BREA, Calif., USA – Reborn Coffee, Inc., a California-based retailer of specialty coffee, has reported its financial and operational results for the fiscal year ended December 31, 2022. The company opened 4 new locations in 2022, bring the total count to 11 stores. Revenue increased 42% in the year ended December 31, 2022, to $3.2 million, up from $2.3 million during same period in 2021.
Company-operated store sales increased $1.0 million, or 44.5% in the year ended December 31, 2022, compared to the same period in 2021.
Company-operated store gross profit was $2.1 million for the year ended December 31, 2022, compared to $1.4 million for the same period in 2021. Year-over-year company-operated store gross margins improved to 65.7% from 62.7%.
The company announced plans to open new company-owned retail locations in Southern California and Korea, which, once opened, will bring its total global footprint to 14 stores. It launched of a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout the Company’s retail locations.
“2022 was a transformative year for Reborn Coffee and for our business, including our successful IPO on Nasdaq, [new partnerships], and ongoing location and product expansion,” said Jay Kim, Chief Executive Officer of Reborn. “Our fourth quarter was highlighted by strong revenue growth as we continued to execute our expansion strategy, driven by strong customer demand, new product innovation and effective operational execution across our retail locations.
“We recently announced plans to open new company-owned retail locations in Southern California, which, once opened, will bring our total global footprint to 14 stores. We continue to seek out differentiated and prime locations to conduct due diligence and build on our pipeline of new company-owned locations. We are aggressively moving forward on strategically expanding our footprint in existing and new markets in California, the U.S. and globally, and developing our franchise opportunity.
“We have launched a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout our retail locations. Super-Premium cold brew ice cream is a natural extension of our brand, mission and innovative specialty roasted coffee, and we are incredibly excited to begin offering it to customers.
“Looking ahead, we continue to focus on increasing our customer base and sales and growing Average Unit Volumes at our existing stores. New innovative products like our Cascara and Super-Premium ice cream will help to build additional revenue, differentiate our brand, and broaden our reach beyond our retail locations into B2B and DTC sales. Internationally we are positioning Reborn for rapid expansion in new key markets and developing our franchise opportunity. Taken together, we believe we are well positioned to reach our goals for sustained operational execution and year-over-year revenue growth. We enter 2023 in a strong position and look forward to sharing our accomplishments as we strive to create value for our shareholders, customers, and employees,” concluded Kim.
