Business
Westrock Coffee Reports Fourth Quarter and Full Year 2022 Results and Provides 2023 Outlook
Net Sales for the Fourth Quarter and Full Year 2022 Increase by 20% and 24%, Respectively Net Loss of $55.5 Million and Adjusted EBITDA of $60.1 Million for
About this update from Westrock Coffee Company
[{"type":"text","content":"Net Sales for the Fourth Quarter and Full Year 2022 Increase by 20% and 24%, Respectively Net Loss of $55.5 Million and Adjusted EBITDA of $60.1 Million for the Full Year 2022, Representing Adjusted EBITDA Growth of 27% Strategic Acquisition of West Coast-Based Bixby Coffee Expands Influencer Marketing Sales Channel Adjusted EBITDA Expected to Grow 10% to 25% in Fiscal 2023 LITTLE ROCK, Ark., March 14, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or “the Company”) today reported financial results for the fourth quarter and full year 2022. Scott T. Ford, CEO and Co-founder, stated, “We are pleased to announce strong growth in net sales, gross profit and Adjusted EBITDA for full year 2022. I am very grateful to the team for their near heroic efforts that delivered record annual results, even as they dealt with the damaging macroeconomic challenges of an inflation surge and record gasoline prices, while simultaneously contending with internal capacity constraints and increased operating expenses brought about by the late arrival of critical manufacturing equipment in both our single serve cup and extracts units. As we turn to 2023 with the requisite equipment to meet our legacy customers’ demands now operational, we are focused on continuing to scale our existing capabilities in service to our customers. Among our top priorities is delivering our Conway, Arkansas extract and ready-to-drink facility on time and on budget, the benefits of which will be material to our business.” Full Year 2022 Highlights Consolidated net sales were $867.9 million for the year ended December 31, 2022, an increase of $169.7 million, or 24%, compared to the year ended December 31, 2021.Consolidated gross profit was $152.8 million for the year ended December 31, 2022, and included $3.5 million of non-cash mark-to-market losses, compared to $145.4 million for the year ended December 31, 2021, which included $3.6 million of non-cash mark-to-market gains.Net loss was $55.5 million for the year ended December 31, 2022, compared to a net loss of $21.3 million for the year ended December 31, 2021. The $55.5 million net loss for the year ended December 31, 2022 included $13.2 million of acquisition, restructuring and integration expense, $29.7 million of non-cash expense from the change in fair value of warrant liabilities,...