NewAge Preliminary Q4 Revenue Misses Street View; CEO Brent Willis Resigns

NewAge Inc NBEV said it expects preliminary fourth-quarter FY21 revenue of $99 million - $101 million, below the consensus of $107.21 million.
The preliminary net revenue range is relatively unchanged from revenue of $100 million reported in 3Q21. However, it is below its previous expectation for a high single-digit sequential increase.
The company noted December sales momentum declined due to travel restrictions due to COVID-19, changing regulatory requirements in China and Europe, and backlogs in shipping lanes impacting inventory levels.
NewAge also disclosed that Brent Willis will resign as Chief Executive Officer, Director, and employee of the company, effective immediately. The company and Willis will determine the terms of his departure at a future date.
NewAge intends to begin a search for a new Chief Executive Officer promptly.
Price Action: NBEV shares closed lower by 0.98% at $1.01 on Monday.