Splash Beverage (NYSE American: SBEV), a portfolio company of leading beverage brands, is reporting its financial results for second quarter 2022, or the period ending June 30, 2022. Highlights of the report include record gross sales for the quarter with sales reaching $4.8 million, up 41% from the $3.4 million reported during the same period in 2021; the company pointed to increased sales of TapouT and e-commerce sales as key to the growth in sales. In addition, the report noted that SBEV had six new or expanded distribution/sales agreements with distributors or retailers during the quarter. Net loss for Q2 came in at $2.8 million in cash items and $3 million in non-cash items for a total of $5.8 million, with the company reporting total cash and cash equivalents of $4.2 million as of June 30, 2022. “Our 2022 second quarter results reflect our ongoing efforts to grow the business through key distribution agreements and retail authorizations,” said Splash Beverage chair and CEO Robert Nistico in the press release. “We are exactly where we expected to be mid-year, producing another record quarter, and added six new agreements during the quarter, bringing our total number of new agreements or authorizations since our key November announcement to more than 20. We also announced our intention to acquire Pulpoloco during the quarter, an acquisition which holds potential to increase margins as well as open new channels for revenue growth as we explore the opportunities presented by its unique packaging with CartoCan. . . . We continue to execute 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 second half of 2022.”
To view the full press release, visit https://ibn.fm/vZVuv
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 wine by the glass, SALT flavored tequilas, Pulpoloco sangria, 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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