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NewAge’s Revenue For The Second Quarter Of 2021 Increased By 98 Percent To $124 Million

NewAge, Inc. (Nasdaq: NBEV), a Colorado-based direct-to-consumer (D2C) organic and healthy products company, reported record financial results for the second quarter of 2021, with net revenue of $124 million, net income of $17.4 million, adjusted EBITDA1 of $1.7 million, and basic earnings per share of $0.11.

Net revenue for the three months ended June 30, 2021, was $124 million, up to $61 million or 98 percent.

Gross profit for the quarter was $84 million, up to $46 million or 120 percent from the prior-year period, resulting in a gross margin of 67.6 percent, up 6.8 percentage points from the prior-year period.

The net gain was $17.4 million, up to $26.9 million from the prior-year period’s net loss of ($9.6) million. Adjusted EBITDA was $1.7 million, up to $7.2 million from the prior-year period when it had a loss of ($5.5) million. The basic earnings per share was a positive $0.11, up to $0.21 from the prior-year quarter when it was a loss of ($0.10).

NewAge’s Chief Executive Officer, Brent Willis, said,

“The second quarter showed faster top-and bottom-line performance, as well as sustained progress in the income statement. We finalized the Aliven acquisition, held a very successful annual meeting, integrated ARIIX further, generating further cost and revenue savings, and continued to expand our social selling efforts globally during the quarter. As our plan develops, we reinforced our team and positioned NewAge for even more revolutionary performance.”

Second Quarter 2021 Financial Results

For the three months ended June 30, 2021, net revenue was $124 million, up 98 percent from the previous year’s second quarter of $63 million. The acquisitions of ARIIX and Aliven fueled the increase in net revenue. On a pro forma basis, the combined European and American businesses grew by 24 percent and 15 percent, respectively. China, Japan, and the impact of COVID-19 in several markets across the world helped to balance things out.

The second quarter of 2021 had a net operating loss of ($9.6) million, compared to a loss of ($8.8) million the year before. Net income was $17.4 million, resulting in a positive basic EPS of $0.11 per share, up 21 cents from the same time last year. Adjusted EBITDA was $1.7 million, up from ($5.5) million in the prior-year period, a $7.2 million increase.

The firm had a solid financial sheet at the end of the quarter, with $92 million in cash and cash equivalents and $31.5 million in debt, excluding operating lease liabilities. $9.7 million in debt was forgiven after the quarter ended.

About NewAge, Inc.

NewAge is a mission-driven company devoted to encouraging the world to Live HealthyTM. NewAge, located in Colorado, distributes a portfolio of organic and healthful products globally, largely through a direct-to-consumer (D2C) route to the market distribution system in over 75 countries.

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