Splash Beverage Announces Second Quarter 2022 Financial Results Revenue Increases 41% Year-Over-Year with $4.8M in Gross Sales – Form 8-K

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Splash Beverage Group Announces Second Quarter 2022 Financial Results Revenue Increases 41% Year Over Year with $4.8 Million in Gross Sales

Fort Lauderdale, Fla., Aug. 15, 2022 (GLOBE NEWSWIRE) — Splash Beverage Group, Inc. (NYSE American: SBEV) (“Splash” or the “Company”), a leading beverage brand holding company, today announced its financial results for the second quarter ended June 30, 2022. Investors are encouraged to read the report Company’s Quarterly Report on Form 10-Q which has been filed with the Securities and Exchange Commission (the “SEC”), contains additional information and is posted at https://splashbeveragegroup.com/.

Second quarter financial performance

Gross sales record for the second quarter were $4.8 million compared to $3.4 million in the prior year period, an increase of 41% over the prior year period. The increase in turnover is mainly due to the increase in TapouT sales and e-commerce sales.

The company reports six new or expanded distribution/sales agreements with distributors or retailers.

The second quarter net loss was $2.8 million in cash and $3.0 million in non-cash items for $5.8 million. $0.8 million favorable, compared to $6.6 million in the prior year period.

As of June 30, 2022, the company had total cash and cash equivalents of $4.2 million, compared to $4.1 million as of December 31, 2021.

Robert Nistico, President and CEO of Splash Beverage Group, said, “Our second quarter 2022 results reflect our continued efforts to grow the business through key distribution agreements and retail licensing. We are exactly where we expected to be at the midpoint of the year, producing another record quarter. , and added 6 new agreements during the quarter, bringing the total number of new agreements or clearances since our key announcement in November to more than 20. We also announced our intention to acquire Pulpoloco during the quarter, and an acquisition that holds the potential to increase margins as well as open up new revenue growth channels as we explore the opportunities presented by its unique packaging. with CartoCan.

“We continue to execute a business plan that builds on 4 key pillars for success. We have a strong management team, we have a diverse portfolio of brands that align with consumer trends, our marketing strategy continues to drive new distribution agreements and retail authorizations, and we have the financial flexibility we need. We look forward to the second half of 2022.”

About Splash Beverage Group, Inc.

Splash Beverage Group, a beverage industry innovator, has a growing portfolio of alcoholic and non-alcoholic beverage brands, including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria and hydration drink and high-performance recovery TapouT. Splash’s strategy is to rapidly grow early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovative in their categories. Led by a leadership team that has built and managed some of the beverage industry’s biggest brands and driven sales from product launch to billions, Splash is rapidly expanding its brand portfolio and global distribution.

For more information visit:
www.SplashBeverageGroup.com
www.copadivino.com
www.drinksalttequila.com
www.pulpo-loco.com
www.tapoutdrinks.com

Forward-looking statement

This press release contains “forward-looking statements” within the meaning of the United States federal securities laws. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and other similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results and, accordingly, you should not rely on these forward-looking statements as predictions of future events.These forward-looking statements and factors that could cause such differences include, without limited thereto, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2022 and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which are valid only on the date of their formulation. Except as required by law, the Company disclaims any obligation to update or publicly announce any revision to any of the forward-looking statements contained in this press release.

Contact information:
Splash Beverage Group
[email protected]
954-745-5815

Disclaimer

Splash Beverage Group Inc. published this content on August 16, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 16, 2022 8:13:12 PM UTC.

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All the news from SPLASH BEVERAGE GROUP, INC.

2022 sales 27.7 million

Net income 2022 -7.39M

Net debt 2022 30.0 million

PER 2022 ratio -13.4x
2022 return
Capitalization 97.9 million
97.9 million
EV / Sales 2022 4.62x
EV / Sales 2023 3.04x
# of employees 21
Floating 82.7%

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Number of analysts 2
Last closing price $2.67
Average target price $6.80
Average Spread / Target 155%


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