BREA, Calif., USA – Reborn Coffee, Inc., a California-based retailer of specialty coffee, has reported its financial and operational results for the second quarter ended June 30, 2023. Revenues were $1.5 million for the second quarter of 2023, compared to $0.8 million for the comparable period in 2022, representing an increase of 93%.
For the six months ended June 30, 2023, revenues were $2.6 million, compared to $1.5 million in the prior year period. 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 June 30, 2023, compared to $0.5 million for the comparable period in 2022. Q2’23 company-operated store gross margins improved to 65% compared to 64% for the same period in 2022.
Total operating costs and expenses for the three-months ended June 30, 2023, were $2.7 million compared to $1.7 million for the comparable period in 2022, representing an increase of 58%.
Net loss for the second quarter of 2023 was $1.3 million, compared to a net loss of $0.9 million for the second quarter of 2022.
Net cash used in operating activities for the six months ended June 30, 2023, was $2.3 million, compared to $1.2 million for the six months ended June 30, 2022.
Cash and cash equivalents totaled $0.3 million as of June 30, 2023, compared to $3.0 million as of December 31, 2022.
Reborn Coffee: Q2 2023 and Subsequent Events
- 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.
- Appointed Bill Koschak to its newly created Advisory Board, an experienced financial executive bringing over 30 years of corporate, finance, and accounting leadership to Reborn, having spent the last 14 years as an operating or corporate CFO.
- Hosted a unique coffee tasting and marketing event in the Miami Design District during the Formula 1 Miami Grand Prix that took place May 5-7, 2023.
- Presented at investor conferences including EF Hutton Inaugural Global Conference and LD Micro Main Event Invitational XIII Conference.
