Reborn Coffee reports Q4 EPS (29c) vs. (32c) last year

Reports Q4 revenue $900K vs$700K last year. Company-operated store sales increased $1M, or 44.5% in the year ended December 3, compared to the same period in 2021. Company-operated store gross profit was $2.1M for the year ended December 31 compared to $1.4M for the same period in 2021. Year-over-year company-operated store gross margins improved to 65.7% from 62.7%. 2022 was a transformative year for Reborn and for our business, including our successful IPO on Nasdaq, [new partnerships], and ongoing location and product expansion," said Jay Kim, Chief Executive Officer of Reborn. "Our fourth quarter was highlighted by strong revenue growth as we continued to execute our expansion strategy, driven by strong customer demand, new product innovation and effective operational execution across our retail locations. "We recently announced plans to open new company-owned retail locations in Southern California, which, once opened, will bring our total global footprint to 14 stores. We continue to seek out differentiated and prime locations to conduct due diligence and build on our pipeline of new company-owned locations. We are aggressively moving forward on strategically expanding our footprint in existing and new markets in California, the U.S. and globally, and developing our franchise opportunity. "We have launched a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout our retail locations. Super-Premium cold brew ice cream is a natural extension of our brand, mission and innovative specialty roasted coffee, and we are incredibly excited to begin offering it to customers.