Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
New Age Beverages Corp (NASDAQ:NBEV) shares were trading higher Thursday after the company announced financial results for the first quarter, which came in slightly short of expectations.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The maker of healthy beverages said its gross revenue amounted to $60.5 million. Net revenue stood at $58.3 million, a 404-percent year-on-year increase; the figure fell short of the consensus estimate of $61.5 million.
At the same time, New Age Beverages posted a net loss of $1.62 million, down from a loss of $2.65 million a year earlier. The company's net loss of 2 cents per share missed the consensus estimate of a 1-cent-per-share loss.
Why It's Important
The company said it ended the quarter with $110 million in cash, up from $42.5 million a quarter earlier and recorded $349.5 million in assets. It had a positive operating cash flow of $11.4 million versus a loss of $100,000 a year earlier.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
New Age Beverages is in the process of significantly expanding its market presence and integrating Morinda, a beverage company it acquired in December.
The company has entered into several partnerships. Recently it announced the expansion of a brand licensing agreement with the family of Bob Marley and the Marley brand for an additional 10 years. The Marley brand recently went national following an agreement with Walmart Inc. (NYSE:WMT).
What's Next
Going forward, New Age Beverages said it expects to accelerate its growth in the second half of 2019 helped by the national distribution of its brands, the launch of its CBD beverages portfolio and other initiatives that are still to be announced.
New Age shares were trading higher by 3.33 percent at $5.28 at the time of publication Thursday.
Related Links:
Walmart To Start Carrying New Age Beverages' Marley Brand Products
How This CBD Company Is Tackling A New Market: 'It's Important To Be First'
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.