Eastside Distilling Inc (NAS:EAST)
$ 0.4939 -0.001099 (-0.22%) Market Cap: 1.46 Mil Enterprise Value: 15.78 Mil PE Ratio: 0 PB Ratio: 0 GF Score: 51/100
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Q2 2024 Eastside Distilling Inc Earnings Call Transcript

Aug 14, 2024 / 09:00PM GMT
Release Date Price: $0.72 (-4.11%)

Key Points

Positve
  • Consolidated sales increased by 11% in the second quarter.
  • Gross margin showed notable improvement compared to the prior year.
  • Craft segment saw a nearly 50% increase in digital printing revenue.
  • Gross profits increased substantially by 84%, despite lower sales.
  • Corporate expenses have decreased quarter-over-quarter for the last two years.
Negative
  • Craft segment needs to improve its gross margins and reduce machine downtime.
  • Spirit sales decreased by $100,000 due to changes in the go-to-market strategy.
  • Net loss remained high at $1.5 million for Q2 2024.
  • Adjusted EBITDA was flat at about negative $900,000 for both periods.
  • The company did not sell any substantial barrels in the quarter, impacting revenue.
Operator

Good day, and welcome to the Eastside Distilling second quarter 2024 financial results conference call. (Operator Instructions) Please note, today's event is being recorded.

I would now like to turn the conference over to Tiffany Milton, Controller. Please go ahead.

Tiffany Milton
Eastside Distilling Inc - Controller

Thank you. Good evening, everyone, and thank you for joining us today to discuss Eastside Distilling's financial results for the second quarter of 2024. I'm Tiffany Milton, Eastside's Controller. And joining us on today's call to discuss these results is Geoffrey Gwin, the company's Chief Executive Officer. Following our remarks, we will open the call to your questions.

Now before we begin, with prepared remarks, we submit for the record the following statement. Certain matters discussed on this conference call by the management of Eastside Distilling may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, Section 21E of the Securities Exchange Act of 1934 as amended, and

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