BREA, Calif., USA – Reborn Coffee, Inc. , a California-based retailer of specialty coffee, has reported its financial and operational results for the first quarter ended March 31, 2023. Revenues were approximately $1.1 million for the period ended March 31, 2023, compared to approximately $0.8 million for the comparable period in 2022, representing an increase of 49%.
The increase in sales for the period 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 $0.7 million for the three-month period ended March 31, 2023, compared to $0.5 million for the comparable period in 2022. Q1’23 company-operated store gross margins improved to 67% compared to 61% for the same period in 2022.
Total operating costs and expenses for the three-month period ended March 31, 2023, were approximately $2.1 million compared to approximately $1.3 million for the comparable period in 2022, representing an increase of approximately 56%.
Net loss for the first quarter of 2023 was approximately $1.0 million, compared to a net loss of approximately $0.6 million for the first quarter of 2022.
Net cash used in operating activities for the three months ended March 31, 2023, was approximately $1.7 million, compared to approximately $0.5 million for the three months ended March 31, 2022.
Cash and cash equivalents totaled approximately $0.9 million as of March 31 2023, compared to approximately $3.0 million as of December 31, 2022.
Reborn Coffee: 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 4 overseas locations outside the U.S., targeting countries such as South Korea, Malaysia, Austria, and Dubai.
- Joint R&D projects with coffee farms in locations such as Hawaii and Colombia.
- 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.
