Business
American Rebel Reports Financial Results for the Year Ended December 31, 2023
Nashville, TN, April 16, 2024 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) ("American Rebel" or the "Company"), a designer, manufacturer,
About this update from American Rebel Holdings, Inc.
[{"type":"text","content":"Nashville, TN, April 16, 2024 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) (\"American Rebel\" or the \"Company\"), a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel, and American Rebel Beer (americanrebelbeer.com), announced its financial results for the year ended December 31, 2023. Investors are encouraged to read the Company’s annual report on Form 10-K, which was filed with the Securities and Exchange Commissions (the “SEC”) and contains additional information and is posted at https://americanrebel.com/investor-relations. 2023 Financial Highlights: Fiscal 2023 revenues rose to $16.2 million compared to $8.4 million in the prior year. The increase was primarily attributable to contribution from the acquisition of Champion Safe, which closed on July 29, 2022, as well as a general increase from Champion’s average quarterly sales of product.Fourth quarter revenues totaled $4.8 million compared to $3.8 million in the prior year period. This increase was again attributable to increases at Champion Safe.Gross margin for the Year ended December 31, 2023, was $3.0 million compared to $1.9 million, in the prior year. The increase in gross margin was driven by contributions from Champion Safe.Net loss for the year ended December 31, 2023, was $11.1 million compared to a loss of $7.1 million in the prior year period. The increased loss was primarily due to one-time transactional costs related to financing growth, as well costs related to the Champion acquisition and integration, inventory write-down, goodwill impairment, and stock compensation associated with the convertibility of the Company’s Series A preferred stock to members of management. Current Business Highlights: Launched a $19.9 Million Regulation A Offering – Anyone 18 years or older can log onto the American Rebel Public Offering website at invest.americanrebel.com and subscribe to the offering.Launched American Rebel Beer – Anyone 21 years or older can log onto americanrebelbeer.com and sign up for a free coozie and updates about when American Rebel Beer will be available in their area. Andy Ross, Chief Executive Officer of American Rebel commented, “2023 was a huge year for America’s Patriotic Brand. We continued to focus on driving growth within our core safe business and saw strong resul...