Splash Beverage (NYSE American: SBEV), a portfolio company of leading beverage brands, is reporting financial results for the third-quarter period ended Sept. 30, 2023. Highlights of the report include a 5% increase in net revenues from $4.9 million in the prior year period to $5.1 million for this year with revenues also increasing for the nine-month period, up 22% to $16.2 million compared to $13.3 million in the prior year period; gross profit for quarter totaled $1.3 million compared to $1.8 million in the prior year; and gross margin YTD reached 25% vs 33.2%. The company also reported total cash and cash equivalents of $96,121. The report also noted that Splash was in the due diligence process regarding its previously announced Western Son acquisition, has successfully launched TapouT Energy, and continues to build distribution and retail support, with its distribution footprint expanding for each of its brands during the quarter; the report stated that acquisition remains a key strategy for the company’s long-term growth, and company management is currently in the early stages of evaluating additional potential targets.
“As you all know, this has been a challenging year in the capital markets,” said Splash Beverage Group chair and CEO Robert Nistico in the press release. “I want to thank all our shareholders personally and reiterate that we are very aware of this fact and also believe we are grossly undervalued (myself as a large shareholder included) and are optimistic that our hard work to correct this will result in an improvement. As I mentioned last quarter, we remain committed to executing a business plan that relies on four key pillars for success. We have a strong management team, we have a diverse portfolio of brands that match consumer trends, our marketing strategy continues to yield new distribution agreements and retail authorizations, and we have the financial flexibility we need. We look forward to the fourth quarter of 2023 and a fantastic 2024.”
To view the full press release, visit https://ibn.fm/BH3Fl
About Splash Beverage Group Inc.
Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and nonalcoholic beverage brands including Copa di Vino wines by the glass, SALT flavored tequilas, Pulpoloco sangrias, and TapouT performance hydration and recovery drinks. Splash’s strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution. For more information about the company, please visit www.SplashBeverageGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to SBEV are available in the company’s newsroom at https://ibn.fm/SBEV
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