EQUATOR Beverage Company Reports First Quarter 2024 Financial Results

Rhea-AI Summary

EQUATOR Beverage Company (OTCQB: MOJO) reported its Q1 2024 financial results, showing a 24% revenue increase to $640,653 from the same period last year. Gross margin increased to 42% of revenue due to higher sales of one-liter products, while net loss was $103,020 compared to net income of $4,485 in Q1 2023, attributed to higher executive compensation and selling expenses.

Positive

• Q1 2024 Revenue increased by 24% to $640,653 from the same period last year.

• Gross Margin for Q1 2024 improved to 42% of revenue due to increased sales of one-liter products.

Negative

• Q1 2024 Net Loss was $103,020 compared to Net Income of $4,485 in Q1 2023.

• The decline in income was attributed to higher executive compensation and increased selling expenses.

Jersey City, New Jersey--(Newsfile Corp. - May 10, 2024) - EQUATOR Beverage Company (OTCQB: MOJO) reports its financial results for the quarter ended March 31, 2024. The form 10Q was filed on May 10^th with the United States Securities and Exchange Commission.

Highlights include:

• Q1 2024 Revenue was $640,653, a $125,020 increase from $515,633 for the same period last year. This 24% increase was due to higher case sales of all products.

• Cost of Revenue was $370,070 or 58% of revenue compared to $313,457 or 61% of revenue for the same period last year. This decrease was due to higher sales of our one-liter packages.

• Q1 2024 Gross Margin was $270,583 or 42% of revenue, up from $202,176 for the same period last year. This was due to an increased sale of one-liter products.

• Q1 2024 Net Loss was $103,020, compared to Q1 2023 Net Income of $4,485. This $107,505 decline in income was due in part to higher executive compensation for the quarter, which was primarily attributable to a higher market value of EQUATOR Stock and an increase in selling expenses.

EQUATOR Beverage®

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For additional information contact:
Glenn Simpson CEO
EQUATOR Beverage Company
917 574 1690
Symbol Ticker: MOJO
Website: www.equatorbeverage.com

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risk.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207810

FAQ

What were EQUATOR Beverage Company's Q1 2024 revenue results?

EQUATOR Beverage Company reported Q1 2024 revenue of $640,653, a 24% increase from the same period last year.

What caused the increase in Gross Margin for Q1 2024?

The increase in Gross Margin to 42% of revenue was due to higher sales of one-liter products.

Why did EQUATOR Beverage Company report a Net Loss in Q1 2024?

EQUATOR Beverage Company reported a Net Loss of $103,020 in Q1 2024, attributed to higher executive compensation and increased selling expenses.