The following is a summary of the Eastside Distilling, Inc. (EAST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Eastside Distilling reported gross sales of $2.5 million for the Q1 2024, a decrease from $2.9 million in Q1 2023, primarily due to a drop in bulk spirit sales.

• Craft's sales saw an increase, reaching $1.8 million in Q1 2024 compared to $1.5 million in Q1 2023.

• Sale of spirits decreased significantly from $1.4 million in Q1 2023 to $600,000 in Q1 2024.

• Operating expenses have been trimmed from $1.9 million in Q1 2023 to $1.2 million in Q1 2024 through restructuring.

• The net loss has decreased from $1.6 million in Q1 2023 to $1.3 million in Q1 2024.

Business Progress:

• The company saw a surge in customer adoption of digital can printing technology in their Craft Beverage services business. This has led to substantial business growth and margin improvements.

• The Craft business segment has increased production output by 320% in Q1 2024 compared to Q1 2023.

• The Spirits segment is showing signs of recovery, with volumes aligning with the company's expectations.

• Focused restructuring efforts such as concentrating on profitable segments and regions in the Spirits sector have shown promising results.

• Progress is seen in harnessing digital printing technology to increase their competitive edge and expanding their mobile business clientele.

• Significant steps towards the improvement of the Spirits business are being taken, with a focus on cost reduction and aggressive marketing strategies, especially in the Portland market. A potential partnership is also under consideration to strengthen this sector.

More details: Eastside Distilling IR

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