Business
Reborn Coffee Reports Second Quarter 2023 Financial Results
Second Quarter Revenue Increased 93% to $1.5 Million Second Quarter Gross Profit Increased 96% to $1.0 Million BREA, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) --
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased 93% to $1.5 Million Second Quarter Gross Profit Increased 96% to $1.0 Million BREA, Calif., Aug. 14, 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 second quarter ended June 30, 2023. Key Financial and Operational Highlights Revenue increased 93% to $1.5 million in Q2'23 compared to $0.8 million in Q2'22.Ended Q2'23 with 14 open locations, with four other locations in development.Company-operated store sales increased $0.7 million, or 93% in the quarter ended June 30, 2023, compared to the same period in 2022.Company-operated store gross profit was $1.0 million for the quarter ended June 30, 2023, compared to $0.5 million for the same period in 2022. Year-over-year company-operated store gross margins improved to 65% from 64%. Q2 2023 and Subsequent Events Launched a unique initiative to appeal to pet owners including a series of pet-focused events at selected Reborn locations and the launch of a flagship \"Reborn Cafe N Pet Social\" at the soon to be expanded Pasadena Playhouse location in the dog-friendly city of Pasadena, California.Secured a new $1.0 million credit facility with DRE, Inc. (\"DRE\") to fund working capital requirements and operating expenses.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.Hosted a unique coffee tasting and marketing event in the Miami Design District during the Formula 1 Miami Grand Prix that took place May 5-7, 2023.Presented at investor conferences including EF Hutton Inaugural Global Conference and LD Micro Main Event Invitational XIII Conference. Management Commentary “The second quarter of 2023 was marked by ongoing revenue growth, execution of our expansion strategy, and strategic marketing initiatives to build customer engagement,” said Jay Kim, Chief Executive Officer of Reborn. “Increased company operated store sales were driven by new locations and marketing, underscored by new product innovations and effective operational execution across our retail locations. The second quarter was also focused on the explorat...