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Reed's Inc. (NASDAQ: REED) is a prominent maker of natural, artisanal beverages, primarily known for its iconic ginger brews. Founded in 1989, the company has established a strong market presence, offering a range of refreshing drinks that cater to health-conscious consumers. Reed's products are crafted using premium, all-natural ingredients, and are free from artificial preservatives, flavors, and gluten.
Reed's commitment to quality and innovation is evident through its continuous development of new product lines. Recent achievements include the introduction of zero-sugar options and expanding their beverage portfolio with unique flavors to meet evolving consumer demands. The company also prides itself on sustainable practices, ensuring its manufacturing processes are environmentally friendly.
Financially, Reed's has shown resilience and adaptability. Despite challenges, the company achieved its first quarter of Modified EBITDA profitability since 2016. Key financial highlights for Q2 2023 compared to Q2 2022 include an improvement in gross margins and reductions in operating expenses, leading to a notable decrease in operating loss to $0.1 million.
Reed's has fostered strategic partnerships, enhancing its distribution network and increasing market penetration. The company’s products are now available across various retail channels, including major supermarket chains, specialty stores, and online platforms.
The company's forward-looking statements reflect an optimistic outlook, with plans to further refine its product offerings and expand its market share. Investors keen on Reed's performance can stay informed through regular updates and detailed financial reports provided by the company.
Reed’s, Inc. has announced a distribution partnership with Roundy’s Supermarket to launch its Hard Ginger Ale in over 100 stores across Wisconsin. This marks a significant expansion for Reed’s, a leader in handcrafted ginger beverages, owned by Kroger Co.. The Hard Ginger Ale, containing 5% ABV and 100 calories per can, is available in four flavors: Mango, Pineapple-Coconut, Cherry-Lime, and Watermelon-Strawberry. Norman E. Snyder, CEO of Reed's, expressed excitement about the partnership, which could potentially pave the way for broader distribution within Kroger's network.
Reed’s, Inc. (OTCQX: REED) announced the appointment of Joann Tinnelly as Interim Chief Financial Officer effective March 31, 2023, following the resignation of Tom Spisak, which was not due to any disagreements. Tinnelly, a Certified Public Accountant with over 30 years of experience and previously Interim CFO in 2019, is expected to lead the finance team during this transition. Norman E. Snyder, CEO, expressed confidence in Tinnelly's leadership. Reed’s is renowned for its handcrafted, natural ginger beverages and has expanded into the zero-sugar segment with proprietary sweetener systems.
Reed's, Inc. (OTCQX: REED) reported a record net sales growth of 18% to $15.0 million in Q4 2022. Gross profit rose 32% to $3.4 million with an improved gross margin of 23%. Operating expenses decreased by 10%, reflecting effective cost management. For FY 2022, net sales increased 7% to $53.0 million, though gross profit fell to $12.1 million. Management highlighted a successful expansion in distribution and anticipates double-digit revenue growth along with profitability in modified EBITDA by mid-2023. Despite past macroeconomic challenges, the firm is set for a positive trajectory with enhanced operational efficiencies.
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