Eastside Distilling, Inc. (EAST) has experienced an increase of 7.54% in aftermarket. However, the last trading session concluded at $1.99 with a decrease of 1.97%.
Third Quarter 2021 Financial Results by EAST – How was the quarter?
EAST announced third quarter 2021 results on 15th November 2021. According to the report issued by the company, the gross sales decreased to $3.3 million from $4.3 million. The drop was mostly due to lower revenue from canning and bottling compared to the previous year. Moreover, the operating expenses have been reduced to $2.7 million.
Despite the adverse business environment, improved spirits resulted in a gross profit of more than 50%. Operating expenses have significantly decreased year over year, and EBITDA has improved year over year. Lastly, EAST has signed a non-binding term agreement with a financing consortium.
Now what?
Current ratio, net income, liquidity, shareholder equity, cash balance, debt maturity, spirits gross margin, operating expenditure, material sourcing, product price, and cash balance are among the most significant vital parameters that the company continues to improve.
Unfortunately, the COVID pandemic’s residual impacts, the Company’s prior cash concerns, and the integration of the Azuia business have produced short-term sales challenges. The company has shifted its growth strategy to a three-year plan and expects sequential revenue increase going ahead, particularly as it enters 2022.
Three-Year Sponsorship Deal by EAST – What is it?
On 9th November 2021, EAST announced that Premium Portland-based craft distillery, Eastside Distilling has made a three-year agreement for NBA’s Portland Trail Blazers at the Moda Center for the 2021-24 seasons. Eastside Distilling, the Trail Blazers’ newest spirits partner, will present unique brand and sampling experiences inside the elite Moda Center event-level Courtside Club and Sphere lounge, featuring their entire premium Whiskey lineup.
Throughout the year, local and celebrity mixologists will create custom Eastside Distilling drinks that will be offered at numerous locations throughout the Moda Center during games, concerts, and other events. Moreover, the Eastside spirits brand strategy aims to interact with customers on a personal level through local events that are relevant to their lifestyles. Most importantly, using event-themed retail and marketing material, reconnect with consumers at the point of purchase, both on and off-premise.
Oregon Marionberry Whiskey – What’s happening?
EAST announced on 27th September 2021 that the excitement for flavored whiskies among consumers and trade has pushed volume figures to unprecedented heights. Volume was around 2.0 million instances a decade ago. Not only this, but the flavored alternatives appeal not just to long-time whiskey consumers, but also to new users who are younger and female.
Eastside Distilling is releasing an entire range of artisan, premium seasonal flavored whiskeys. On September 1st, the company relaunched Eastside Marionberry Whiskey with a new and better premium recipe and packaging. Lastly, the company will debut its new Luxardo Maraschino Cherry Whiskey and its new Oregon Cranberry Whiskey in the near future.
