Splash Beverage Shares Plunge As Q3 Loss Widens

Splash Beverage Group Inc (NYSE: SBEV) reported third-quarter FY21 sales growth of 308% year-on-year, to $2.8 million.
The company attributed the revenue growth to all brands in its portfolio, with particular strength coming from Copa di Vino and Pulpoloco.
The gross profit increased 138.4% Y/Y to $0.82 million with a margin of 28.9%.
Net loss for the quarter widened to $(12.2) million from $(2.1) million last year.
EPS loss for the quarter was $(0.40) versus $(0.11) last year.
The company held $8.1 million in cash and equivalents as of September 30, 2021.
"During and immediately following the third quarter, we signed four distribution agreements to expand our footprint and drive revenues, and we enhanced our product lines through new packaging for TapouT, eco-friendly packaging for Pulpoloco, and a new four-pack for Copa di Vino," stated Robert Nistico, CEO of Splash.
"We expect strong growth in the fourth quarter as we anticipate signing additional key distribution agreements and benefit from the distribution agreements signed in Q3," Nistico added.
Price Action: SBEV shares are trading lower by 12.6% at $1.817 on the last check Tuesday.