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Newage Revenue Hits A New High Of $124 Million In The Second Quarter

NewAge, Inc. released its financial results for the second quarter of 2021, citing a net revenue rise of 98 percent to $124 million. The quarter’s gross profit increased by 120 percent year over year to $84 million. With basic profits per share of $0.11, the company’s EBITDA is $1.7 million.

“We experienced faster top and bottom-line performance in the second quarter, as well as sustained income statement improvement,” stated Brent Willis, NewAge’s Chief Executive Officer. “We completed the Aliven purchase in the third quarter, held a very successful annual meeting, further integrated ARIIX, generating further cost and revenue savings, and continued to expand our social selling efforts globally. As our plan develops, we reinforced our team and positioned NewAge for even more revolutionary performance.”

The net operating loss for the quarter was $9.6 million, compared to $8.8 million in the same period the previous year. The company’s net income was $17.4 million. For the quarter, cash and cash equivalents were $92 million, with a debt burden of $31.5 million, excluding lease liabilities. $9.7 million of the debt was canceled after the quarter ended.

“Our second-quarter results indicated remarkable progress in integrating our businesses and realizing revenue and cost synergies,” Willis added. “As we continue to build up more platforms and programs for our global sales force, we expect sustained solid returns from operations throughout the year. With distinct health and wellness brands and an on-trend D2C business system, a rising e-commerce Subscriber base, and an increasing and strengthening network of exclusive Brand Partner influencers, we feel we are stronger and better positioned than we have ever been.”

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