Eastside Distilling ( (EAST) ) has released its Q3 earnings. Here is a breakdown of the information Eastside Distilling presented to its investors.
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Eastside Distilling, Inc., headquartered in Portland, Oregon, is a producer of award-winning craft spirits and recently expanded into the technology sector with its acquisition of Beeline Financial Holdings, Inc., a digital mortgage platform.
In its third quarter of 2024, Eastside Distilling reported positive EBITDA and net income in its spirits segment, marking a significant improvement in its financial performance. The company also completed a strategic debt exchange involving its former subsidiary, Craft Canning + Printing, and integrated Beeline Financial Holdings into its operations, reflecting its growth and diversification efforts.
Key financial metrics reveal that Eastside achieved a 14% increase in spirits sales compared to the second quarter of 2024, while gross sales for the quarter remained steady at $0.8 million year-on-year. Despite a slight decline in unit sales, the gross margin improved to 26% from 21% in the previous year due to cost-saving initiatives and increased bulk spirits sales. Furthermore, the net loss narrowed to $1.4 million from $2.2 million in the same period last year, showcasing a better financial position post debt-to-equity conversion.
Looking ahead, Eastside Distilling remains focused on leveraging its strengths in the spirits industry while capitalizing on Beeline’s innovative mortgage technology to drive future growth. The company’s management is optimistic about continuing to enhance operational efficiencies and expand its market presence in both sectors.
