Mon, Aug 19, 8:57 PM (148 days ago)
Reborn Coffee, Inc. reported its financial results for the second quarter ending June 30, 2024, revealing a challenging quarter marked by a decrease in revenue and ongoing operational losses. Total net revenues for the six months increased by 9.5% to approximately $2.9 million, driven by a significant rise in wholesale and online sales. However, the three-month revenue fell by 9.6% to $1.37 million, primarily due to a 20.1% decline in retail store sales. Operating losses remained substantial, with a net loss of $2.31 million for the six months, reflecting a slight increase from the previous year. General and administrative expenses rose 10.6% due to new hires and increased corporate costs. The company’s cash position improved to approximately $617,000, bolstered by financing activities, including $4 million from stock issuance. Despite these challenges, Reborn is focused on expanding its market presence and enhancing operational efficiency. However, uncertainties persist regarding future profitability and cash flow stability, necessitating ongoing capital raises to support operations. The company continues to face risks related to competition and economic conditions, impacting its growth trajectory.