Reborn Coffee Provides Second Quarter 2024 Corporate Update and Financial Results
Reborn Coffee Inc. (Nasdaq: REBN) reported its Q2 2024 financial results, showing mixed performance. Revenue for the first half of 2024 increased 11.54% to $2.9 million, while Q2 revenue decreased 9.6% to $1.4 million due to store closures. Notably, Q2 wholesale and online sales grew 633% to $0.2 million. The company improved its store gross margins to 72.9% from 65.3% year-over-year. Reborn Coffee expanded globally through strategic partnerships in China, UAE, and Turkey. The company launched on Amazon to boost e-commerce growth and signed agreements to acquire bakery brands. Despite these initiatives, Reborn Coffee reported a net loss of $1.3 million for Q2 2024, unchanged from the previous year.
Reborn Coffee Inc. (Nasdaq: REBN) ha riportato i risultati finanziari del secondo trimestre del 2024, mostrando una performance mista. I ricavi del primo semestre del 2024 sono aumentati dell'11,54% a 2,9 milioni di dollari, mentre i ricavi del secondo trimestre sono diminuiti del 9,6% a 1,4 milioni di dollari a causa delle chiusure dei negozi. È degno di nota che le vendite all'ingrosso e online nel secondo trimestre sono aumentate del 633% a 0,2 milioni di dollari. L'azienda ha migliorato i margini lordi dei negozi al 72,9% dal 65,3% rispetto all'anno precedente. Reborn Coffee si è espansa a livello globale attraverso partnership strategiche in Cina, Emirati Arabi Uniti e Turchia. L'azienda è stata lanciata su Amazon per stimolare la crescita dell'e-commerce e ha firmato accordi per acquisire marchi di panetteria. Nonostante queste iniziative, Reborn Coffee ha riportato una perdita netta di 1,3 milioni di dollari per il secondo trimestre del 2024, invariata rispetto all'anno precedente.
Reborn Coffee Inc. (Nasdaq: REBN) informó sus resultados financieros del segundo trimestre de 2024, mostrando un desempeño mixto. Los ingresos de la primera mitad de 2024 aumentaron un 11.54% a $2.9 millones, mientras que los ingresos del segundo trimestre disminuyeron un 9.6% a $1.4 millones debido al cierre de tiendas. Cabe destacar que las ventas al por mayor y en línea del segundo trimestre crecieron un 633% a $0.2 millones. La compañía mejoró sus márgenes brutos en las tiendas al 72.9% desde el 65.3% en comparación con el año anterior. Reborn Coffee se expandió globalmente a través de asociaciones estratégicas en China, Emiratos Árabes Unidos y Turquía. La empresa se lanzó en Amazon para impulsar el crecimiento del comercio electrónico y firmó acuerdos para adquirir marcas de panadería. A pesar de estas iniciativas, Reborn Coffee reportó una pérdida neta de $1.3 millones para el segundo trimestre de 2024, sin cambios respecto al año anterior.
리본 커피 주식회사(Reborn Coffee Inc., 나스닥: REBN)는 2024년 2분기 재무 결과를 발표하며 혼합 성과를 보여주었습니다. 2024년 상반기 매출은 11.54% 증가하여 290만 달러에 달했으며, 2분기 매출은 매장 폐쇄로 인해 9.6% 감소하여 140만 달러를 기록했습니다. 특히 2분기 도매 및 온라인 판매는 633% 증가하여 20만 달러에 달했습니다. 이 회사는 전년 대비 상점 총 마진을 65.3%에서 72.9%로 개선했습니다. 리본 커피는 중국, 아랍에미리트, 터키와의 전략적 파트너십을 통해 글로벌로 확장했습니다. 또한, 전자상거래 성장을 촉진하기 위해 아마존에서 출시하고 제과 브랜드 인수에 관한 계약을 체결했습니다. 이러한 노력에도 불구하고 리본 커피는 2024년 2분기 순손실이 130만 달러로 작년과 동일하다고 보고했습니다.
Reborn Coffee Inc. (Nasdaq: REBN) a annoncé ses résultats financiers pour le deuxième trimestre de 2024, affichant des performances mitigées. Les revenus de la première moitié de 2024 ont augmenté de 11,54% pour atteindre 2,9 millions de dollars, tandis que les revenus du deuxième trimestre ont diminué de 9,6% pour s'établir à 1,4 million de dollars en raison des fermetures de magasins. Il est à noter que les ventes en gros et en ligne du deuxième trimestre ont crû de 633% pour atteindre 0,2 million de dollars. L'entreprise a amélioré ses marges brutes en magasin, passant de 65,3% à 72,9% par rapport à l'année précédente. Reborn Coffee s'est étendue à l'échelle mondiale grâce à des partenariats stratégiques en Chine, aux Émirats Arabes Unis et en Turquie. L'entreprise a été lancée sur Amazon pour stimuler la croissance du commerce électronique et a signé des contrats pour acquérir des marques de boulangerie. Malgré ces initiatives, Reborn Coffee a annoncé une perte nette de 1,3 million de dollars pour le deuxième trimestre de 2024, inchangée par rapport à l'année précédente.
Reborn Coffee Inc. (Nasdaq: REBN) hat die finanziellen Ergebnisse des zweiten Quartals 2024 veröffentlicht und dabei eine gemischte Leistung gezeigt. Der Umsatz für das erste Halbjahr 2024 stieg um 11,54% auf 2,9 Millionen Dollar, während der Umsatz im zweiten Quartal aufgrund von Geschäftsschließungen um 9,6% auf 1,4 Millionen Dollar fiel. Bemerkenswert ist, dass der Großhandel und die Online-Verkäufe im zweiten Quartal um 633% auf 0,2 Millionen Dollar wuchsen. Das Unternehmen verbesserte seine Bruttomargen in den Geschäften von 65,3% auf 72,9% im Jahresvergleich. Reborn Coffee expandierte global durch strategische Partnerschaften in China, den VAE und der Türkei. Das Unternehmen wurde auf Amazon gestartet, um das Umsatzwachstum im E-Commerce zu fördern, und es wurden Vereinbarungen zur Übernahme von Bäckereimarken unterzeichnet. Trotz dieser Initiativen berichtete Reborn Coffee für das zweite Quartal 2024 einen Nettoverlust von 1,3 Millionen Dollar, der unverändert zum Vorjahr blieb.
- Revenue for the first half of 2024 increased 11.54% to $2.9 million
- Q2 wholesale and online sales grew 633% to $0.2 million
- Company-operated store gross margins improved to 72.9% from 65.3% year-over-year
- Expanded global presence through partnerships in China, UAE, and Turkey
- Launched on Amazon to boost e-commerce growth
- Q2 2024 revenue decreased 9.6% to $1.4 million due to store closures
- Net loss for Q2 2024 remained at $1.3 million, showing no improvement from the previous year
- Cash and cash equivalents totaled only $0.6 million as of June 30, 2024
- Net cash used in operating activities increased to $2.9 million for the first half of 2024
Insights
Reborn Coffee's Q2 2024 results show a mixed performance. While overall revenue declined
The improvement in company-operated store gross margins from
Investors should closely monitor Reborn's ability to execute its ambitious growth strategy, particularly its international expansion and new product launches, while managing costs and improving profitability.
Reborn Coffee's strategic moves demonstrate a clear focus on global expansion and diversification. The company's entry into new markets like UAE, China and Turkey through partnerships and acquisitions shows a commitment to scaling rapidly. The joint venture with Penglai Data Store to incorporate AI technology into franchises in China is particularly intriguing, potentially setting Reborn apart in a competitive market.
The acquisition of Bbang Ssaem Bakery and the stake in Derin Lezzetler indicate a shift towards a more comprehensive food and beverage offering. This could help Reborn capture a larger share of customer spend and differentiate from pure-play coffee chains. The launch on Amazon and the
However, the challenge lies in managing this rapid expansion while improving profitability. The company's ability to successfully integrate these new ventures and maintain quality across diverse markets will be important for long-term success.
BREA, Calif., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), (“Reborn”, or the “Company”), a leading specialty coffee retailer in the US, has reported its financial and operational results for the second quarter ended June 30, 2024.
Key Financial and Operational Highlights
- Six months ending June 30, 2024 revenue increased
11.54% to$2.9 million . - Q2'24 company-operated store gross margins improved to
72.9% compared to65.3% for the same period in 2023. - Ended Q2'24 with 11 open locations, with 1 location in development.
- Q2'24 wholesale and online sales grew
633% to$0.2 million from$24,320 in Q2’23.
Q2 2024 and Subsequent Events
- Strategic joint venture with China's AI company Penglai Data Store to Lead and develop master franchises in China, Hong Kong and Macao.
- Signed Memorandum of Understanding (“MOU”) to acquire Bbang Ssaem Bakery, one of Korea's most iconic bakery brands to upgrade footprint into the coffee and bakery sector, enhance offerings and solidify position as a premier coffee & bakery franchise in the US and South Korea.
- Closed a master licensing deal that will facilitate Reborn Coffee's dynamic entry into the vibrant United Arab Emirates (“UAE”) market, with its first flagship location set to open in Dubai.
- Launched on Amazon, expanding omni-channel strategy for e-commerce growth, aiming to drive substantial revenue growth and capture a wider online customer base.
- Closed a Master License Agreement (“MLA”) with Shenyang Yongsheng Seven Stars Tourism Development Co. that will establish Reborn Coffee premier locations in Shenyang, the capital of Liaoning Province. The Shenyang flagship store will, with its all-encompassing brand center, lays the foundation for a broader expansion across China.
- Closed a Master License Agreement (“MLA”) with IAID Co., Ltd., a visionary architectural and interior design consulting firm, and unveiled a major global expansion for premium brand growth in China and southeast Asia, including in-depth plan for opening first flagship store in the Historic Art Museum Building in Guangzhou, China.
- Signed a Letter of Intent (“LOI”) to acquire a
55% majority stake in Derin Lezzetler, a leading artisan snack and frozen bakery producer based in Istanbul, Turkey, a strategic move in Reborn Coffee's expansion into the health-conscious food market and its plans to further penetrate the US, Europe, Middle East, and Asia Pacific regions.
Management Commentary
"Despite challenges in the food and beverage markets, including rising input costs, heightened consumer price sensitivity, and increased capital costs, Reborn Coffee has successfully optimized operating expenses while maintaining a strong Average Unit Volume (“AUV”) comparable to previous periods,” said Jay Kim, Chief Executive Officer of Reborn.
“During the second quarter, we were highly focused on initiatives to diversify and expand our global operations as we continue to grow revenues. New global partnerships in Asia, Eastern Europe, and the Middle East have significantly expanded our global footprint and diversified our operations. In the US, our growing ecommerce presence fueled an impressive
"At our US company operated retail locations, we continued to focus on driving sales and enhancing gross profit has yielded impressive results. While we made the strategic decision to close underperforming stores, our introduction of innovative new products and targeted marketing initiatives have significantly boosted performance. As a result, we achieved a 760 basis point improvement in year-over-year store margins in the second quarter, reaching an impressive
“To expand our brand in Asia, we most recently announced an MLA with Shenyang Yongsheng Seven Stars Tourism Development Co. that will establish Reborn Coffee premier locations in Shenyang, the capital of Liaoning Province. The Shenyang flagship store will, with its all-encompassing brand center, lays the foundation for a broader expansion across China, reinforcing Reborn Coffee's position in one of the world's fastest-growing coffee markets.
“We also announced a strategic partnership and joint venture with a prominent China AI Database Company - Penglai Data Store (Shenzhen), led by CEO Alex Guo, which develops the high performance AI database software - HetuKV optimizing the AI learning and training process for businesses. This collaboration signifies the official launch of Reborn China, an innovative venture poised to transform the coffee industry in China by incorporating advanced AI technology into every new franchise in the region. Reborn China will be responsible for managing the recently acquired master license agreement in Guangzhou and will also oversee all future master region licenses across China.
“During the quarter we closed an MLA in partnership with Reborn UAE, led by CEO Mahmood Arjomand, will facilitate our dynamic entry into the vibrant UAE market. Under this agreement, we will collaborate to establish Reborn Coffee outlets, a distribution center for the Middle East, and roasting and warehouse facilities. The aim is to establish flagship stores within one year, with Jumeirah, Dubai, as the first location. Additionally, the plan includes opening 20 more stores across the UAE to solidify our presence in the region.
“We also worked to add capabilities in the food industry with an MOU to acquire Bbang Ssaem Bakery, one of Korea's most iconic bakery brands. This strategic move will upgrade our footprint into the coffee and bakery sector, enhancing offerings and solidifying our position as a premier coffee and bakery franchise. Additionally, the strong EBITDA generated by Bbang Ssaem Bakery is expected to positively impact Reborn Coffee's financial health, contributing to increased profitability and stability. Additionally, we signed an LOI to acquire a
“Solidifying our presence in the ecommerce space, we launched on Amazon, aiming to drive substantial revenue growth and capture a wider online customer base. By launching on Amazon, we can access millions of potential customers, utilize advanced marketing tools to enhance brand presence and drive traffic, ensure prompt and reliable delivery through Fulfillment by Amazon (FBA), leverage data analytics to inform marketing strategies and product development, and enhance our OMNI-channel strategy by integrating our online and offline presence to provide a seamless customer experience.
“Looking ahead, we continue to focus on operational execution at our existing retail locations and online. We are executing on strategic plans for new company-owned retail locations in Southern California and new flagships in states such as Texas, as well as global locations including South Korea, Austria, Dubai and China with our partners. Taken together, we continue to believe our existing retail locations, worldwide expansion strategy, and acquisitions and investments, will empower us to continue our momentum and build long term shareholder value,” concluded Kim.
Anticipated Milestones
- Open 4 flagship Reborn Café locations in the U.S., targeting cities such as Miami, San Diego, Houston, and Kansas City.
- Open up to 20 company-owned retail locations.
- Open up to 20 Franchised locations nationwide.
- Open 10+ overseas locations outside the U.S., targeting countries such as South Korea, Malaysia, Dubai, China, Singapore, Thailand, and the UK.
- Open First Pet Friendly Indoor Café “Reborn N Pet Social” in city of Pasadena, California.
- Joint R&D projects with coffee farms in locations such as Hawaii, Colombia, Ethiopia, Guatemala, and Brazil.
- Expand B2B marketing to wholesale clubs and other major outlets and expand ecommerce marketing with online initiatives by launching its own Amazon marketplace.
- Launch of Reborn Mobile App services.
- Launch new Reborn-branded products such red tea bag packs and cold brew cans.
Second Quarter 2024 Financial Results
Revenues were
Company-operated store gross profit was
Wholesale and online revenue for the second quarter of 2024 was
Total operating costs and expenses for the three-month period ended June 30, 2024, were
Net loss for the second quarter of 2024 was
Net cash used in operating activities for the six months ended June 30, 2024, was
Cash and cash equivalents totaled
About Reborn Coffee
Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our recent filings with the Securities and Exchange Commission (“SEC”) including our Form 10-Q for the second quarter of 2024, which can be found on the SEC’s website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company’s ability to continue as a going concern as indicated in an explanatory paragraph in the Company’s independent registered public accounting firm’s audit report as a result of recurring net losses, among other things, the Company’s ability to successfully open the additional locations described herein as planned or at all, the Company’s ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
REBN@mzgroup.us
949-491-8235
Company Contact:
Reborn Coffee, Inc.
ir@reborncoffee.com
| Reborn Coffee, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets | ||||||||
| As of | (Unaudited) June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 617,051 | $ | 164,301 | ||||
| Accounts receivable, net of allowance for doubtful accounts of | 67,225 | 56,938 | ||||||
| Inventories, net | 267,934 | 185,061 | ||||||
| Prepaid expense and other current assets | 704,960 | 359,124 | ||||||
| Total current assets | 1,657,170 | 765,424 | ||||||
| Property and equipment, net | 3,962,399 | 3,494,050 | ||||||
| Operating lease right-of-use asset | 4,260,499 | 4,566,968 | ||||||
| Other assets | 648,938 | 425,712 | ||||||
| Total assets | $ | 10,529,006 | $ | 9,252,154 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 463,998 | $ | 632,753 | ||||
| Accrued expenses and current liabilities | 665,197 | 611,290 | ||||||
| Loans payable to financial institutions, current portion | 720,677 | 791,352 | ||||||
| Loan payable to other | 792,775 | 609,027 | ||||||
| Loan payable, emergency injury disaster loan (EIDL), current portion | 30,060 | 30,060 | ||||||
| Loan payable, payroll protection program (PPP), current portion | 22,126 | 45,678 | ||||||
| Operating lease liabilities, current portion | 1,016,649 | 1,003,753 | ||||||
| Total current liabilities | 3,711,482 | 3,823,913 | ||||||
| Loans payable to financial institutions, net of current portion | 335,147 | 335,147 | ||||||
| Loan payable, emergency injury disaster loan (EIDL), net of current portion | 469,940 | 469,940 | ||||||
| Loan payable, payroll protection program (PPP), net of current portion | 51,595 | 51,595 | ||||||
| Operating lease liabilities, net of current portion | 3,418,154 | 3,725,153 | ||||||
| Total liabilities | 7,986,318 | 8,405,748 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common Stock, | 324 | 187 | ||||||
| Preferred Stock, | - | - | ||||||
| Additional paid-in capital | 21,603,006 | 17,603,143 | ||||||
| Accumulated deficit | (19,064,080 | ) | (16,756,924 | ) | ||||
| Accumulated other comprehensive income (loss) | 3,438 | - | ||||||
| Total stockholders’ equity | 2,542,688 | 846,406 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,529,006 | $ | 9,252,154 | ||||
| Reborn Coffee, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) Six Months Ended June 30, | (Unaudited) Three Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net revenues: | ||||||||||||||||
| Stores | $ | 2,666,206 | $ | 2,603,654 | $ | 1,194,552 | $ | 1,494,603 | ||||||||
| Wholesale and online | 224,757 | 37,590 | 178,349 | 24,320 | ||||||||||||
| Total net revenues | 2,890,963 | 2,641,244 | 1,372,901 | 1,518,923 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Product, food and drink costs—stores | 630,415 | 882,302 | 324,122 | 518,483 | ||||||||||||
| Cost of sales—wholesale and online | 154,021 | 16,464 | 78,944 | 10,652 | ||||||||||||
| General and administrative | 4,307,700 | 3,893,849 | 2,307,436 | 2,189,198 | ||||||||||||
| Total operating costs and expenses | 5,092,136 | 4,792,615 | 2,710,502 | 2,718,333 | ||||||||||||
| Loss from operations | (2,201,173 | ) | (2,151,371 | ) | (1,337,601 | ) | (1,199,410 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income | 36,329 | - | 28,520 | - | ||||||||||||
| Interest expense | (142,312 | ) | (106,435 | ) | (7,531 | ) | (94,232 | ) | ||||||||
| Total other income (expense), net | (105,983 | ) | (106,435 | ) | 20,989 | (94,232 | ) | |||||||||
| Loss before income taxes | (2,307,156 | ) | (2,257,806 | ) | (1,316,612 | ) | (1,293,642 | ) | ||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||
| Net loss | $ | (2,307,156 | ) | $ | (2,257,806 | ) | $ | (1,316,612 | ) | $ | (1,293,642 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic and diluted | $ | (1.05 | ) | (1.37 | ) | (0.48 | ) | (0.78 | ) | |||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic and diluted | 2,200,037 | 1,652,034 | 2,746,605 | 1,654,698 | ||||||||||||
| Reborn Coffee, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows | ||||||||
| For the Six Months Ended June 30, | (unaudited) 2024 | (unaudited) 2023 | ||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,307,156 | ) | $ | (2,257,806 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock compensation | - | 250,000 | ||||||
| Operating lease | 12,367 | 27,222 | ||||||
| Depreciation | 172,710 | 135,398 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (10,287 | ) | (1,505 | ) | ||||
| Inventories | (82,873 | ) | 7,501 | |||||
| Prepaid expense and other current assets | (569,062 | ) | (806,473 | ) | ||||
| Accounts payable | (165,317 | ) | 206,102 | |||||
| Accrued expenses and current liabilities | 53,907 | 156,460 | ||||||
| Net cash used in operating activities | (2,895,711 | ) | (2,283,101 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (641,060 | ) | (4,417,782 | ) | ||||
| Net cash used in investing activities | (641,060 | ) | (4,417,782 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from line of credit | 4,000,000 | 974,027 | ||||||
| Proceeds from loan payable to shareholders | - | - | ||||||
| Proceeds from loan payable to financial institutions | 183,748 | 218,864 | ||||||
| Repayments of borrowings from shareholder | (100,000 | ) | - | |||||
| Proceeds from loan payable, mortgage | - | 2,850,000 | ||||||
| Repayment of loan payable to financial institutions | (70,675 | ) | (23,551 | ) | ||||
| Repayment of loan payable, PPP | (23,552 | ) | - | |||||
| Net cash provided by financing activities | 3,989,521 | 4,019,340 | ||||||
| Net (decrease) increase in cash | 452,750 | (2,681,543 | ) | |||||
| Cash at beginning of period | 164,301 | 3,019,035 | ||||||
| Cash at end of period | $ | 617,051 | $ | 337,492 | ||||
| Supplemental disclosures of non-cash financing activities: | ||||||||
| Issuance of common shares for compensation | $ | - | $ | 250,000 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during the years for: | ||||||||
| Lease liabilities | $ | 704,608 | $ | 546,389 | ||||
| Interest | $ | 142,312 | $ | 106,435 | ||||
FAQ
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