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Splash Beverage Group Reports 2023 First Quarter Financial Results

FORT LAUDERDALE, FL - (NewMediaWire) - June 6, 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  first quarter period ended March 31, 2023.  Investors are encouraged to read the Company’s quarterly report on Form 10-Q which was filed with the Securities and Exchange Commissions (the “SEC”), contains additional information, and is posted at


First Quarter Financial Performance

·       Net revenue for the first quarter was $5.8 million compared to $3.9 million in the prior year period, an increase of 48%.  The increase in revenues was primarily due to increases in all beverage brands which increased 28.5% as well as sales from the Company’s ecommerce division distribution platform, Qplash which increased 60.3% over the prior year period.

·       Gross profit for the first quarter was $1.8 million compared to $1.3 million in the prior year period. 

·       First quarter net loss narrowed to $3.73 million compared to $5.99 million in the prior year period.  The decrease in net loss was due to higher sales offsetting a lower gross margin and higher operating expenses.

·       As of March 31, 2023, the company had total cash and cash equivalents of $2.1 million, compared to $4.4 million at December 31, 2022.


Robert Nistico, CEO of Splash Beverage Group said, “Our 2023 first quarter results are consistent with the preliminary results of $5.8 million in NET revenue ($6.1M gross), which is not only another record quarter for sales, but solid improvement in many of the key data points we outline in our April announcement, brands authorized in national and regional chains, selling universe as measured by more than 24,000 store doors.  We continue to expand our footprint of distribution relationships such that we are now available throughout the US. 


“As we noted previously, one or more of our brands have been authorized in more than a dozen national and retail chains in the last six months. As I mentioned in the April update it takes time to activate all our new store door universe, but we have made good progress through the end of Q1 and have placed one or more of our brands on 3,120 new shelves. 


“We expect TapouT Energy Drink to add to this effort this quarter.  Earlier we estimated that launch would begin in May but unfortunately, we had a can production delay, but we do expect to launch later this month.



“Regarding the late filing of our Q, as mentioned in the 8k filed with the SEC and in our press release, this was a function of our audit firm merging with a much larger firm and adding additional several layers of review,” Nistico added.  “We were unaware of the extra procedures and the additional time required as a result.  Now that we know, this should not happen again.” 



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. 


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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

  March 31,
 December 31, 2022
Current assets:        
Cash and cash equivalents $2,145,797  $4,431,745 
Accounts Receivable, net  2,190,681   1,812,110 
Prepaid Expenses  926,273   348,036 
Inventory  3,144,793   3,721,307 
Other receivables  490,126   344,376 
Total current assets  8,897,670   10,657,574 
Non-current assets:        
Deposit $49,368  $49,290 
Goodwill  154,573   256,823 
Intangible assets, net  4,759,711   4,851,377 
Investment in Salt Tequila USA, LLC  250,000   250,000 
Right of use asset  674,106   750.042 
Property and equipment, net  461,217   489.597 
Total non-current assets  6,348,975   6,647,129 
Total assets $15,246,645  $17,304,703 
Liabilities and Stockholders’ Equity        
Current liabilities        
Accounts payable and accrued expenses $2,918,991  $3,383,187 
Liability to issue shares  2,131,800   91,800 
Right of use liability - current  250,734   268,749 
Notes payable, current portion  2,913,136   1,080,257 
Shareholder advances  200,000    
Accrued interest payable  162,915   141,591 
Total current liabilities  8,577,576   4,965,584 
Long-term Liabilities:        
Notes payable  2,432,288   2,536,319 
Right of use liability - noncurrent  423,173   480,666 
Total long-term liabilities  2,855,461   3,016,985 
Total liabilities  11,433,037   7,982,569 
Deficiency in stockholders’ equity (deficit):        
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 41,085,520 shares issued, 41,085,520 and 41,085,520 shares outstanding, at March 31, 2023 and December 31, 2022, respectively  41,086   41,086 
Additional paid in capital  121,749,517   121,632,547 
Accumulated Other Comprehensive Income  (47,098)  (20,472)
Accumulated deficit  (117,929,897)  (112,331,027)
Total stockholders’ equity  3,813,608   9,322,134 
Total liabilities and stockholders’ equity $15,246,645  $17,304,703 

Splash Beverage Group
Consolidated Statements of Operations

  Three months ended March 31,
  2023 2022
Gross sales $6,134,398  $4,071,356 
Customer discounts  (311,671)  (144,783)
Net revenues  5,822,727   3,926,573 
Cost of goods sold  (4,061,228)  (2,635,310)
Gross profit  1,761,499   1,291,263 
Operating expenses:        
Contracted services  381,006   431,545 
Salary and wages  1,234,127   785,651 
Non-cash share-based compensation  2,255,759   2,355,542 
Other general and administrative  2,623,684   2,681,498 
Sales and marketing  736,827   720,979 
Total operating expenses  7,231,403   6,975,215 
Loss from continuing operations  (5,469,904)  (5,683,953)
Other income/(expense):        
Other Income  38,154    
Interest expense  (167,121)  (85,879)
Total other (expense)  (128,967)  (85,879)
Provision for income taxes      
Net loss from continuing operations, net of tax  (5,598,871)  (5,769,832)
Net loss /income from discontinued operations, net of tax     (224,576)
Net loss $(5,598,871) $(5,994,408)
Other comprehensive loss foreign currency translation loss  (26,625)   --- 
Total Comprehensive income  (5,625,497)  (5,994,408)
Loss per share - continuing operations        
Basic and dilutive $(0.15) $(0.16)
Weighted average number of common shares outstanding - continuing operations        
Basic and dilutive  37,389,990   35,188,404 
Income/(loss) per share - discontinued operations        
Basic and dilutive $(0.00) $(0.00)
Weighted average number of common shares outstanding - discontinued operations        
Basic and dilutive  37,389,990   35,188,404 
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