American Rebel Reports Financial Results for the Second Quarter and First Half Ended June 30, 2024
Nashville, TN, Aug. 20, 2024 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ:AREB) ("American Rebel" or the "Company"), a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel, and American Rebel Beer (americanrebelbeer.com), announced its financial results for the quarter ("Q2 2024") and first half ended June 30, 2024. 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") and contains additional information and is posted at https://americanrebel.com/investor-relations.
First Half 2024 Financial Summary:
| Revenue | $ | 7.3 Million | ||
| Gross Profit | $ | 0.87 Million | ||
| EBITDA (GAAP) | $ | (6.4) Million | ||
| Adjusted EBITDA (Non-GAAP)1 | $ | (3.7) Million |
Second Quarter 2024 Financial Summary:
| Revenue | $ | 3.3 Million | ||
| Gross Profit | $ | 0.31 Million | ||
| EBITDA (GAAP) | $ | (4.2) Million | ||
| Adjusted EBITDA (Non-GAAP)1 | $ | (2.6) Million |
1 - Adjusted EBITDA is a non-GAAP measure. Refer to the tables at the end of this press release for a reconciliation to GAAP.
Recent Business Highlights:
- American Rebel Beer will enter full scale production in August of 2024
- Successfully launched American Rebel Beer at Country Stampede in Bonner Springs, KS
- Reached premier distribution partnerships for American Rebel Beer in the following regions:
- Bonbright Distributors - Ohio
- Best Brands - Tennessee
- Standard Beverage – Kansas
- Dichello Distributors - Connecticut
- Multiple distributors in numerous territories are engaged and we look forward to announcing additional distribution agreements during Q3 2024.
- American Rebel Light Beer surpassed 150+ retail locations throughout Kansas as of August 2024.
- Continued improvement in our subsidiary Champion Safe's financial performance with tighter cost controls and increasing inventory.
Andy Ross, Chief Executive Officer of American Rebel, commented, "America's Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer – Rebel Light is coming to a store near you. We made great strides during the quarter toward the market launch of our beer, with initial retail distribution in Kansas of our first production run. Our second run, which is much larger, is scheduled for late August. With our second run, we will be able to provide beer throughout our network of distributors while signing on new distributors, increasing our distribution network and footprint. This distribution network is key to positioning our beer to compete within the $110+ billion beer market."
Ross continued, "We have experienced some seasonality challenges in June and July of 2024 with our Champion safe business, which is common within the outdoor durable goods industry. Meanwhile, we will continue to posture our legacy safe business for growth while incorporating operational improvements to increase efficiencies and reduce expenses. With improved operational efficiencies and new products, we can sell safes at higher margins which should also drive profitability in 2025."
About American Rebel Holdings, Inc.
American Rebel Holdings, Inc. (NASDAQ:AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.
Non-GAAP Financial Measures
American Rebel Holdings, Inc reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release financial information in the form of Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income/expense, stock compensation, restructuring, receivables adjustment and non-cash lease charges) and Adjusted Net Loss. Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Adjusted EBITDA can be useful for investors or lenders as an indicator of available earnings. Non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the financial information prepared in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ:AREB, AREBW))) (the "Company," "American Rebel," "we," "our" or "us") desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued increase in revenues, actual receipt of funds under the Reg A Offering, effects of the offering on the trading price of our securities, implied or perceived benefits resulting from the receipt of funds from the offering, actual launch timing and availability of American Rebel Beer, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
Reconciliation of Net Income (Loss) attributable to American Rebel Holdings, Inc.,
to Adjusted EBITDA for the Three Months Ended June 30, 2024
Unaudited
| Net Loss | $ | (5,253,004 | ) | |
| Interest expense | 1,055,282 | |||
| Depreciation and amortization | 30,681 | |||
| EBITDA | $ | (4,167,041 | ) | |
| Stock compensation expense | 1,344,125 | |||
| Loss on settlement of debt instrument | 250,000 | |||
| Adjusted EBITDA (Non-GAAP) | $ | (2,572,916 | ) |
Reconciliation of Net Income (Loss) attributable to American Rebel Holdings, Inc.,
to Adjusted EBITDA for the Six Months Ended June 30, 2024
Unaudited
| Net Loss | $ | (7,954,282 | ) | |
| Interest expense | 1,479,141 | |||
| Depreciation and amortization | 54,996 | |||
| EBITDA | $ | (6,420,145 | ) | |
| Stock compensation expense | 2,478,125 | |||
| Loss on settlement of debt instrument | 250,000 | |||
| Adjusted EBITDA (Non-GAAP) | $ | (3,692,020 | ) |
Company Contact:
[email protected]
Investor Relations:
Brian Prenoveau
MZ North America
+1 (561) 489-5315
[email protected]
