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Reed’s (OTCQX: REED) reported its Q1 2024 financial results, highlighting significant cost optimizations despite lower net sales. Net sales decreased to $9.6 million from $11.2 million in Q1 2023.
However, gross profit rose by 26% to $3.4 million, and gross margin increased by 1,140 basis points to 35.6%. Delivery and handling costs dropped by 29%, and selling, general, and administrative expenses were reduced by 19%. Operating loss improved to $0.6 million, and modified EBITDA loss improved to $0.4 million. The company reiterated its 2024 financial outlook, projecting net sales growth, gross margin expansion, and modified EBITDA profitability, with positive cash flow from operations expected for the full year.
Reed's, Inc. will host a conference call on May 14, 2024, to discuss its financial results for Q1 2024. The call will be followed by a question-and-answer session. Investors can dial in or join via webcast.