Kona Gold Beverage, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 01:58 pm EST
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Kona Gold Beverage, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.687797 million compared to USD 1.13 million a year ago. Net loss was USD 0.518092 million compared to USD 1.19 million a year ago.
For the nine months, sales was USD 2.89 million compared to USD 3.3 million a year ago. Net loss was USD 3.65 million compared to USD 6.14 million a year ago.
Kona Gold Beverage, Inc. operates through its four subsidiaries, Kona Gold LLC (Kona), HighDrate LLC (HighDrate), Gold Leaf Distribution LLC (Gold Leaf), and Covert LLC. Kona focuses on the development and marketing of functional and better-for-you beverages: Ooh La Lemin Lemonades that are available in a variety of sparkling and non-sparkling flavors and Kona Gold Energy Drinks that are low-to-zero calorie functional beverages that are high in B vitamins, amino acids, and omegas. HighDrate focuses on the development and marketing of Cannabidiol (CBD)-infused energy waters geared to the fitness and wellness markets. Gold Leaf focuses on the distribution of premium beverages and snacks in key markets. Covert LLC operates in the consumer packaged goods (CPG) market and specializes in high-potency Delta-8, THCa, THC-P, and Kratom products. The Company sells its products through resellers. The Company's other subsidiary, Surge Distribution LLC, which is a premiere distribution company.