REED'S, INC. REED
are a branded beverage company offering a portfolio of natural, premium, and functional beverages under the Reed's and Virgil's
brands. Our products are sold in over 32,000 outlets across the United States and in select international markets. We compete within
the U.S. carbonated soft drink ("CSD") market by providing alternatives that we believe are better-for-you,
with a focus on real ginger, clean-label ingredients, and functional formulations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.1M | $38.0M | $44.7M | $53.0M | $49.6M | $41.6M | $33.8M | $38.1M | $37.7M | $42.5M |
| Cost of revenue | $27.1M | $26.6M | $31.9M | $40.9M | $36.0M | $28.8M | $25.9M | $27.4M | $30.8M | $33.2M |
| Gross profit | $7.0M | $11.4M | $9.7M | $12.1M | $13.6M | $12.8M | $7.9M | $10.7M | $6.9M | $9.2M |
| SG&A | $11.3M | $9.1M | $6.1M | $7.5M | $8.0M | $7.0M | $7.6M | $8.4M | $5.8M | $4.0M |
| Total operating expenses | $22.1M | $19.5M | $19.1M | $26.9M | $29.6M | $21.4M | $22.7M | $18.8M | $18.6M | $12.0M |
| Operating income | -$15.1M | -$8.1M | -$9.4M | -$14.8M | -$16.0M | -$8.6M | -$14.9M | -$8.1M | -$11.7M | -$2.8M |
| Interest expense | $1.1M | $5.5M | $6.1M | $5.2M | $1.2M | $1.3M | $1.3M | $2.2M | $3.5M | $2.0M |
| Net income | -$15.8M | -$13.2M | -$15.5M | -$20.1M | -$16.4M | -$10.2M | -$16.1M | -$10.3M | -$18.4M | -$5.0M |
| EPS, basic | -1.91 | -9.81 | -4.39 | -9.07 | -8.99 | — | — | — | — | — |
| EPS, diluted | -1.91 | -9.81 | -4.39 | -9.07 | -0.18 | -0.17 | -0.46 | -0.41 | -1.24 | -0.37 |
| Shares, diluted (wtd. avg.) | $8.3M | $1.3M | $3.5M | $2.2M | $1.8M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Receivables | $2.3M | $4.0M | $3.6M | $5.7M | $5.2M | $4.7M | $2.1M | $2.6M | $2.7M | $2.5M |
| Inventory | $8.0M | $8.1M | $11.3M | $16.2M | $17.0M | $11.1M | $10.5M | $7.4M | $5.9M | $6.9M |
| Total current assets | $21.5M | $23.3M | $17.8M | $24.1M | $24.7M | $18.5M | $14.3M | $10.9M | $20.9M | $10.3M |
| Property, plant and equipment | $1.2M | $1.2M | $493.0K | $766.0K | $992.0K | $920.0K | $1.1M | $896.0K | $174.0K | $7.7M |
| Other intangibles | $650.0K | $644.0K | $629.0K | $626.0K | $624.0K | $615.0K | $576.0K | $576.0K | $805.0K | $805.0K |
| Total assets | $23.3M | $25.1M | $18.9M | $25.5M | $26.3M | $20.1M | $16.0M | $12.5M | $24.5M | $18.9M |
| Accounts payable | $3.5M | $7.0M | $9.1M | $9.8M | $10.4M | $6.7M | $5.4M | $5.7M | $7.5M | $6.0M |
| Short-term debt | — | — | — | — | — | — | — | — | $222.0K | $190.0K |
| Total current liabilities | $13.4M | $17.7M | $27.2M | $25.7M | $21.7M | $8.9M | $9.4M | $14.2M | $18.6M | $11.9M |
| Long-term debt | — | — | — | — | — | — | — | — | $1.2M | $1.4M |
| Total liabilities | $14.2M | $18.5M | $38.1M | $34.0M | $22.1M | $9.7M | $14.8M | $19.2M | $24.0M | $20.5M |
| Retained earnings | -$167.7M | -$151.9M | -$138.7M | -$123.2M | -$103.1M | -$86.7M | -$76.5M | -$60.4M | -$50.1M | -$31.7M |
| Total equity | $9.2M | $6.6M | -$19.2M | -$8.5M | $4.2M | $10.4M | $1.1M | -$6.7M | $508.0K | -$1.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$17.0M | -$6.1M | -$4.3M | -$15.5M | -$17.6M | -$9.5M | -$18.2M | -$9.3M | -$3.4M | -$2.5M |
| Depreciation and amortisation | $160.0K | $125.0K | $142.0K | $108.0K | $143.0K | $88.0K | $61.0K | $86.0K | $551.0K | $387.0K |
| Stock-based compensation | $59.0K | $528.0K | $492.0K | — | — | — | — | — | $276.0K | $658.0K |
| Capital expenditure | $272.0K | $152.0K | $85.0K | — | $326.0K | $122.0K | $322.0K | $159.0K | $813.0K | $410.0K |
| Investing cash flow | -$253.0K | -$167.0K | -$20.0K | -$2.0K | -$335.0K | -$161.0K | -$277.0K | $942.0K | -$813.0K | -$410.0K |
| Financing cash flow | $17.3M | $16.1M | $4.4M | $16.0M | $17.4M | $9.3M | $18.7M | -$3.2M | $15.9M | $1.6M |
| Buybacks | — | — | $1.0K | $2.0K | $15.0K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-019611.
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