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American Rebel Reports Financial Results for 2022 Third Quarter
Champion Acquisition Drives Quarterly Revenue to $4.1 Million Nashville, TN, Nov. 15, 2022 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) –
About this update from American Rebel Holdings, Inc.
[{"type":"text","content":"Champion Acquisition Drives Quarterly Revenue to $4.1 Million Nashville, TN, Nov. 15, 2022 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) – America’s Patriotic Brand (the “Company”) announced its financial results for the three-month period ended September 30, 2022. Investors are encouraged to read the Company’s quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commissions (the “SEC”) and contains additional information and is posted at https://americanrebel.com/ Third Quarter Financial Highlights: Revenues rose to $4.1 million compared to $0.3 million in the prior year period. The increase is attributable to contribution of the Champion acquisition which closed on July 29, 2022.Gross margin in the third quarter period ended September 30, 2022, was $978,104 compared to $15,278 in the prior year period. The increase in gross margin was driven by the contribution from the Champion acquisition.Net loss in the third quarter was $2.1 million, or $0.36 per share, compared to a loss of $1.4 million, or $1.05 per share in the prior year period. The increased loss was primarily due to transactional costs related to the Champion acquisition. Andy Ross, CEO of American Rebel commented, “We’re very happy to be reporting the first quarter of financial results since our acquisition of Champion at the end of July. We projected our results to be nearly $4.0 million so we’re happy those results came in at the high end of that range. We expect full year pro forma revenue to be in the area of $20 million. This is a great time for American Rebel, not only in our enhanced safe manufacturing capabilities, but as we introduce the patriotically powered line of E-bikes, the ‘E-Bike With an Attitude,’ into a global market that is expected to grow to over $92 billion by 2029. We’re excited to continue the growth of America’s Patriotic Brand. “ About American Rebel Holdings, Inc.American Rebel operates primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products. The Company also designs and produces branded apparel and accessories and now intends to enter the E-Bike market. To learn more, visit www.americanrebel.com. For investor information, visit www.americanrebel.com/investor-relations. Cautionary Note Regarding Forward-Looking Statements:This press r...