Iconic Brands Inc. reports revenue in 2021 rose 74% to $4.96 million. The increase was due primarily to $2,192,119 sales from the Company’s newly acquired TopPop products. Sales were comprised of Bellissima Prosecco and Sparkling Wines, the line of Hooters brand products, Sonja Sangria, and the Company’s RTF TopPop products. But the company’s net loss widened to $10.46 million for 2021, compared to $3.57 million for 2020.
In reviewing 2021’s activity, Iconic reported the following highlights:
- Completed a $40 million private placement. Iconic used proceeds to acquire 100% of TopPop and expand TopPop’s existing 30,000 square foot FDA-registered facility, and to ramp up domestic and international growth of its Bellissima brand by increasing brand awareness through social media and digital marketing, hiring brand ambassadors and product influencers, increasing inventory, and preparing to roll out new brands in the near future.
- Completed the July 2021 acquisition of TopPop, a premier product development, contract manufacturing and packaging company specializing in flexible packaging applications in the food, beverage and health categories. It is a leader in innovating low-calorie, ready-to-go drinks; ready-to-freeze (RTF); and ready-to-drink (RTD) products. It holds the federal and state licenses necessary to manufacture and blend malt-, wine- and spirits-based products. The acquisition has positioned Iconic as a vertically integrated company, expanding its capabilities to include the development, production and distribution of alcohol brands.
- In September 2021, TopPop leased an additional 65,000 square foot manufacturing facility in Pennsauken, New Jersey. The facility reached full-scale production capability at the end of March 2022. It has approximately $4 million of high-speed packaging equipment and is expected to triple its current production capacity.
- Continued its focus on its “Better-for-You,” “Better-for-the-Planet” sustainable practices within the consumer categories in developing celebrity brands worldwide, such as its Bellissima Prosecco by Christie Brinkley.
- Iconic’s legacy brands, such as Bellissima Prosecco, Bellissima Sparkling Wines, Bella Sprizz Aperitifs and other products, continue to generate momentum, and the Company recently launched Bellissima Zero Sugar Still Wines in 2022.
“Acquiring TopPop was a milestone that we believe has changed the trajectory of our business,” Chief Executive Officer Larry Romer said. “TopPop has expanded from manufacturing 8 million ice pops in 2020 to 42 million in 2021, and we expect to reach 150 million in 2022. Since the acquisition we have expanded TopPop’s facilities and capacity. Our new 65,000 square foot manufacturing facility in Pennsauken, N.J., has already reached full production capability.
“We are pleased to report that revenue for 2021 increased 74% year-over-year, which mainly came from TopPop and success from our Bellissima Prosecco and Bellissima Sparkling Wines. In January 2022, we completed the closing of the final tranche of our previously announced private placement financing, which left us with net proceeds of approximately $10.8 million of cash in addition to cash on hand at Dec. 31, 2021. We plan to use this additional cash for general working capital purposes and capital expenditures. As we enter into a new segment of the alcohol industry with our adult ice-pops, RTF, RTD and pouch products, we believe we are well positioned for the opportunities ahead for our brands and products within our portfolio.”