NewAge Inc. (NASDAQ: NBEV) has announced record Q2 2021 financial results in which net revenue was up 98% to $124 million compared to $63 million in Q2 2020.
NewAge grew gross profit 120% YoY
The company reported gross profit of $84 million representing 120% YoY increase which resulted in gross margin of 67.6%. NewAge had net income of $17.4 million compared to a net loss of $9.6 million in Q2 2020. Adjusted EBITDA during the quarter was $1.7 million which is a $7.2 million increased compared to a loss of $5.5 million a year ago. The company reported positive basic earnings per share of $0.11 compared to a loss of $0.1 per share in Q2 2020.
CEO Brent Willis said, “The second quarter saw accelerated top and bottom-line results and continued income statement improvement. In the quarter, we completed the Aliven acquisition, had a very successful annual meeting, further integrated ARIIX capturing additional cost and revenue synergies, and continued expansion of our social selling initiatives worldwide. We strengthened our team and positioned NewAge for even further transformative performance as our strategy unfolds.”
Acquisitions fuelled revenue growth in Q2 2021
The acquisitions of ARIIX and Aliven fueled the increase in net revenue. On a pro forma basis, the combined European and US businesses grew by 24% and 15%, respectively. Japan, China, and the effect of COVID-19 in a number of markets throughout the world helped to balance things out.
NewAge CFO Kevin Manion commented, “This is our third consecutive quarter of positive adjusted EBITDA. Financially, our focus is on developing, utilizing and driving consistent company-wide metrics to improve EBITDA margins through operational improvements and reducing SG&A costs, specifically from consolidating the recent acquisitions. With these activities, we are confident in continued growth throughout 2021 and thereafter. I see NewAge as extremely well positioned to deliver superior organic growth and transformative, accretive external growth.”
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