000 in revenue for Q4 2022.

What was the revenue growth percentage for Kona Gold Beverage from 2021 to 2022?

Kona Gold Beverage expects an approximate revenue growth of 80-85% from 2021 to 2022.

What contributed to the record revenue for Kona Gold Beverage in December 2022?

Strong sales from the Ooh La Lemin Lemonade brand and the Gold Leaf Distribution subsidiary contributed to the record revenue.

How did Gold Leaf Distribution perform in November 2022?

Gold Leaf Distribution posted approximately $362,000 in revenue for November 2022, doubling the prior year's revenue.