The following is a summary of the Reed's, Inc. (REED) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Reed's reported Q4 2023 revenues of $11.7 million, a drop from the $15 million from the same period in 2022.

• The company saw a gross profit of $0.5 million in Q4 2023, a significant decrease from the $3.4 million recorded during Q4 2022.

• The adjusted gross profit excluding certain non-cash items was $4.3 million, accounting for 34.9% of revenue.

• The company experienced a higher operating loss in Q4 2023 ($5 million), compared to a loss of $3.7 million in Q4 2022.

Business Progress:

• The company has a new sales strategy to drive growth in 2024 for Reed's and Virgil's brands.

• Two new co-packers were added in 2023 to improve capacity and logistical efficiencies.

• Reed's recorded significant growth in its ready-to-drink alcohol portfolio, and further new product launches are planned.

• The company will also introduce new products focusing on organic ginger for the better-for-you lifestyle category, expecting a launch in late 2024.

• Cost-saving efforts resulted in over $6 million expense reductions in 2023, with an expectation of positive cash flow from operations in 2024.

• The company plans to pursue market expansion in Asia, similar to its successful market growth strategies previously employed in the UK and Europe.

More details: Reed's Inc IR

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