Kona Gold Beverage, Inc Post Record Revenue for Q1 in
2023
Kona Gold Beverage Posts 79% Year-over-year Increase in
Revenue
Melbourne,
FL -- April
11, 2023 -- InvestorsHub NewsWire --
Kona Gold Beverage, Inc. (OTCPK:
KGKG), a holding company focused on product development and
distribution in the better-for-you and functional beverage sector
is pleased to announce the Company posted record quarterly revenue
in Q1 of 2023.
Kona Gold
Beverage posted combined gross revenues of its subsidiaries of just
under $1.3M.
With the
first three months generally being the slower months in the
beverage industry, posting a record quarter in Q1 signifies the
continued growth and strength the Company is
experiencing.
As the
Company's two subsidiaries, Kona Gold, LLC and Gold Leaf
Distribution, LLC ramp up for the busy season in Q2 and Q3, they
are on track to hit their $6.8-$7M revenue projections for
2023.
Kona Gold
Beverage recently posted its audited annual report (10-K), where
the Company reported a 79% increase in revenue for fiscal year 2022
over 2021.
The driving
force behind that growth was the Company's Gold Leaf Distribution
subsidiary growing 154% year-over-year and market growth of Kona
Gold's Ooh La Lemin Lemonades growing 17%
year-over-year.
Kona Gold
LLC sold approximately 67,000 cases across its beverage portfolio
brand.
The Company
has set projections of 200,000 case sales in 2023, which will be a
driving force in the Company hitting its 2023 revenue
projections.
"I am
pleased to announce to our stockholders that Kona Gold Beverage
continues to have impressive growth and continues to post record
revenue quarters," stated Robert Clark, CEO of Kona Gold Beverage,
Inc. "We have started off 2023 strong and we anticipate a very
strong Q2 and Q3 across both subsidiaries.
Our Ooh La
Lemin Lemonades continue to perform extremely well in all markets
and our team is working to close partnerships with several national
chains and distribution partners.
We have set
our 2023 case sales projection of 200,000 cases and are very
confident we will hit that goal.
Our team
has set the long-term goal of one million cases in 2026 as we
continue to set the foundation to achieve that."
Kona Gold
Beverage recently announced its popular Ooh La Lemin Lemonades will
be available for sale in Town Pump convenience stores in
Montana.
Of the
Company's 10 SKU's of Ooh La Lemin, 3-7 SKU's will be sold in
approximately 60 Town Pump convenience stores, with the number of
SKU's depending on the size of the stores.
Kona Gold's
distribution partner, Hayden Beverage, will be distributing Ooh La
Lemin to Town Pump Convenience Stores.
For more
information regarding Kona Gold Beverage, please visit:
https://konagoldbeverage.com/
About Kona
Gold Beverage, Inc.
Kona Gold
Beverage, Inc., a Delaware corporation, has created wholly-owned
subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf
Distribution, LLC.
Kona Gold,
LLC has developed a premium Hemp-Infused Energy Drink line; please
visit its website at
www.konagoldhemp.com.
HighDrate,
LLC has developed the beverage industry's first CBD-Infused Energy
Water, available in 6 delicious flavors; please visit its website
at
www.highdrateme.com.
Gold Leaf
Distribution, LLC was created to fill the Company's distribution
needs in markets that it wants to enter quickly; please visit its
website at
www.goldleafdist.com.
Kona Gold
Beverage, Inc. recently rebranded its Lemin Lemonade to Ooh La
Lemin Lemonade; please visit its website at
www.oohlalemin.com. Kona Gold
and its family of companies are located on the east coast of
Florida in Melbourne and in Greer and Conway South
Carolina.
Safe Harbor
Statement:
The
information posted in this release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these statements by use of the
words "may," "will," "should," "plans," "expects," "anticipates,"
"continue," "estimate," "project," "intend," and similar
expressions. The
Company may also make written or oral forward-looking statements in
its filings with the U.S. Securities and Exchange Commission, in
press releases and other written materials, and in oral statements
made by its officers, directors or employees to third
parties.
There can
be no assurance that such statements will prove to be
accurate.
The Company
cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the Company's Registration Statement on Form
S-1.
Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected or
anticipated.
These risks
and uncertainties include, but are not limited to, general economic
and business conditions, effects of continued geopolitical unrest
and regional conflicts, competition, changes in technology and
methods of marketing, delays in completing various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technological advances and
delivering technological innovations, shortages in components,
production delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's
control. The
Company does not undertake any obligation to update publicly or to
revise any statements in this release, whether as a result of new
information, future events, or otherwise.
Investor
Relations Contact:
Robert
Clark
844-714-2224
investorrelations@konagoldbeverage.com
