Business
Eastside Distilling Reports Third Quarter 2022 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., Nov. 14, 2022 /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., Nov. 14, 2022 /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 third quarter 2022 financial results for the period ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter 2022 Highlights: \nDigitally printed over 4 million cans since operations began at the end of April through OctoberImproved YTD gross sales over $1.8 million from prior year Adjusted EBITDA improved over the prior yearRaised $4.5 million subsequent to quarter-end with proceeds used to repay $3.3 million of short term debt Repaid nearly $7.0 million of debt through October 2022\"We made substantial progress in digital printing and continued to implement key restructuring initiatives in our spirits business. I am proud of the team and see stronger results as we finish the year,\" said Geoffrey Gwin, Eastside's CEO.\nFinancial Results \nGross sales for the three months ending September 30, 2022 decreased to $3.1 million from $3.3 million for the three months ending September 30, 2021. Sales decreased due to lower spirits sales from Azuñia volume related to a reduction in discounting, a price increase in 2021 and two large one-time inventory purchases in 2021; offset by increased Craft C+P sales from its new digital can printer. \nGross profit for the three months ending September 30, 2022 decreased to $0.2 million from $0.9 million for the three months ending September 30, 2021. Gross margin was 6% for the three months ending September 30, as the Company continues to ramp up digital printing. Spirits margins decreased primarily due lower to Azuñia Tequila sales volume and product mix.\nOperating costs for the three months ending September 30, 2022 decreased to $2.1 million from $2.4 million for the three months ending September 30, 2021.\nNet loss for the three months ending September 30, 2022 increased to $(2.7) million from $(1.9) million for the three months ending September 30, 2021. The Company reported adjusted EBITDA of $(1.1) million for the three months ending September 30, 2022 and $(0.6) million for the three months ending September 30...