Business
Westrock Coffee Reports Third Quarter 2022 Results and Provides Update on Extract and Ready-to-Drink Production Capabilities
Net Sales for the Third Quarter of 2022 Increase by 27% Compared to the Third Quarter of 2021 Net Loss of $13.0 Million and Adjusted EBITDA of $17.9 Million
About this update from Westrock Coffee Company
[{"type":"text","content":"Net Sales for the Third Quarter of 2022 Increase by 27% Compared to the Third Quarter of 2021 Net Loss of $13.0 Million and Adjusted EBITDA of $17.9 Million for the Third Quarter of 2022, Representing Adjusted EBITDA Growth of 33% Compared to the Third Quarter of 2021 Acceleration of Phase II Capital Equipment Expansion of Conway, AR Extract and RTD Facility Strategic Acquisition of West Coast-Based Kohana Coffee Accelerates Westrock Coffee’s Extract and RTD Capabilities LITTLE ROCK, Ark., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or “the Company”) today reported financial results for the third quarter ended September 30, 2022 and announced updates regarding its near and long-term extract and ready-to-drink (“RTD”) production capabilities. Third Quarter 2022 Highlights Consolidated net sales were $230.3 million for the third quarter of 2022, an increase of $49.0 million, or 27% compared to the third quarter of 2021.Consolidated gross profit was $41.1 million for the third quarter of 2022, an increase of $2.9 million, or 7% compared to the third quarter of 2021.Net loss for the period was $13.0 million compared to a net loss of $3.9 million for the same period in 2021. The $13.0 million net loss for the third quarter of 2022 included $4.0 million of acquisition, restructuring and integration expense, $5.2 million of non-cash expense from the change in fair value of warrant liabilities, and $5.9 million of interest expense related to the early extinguishment of debt.Adjusted EBITDA was $17.9 million for the third quarter of 2022, an increase of $4.4 million, or 33% compared to the third quarter of 2021.At September 30, 2022, the Company had approximately $266 million of unrestricted cash and undrawn borrowings available under its revolving credit facility. Scott T. Ford, CEO and Co-founder stated, “Our third quarter results again highlight the product mix shift we are seeing across our business. The year-over-year growth in our single serve cup volumes drove Adjusted EBITDA growth of 33% in the third quarter. We held higher expectations for our core coffee and tea business but that was obviously impacted by the negative effects of inflation as both our customer volume demand and our manufacturing costs reflected the rapid acceleration of price increases in fuel, food, materials, an...