via NewMediaWire – 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

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 GroupInfo@SplashBeverageGroup.com954-745-5815

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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