NewAge, Inc. (NASDAQ:NBEV) (“NewAge” or “the Company”), the Colorado-based direct-to-consumer (D2C) organic and healthy products company, today announced that the Company anticipates preliminary, unaudited net revenue in the range of $99 million to $101 million for the fourth quarter ended December 31, 2021.
The preliminary net revenue range is relatively unchanged from revenue of $100 million reported in the third quarter 2021; however, it is below the Company’s previous expectation for a high single-digit sequential increase. While sales in October and November were in line with the Company’s expectations, sales momentum in December declined due to:
- Ongoing restrictions limiting travel and face-to-face meetings due to COVID;
- Changing regulatory requirements in China and Europe requiring operational adjustments; and
- Continued backlogs in shipping lanes impacting inventory levels.
The foregoing expected results are preliminary and remain subject to the completion of normal quarter end accounting procedures and closing adjustments. NewAge will report fourth quarter 2021 earnings in March 2022.
In addition, NewAge filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) today announcing that the NewAge Board of Directors and Chief Executive Officer Brent Willis have agreed that Mr. Willis will resign as CEO, Director, and employee, effective immediately. The Form 8-K can be accessed on the investor section of NewAge’s website at https://newagegroup.com/investors/tab/sec-filings and on the SEC’s website at www.sec.gov.
