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Splash Beverage Group Reports 2022 Fourth Quarter and Full Year Financial Results

Fort Lauderdale, FL - (NewMediaWire) - March 31, 2023 -  Splash Beverage Group, Inc. (NYSE American: SBEV) ("Splash" or the "Company"), a portfolio company of leading beverage brands, today reported financial results for the  fourth quarter and full year period ended December 31, 2022.  Investors are encouraged to read the Company’s annual report on Form 10-K which was filed with the Securities and Exchange Commissions (the “SEC”), contains additional information, and is posted at


Fourth Quarter and Full Year Financial Performance

·       Revenues for the fourth quarter were $4.79 million compared to $3.06 million in the prior year period, an increase of 56%.  Full-year gross revenues were $19.0 million compared to $11.8 million in the prior year period, an increase of 61%.  The increase in revenue was due to increases in the company’s ecommerce platform Qplash and the beverage brands with Copa Di Vino at the lead.

·       Gross margin for the fourth quarter significantly increased to $3.3 million compared to $339K in the prior year period.  Full year gross margin was $5.9 million compared to $3.9 million in the prior year period.

·       Fourth quarter net loss narrowed to $4.8 million compared to $6.2 million in the prior year period.  Net loss for the full year narrowed to $21.7 million, compared to $29.0 million in the prior year period.  Non-cash items were down to $7.4M vs $18.4 the prior year. Cash items were slightly up as expected from $10.7M to $14.3M due to several onetime expenses and an increase in marketing spend to support our retail chain distribution push and increase in freight to customer cost.  

·       As of December 31, 2022, the company had total cash and cash equivalents of $4.4 million, compared to $4.2 million at December 31, 2021.

Robert Nistico, Splash Beverage CEO, commented, “Our 2022 full year results reflect solid progress in the execution of our long-term business plan.  It was our first full year of operating results after our mid-year 2021 public offering and up-listing of our shares to the NYSE American.   We’ve grown gross revenue to more than $19 million while continuing to enhance gross margins.  We are doing the work internally to rachet down cost of goods and capture efficiencies.  We have made new investments in marketing and personnel in support of our brand’s growth and still successfully narrowed net losses on a year over year basis.  These investments resulted in significant new retail chain activity toward the back half of 2022 strengthening the base of our revenues as we head into 2023.    

“We’ve successfully accessed the capital and credit markets when we needed to grow inventory, and all the while we have been adding to our top tier distribution network across all of our brands, and most importantly with some of the largest names in the retail chain industry.  As I’ve said many times, in the beverage industry, distribution is key, if you can’t put product on the shelves, you won’t succeed.  

“We’ve invested heavily to build the infrastructure needed to put product through our distribution networks and into the hands of our consumers, and we expect the combination of infrastructure and distribution to translate into continued fast revenue growth shortening our path on our march toward profitability.”

About Splash Beverage Group, Inc.

Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and TapouT performance hydration and recovery drink. Splash’s strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution. 

For more information visit:

Forward-Looking Statement

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2022, and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

Contact Information:

Splash Beverage Group



Consolidated Balance Sheets

  December 31, 2022 December 31, 2021
Current assets:        
Cash and cash equivalents $4,431,745  $4,181,383 
Accounts Receivable, net  1,812,110   1,114,452 
Prepaid Expenses  348,036   607,178 
Inventory  3,721,307   1,923,479 
Other receivables  344,376   41,939 
Assets from discontinued operations     473,461 
Total current assets  10,657,574   8,341,892 
Non-current assets:        
Deposit  49,290   330,886 
Goodwill  256,823   256,823 
Intangibles assets, net  4,851,377   5,604,512 
Investment in Salt Tequila USA, LLC  250,000   250,000 
Right of use asset  750,042   1,031,472 
Property and equipment, net  489,597   569,785 
Total non-current assets  6,647,129   8,043,478 
Total assets $17,304,703  $16,385,370 
Liabilities and Stockholders’ Equity        
Current liabilities        
Accounts payable and accrued expenses $3,383,187  $1,913,459 
Right of use liability  268,749   294,067 
Related party notes payable     653,081 
Notes payable  1,080,257   2,667,812 
Liability to issue shares  91,800      
Shareholder advances     390,500 
Accrued interest payable  141,591   171,452 
Liabilities from discontinued operations     389,086 
Total current liabilities  4,965,584   6,479,457 
Long-term Liabilities:        
Notes payable  2,536,319   300,000 
Right of use liability  480,666   732,686 
Total long-term liabilities  3,016,985   1,032,686 
Total liabilities $7,982,569  $7,512,143 
Stockholders’ equity:        
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued      
Common Stock, $0.001 par, 300,000,000 shares authorized, 41,085,520 and 33,596,232 shares issued and outstanding, at December 31, 2022 and December 31, 2021, respectively  41,086   33,596 
Additional paid in capital  121,632,547   99,480,188 
Accumulated Other Comprehensive Income  (20,472)   
Accumulated deficit  (112,331,027)  (90,640,557 
Total stockholders’ equity  9,322,134   8,873,227 
Total liabilities and stockholders’ equity $17,304,703  $16,385,370 

Consolidated Statements of Operations

  2022 2021
Net revenues $18,087,486  $11,316,002 
Cost of goods sold  (12,168,621)  (7,398,241)
Gross margin  5,918,865   3,917,761 
Operating expenses:        
Contracted services  1,505,788   1,584,830 
Salary and wages  4,179,403   3,807,492 
  Non-cash share-based compensation  7,409,884   18,395,488 
Other general and administrative  11,411,535   8,425,046 
Sales and marketing  2,806,888   787,827 
 Total operating expenses  27,313,498   33,000,683 
Loss from continuing operations  (21,394,633)  (29,082,922)
Other income/(expense):        
Other Income     3,632 
Interest income  6,068   643 
Interest expense  (251,497)  (442,807)
Gain from debt extinguishment     176,082 
Total other expense  (245,429)  (262,450)
Provision for income taxes      
Net (loss) from continuing operations, net of tax  (21,640,062)  (29,345,372)
Net (loss) income from discontinued operations, net of tax  (199,154)  294,550 
 Gain on discontinued operations  148,747    
Net income (loss) from discontinued operations, net of tax  (50,407)  294,550 
Net loss $(21,690,469) $(29,050,822)
Other Comprehensive loss        
Foreign Currency Translation loss  (20,472)   
Total Comprehensive Income  (21,710,941)  (29,050,822)
Loss per share - continuing operations        
Basic and Diluted  (0.58)  (1.01)
Weighted average number of common shares outstanding - continuing operations        
Basic and Diluted  37,389,990   28,900,292 
Income (loss) per share - discontinued operations        
Basic and Diluted  (0.00)  0.01 
Weighted average number of common shares outstanding - discontinued operations        
Basic and Diluted  37,389,990   28,900,292 
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