The following is a summary of the Eastside Distilling, Inc. (EAST) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Eastside Distilling's consolidated gross sales for Q4 2023 stood at $2.1 million, a decline compared to $2.4 million in Q4 2022 due to seasonal declines in printing, mobile canning, and spirit sales.

• Consolidated gross profit was reported at negative $100,000 for both Q4 2023 and 2022, with a gross margin at negative 6%.

• Spirits segment showed improved margins of 21% for 2023, up from 13% in 2022, while the Craft segment's margin slightly worsened to negative 26% for 2023, from negative 23% in 2022.

• A 78% improvement was noted in spirits' net operating loss, reducing it to $114,000 from the previous year's $433,000 loss.

• Adjusted EBITDA was negative $1.3 million for 2023, showing improvement from the negative $1.6 million reported in 2022.

Business Progress:

• Eastside Distilling's Craft service business significantly increased its can printing from 4.8 million in 2022 to 14.1 million cans in 2023.

• The Spirits segment shows promising prospects, getting closer to breaking even with further progress expected in 2024.

• Eastside plans to introduce a second machine for their Craft digital printing operations to increase throughput and double installed capacity in Portland.

• The aim is to expand their customer base and engage in discussions with key lenders to extend maturity payments and increase liquidity.

• The firm is seeking to achieve profitability for both its key businesses - digital canning and spirits, and is planning growth driven investments.

• The company is considering the addition of more printers and exploring expansion to other locations.

• The newly hired CEO of Craft has already resulted in noticeable efficiency improvements with an expectation of business growth in the digital printing mix and potential expansion of the Portland Potato Vodka business.

More details: Eastside Distilling IR

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