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    Reborn Coffee Reports Third Quarter 2023 Financial Results

    11/14/23 4:01:00 PM ET
    $HOUR
    $REBN
    Catalog/Specialty Distribution
    Consumer Discretionary
    Restaurants
    Consumer Discretionary
    Get the next $HOUR alert in real time by email

    Third Quarter Revenue Increased 81% to $1.5 Million

    Third Quarter Gross Profit Increased 80% to $1.0 Million

    BREA, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Reborn Coffee, Inc. (NASDAQ:REBN) ("Reborn", or the "Company"), a California-based retailer of specialty coffee, has reported its financial and operational results for the third quarter ended September 30, 2023.

    Key Financial and Operational Highlights

    • Revenue increased 81% to $1.5 million in Q3'23 compared to $0.8 million in Q3'22.
    • Ended Q3'23 with 14 open locations, with one location in development.
    • Company-operated store sales increased $0.7 million, or 80% in the quarter ended September 30, 2023, compared to the same period in 2022.
    • Company-operated store gross profit was $1.0 million for the quarter ended September 30, 2023, compared to $0.6 million for the same period in 2022.

    Q3 2023 and Subsequent Events

    • Strategic partnership with Sheikh Hamed, the respected owner of Abu Dhabi's Millennium Hotel, paving the way for Reborn's dynamic entry into the vibrant UAE market, establishing its first retail location in Abu Dhabi, UAE.
    • Announced a strategic partnership with Hour Loop (NASDAQ:HOUR), a leading online retailer engaged in e-commerce, to offer the Company's high-quality coffee products on Amazon through the Amazon Marketplace program.
    • Expanded partnership with Hour Loop to offer new Reborn branded Organic Volcanic Tea through the Amazon Marketplace program.
    • Appointed Jennifer Tan, a global entrepreneur with 30 years' experience as a global entrepreneur in diversified businesses in the U.S., Europe and Asia, to the Board of Directors.
    • Launched "Sip for a Cause" wildfire relief program to assist with efforts following the devastating wildfires in Maui by pledging to donate 50% of its Kona Coffee sales proceeds to the Maui Food Bank.
    • Launched a unique initiative to appeal to pet owners including a series of pet-focused events at selected Reborn locations and the launch of a flagship "Reborn Cafe N Pet Social" at the soon to be expanded Pasadena Playhouse location in the dog-friendly city of Pasadena, California.
    • Secured a new $1.0 million credit facility with DRE, Inc. ("DRE") to fund working capital requirements and operating expenses.

    Management Commentary

    "The third quarter of 2023 was focused on new partnerships to diversify our reach beyond our California-based retail locations both globally and through e-commerce," said Jay Kim, Chief Executive Officer of Reborn. "Our company-operated store sales were driven by operational execution across our retail locations. Leveraging our ongoing revenue growth, our expansion strategy into new online and geographic channels continues to be supported by new products and strategic marketing initiatives that are increasing customer engagement.

    "During the quarter we partnered with leading online retailer Hour Loop to offer our high-quality coffee products on Amazon through the Amazon Marketplace program. Hour Loop operates as a third-party seller on multiple leading e-commerce platforms and is one of the top 5 Amazon resellers. Under the partnership, Hour Loop will purchase, carry and handle Reborn coffee products as well as manage listings, logistics, marketing, inventory management, price monitoring and platform integration on Amazon Marketplace. The collaboration will rapidly enable coffee enthusiasts across the US to conveniently purchase Reborn Coffee's exceptional products on Amazon via a trusted provider.

    "Recently we expanded our partnership with Hour Loop to include our new Reborn branded Organic Volcanic Tea. Our Organic Volcanic Tea is sourced from the Big Island of Hawaii where tea plants are grown on volcanic slopes within a rainforest 3,500 feet above sea level. With both coffee and tea products readying to launch on Amazon, combined with Hour Loop's sales experience and expansive reach, we believe we can rapidly scale sales to our retail chain in 2024.

    "We also made progress in our global expansion plans, partnering with Sheikh Hamed, the respected owner of Abu Dhabi's Millennium Hotel, to establish our first retail location in Abu Dhabi, UAE. Under the licensing agreement, we will work to establish Reborn Coffee outlets, roasting, and warehouse facilities in the UAE, with a goal to establish a minimum of ten locations within a specified five-year timeframe. With Sheikh Hamed's wealth of local knowledge and expertise, we look forward to elevating the coffee experience in the UAE.

    "Our marketing and customer engagement programs delivered two unique initiatives during the quarter, including plans to launch a specialty ‘Reborn Cafe N Pet Social' in pet-friendly Pasadena, California and a "Sip for a Cause" wildfire relief program to assist with efforts following the devastating wildfires in Maui. Reborn Cafe N Pet Social expands on our popular Reborn Cafe concept with a location anticipated to open in late 2023 that will feature indoor seating and an outdoor patio for pet owners and their furry friends, providing a cozy and welcoming environment for everyone to enjoy. The "Sip for a Cause" program is assisting with wildfire relief efforts by pledging to donate 50% of Kona Coffee sales proceeds to the Maui Food Bank.

    "Operationally, we were privileged to welcome Jennifer Tan to our Board of Directors. Jennifer has over 30 years' experience as a global entrepreneur in diversified businesses in the U.S., Europe and Asia. She is currently Chief Executive Officer of Hawaii Volcano Tea LP, a tea farm with multiple locations in the Volcano area of Hawaii. Jennifer's expertise in global business, especially her tenure in the premium tea sector, makes her an invaluable addition to our Board.

    "Looking ahead, we continue to execute on our expansion strategy, preparing for new company-owned retail locations in Southern California and new flagships in states such as Texas, as well as global locations including South Korea, Austria, and Dubai with our partners. In addition to geographic expansion, we are also expanding into e-commerce in partnership with a leading online retailer. We believe our expansion strategy, driven by sustained customer demand, new product innovation and effective operational execution across our retail locations, will support continued revenue growth for Reborn in the years to come," concluded Kim.

    Anticipated Milestones

    • Open 4 flagship Reborn Café locations in the U.S., targeting cities such as San Francisco, San Diego, Houston, and Kansas City.
    • Open up to 20 company-owned retail locations.
    • Open up to 20 Franchised locations nationwide.
    • Open 10+ overseas locations outside the U.S., targeting countries such as South Korea, Malaysia, Dubai, Indonesia, Kazakhstan, India, Thailand, and the UK
    • Flagship Store in Daejeon, South Korea: Showcasing the Cutting-Edge 4th Wave Coffee Concept. Home to a State of the Art Roasting R&D Facility for innovation
    • Open First Pet Friendly Indoor Café "Reborn N Pet Social in city of Pasadena California.
    • Joint R&D projects with coffee farms in locations such as Hawaii, Colombia, Ethiopia and Indonesia.
    • Expand B2B marketing to wholesale clubs and other major outlets and expand ecommerce marketing.
    • Launch new Reborn-branded products such red tea bag packs and cold brew cans.

    Third Quarter 2023 Financial Results

    Revenues were $1.5 million for the third quarter of 2023, compared to $0.8 million for the comparable period in 2022, representing an increase of 81%. For the nine months ended September 30, 2023, revenues were $4.2 million, compared to $2.4 million in the prior year period, an increase of 75%. The increase in sales was primarily driven by the opening of new locations and the continued focus on marketing efforts to grow brand recognition.

    Company-operated store gross profit was $1.0 million for the three-months ended September 30, 2023, compared to $0.6 million for the comparable period in 2022. Q3'23 company-operated store gross margins were 70% compared to 71% for the same period in 2022.

    Total operating costs and expenses for the three-months ended September 30, 2023, were $2.2 million compared to $1.7 million for the comparable period in 2022, representing an increase of 30%.

    Net loss for the third quarter of 2023 was $0.7 million, compared to a net loss of $0.9 million for the third quarter of 2022.

    Net cash used in operating activities for the nine months ended September 30, 2023, was $3.0 million, compared to $2.0 million for the nine months ended September 30, 2022.

    Cash and cash equivalents totaled $0.4 million as of September 30, 2023, compared to $3.0 million as of December 31, 2022.

    About Reborn Coffee

    Reborn Coffee, Inc. (NASDAQ:REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.

    Forward-Looking Statements

    All statements in this release that are not based on historical fact, including, without limitation, statements regarding our execution and the expected benefits from our future operating results and financial position, our business strategy and plans, market growth and our objects for future operations are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our filings with the Securities and Exchange Commission ("SEC") including our Form 10-K for the year ended December 31, 2022 and subsequent reports we file with the SEC from time to time, which can be found on the SEC's website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company's ability to continue as a going concern as indicated in an explanatory paragraph in the Company's independent registered public accounting firm's audit report as a result of recurring net losses, among other things, the Company's ability to successfully open the additional locations described herein as planned or at all, the Company's ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contacts

    Investor Relations Contact:

    Chris Tyson

    Executive Vice President

    MZ North America

    [email protected]

    949-491-8235

    Company Contact:

    Reborn Coffee, Inc.

    [email protected]

    Unaudited Condensed Consolidated Balance Sheets

    As of September 30,

    2023
      December 31,

    2022
     
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $363,951  $3,019,035 
    Accounts receivable, net of allowance for doubtful accounts of $0 and $0, respectively  13,813   780 
    Inventories, net  166,281   132,343 
    Prepaid expense and other current assets  1,272,155   477,850 
    Total current assets  1,816,200   3,630,008 
    Property and equipment, net  2,129,577   1,581,805 
    Operating lease right-of-use asset  4,449,188   3,010,564 
    Other assets  45,977   235,164 
             
    Total assets $8,440,942  $8,457,541 
             
    LIABILITIES AND STOCKHOLDERS' EQUITY        
             
    Current liabilities:        
    Accounts payable $298,279  $87,809 
    Accrued expenses and current liabilities  176,202   233,053 
    Line of credit  1,009,027   - 
    Loans payable to financial institutions, current portion  140,220   44,664 
    Loan payable, emergency injury disaster loan (EIDL), current portion  30,060   30,060 
    Loan payable, payroll protection program (PPP), current portion  40,447   45,678 
    Operating lease liabilities, current portion  871,226   624,892 
    Total current liabilities  2,565,461   1,066,156 
    Loans payable to financial institutions, net of current portion  19,112   6,234 
    Loan payable, emergency injury disaster loan (EIDL), net of current portion  469,940   469,940 
    Loan payable, payroll protection program (PPP), net of current portion  68,601   98,697 
    Operating lease liabilities, net of current portion  3,753,007   2,529,985 
    Total liabilities  6,876,121   4,171,012 
             
    Commitments and Contingencies        
             
    Stockholders' equity        
    Common Stock, $0.0001 par value, 40,000,000 shares authorized; 13,262,723 and 13,162,723 shares issued and outstanding at September 30, 2023 and December 31, 2022  1,326   1,316 
    Preferred Stock, $0.0001 par value, 1,000,000 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022  -   - 
    Additional paid-in capital  16,602,004   16,317,014 
    Accumulated deficit  (15,038,509)   (12,031,801) 
    Total stockholders' equity  1,564,821   4,286,529 
             
    Total liabilities and stockholders' equity $8,440,942  $8,457,541 

    Unaudited Condensed Consolidated Statements of Operations

      Nine Months Ended

    September 30,
      Three Months Ended

    September 30,
     
      2023  2022  2023  2022 
                 
    Net revenues:            
    Stores $4,091,512  $2,339,284  $1,487,858  $827,332 
    Wholesale and online  63,991   40,587   26,401   10,913 
    Total net revenues  4,155,503   2,379,871   1,514,259   838,245 
                     
    Operating costs and expenses:                
    Product, food and drink costs—stores  1,324,465   806,453   442,163   242,547 
    Cost of sales—wholesale and online  28,028   17,777   11,564   4,780 
    General and administrative  5,687,095   3,954,997   1,793,246   1,486,550 
    Total operating costs and expenses  7,039,588   4,779,227   2,246,973   1,733,877 
                     
    Loss from operations  (2,884,085)   (2,399,356)   (732,714)   (895,632) 
                     
    Other income (expense):                
    Other income  -   16,440   -   - 
    Interest expense  (124,967)   (39,404)   (18,532)   (24,428) 
    Gain (loss) on asset disposition, net  10,172   -   10,172   - 
    Total other income (expense), net  (114,795)   (22,964)   (8,360)   (24,428) 
                     
    Loss before income taxes  (2,998,880)   (2,422,320)   (741,074)   (920,060) 
                     
    Provision for income taxes  7,828   -   7,828   - 
                     
    Net loss $(3,006,708)  $(2,422,320)  $(748,902)  $(920,060) 
                     
    Loss per share:                
    Basic and diluted $(0.23)   (0.20)   (0.06)   (0.08) 
                     
    Weighted average number of common shares outstanding:                
    Basic and diluted  13,225,858   11,844,900   13,241,171   11,679,523 

    Unaudited Consolidated Statements of Cash Flows

    For the Nine Months Ended September 30, 2023  2022 
           
    Cash flows from operating activities:      
    Net loss $(3,006,708)  $(2,422,320) 
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Stock compensation  285,000   225,000 
    Operating lease  30,732   27,643 
    Depreciation  198,654   146,505 
    Changes in operating assets and liabilities:        
    Accounts receivable  (13,033)   (350) 
    Inventories  (33,938)   (14,104) 
    Prepaid expense and other current assets  (605,118)   (64,354) 
    Accounts payable  210,470   (24,771) 
    Accrued expenses and current liabilities  (56,851)   130,051 
    Net cash used in operating activities  (2,990,792)   (1,996,700) 
             
    Cash flows from investing activities:        
    Purchases of property and equipment  (746,426)   (333,189) 
    Net cash used in investing activities  (746,426)   (333,189) 
             
    Cash flows from financing activities:        
    Proceeds from issuance of common stock  -   7,200,000 
    Payment of IPO stock issuance  -   (997,870) 
    Proceeds from line of credit  1,009,027   685,961 
    Repayment of line of credit  -   (685,961) 
    Repayment of loan payable, PPP  (35,327)   - 
    Proceeds from loan payable, mortgage  2,850,000   - 
    Repayment of loan payable, mortgage  (2,850,000)     
    Proceeds from loan payable to financial institutions  286,032   238,982 
    Repayment loan payable to financial institutions  (177,598)   (271,703) 
    Repayment of equipment loan payable  -   (14,474) 
    Net cash provided by financing activities  1,082,134   6,154,935 
             
    Net (decrease) increase in cash  (2,655,084)   3,825,046 
             
    Cash at beginning of period  3,019,035   905,051 
             
    Cash at end of period $363,951  $4,730,097 
             
    Supplemental disclosures of non-cash financing activities:        
    Issuance of common shares for compensation $285,000  $- 
             
    Supplemental disclosure of cash flow information:        
    Cash paid during the years for:        
    Lease liabilities $900,978  $669,265 
    Interest $124,967  $8,578 

     



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