First Quarter 2023 Highlights (in USD):
- Q1 2023 Sales grew 48% to $12.61 million compared to $8.53 million in Q1 2023.
- Production volume for Q1 grew 89% to 85.64 million cans compared to 44.9 million cans in Q1 2022.
- Plant Utilization in Q1 2023 grew to 39.3% from 16.6% in Q1 2022.
- Customer Confirmed Orders grew 36.5% in Q1 2023 to $20.52 million from $15.03 million the previous quarter.
VANCOUVER, BC / ACCESSWIRE / July 25, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ("Wildpack Beverage" or the "Company") a leading middle market co-packer of canned goods announces unaudited financial results for the first quarter ("Q1") ending March 31, 2023. All currencies referenced herein are US Dollars, unless otherwise indicated.
"As 2022 ended we had a focus on sales and an enterprise focus on reinforcing our operations to withstand the building demand," commented Mitch Barnard, CEO of Wildpack Beverage. "In the first quarter of 2023 we wanted to build on that sales momentum and execute against higher utilization targets, and we are proud of the immense progress we have made and continue to see in the first half of 2023."
Q1 2023 Financial Summary
| Three months ended | ||||||||
| March 31, | March 31, | |||||||
| 2023 | 2022 (Restated) | |||||||
Total Revenue | $ | 12,613 | $ | 8,529 | ||||
Total costs and expenses | $ | 18,137 | $ | 14,072 | ||||
Net loss before income taxes | $ | -5,524 | $ | -5,543 | ||||
Deferred income tax recovery | - | - | ||||||
Net Loss | $ | -5,524 | $ | -5,543 | ||||
Q1 2023 Earning Webcast
Wildpack Beverage will host a webcast to discuss financial results for the quarter and previously announced 2022 Fiscal Year results, with CEO, Mitch Barnard, CFO, Ryan Mason, and CGO, Thomas Walker, tomorrow July 26, 2023 at 5pm EDT (2pm PST). You can register for the webinar below.
Presentation Details:
Date: July 26, 2023
Time: 5pm EDT (2pm PST)
Registration: Online Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: [email protected].
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
For further information, please contact us at:
or
Elijah Clare
Vice President, Investor Relations
[email protected]
Advisors
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
Visit our investor website at:
https://investor.wildpackbev.com
About Wildpack Beverage
Wildpack Beverage provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack Beverage currently operates indirectly through its wholly owned subsidiaries and out of five facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack Beverage commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.
Cautionary Statement on Forward Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the timing, review, completion and filing of the Required Filings, Wildpack Beverage's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: the risk of the Company not filing the Required Filings on time, risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack Beverage operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Wildpack Beverage to be materially different from any future results, performance, or achievements expressed, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack Beverage are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack Beverage's control, and undue reliance should not be placed on such statements. Although Wildpack Beverage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack Beverage's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack Beverage operates. Except as required by securities law, Wildpack Beverage does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wildpack Beverage Inc.