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 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 StatementThis 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

    March 31,2023   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 GroupConsolidated 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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