A Business at a Glance
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REED'S, INC.
REED
$8M
Mkt Cap
$0.93
+0.00%
REED'S, INC. (REED) has a current P/E ratio of 1.3.
REED'S, INC. (REED) has a 5-year average return on invested capital (ROIC) of -28.8%. This is below average and may indicate limited pricing power.
REED'S, INC. (REED) has a market capitalization of $8M. It is classified as a small-cap stock.
REED'S, INC. (REED) does not currently pay a regular dividend.
REED'S, INC. (REED) operates in the Bottled & Canned Soft Drinks & Carbonated Waters industry, within the Consumer Defensive sector.
REED'S, INC. (REED) reported annual revenue of $34 million in its most recent fiscal year, based on SEC EDGAR filings.
REED'S, INC. (REED) has a net profit margin of -46.5%. The company is currently unprofitable.
REED'S, INC. (REED) generated $-17 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Item 1. Business Reed’s, Inc., a Delaware corporation (“Reed’s”, the “Company,” “we,” or “us” throughout this report) owns a leading portfolio of handcrafted, natural beverages that is sold in over 32,000 outlets nationwide. These outlets include the natural and specialty food channel, grocery stores, mass merchants, drug stores, convenience stores, club stores, liquor stores, and on-premises locations including bars and restaurants. Reed’s two core brands are Reed’s, which includes Reed’s Craft Ginger Beer, Reed’s Real Ginger Ale, Reed’s Classic Mules, and Reed’s Hard Ginger Ale, and Virgil’s Handcrafted sodas. Reed’s Craft Ginger Beers are unique due to the proprietary process of using fresh ginger root combined with a Jamaican inspired recipe of natural spices, honey and pineapple flavors, and fruit juices.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 34M | 34M | 38M | 45M | 53M | 50M |
| Net Income | -16M | -16M | -13M | -16M | -20M | -16M |
| EPS | $-1.91 | $-1.91 | $-1.45 | $-1.83 | $-170.06 | $-164.08 |
| Free Cash Flow | -17M | -17M | -6.3M | -4.4M | -16M | -18M |
| ROIC | 25.2% | 25.2% | -19.4% | -49.9% | -578.1% | -71.2% |
| Gross Margin | 20.4% | 20.4% | 30.0% | 21.7% | 22.8% | 27.4% |
| Debt/Equity | 1.17 | 1.17 | 1.57 | -0.93 | -1.30 | 3.23 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | -15M | -15M | -8.1M | -9.4M | -15M | -16M |
| Operating Margin | -44.5% | -44.5% | -21.4% | -21.1% | -28.0% | -32.2% |
| ROE | -173.2% | -200.6% | 210.0% | 112.3% | - | -224.6% |
| Shares Outstanding | 8M | 8M | 9M | 8M | 0M | 0M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 43M | 46M | 42M | 38M | 38M | 34M | 42M | 50M | 53M | 45M | 38M | 34M | 34M |
| Gross Margin | 30.0% | 25.3% | 21.8% | 18.3% | 28.0% | 23.3% | 30.7% | 27.4% | 22.8% | 21.7% | 30.0% | 20.4% | 20.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.4M | 4.4M | 4.0M | 5.8M | 8.4M | 7.6M | 7.0M | 8.0M | 7.5M | 6.1M | 9.1M | 11M | 11M |
| EBIT | 276K | -2.7M | -2.8M | -12M | -8.1M | -15M | -8.6M | -16M | -15M | -9.4M | -8.1M | -15M | -15M |
| Op. Margin | 0.6% | -5.9% | -6.6% | -31.2% | -21.3% | -43.9% | -20.7% | -32.2% | -28.0% | -21.1% | -21.4% | -44.5% | -44.5% |
| Net Income | -759K | -4.0M | -5.0M | -18M | -10M | -16M | -10M | -16M | -20M | -16M | -13M | -16M | -16M |
| Net Margin | -1.7% | -8.6% | -11.8% | -48.7% | -27.1% | -47.7% | -24.5% | -33.1% | -37.8% | -34.7% | -34.7% | -46.5% | -46.5% |
| Non-Recurring | 0 | 0 | 484K | 5.9M | 409K | 45K | 0 | -67K | 0 | -8K | 0 | 5K | 5K |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | -104.1% | -57.7% | -37.9% | -65.0% | -92.9% | -41.6% | -71.2% | N/M | -49.9% | -19.4% | 25.2% | 25.2% |
| ROE | -21.6% | -178.8% | N/A | -3617.7% | 331.4% | -1405.1% | -176.3% | -224.6% | N/A | 112.3% | 210.0% | -200.6% | -173.2% |
| ROA | -4.8% | -21.5% | -25.9% | -84.8% | -55.9% | -113.2% | -56.5% | -70.8% | -77.4% | -70.0% | -59.8% | -65.4% | -67.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.0M | -1.3M | -2.5M | -3.4M | -9.3M | -18M | -9.5M | -18M | -16M | -4.3M | -6.1M | -17M | -17M |
| Free Cash Flow | 686K | -1.9M | -2.9M | -4.2M | -9.4M | -18M | -9.6M | -18M | -16M | -4.4M | -6.3M | -17M | -17M |
| Owner Earnings | -135K | -3.2M | -3.6M | -4.2M | -10M | -19M | -11M | -19M | -18M | -4.9M | -6.8M | -17M | -17M |
| CapEx | 330K | 532K | 410K | 813K | 159K | 322K | 122K | 326K | 2K | 85K | 152K | 272K | 272K |
| Maint. CapEx | 755K | 933K | 387K | 551K | 86K | 61K | 88K | 143K | 108K | 142K | 125K | 160K | 160K |
| Growth CapEx | 0 | 0 | 23K | 262K | 73K | 261K | 34K | 183K | 0 | 0 | 27K | 112K | 112K |
| D&A | 755K | 933K | 387K | 551K | 86K | 61K | 88K | 143K | 108K | 142K | 125K | 160K | 160K |
| CapEx/OCF | 32.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 2K | 1K | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | 396K | 877K | 658K | 276K | 667K | 374K | 1.3M | 1.8M | 2.1M | 492K | 528K | 59K | 59K |
| Debt Repayment | 111K | 134K | 160K | 191K | 253K | 0 | 4.3M | 0 | 3.1M | 200K | 514K | 650K | 650K |
| Balance Sheet | |||||||||||||
| Net Debt | 1.7M | 1.3M | 5.5M | -9.6M | 2.8M | 3.1M | 5.9M | 14M | 10M | 17M | 17K | 251K | 251K |
| Cash & Equiv. | 959K | 1.8M | 451K | 12M | 624K | 913K | 595K | 49K | 533K | 603K | 10M | 10M | 10M |
| Long-Term Debt | 1.5M | 1.4M | 1.4M | 1.3M | 801K | 737K | 555K | N/A | 8.1M | 11M | N/A | 650K | 650K |
| Debt/Equity | 0.72 | 3.95 | -3.58 | 4.89 | -0.50 | 3.51 | 0.63 | 3.23 | -1.30 | -0.93 | 1.57 | 1.17 | 1.17 |
| Interest Coverage | 0.3 | -2.2 | -1.4 | -3.4 | -3.7 | -11.6 | -6.6 | -13.3 | -2.8 | -1.5 | -1.5 | -13.7 | -13.7 |
| Equity | 3.7M | 785K | -1.7M | 508K | -6.7M | 1.1M | 10M | 4.2M | -8.5M | -19M | 6.6M | 9.2M | 9.2M |
| Total Assets | 17M | 20M | 19M | 24M | 12M | 16M | 20M | 26M | 25M | 19M | 25M | 23M | 23M |
| Total Liabilities | 13M | 19M | 21M | 24M | 19M | 15M | 9.7M | 22M | 34M | 38M | 18M | 14M | 14M |
| Intangibles | 1.0M | 1.0M | 805K | 805K | 576K | 576K | 615K | 624K | 626K | 629K | 644K | 650K | 650K |
| Retained Earnings | -23M | -27M | -32M | -50M | -60M | -77M | -87M | -103M | -123M | -139M | -152M | -168M | -168M |
| Working Capital | 2.2M | 730K | -1.6M | 2.3M | -3.3M | 4.9M | 9.5M | 3.0M | -1.6M | -9.4M | 5.7M | 8.1M | 8.1M |
| Current Assets | 11M | 13M | 10M | 21M | 11M | 14M | 18M | 25M | 24M | 18M | 23M | 21M | 21M |
| Current Liabilities | 9.3M | 13M | 12M | 19M | 14M | 9.4M | 8.9M | 22M | 26M | 27M | 18M | 13M | 13M |
| Per Share Data | |||||||||||||
| EPS | -1.13 | -5.63 | -6.94 | -23.25 | -7.69 | -8.63 | -3.19 | -164.08 | -170.06 | -1.83 | -1.45 | -1.91 | -1.91 |
| Owner EPS | -0.20 | -4.48 | -4.95 | -5.38 | -7.45 | -9.95 | -3.39 | -194.97 | -150.51 | -0.58 | -0.75 | -2.08 | -2.08 |
| Book Value | 5.41 | 1.11 | -2.29 | 0.64 | -5.02 | 0.61 | 3.26 | 42.03 | -71.80 | -2.26 | 0.73 | 1.10 | 1.10 |
| Cash Flow/Share | 1.51 | -1.91 | -3.50 | -4.33 | -6.89 | -9.72 | -2.97 | -175.90 | -131.65 | -0.50 | -0.67 | -2.05 | -1.89 |
| Dividends/Share | N/A | 0.00 | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 0.7M | 0.7M | 0.7M | 0.8M | 1.3M | 1.9M | 3.2M | 0.1M | 0.1M | 8.5M | 9.1M | 8.3M | 8.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.5 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 21.1 | N/A | N/A | 48.1 | N/A | 26.9 | 3.6 | N/A | N/A | N/A | N/A | N/A | 0.8 |
| Price/Sales | 1.8 | N/A | 1.3 | 1.1 | 1.6 | 2.4 | 1.2 | N/A | N/A | N/A | N/A | N/A | 0.2 |
| FCF Yield | 0.9% | N/A | -5.4% | -17.3% | -17.5% | -59.9% | -25.9% | N/A | N/A | N/A | N/A | N/A | -224.3% |
| Market Cap | 77M | 0 | 55M | 24M | 54M | 31M | 37M | 0 | 0 | 0 | 0 | 0 | 7.7M |
| Avg. Price | 1,847.77 | 0.00 | 1,189.66 | 837.47 | 713.80 | 704.95 | 256.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 |
| Year-End Price | 1,830.00 | 0.00 | 1,215.00 | 495.00 | 639.00 | 264.00 | 186.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 |
REED'S, INC. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 24.5%.
REED'S, INC. (REED) has a debt-to-equity ratio of 1.17. This indicates moderate leverage.
REED'S, INC. (REED) reported earnings per share (EPS) of $-1.91 in its most recent fiscal year.
REED'S, INC. (REED) has a return on equity (ROE) of -200.6%. A negative ROE may indicate losses or negative equity.
REED'S, INC. (REED) has a 5-year average gross margin of 24.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for REED'S, INC. (REED), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REED'S, INC. (REED) has a book value per share of $1.10, based on its most recent annual SEC filing.