Splash Beverage Group reports net revenue of $11.3 million in 2021 vs. $2.3 million a year earlier. Non-cash compensation of $12.8 million, up from $2.3 million a year earlier, was principally responsible for the company’s net loss growing to $29.1 million from $28.7 million.
“Our 2021 full year results include all the impact of costs incurred during the process of becoming a public company,” Robert Nistico, CEO, said, “including significant non-cash charges like stock-based compensation. We finished the year with more than $4 million in cash and less than $1 million of long-term liabilities. And, I’d like to note that our $8 million equity raise conducted in Q1 2022 further strengthened the healthy balance sheet that Splash achieved as we closed the 2021 fiscal year.”
He said “2021 was a very important year of execution for Splash Beverage Group, and as a result we are a significantly stronger and experiencing rapid growth. On June 11, 2021, Splash completed a $15 million (gross proceeds) public offering and uplisted our shares (SBEV) onto the NYSE American. That transaction provided us with funding which we used to execute our business plan over the balance of 2021 and beyond. Over the course of the second half of 2021, we announced new or expanded distribution agreements with 4 major beverage distributors leading up to the transformative agreement we secured in November with InBev’s AB ONE, owner of Budweiser, to distribute TapouT, Copa di Vino and Pulpoloco. We believe that announcement created the foundation to open the door to more than 13 additional distribution agreements and key retail authorizations such as Walmart. We are now activating those agreements and securing merchandising support and shelf placement for our brands in 31 states. All 13 of these agreements took effect in the new year so we expect the impact from these agreements to be felt as 2022 progresses, especially on TapouT sales.”
“During the last two years dealing with COVID, we continued to organize distribution and manage the long sales cycles of national and regional retail chains. This has allowed us to begin to execute as we now have a distribution platform in place. With the launch of TapouT, we expect its revenue contribution to increase.”