REED'S, INC.

Listed Company

REEDCIK 0001140215NYSENon-AcceleratedSmaller ReportingBottled & Canned Soft Drinks & Carbonated WatersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$34.06M

Net Income

$-15.84M

Total Assets

$23.34M

Equity

$9.15M

Shares Out

11.82M

Op. Cash Flow

$-17.04M

Business

REED'S, INC. produces and markets a portfolio of handcrafted, natural beverages centered on ginger-based drinks and craft sodas. It offers Reed’s Craft Ginger Beer, Reed’s Real Ginger Ale, Reed’s Ready-to-Drink alcoholic mules and hard ginger ales, Virgil’s Handcrafted and Zero Sugar sodas, and Flying Cauldron non-alcoholic butterscotch beer. The company operates through brand-focused beverage divisions and licenses, and outsources production via a network of co-packers and independent manufacturers. Its products are distributed across North America and select international markets through natural and specialty retailers, grocery, mass, club, liquor, convenience, on-premises accounts and e-commerce.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Sales	34	38	45	53	50
Cost of goods sold	25	26	32	41	36
Inventory write-offs	2	277,000	—	—	—
Total cost of goods sold	27	27	—	—	—
Gross profit	7	11	10	12	14
Delivery and handling expense	5	6	8	12	12
Selling and marketing expense	5	4	5	7	10
General and administrative expense	11	9	6	7	8
Provision for receivable with former related party	169,000	115,000	585,000	538,000	—
Total operating expenses	22	19	19	27	30
Loss from operations	−15	−8	−9	−15	−16
Other Income	414,000	445,000	—	—	—
Interest expense, net	−1	−5	−6	−5	−1
Net loss	−16	−13	−16	−20	−16
Dividends on Series A Convertible Preferred Stock	−5,000	−5,000	−5,000	−5,000	−5,000
Net loss attributable to common stockholders	−16	−13	−16	−20	−16
Loss per share - basic	−1.91	−9.81	−4.39	−9.07	−8.99
Loss per share - diluted	−1.91	−9.81	−4.39	−9.07	—
Weighted average number of shares outstanding - basic	8	1	4	2	2
Weighted average number of shares outstanding - diluted	8	1	4	2	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-08-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash	10	10	10	603,000	533,000
Accounts receivable, net of allowance of $980 and $859, respectively	2	—	4	4	6
Inventory, net	8	—	8	11	16
Prepaid expenses and other current assets	673,000	—	683,000	2	939,000
Total current assets	21	—	23	18	24
Property and equipment, net of accumulated depreciation of $785 and $636, respectively	1	—	1	493,000	766,000
Intangible assets	650,000	—	644,000	629,000	626,000
Total assets	23	—	25	19	25
Accounts payable	3	—	7	9	10
Accrued expenses	669,000	—	984,000	1	233,000
Senior secured loan, net of capitalized financing costs of $68 and $329, respectively	9	—	10	—	—
Current portion of lease liabilities	40,000	—	—	207,000	187,000
Total current liabilities	13	—	18	27	26
Lease liabilities, less current portion	803,000	—	837,000	—	207,000
Total liabilities	14	—	18	38	34
Commitments and Contingencies	0	—	0	0	—
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding	94,000	—	94,000	94,000	94,000
Common stock, $.0001 par value, 60,000,000 shares authorized; 11,820,429 and 7,561,714 shares issued and outstanding, respectively	5,000	—	1,000	—	—
Additional paid in capital	177	—	158	119	115
Accumulated deficit	−168	—	−152	−139	−123
Total stockholders equity	9	—	7	−19	−8
Total liabilities and stockholders equity	23	—	25	19	25

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	160,000	125,000	142,000	108,000	—
Gain on disposal of property & equipment	−5,000	—	8,000	—	—
Amortization of debt discount	295,000	1	1	530,000	162,000
Fair value of vested options	59,000	528,000	490,000	701,000	2
Allowance for estimated credit losses	980,000	859,000	608,000	37,000	−19,000
Inventory write down	2	277,000	955,000	—	—
Accrued interest on convertible note	—	3	3	2	—
Lease liability	6,000	−205,000	—	—	—
Accounts receivable	743,000	−1	275,000	−525,000	−446,000
Inventory	−2	3	3	531,000	−6
Prepaid expenses and other assets	−51,000	561,000	528,000	55,000	322,000
Decrease in right of use assets	46,000	169,000	140,000	117,000	100,000
Accounts payable	−3	−1	−1	−629,000	4
Accrued expenses	−320,000	−116,000	859,000	−58,000	−609,000
Net cash used in operating activities	−17	−6	−4	−16	−18
Intangible asset trademark costs	−6,000	−15,000	−3,000	−2,000	−9,000
Purchase of property and equipment	−272,000	−152,000	−85,000	—	−326,000
Sale of property and equipment	25,000	—	68,000	—	—
Net cash used in investing activities	−253,000	−167,000	−20,000	−2,000	−335,000
Proceeds from line of credit	—	29	44	55	66
Payments on the line of credit	—	−39	−45	−53	−56
Proceeds from sale of common stock	18	12	4	5	7
Proceeds from senior secured loan payable, net of expenses	—	10	—	—	—
Proceeds from convertible note payable, net of expenses	—	1	4	12	—
Proceeds received from SAFE agreement	—	4	—	—	—
Payment of note payable	−650,000	—	—	—	—
Payment of convertible note payable	—	−514,000	−200,000	−3	—
Amounts from former related party, net	−169,000	−115,000	−2	1	−193,000
Payment of costs recorded as debt discount	−34,000	−237,000	—	—	—
Net cash provided by financing activities	17	16	4	16	17
Net increase in cash	33,000	10	70,000	484,000	−546,000
Cash paid for interest	826,000	870,000	1	2	430,000
Dividends on Series A Convertible Preferred Stock	5,000	5,000	5,000	5,000	5,000
Reclass SAFE agreement from accounts payable to equity	115,000	—	—	—	—
Common Shares issued upon conversion of convertible notes payable	—	22	—	—	—
Common Shares issued upon conversion of SAFE agreement	—	4	—	—	—
Initial recognition of right of use asset and operating lease liability upon execution of new lease	—	835,000	—	—	—

Filings

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