American Rebel Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023
Nashville, TN, Nov. 15, 2023 (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, announced its financial results for the three- and nine-month periods ended September 30, 2023. Investors are encouraged to read the Company's quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission (the "SEC") and contains additional information and is posted at https://americanrebel.com/
Year-to-Date 2023 Financial Highlights:
- Revenues rose to $11.4 million compared to $4.6 million in the prior year period. The increase was primarily attributable to contribution from the acquisition of Champion Safe, which closed on July 29, 2022, as well as a general increase from Champion's average quarterly sales of product.
- Gross margin for the nine months ended September 30, 2023, was $2,548,790 compared to $1,133,093 in the prior year period. The increase in gross margin was driven by the contribution from the Champion Safe acquisition.
- Net loss for the nine months ended September 30, 2023, was $3.6 million compared to a loss of $6.4 million in the prior year period. The decreased loss was primarily due to one-time transactional costs related to 2022 financings, as well costs related to the Champion acquisition and integration, partially offset by increasing costs due to a tightening jobs market and inflation.
Third Quarter 2023 Financial Highlights:
- Revenues totaled $3.3 million compared to $4.1 million in the prior year period. The decrease was attributable to slower sales across the 2A industry and current market conditions.
- Gross margin in the third quarter period ended September 30, 2023, was $250,134 compared to $978,104 in the prior year period. The decrease in gross margin was driven by a decrease in sales and increased costs of goods sold.
- Net loss for the third quarter was $2.8 million compared to a loss of $2.1 million in the prior year period. The increased loss was primarily due to higher professional and legal fees and increased marketing costs to put promotional opportunities in place for the fourth quarter, as well as the softening of gross margin on sales.
Andy Ross, Chief Executive Officer of American Rebel commented, "We have made tremendous progress in reconfiguring our safe business and expanding into new business categories. We recently announced we are entering the beverage business, through the introduction of American Rebel Beer. We believe American Rebel is well positioned to scale and gain market share quickly and efficiently reflecting shifting consumer trends, our differentiated product and unique brand, and our partnerships with both the nation's top beverage solutions company as well as the largest co-packer. We will begin rolling out our initial light beer product on a regional basis in early 2024 and expect to scale nationally during the year. We remain excited about our growth potential, which we believe will meaningfully enhance shareholder value, as we continue to leverage America's Patriotic Brand."
About American Rebel Holdings, Inc.
American Rebel Holdings, Inc. (NASDAQ:AREB) operates primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products. The Company also designs and produces branded apparel and accessories and is entering the beverage business. To learn more, visit www.americanrebel.com. For more information on American Rebel Beer, visit americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.
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 actual use of proceeds from the private placement, effects of the private placement on the trading price of our securities, implied or perceived benefits resulting from the receipt of funds from the private placement, our ability to comply with the covenants, representations and warranties contained in the purchase agreement with the investor in the private placement, 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, 2022. 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.
Click to access nine month and three month financial results: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001648087/000149315223041007/form10-q.htm
Company Contact:
[email protected]
Investor Relations:
Michael Kim or Brooks Hamilton
MZ North America
+1 (949) 546-6326
[email protected]
