Reborn Coffee reports 2023 EPS (30c) vs. (29c) last year

Reports revenue $5.95M vs. $3.2M last year. “The fourth quarter of 2023 was highlighted by record revenue growth, improving margins, the launch of a flagship store in Kuala Lumpur, and a strengthened balance sheet to continue our global expansion,” said Jay Kim, Chief Executive Officer of Reborn. “Our company-operated record store sales were driven by operational execution across our retail locations, which also drove fourth quarter store margins up 710 basis points to 73.2%. We continued to leverage our ongoing store revenue growth, supported by new products and strategic marketing initiatives, to focus on strategic expansion into new online and geographic channels…Operationally during the quarter, we took the opportunity to strengthen our balance sheet in anticipation of strategic milestones in 2024. Two investments totaling $2.0 million will allow us to continue expanding our footprint in the U.S. and internationally, as well as provide working capital and funds for general corporate purposes. We also exchanged debt for equity with our longstanding Director, reducing our debt by $1.0 million. This conversion strengthens the company’s financial structure and signals to investors and stakeholders the promising future that lies ahead for Reborn. “Looking ahead into 2024, we are highly focused on our retail expansion strategy, preparing for new company-owned retail locations in Southern California and new flagships in states such as Texas, as well as global locations including South Korea, Austria, and Dubai with our partners. In partnership with a leading online retailer, we are driving e-commerce expansion to a national audience. We continue to seek new partnerships and opportunities that will increase customer engagement and broaden our service portfolio. Taken together, our strong customer demand, new product innovation and effective operational execution across our retail locations will empower us to continue our momentum and build long term shareholder value,” concluded Kim.