Splash Beverage Group, Inc. (NYSE: SBEV) a portfolio company of leading beverage brands, today reported financial results for the first quarter period ending March 31, 2022.
First Quarter Financial Performance
Gross sales for the first quarter were $4.1 million compared to $2.2 million in the prior-year period, an increase of 86% over the prior-year period. The increase in revenue was primarily due to increased sales from the single-serve wine business and increases in B2B and B2C ecommerce sales.
The company reports 12 new or expanded distribution/sales agreements with distributors or retailers.
Gross profit for the first quarter was $832,000 compared to $517,000 in the prior-year period.
First quarter net loss from continuing operations was $5.7 million, compared to $4.4 million in the prior-year period. The increased difference was primarily due to expenses relating to non-cash items, share-based compensation, and increased marketing costs.
As of March 31, 2022, the company had total cash and cash equivalents of $8.5 million, compared with $4.2 million at December 31, 2021.
“Our 2022 first quarter results demonstrate how we are effectively executing our business strategy of acquiring and expanding undervalued beverage brands within our growing distribution system,” said Robert Nistico, Splash Beverage Group’s Chairman and CEO. “Since our announcement in November 2021, when we reported our transformational agreement with AB ONE distributors, we have added 15 new distribution agreements, with 12 agreements in the first quarter alone.”
“We believe we are well positioned to benefit from the strong growth of the categories we compete in and consumer acceptance,” he added.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.