Reed''s Reports Second Quarter 2022 Results
NORWALK, Conn., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Reed''s, Inc. (NASDAQ: REED ) ("Reed''s" or the "Company"), owner of the nation''s leading portfolio of handcrafted, all-natural ginger beverages, is reporting financial results for the three months ended June 30, 2022. Q2 2022 Financial Highlights (vs. Q2 2021): Net revenue increased 22% to $13.7 million compared to $11.3 million. Gross profit remained flat at $3.3 million, with gross margin of 24.0% compared to 29.0%. Operating expenses were $7.8 million compared to $7.0 million. Net of delivery and handling costs, operating expenses were $4.0 million compared to $4.5 million. Operating loss was $(4.5) million compared to $(3.7) million. Modified EBITDA was $(4.3) million compared to $(3.1) million. Management Commentary "The second quarter was highlighted by our return to 20% growth driven by strong demand across our product portfolio, namely Reed''s Ginger Beer, Reed''s Ginger Ale, Reed''s Classic Mule, and our Virgil''s Zero Sugar line," said Norman E.
Reed''s Reports Second Quarter 2022 Results
NORWALK, Conn., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Reed''s, Inc. (NASDAQ: REED ) ("Reed''s" or the "Company"), owner of the nation''s leading portfolio of handcrafted, all-natural ginger beverages, is reporting financial results for the three months ended June 30, 2022. Q2 2022 Financial Highlights (vs. Q2 2021): Net revenue increased 22% to $13.7 million compared to $11.3 million. Gross profit remained flat at $3.3 million, with gross margin of 24.0% compared to 29.0%. Operating expenses were $7.8 million compared to $7.0 million. Net of delivery and handling costs, operating expenses were $4.0 million compared to $4.5 million. Operating loss was $(4.5) million compared to $(3.7) million. Modified EBITDA was $(4.3) million compared to $(3.1) million. Management Commentary "The second quarter was highlighted by our return to 20% growth driven by strong demand across our product portfolio, namely Reed''s Ginger Beer, Reed''s Ginger Ale, Reed''s Classic Mule, and our Virgil''s Zero Sugar line," said Norman E.