Business
Eastside Distilling Reports First Quarter 2023 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., May 15, 2023 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"Company to Host Conference Call at 5:00pm ET Today\nPORTLAND, Ore., May 15, 2023 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits, digital can printing, co-packing and mobile filling, reported first quarter end 2023 financial results for the period ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2023 Highlights: \nCraft C+P reports a +37% increase in sales from prior-year quarterCraft C+P achieved a record number of cans printed in the quarter - over 2.5 million cans in the quarter and reaffirmed guidance of positive adjusted EBITDA for the Craft C+P segmentSpirits achieved strong margins on bulk sales in the quarterNet loss decreased over $0.4 million from prior-year quarterAnnounced a 1 for 20 reverse stock split to address one of two Nasdaq compliance issues\"This quarter we made progress across the board in all segments and businesses\" said Geoffrey Gwin, Eastside's CEO. \"I expect stronger results in the 2nd quarter of this year excluding bulk barrel sales.\"\nFinancial Results \nGross sales for the three months ending March 31, 2023 decreased to $2.9 million from $3.8 million. Craft C+P sales increased due to digital printing, offset by lower results in mobile canning business. For the three months ending March 31, 2023 and 2022, the Company sold excess bulk spirits for $0.6 million and $1.5 million, respectively.\nGross profit for the three months ending March 31, 2023 decreased to $0.6 million from $0.9 million for the three months ending March 31, 2022. Gross margin was 22% for the three months ending March 31, 2023 and 25% for the three months ending March 31, 2022. Spirits margins increased primarily due to excess bulk spirits sales.\nOperating costs for the three months ending March 31, 2023 decreased to $1.9 million from $2.6 million for the three months ending March 31, 2022 primarily related to decreased professional fees and compensation.\nNet loss for the three months ending March 31, 2023 decreased to $1.6 million from $2.0 million for the three months ending March 31, 2022. The Company reported adjusted EBITDA of $(0.7) million and $(1.0) million for the three months ending March 31, 2023 and 2022, respectively. (Se...