Splash Beverage (NYSE American: SBEV), a portfolio company of leading beverage brands, and its chair and CEO Robert Nistico have released a letter to shareholders. In the letter, Nistico shared information from the company’s first-quarter 2024 results, along with a corporate update. Notable numbers from the quarter include sales of $1.2 million from the company’s branded beverage division, down from $1.9 million over the same period last year, with the company’s eCommerce division, Qplash, reporting shipments “well below” demand and capabilities. Nistico provided an explanation for the lower numbers, noting that the company reports revenue from shipments to distributors, which typically maintain 60–90 days inventory. Those distributors ship to retail to keep shelves stocked. The company’s numbers have been lower because shipments were below projections due to low levels of inventory on the Splash side due to funding arriving late, said Nistico, who went on to note that with a recent capital raise, Splash Beverage is now able to rebuild inventories to replenish distributor inventories and supply significant additional demand. The letter also provided an update about the company’s acquisition of Western Son Vodka, noting that both companies are “working with each other weekly and definitive documents are going back and forth as we speak. . . and look forward to closing this as soon as possible,” said Splash Beverage chair and CEO Robert Nistico in the shareholder letter. “We are building a business that is serving a large and growing market, offering unique and compelling products, while we remain laser focused on day-to-day execution and reaching profitability. We are always keeping an eye on the broader market and analyzing all the trends we see developing. We are committed to remaining flexible and agile so that we can respond to opportunities that present themselves.”
To view the full shareholder letter, visit https://ibn.fm/sE1HY
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 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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