Net Sales for the Fourth Quarter and Full Year 2022 Increase by 20% and 24%, Respectively
Net Loss of $55.5 Million and Adjusted EBITDA of $60.1 Million for the Full Year 2022, Representing Adjusted EBITDA Growth of 27%
Strategic Acquisition of West Coast-Based Bixby Coffee Expands Influencer Marketing Sales Channel
Adjusted EBITDA Expected to Grow 10% to 25% in Fiscal 2023
LITTLE ROCK, Ark., March 14, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or “the Company”) today reported financial results for the fourth quarter and full year 2022.
Scott T. Ford, CEO and Co-founder, stated, “We are pleased to announce strong growth in net sales, gross profit and Adjusted EBITDA for full year 2022. I am very grateful to the team for their near heroic efforts that delivered record annual results, even as they dealt with the damaging macroeconomic challenges of an inflation surge and record gasoline prices, while simultaneously contending with internal capacity constraints and increased operating expenses brought about by the late arrival of critical manufacturing equipment in both our single serve cup and extracts units. As we turn to 2023 with the requisite equipment to meet our legacy customers’ demands now operational, we are focused on continuing to scale our existing capabilities in service to our customers. Among our top priorities is delivering our Conway, Arkansas extract and ready-to-drink facility on time and on budget, the benefits of which will be material to our business.”
Read the Full Release and Financial Results Here.