NewAge, Inc. announced its financial results for the second quarter of 2021, reporting a 98% increase in net revenue, totaling $124 million. Gross profit for the quarter reached $84 million, an increase of 120% year-over-year. The company’s EBITDA stands at $1.7 million, with a basic earnings per share of $0.11.
“The second quarter saw accelerated top and bottom-line results and continued income statement improvement,” said Brent Willis, Chief Executive Officer of NewAge. “In the quarter, we completed the Aliven acquisition, had a very successful annual meeting, further integrated ARIIX capturing additional cost and revenue synergies, and continued expansion of our social selling initiatives worldwide. We strengthened our team and positioned NewAge for even further transformative performance as our strategy unfolds.”
Net operating loss was $9.6 million for the quarter, compared to a loss of $8.8 million in the same quarter last year. Net income was $17.4 million. Cash and cash equivalents for the quarter totaled $92 million with a debt load of $31.5 million, not including lease liabilities. Subsequent to the quarter-end, $9.7 million of the debt was forgiven.
“Our second-quarter results demonstrated commendable progress converging our companies and capturing both revenue and cost synergies,” said Willis. “Carrying this momentum forward, we expect continued strong results from operations throughout the year as we build out additional platforms and programs for our global sales force. We believe we are stronger and better positioned than we have ever been, with differentiated health and wellness brands and an on-trend D2C business system, with an expanding e-commerce Subscriber base and an increasing and strengthening team of exclusive Brand Partner influencers.”