NewAge Inc. (NASDAQ:NBEV) jumped 14% after announcing its Q2 2021 financial results, in which net revenue was $124 million. The company reported adjusted EBITDA of around $1.7 million, net income of $17.4 million, and basic EPS of $0.11.
Net revenue increased 98% compared to a year ago. CEO Brent Willis said that Q2 2021 saw an increase in the bottom and topline results. Brent said that during the quarter, the company completed the acquisition of Aliven, integrated ARIIX to capture more revenue and cost synergies, and expanded social selling initiatives globally. He added that NewAge strengthened its team and positioned itself for more transformative performance.
The company’s CFO, Kevin Manion, said that Q2 was the third consecutive quarter the company reported positive EBITDA. Manion said that the focus of the company financial is developing, leveraging, and driving consistency metrics to boost EBITDA margins by reducing SG&A costs and operational improvements. With the current position, NBEV is worth watching in the coming weeks.
Market Reaction:
On Tuesday, NBEV stock went up 14.07% at $2.27 with more than 4.34 million shares, compared to its average volume of 1.08 million shares. The stock has moved within a range of $2.0200 – 2.2900 after opening the trade at $2.02.
