Business
Reborn Coffee Reports First Quarter 2023 Financial Results
BREA, Calif., May 11, 2023 (GLOBE NEWSWIRE) -- Reborn Coffee, Inc. (NASDAQ: REBN) (“Reborn”, or the “Company”), a California-based retailer of specialty
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"BREA, Calif., May 11, 2023 (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, 2023. Key Financial and Operational Highlights Revenue increased nearly 51% to $1.1 million in Q1'23 compared to $736 thousand in Q1'22.Ended Q1'23 with 12 open locations, with four other locations in development.Company-operated store sales increased $0.4 million, or 51% in the quarter ended March 31, 2023, compared to the same period in 2022.Company-operated store gross profit was $0.7 million for the quarter ended March 31, 2023, compared to $0.5 million for the same period in 2022. Year-over-year company-operated store gross margins improved to 67% from 61%. Q1 2023 and Subsequent Events Announced plans to open new company-owned retail locations in Southern California and Korea, which, once opened, will bring its total global footprint to 16 stores.Launched of a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout the Company's retail locations.Appointed Bill Koschak to its newly created Advisory Board, an experienced financial executive bringing over 30 years of corporate, finance, and accounting leadership to Reborn, having spent the last 14 years as an operating or corporate CFO. Management Commentary “The first quarter of 2023 was highlighted by ongoing revenue growth from company operated store sales, in conjunction with ongoing location and product expansion,” said Jay Kim, Chief Executive Officer of Reborn. “We are now highly focused on the opening of new U.S. and overseas locations, joint R&D projects, B2B marketing expansion and new product launches. Taken together, we believe our expansion strategy, driven by sustained customer demand, new product innovation and effective operational execution across our retail locations, will support continued revenue growth for Reborn in the years to come. “During the first quarter we continued to advance our retail location expansion, preparing for new company-owned retail locations in Southern California and new flagships in states such as Texas, as well as global locations including South Korea, Austria, and Dubai. We are actively conducting due diligence and seeking differentiated and pri...