NewAge, Inc. announced that its preliminary fourth quarter earnings are expected to be in the $90 million range.
Gross margins are expected to be between 64%-68%, with an EBITDA that will be at the breakeven mark. Full-year and fourth quarter final financial results will be announced on March 16, 2021.
“We are pleased that our anticipated fourth quarter revenue will be higher than we anticipated and significantly above expectations,” said Brent Willis, Chief Executive Officer of NewAge. “We are seeing strong growth coming from our European and Americas regions and are also seeing renewed growth in Japan, our largest market. Our global sales force of independent brand partners continue to adapt to the new way of operating an e-commerce business from home, the new multifunctional hub. The convergence between NewAge and ARIIX is also beginning to deliver results and we are on track to achieve our committed cost synergies and deliver positive EBITDA in 2021 as our growth and cost savings translate to positive net income and free cash flow.”