Business
Reborn Coffee Provides First Quarter 2024 Corporate Update and Financial Results
Q12024 Revenue Increased 35% to $1.5 Million Q1 2024 Gross Profit Increased 51% to $1.1 Million BREA, Calif., July 23, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"Q12024 Revenue Increased 35% to $1.5 Million Q1 2024 Gross Profit Increased 51% to $1.1 Million BREA, Calif., July 23, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), (“Reborn”, or the “Company”), a California-based retailer of specialty coffee, has reported its financial and operational results for the first quarter ended March 31, 2024. Key Financial and Operational Highlights Revenue increased 35% to $1.5 million in Q1'24 from $1.1 million in Q1’23.Ended Q1'24 with 11 open locations, with one location in development.Company-operated store sales increased to $1.5 million, or 33%, in Q1'24, compared to the same period in 2023.Company-operated store gross profit was $1.2 million in Q1'24, compared to $0.7 million for the same period in 2023. Q1 2024 and Subsequent Events Signed Memorandum of Understanding (“MOU”) to acquire Bbang Ssaem Bakery, one of Korea's most iconic bakery brands to upgrade footprint into the coffee and bakery sector, enhance offerings and solidify position as a premier coffee & bakery franchise in the US and South Korea.Closed a master licensing deal that will facilitate Reborn Coffee's dynamic entry into the vibrant United Arab Emirates (“UAE”) market, with its first flagship location set to open in Dubai.Launched on Amazon, expanding omni-channel strategy for e-commerce growth, aiming to drive substantial revenue growth and capture a wider online customer base.Closed a Master License Agreement (“MLA”) with IAID Co., Ltd., a visionary architectural and interior design consulting firm, and unveiled a major global expansion for premium brand growth in China and southeast Asia, including in-depth plan for opening first flagship store in the Historic Art Museum Building in Guangzhou, China.Signed a Letter of Intent (“LOI”) to acquire a 55% majority stake in Derin Lezzetler, a leading artisan snack and frozen bakery producer based in Istanbul, Turkey, a strategic move in Reborn Coffee's expansion into the health-conscious food market and its plans to further penetrate the US, Europe, Middle East, and Asia Pacific regions.Partnered with pet fashion brand Sgt. Puppa to offer pet attire and accessories at pet social café set to open in Pasadena, CA in May 2024.Partnered with TOUS les JOURS, a franchise French-Asian bakery café chain, to bring an exclusive Valentine's Day coffee blend to TOUS les JOURS'...