Reed's (REED) 2026财年第二季度业绩电话会：利润率改善，审视融资方案

核心要点

• 2026财年第二季度净销售额为750万美元，低于上年同期的950万美元，主要原因是全国常客订单量下降。销售额环比2026财年第一季度增长5%。
• 毛利率同比从8%提升至24%。存货冲销从160万美元降至10万美元。
• 净亏损收窄29%至430万美元（即每股亏损0.36美元），同时EBITDA亏损减少30%至400万美元。
• 经营性现金支出从500万美元降至220万美元。截至本季度末，Reed's持有的现金为240万美元，总债务为920万美元（扣除递延融资费用）。
• 管理层计划通过定价策略、渠道推广支出效率、物流改善以及更严格的库存管理，逐步将毛利率提升至35%左右的中段水平。
• Reed's正在评估融资替代方案，以支持业务运营及未来增长。

关键财务数据

业务与经营业绩

Reed's已基本完成产品组合精简，清掉了业绩不佳及非战略性的SKU。存货降至700万美元，有助于改善现金转换周期。

该公司整合了代工制造网络，并取消了合作的两家代工制造商，因为这两家的生产及出货物流成本超出了网络内其他环节的基准。全新的运营软件及自主研发的销售与需求规划工具旨在提高预测准确度、原材料采购和营运资金效率。

商业推广工作重点在于重建零售关系、重获货架空间以及恢复传统的玻璃瓶包装。Reed's在全美范围内的经纪合作伙伴现拥有75多名销售专业人员，提供零售覆盖和市场执行支持。

下半年的产品规划包括7.5盎司迷你罐4罐装调酒饮品，涵盖通宁水、苏打水和西柚风味调酒饮品（均带有微量姜味）。Reed's还计划推出玻璃瓶装的罐装姜汁汽水，并正在研发具有多种异域风味的高级姜汁啤酒。

管理层展望

管理层预计毛利率将逐步提升至35%左右的中段水平。计划中的推动因素包括选择性针对部分SKU提价、减少渠道支出流失、优化制造工艺以及降低存货冲销。

随着规划和库存管理能力的提升，该公司还预计第三季度存货将进一步减少。管理层表示，通过重新加深客户合作所获得的零售承诺，预计将于第三季度后期至2027财年第一季度期间开始落实兑现。

Reed's正在评估融资替代方案，以支持业务运营及增长计划。

风险与关注事项

• 由于全国常客订单量下降，销售额同比依然承压。
• 尽管较上年有显著改善，Reed's仍持续录得经营亏损和EBITDA亏损。
• 截至2026年6月30日，现金减少至240万美元，而总债务维持在920万美元，这凸显了正在评估的融资替代方案的重要性。
• 增长取决于维持现货供应能力、恢复零售货架空间以及将客户承诺转化为实际销售。
• 新品发布需要谨慎管理库存，以避免因高起订量的生产周期而占用现金。

分析师问答环节亮点

管理层表示，与主要零售商的关系依然完好，并提到了与 Food Lion、Publix、Sprouts、Kroger、Wegmans、Ingles、Harris Teeter 以及 Albertsons 的合作互动。Reed's还预计将于10月与 Whole Foods 会面，恢复玻璃瓶包装也是其零售复苏计划的一部分。

为限制新品对营运资金的需求，Reed's正在采用能够接受更低起订量的生产合作伙伴。管理层表示，这将使公司能够在无需为每个新SKU生产20,000至30,000箱的情况下测试市场需求。

在改善利润率方面，Reed's在其最大的客户群（管理层表示这些客户占其业务的85%至90%）中运用AI支持的客户与产品分析。该公司还在考虑对需要额外利润率支撑的SKU进行选择性提价。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, and welcome to Reed's Second Quarter 2026 Earnings Conference Call for the three months ended June 30, 2026.

My name is Mark, and I will be your conference call operator for today. Today's call will include prepared remarks from Neal Cohane, Reed's Interim Chief Executive Officer; and Douglas McCurdy, Reed's Chief Financial Officer.

Following the remarks, we will open the call for questions.

Before we begin, please take note of the company's cautionary statement. Today's call will include forward-looking statements, including statements about Reed's business strategy, growth initiatives, financial projections, operational improvements, the impact of corrective efforts, financing plans, and liquidity. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements inherently involve risks and uncertainties and only reflect management's view as of today, August 12, 2026.

Reed's assumes no obligation and does not intend to update these forward-looking statements except as required by law. For more information, please refer to the Risk Factors section of the company's annual report filed with the Securities and Exchange Commission on March 25, 2026, and in other filings that the company makes from time to time with the SEC.

When discussing results, the presenters may refer to non-GAAP measures which exclude certain items from reported results. Please refer to Reed's second quarter 2026 earnings release on Reed's investor website at investor.reedsinc.com, and the company's quarterly report on Form 10-Q for the quarter ended June 30, 2026, expected to be available on the website soon, for definitions and reconciliations of non-GAAP measures and additional information regarding results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

While we believe the non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

I will now turn the call over to Mr. Cohane. Please, go ahead.

Neal Cohane

Thanks, Mark, and good morning, everyone. We're now halfway through 2026, and I want to speak very plainly about where we stand. The second quarter results reflect early progress from corrective actions initiated earlier this year.

Net sales increased 5% compared to the first quarter. Gross margin expanded as well, and we expect continued expansion in the mid-30% area over time. Selling, general, and administrative costs decreased 18% compared to the first quarter, and we will continue to better balance these expenses.

Net loss decreased, and we are focused on achieving profitable growth. While these results represent improvement from the first quarter, the work is not finished, and the results are not where we want them to be. We need to continue improving sales execution, retail placement, and operating efficiency.

Let me give you some context on the key areas of progress during the second quarter. The first area is inventory. In the first quarter, inventory write-offs had a significant impact on our margins. In the second quarter, those write-offs declined materially as we substantially completed the portfolio rationalization work. We have liquidated underperforming and non-strategic SKUs, and we are now operating with a leaner, more focused inventory position. Overall, we reduced inventory to $7 million and improved our cash conversion cycle.

The second area is commercial execution. We regained shelf space and grew doors by reengaging national and regional retail accounts and restored our heritage glass bottle packaging. We have also invested in our national broker partner, which now has more than 75 sales professionals partnering with us to achieve success across key channels by increasing retail coverage and non-in market execution -- I'm sorry, improving in-market execution.

The third area is cost structure. We have taken action to better align SG&A with the current size of the business and improve trade spend efficiency, which is contributing to higher gross margins. We will continue to review the cost structure and prioritize spending that supports commercial execution.

On the product side, we have several initiatives building for the second half of the year. Our new mixer line is just about ready to hit the streets, and many retailers across the country are clearing space for our new 4-pack, 7.5-ounce mini cans of tonic, club, and grapefruit mixers. All have a hint of ginger. Our top-selling ginger ale in cans will soon be available in glass bottles. We expect this to be one of the most successful SKUs in our portfolio. We're also currently working on the most unique line of premium ginger beer in several unique exotic flavors.

Moving on to the ops side of the business. Damian Warshall, our Chief Operating Officer, has now completed his first full quarter with Reed's. His initial focus was on inventory control, supply chain management, vendor relationships, and production efficiency. During this time, we launched a comprehensive review of our contract manufacturing network, consolidating production to align each item with the optimal facility and region. We believe that work is already producing results. We rationalized 2 co-manufacturers in our legacy network whose combined production and outbound logistics costs were running well above the benchmarks we were achieving elsewhere, tightening our cost structure and reinforcing our foundation as we scale.

We've also deployed new operations software that we believe meaningfully strengthens how we forecast and manage raw material purchasing on a national basis, enabling us to operate leaner, reducing the aggregate inventory we carry ahead of production while preserving our ability to serve demand.

Stepping back, the second quarter demonstrated sequential progress in gross margin, inventory management, and overall operating performance, but we recognize that substantial work remains. As we move through the second half of the year, we are focused on disciplined commercial execution, continued margin improvement, and positioning Reed's for profitable and sustainable growth.

In the third quarter, we see continued opportunity to bring national inventory levels down further as we make efforts to build out our inventory planning and management capabilities. All this work is expected to free up working capital and improve the efficiency of our production footprint. Over the past 2 months, our team has taken the initiative to develop an in-house proprietary sales and demand planning tool purposely built for how this organization plans, tracking the baseline needs of our customers, while dynamically accounting for seasonality and the distribution gains we expect to capture through the annual sales cycle. We believe this positions us for continued working capital gains as we keep optimizing inventory across the network.

Finally, we are also evaluating financing alternatives to support our growth going forward.

With that, I'll turn the call over to Doug, our CFO, who will discuss the second quarter results in greater detail. Doug?

Douglas McCurdy

Thank you, Neal. Turning to our results for the second quarter of 2026. All variance commentary is on a year-over-year basis unless otherwise noted.

Net sales for the second quarter of 2026 were $7.5 million, compared to $9.5 million in the prior year period. The decrease was primarily driven by lower volumes with recurring national customers. On a sequential basis, net sales increased 5% from the first quarter of 2026, reflecting early progress with our profitable growth initiatives.

Gross profit for the second quarter increased to $1.8 million, compared to $0.8 million in the prior year period. Gross margin increased to 24% compared to 8% in the prior year period. The improvement was primarily driven by lower inventory write-offs, which declined to $0.1 million from $1.6 million in the prior year period.

Delivery and handling costs decreased 30% to $1.1 million during the second quarter of 2026, compared to $1.6 million in the second quarter of 2025, primarily driven by continued improvements in logistics efficiency and freight optimization. Delivery and handling costs were 15% of net sales or $2.54 per case compared to 17% of net sales or $2.95 per case during the same period last year.

Selling, general, and administrative expenses decreased 6% to $4.7 million, compared to $5.0 million in the prior year period. The decrease was primarily driven by lower legal settlements and continuing efforts to optimize selling, general, and administrative expenses, offset by investment in personnel and related services to support our Asia growth initiative.

Net loss during the second quarter of 2026 decreased 29% to $4.3 million, or negative $0.36 per share, compared to a net loss of $6.0 million, or negative $0.78 per share, in the prior year period.

EBITDA loss decreased 30% to $4.0 million in the second quarter of 2026 compared to $5.7 million in the year-ago period.

Cash used in operations decreased to $2.2 million in the second quarter of 2026 compared to cash used in operations of $5.0 million in the year-ago period.

As of June 30, 2026, Reed's had $2.4 million of cash and $9.2 million of total debt, net of deferred financing fees. This compares to $10.4 million of cash and $9.2 million of total debt, net of deferred financing fees at December 31, 2025.

As Neal noted, we are evaluating financing alternatives to support the business going forward.

This concludes our prepared remarks. Operator, you may open the line for questions.

Operator

[Operator Instructions] Your first question comes from Aaron Grey from Alliance Global Partners.

分析师问答

Aaron Grey

I guess, first one from me. Regarding some of the vendor relationships that you referred to, maybe talk about where those stand? I know there's been some changes, probably some disruption. So how do some of those key relationships stand today in terms of retaining or maybe gaining back some shelf space for some of those key partners?

Neal Cohane

Yes, Aaron, this is Neal. That's a great question. And I have to tell you, we reduced the size of our sales team because we now have a broker partner. I can tell you I've got the 4 best salespeople in the country today. I would match them up to any other small beverage company like ourselves. We've touched almost every one of our big customers, not completed yet, some are still ready to go, but we've touched and spoken with, and myself personally involved: Food Lion, Publix, Sprouts, Kroger, Wegmans, Ingles, Harris Teeter, Albertsons. Across the country, we've talked to everybody.

Everybody loves the brand. Everybody wanted to make sure we were, A, staying in stock and we could handle their business. Two, some want the glass bottle back, so we're bringing glass bottles back into some locations, which will be extremely helpful.

I think it was very, very tough. This brand was born on glass bottles back in 1986, '87. It was our legacy, was the glass bottle, and it was eliminated overnight, which hurt us and impacted our business significantly at places like Whole Foods, just one of our largest volume per outlet customers, completely hurt us there. We have a meeting coming up with Whole Foods in October, personally with the buyer. And I can tell you, I believe that's going to be a very, very effective meeting. We have a lot to talk about.

So, long answer to a short question. Yes, our relationships are very much intact, and our business is only going to get better. And we're seeing the results right now. While we're getting commitments now, we'll start seeing those commitments come to fruition sometime around the end of this third, mid-third to going into first quarter of next year.

Aaron Grey

Okay, great. Really appreciate that color and glad to hear in terms of some of that progress there. I guess, assuming that we get some of these accounts back and get some shelf space, how should we think about then ensuring that you're properly inventoried and capitalized on those growth opportunities, particularly as we think about where the balance sheet stands today and there might be some constraints?

Neal Cohane

Yes, the one thing that, you know, bringing Damian on. Damian knew our system very, very well. Damian also knows our bottling network very, very well. We have also met with the bottlers. We've met with our production houses. And we also are using Chris Reed, the founder of the company, and his production facility out on the West Coast. It's allowing us to reduce our minimum order quantities. So as we start bringing on new SKUs, we're not going to have to have and produce 20,000 and 30,000 cases per new SKU.

We're going to be able to get it to a very, very reasonable amount, which will preserve cash, and it'll allow us kind of to see the market, test the market, see where we need to make improvement. We're much smarter about how we do things in terms of creating -- rather than creating tons of inventory which will tie up cash. We're going to be very strategic how we do it. We're probably one of the best things we have going right now is our relationships with these guys.

Aaron Grey

Okay, that's great to hear. Maybe last question from me, just on the gross margin, right? Nice to see some of the sequential improvement during the quarter. Given all the puts and takes of what you're just talking about, being able to be more nimble and efficient in terms of the new SKU launches, and obviously having a big prioritization in terms of profitable sales as you now go forward and look for growth, how should we think about the evolution of the gross margin profile over the next 12 months?

Neal Cohane

Aaron, we have implemented and installed a system right now that is best-in-class. I would hold it up against any major beverage company in the country. We're using AI in a very strategic way to help us look and evaluate how our business is in every single one of our -- and I'll just say start with our top 25 customers because those customers drive a big part of our business, 85% to 90% of our business. We now can look and perform an ROI in minutes when it used to take a little while longer than that and not be as accurate. So we can see what our mix looks like, we can see what's driving the business quickly, we'll know it, we have it at our fingertips.

But we're also working on some strategic price increases. It's not across the board, but across SKUs that we know need to have a slight more bit of a little push so we can get our margins into the, as Doug said, into the 30s and mid-30s and above range.

Operator

[Operator Instructions] There are no further questions at this time. I will now turn the call over to Mr. Cohane for closing remarks. Please continue.

Neal Cohane

Thanks, Mark. Thanks for joining the call today. We believe the actions we are taking will position Reed's for continued improvement going forward and long-term sustainable growth. We appreciate your continued interest in Reed's, and we look forward to updating you on progress during the next call. Thank you.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect your lines. Have a good day.