Reborn Coffee reports Q2 EPS (10c) vs (8c) last year

Reports Q2 revenue $1.519M vs $788,476 last year. “The second quarter of 2023 was marked by ongoing revenue growth, execution of our expansion strategy, and strategic marketing initiatives to build customer engagement,” said Jay Kim, Chief Executive Officer of Reborn. “Increased company operated store sales were driven by new locations and marketing, underscored by new product innovations and effective operational execution across our retail locations. The second quarter was also focused on the exploration and launch of new U.S. and overseas locations, and ongoing joint R&D projects, B2B marketing expansion and new product launches. During the quarter we expanded on our popular Reborn Cafe concept, which is generating approximately $18 per customer on average, with plans to launch a specialty ‘Reborn Cafe N Pet Social’ in pet-friendly Pasadena, California. Anticipated to open in late 2023, the location will feature indoor seating and an outdoor patio for pet owners and their furry friends, providing a cozy and welcoming environment for everyone to enjoy. Snacks and water bowls will be provided for pets, along with a curated special pet supplies section. In tandem we are launching a new series of engaging events at Reborn retail locations in partnership with pet rescue and adoption organizations, and we are now allowing pets in outdoor and patio spaces at all our locations.”