NewAge Beverages Corporation (NASDAQ: NBEV) missed revenue estimates for the fourth quarter of 2019 while losses were wider-than-expected. Shares were down 6.8% in premarket hours on Monday.
Total revenues of $59.2 million were up 323% from the same period last year but fell short of forecasts of $66.2 million.
Net loss widened to $65.9 million, or $0.83 per share, from a net loss of $2.6 million, or $0.04 per share, in the prior-year period, due to a $44.9 million impairment charge. Analysts had projected a loss of $0.08 per share.
Adjusted EBITDA was a loss of $17.4 million compared to an adjusted EBITDA loss of $8.7 million in the prior year period.
CEO Brent Willis, said, “In 2019 we increased our scale five times, evolving from a $50 million company to one with net revenue above $250 million. Whilst doing so, we gained access to a range of new channels and opportunities across our infrastructure that now spans 60 countries worldwide. We also added global iconic brands like Nestea, Volvic, Illy, and Evian to our portfolio, strengthened our platform worldwide and made important investments in our leadership team.”
Gross profit increased to $32.2 million from $3.2 million in the year-ago quarter while gross margin rose to 54.3% from 23% last year, helped by favorable product and channel mix.
During the quarter, the company rolled out its ‘NHANCED hemp topical products in Australia and New Zealand. NewAge plans to launch these products in Korea, Taiwan and 32 markets in Europe going forward.
Last month, NewAge launched its CBD beverage Noni+CBD in Japan. The product was the first to gain approval from Japanese health authorities, thus giving the company a first mover advantage in this globally important market.
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