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Fresh Vine Reports Q3 2022 Revenue Was Flat

Benzinga Real-time News ·  Nov 14, 2022 17:02

For the three months ended September 30, 2022, net revenue was flat compared to the same periods in 2021 due to timing of orders and seasonality. For the nine months ended September 30, 2022, we experienced an increase of 136% in net revenue compared to the same periods in 2021. The increase in net revenue for the nine-month period was primarily attributable to our increasing presence in the wholesale market and additional varietal offerings. In correlation with increasing sales, the cost of revenues during the three and nine months that ended September 30, 2022, increased 86% and 190%, respectively, compared to the same periods in 2021 due to volumes of shipments as well as higher storage fees. As a result of the cash preservation initiatives undertaken in the third quarter of 2022, we reduced our net loss by $2 million on a sequential basis, to approximately $2.6 million in the third quarter of 2022 as compared to approximately $4.6 million during the second quarter of 2022.

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