Business
Reborn Coffee Provides Second Quarter 2024 Corporate Update and Financial Results
BREA, Calif., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), (“Reborn”, or the “Company”), a leading specialty coffee retailer in the
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"BREA, Calif., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), (“Reborn”, or the “Company”), a leading specialty coffee retailer in the US, has reported its financial and operational results for the second quarter ended June 30, 2024. Key Financial and Operational Highlights Six months ending June 30, 2024 revenue increased 11.54% to $2.9 million.Q2'24 company-operated store gross margins improved to 72.9% compared to 65.3% for the same period in 2023.Ended Q2'24 with 11 open locations, with 1 location in development.Q2'24 wholesale and online sales grew 633% to $0.2 million from $24,320 in Q2’23. Q2 2024 and Subsequent Events Strategic joint venture with China's AI company Penglai Data Store to Lead and develop master franchises in China, Hong Kong and Macao.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 Shenyang Yongsheng Seven Stars Tourism Development Co. that will establish Reborn Coffee premier locations in Shenyang, the capital of Liaoning Province. The Shenyang flagship store will, with its all-encompassing brand center, lays the foundation for a broader expansion across China.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, E...