In addition to the $31 million in contribution from recent strategic initiatives, cash also includes approximately $7.5 million in working capital improvements realized in Q1 2023. The Adjusted EBITDA 2 Loss is attributable to the same factors that impact EBITDA 2 Loss, removing stock-based compensation and restructuring charges.įlow reported $25.8 million of cash as of January 31, 2023. EBITDA 2 Loss also includes $0.6 million in restructuring expenses realized as part of its operational transformation.įlow reported an Adjusted EBITDA 2 Loss of $6.2 million in Q1 2023, as compared to and Adjusted EBITDA 2 Loss of $5.7 million in Q1 2022. The improvement in gross margin 1 reflects the sale of the Verona production facility, which was under utilized in Q1 2022.įlow reported an EBITDA 2 Loss of $7.0 million in Q1 2023, as compared to an EBITDA 2 Loss of $7.9 million in Q1 2022, resulting primarily from decreased stock-based compensation and salaries and benefits expenses. Net co-packing revenue decreased 61% to $2.6 million, reflecting the expected impact of the sale of the Verona production facility at the beginning of Q1 2023. The increase in Flow brand revenue was due primarily to new partners in the club channel and recent innovations performing ahead of expectations. Consolidated net revenue includes 40% growth in Flow brand revenue to $7.9 million. Secured up to $20 million from Senior Secured Debt FacilityĬonsolidated net revenue was $9.9 million in Q1 2023, as compared to $11.9 million for the fiscal quarter ended Janu(“Q1 2022”). Signed a distribution agreement with Starbucks for Flow water to become available in over 1,000 locations across CanadaĬlosed the sale of the Verona production facility to BioSteel for US$19.5 million Launched Flow Vitamin-Infused Water line of products in three new organic flavors in the United States through and over 100 Fred Meyer locations and, in Canada, with 22 retail partners, representing over 800 locations Maintained market share leadership in carton format and shelf stable water in the United States at 45% in Q1 2023Ĭoncluded a distribution agreement with Foodbuy, the largest food procurement organization in North America, with over 11,000 points of distribution Increased number of North American stores carrying Flow products to over 46,600, from 24,690 in January 2022, an 89% increase Operational Highlights During and Subsequent to Q1 2023 All told, we believe fiscal 2023 will be a transformational year on the path toward our goal of achieving sustainable profitable growth of the Flow brand.” We expect the benefits of the Verona production facility sale will become even more pronounced in the second half of the fiscal year as we complete the restructuring of functional areas including logistics, warehousing, distribution and shipping. “We are making substantial progress on the transformation plan we previously communicated, with significant improvement in key indicators, such as gross margin of 30%, and ongoing progress in streamlining our operating model and related expense reductions. We expect the Flow brand to gain further traction through new partnerships in the food service sector, increasing orders from partners signed in the past year, and more retailers adding Flow Vitamin-Infused water to their shelves.” ![]() We have successfully expanded our product portfolio, and have added retail and foodservice partners, resulting in Flow brand net revenue growth of 40%. Nicholas Reichenbach, Chairman and Chief Executive Officer of Flow, stated: “Fiscal 2023 is off to a strong start. ![]() All currency amounts are stated in Canadian dollars unless otherwise noted. (TSX:FLOW OTCQX:FLWBF) (the “Company” or “Flow”), today announced its financial results for the fiscal quarter ended Janu(“Q1 2023”). TORONTO-( BUSINESS WIRE)- Flow Beverage Corp.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |