Company Posts 128% Increase in Revenue in Q1 of 2021 Compared to Q1 in 2020
Melbourne, Florida--(Newsfile Corp. - May 19, 2021) - Kona Gold Beverage, Inc. (OTCQB: KGKG), a holding company focused on product development in the better-for-you and hemp and CBD functional beverage sector, is pleased to announce net revenues through May of fiscal year 2021 has surpassed net revenues for the total fiscal year 2020. The Company recently posted its 10-Q with approximately $462,000 in net revenues, which is approximately a 129% increase from the same period quarter last year.
Kona Gold Beverage recently announced it anticipates second quarter revenues to be approximately $750,000, which it now anticipates to hit by mid-June. This would make Q2 the Company's largest quarterly revenues in the Company's history. Additional closings of additional partnerships that the Company is currently working on could push Q2 revenues close to $1 million, which would be a huge milestone for the Company. The Company anticipates a gross profit of approximately 30% from these revenues.
"I am excited to share with our stock holders the phenomenal growth we are experiencing in 2021, which has been fueled by the acquisition of our lemonade brand, Ooh La Lemin in early 2021," stated Robert Clark, CEO of Kona Gold Beverage, Inc. "Since the inception of Kona Gold Beverage, our goal has been to create products that resonate with consumers on a national scale, and we are executing on that goal. Our focus is to continue expanding, grow market share, and make our beverage portfolio available to everyone at their local retailer across the U.S. Our strategy will not only continue to increase bottom line revenue, but also shareholder value."
Kona Gold Beverage recently received its largest purchase order to date. The purchase order, which came in from a new vendor, and was for the Company's Ooh La Lemin Lemonade, was approximately $250,000. The new vendor, which has over 300 stores across 15 states in the Midwestern united states, will receive half a pallet of Ooh La Lemin Lemonade for each store. The Company is working to fulfill this order in the next couple of weeks.
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About Kona Gold Beverage, Inc.
Kona Gold Beverage, Inc., a Delaware corporation, has created wholly owned subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf Distribution, LLC. Kona Gold, LLC has developed a premium Hemp-Infused Energy Drink line; please visit its website at www.konagoldhemp.com. HighDrate, LLC has developed the beverage industry's first CBD-Infused Energy Water, available in 6 delicious flavors; please visit its website at www.highdrateme.com. Gold Leaf Distribution, LLC was created to fill the Company's distribution needs in markets that it wants to enter quickly; please visit its website at www.goldleafdist.com. Kona Gold Beverage, Inc. recently acquired S&S Beverage, Inc., which manufactures and distributes LEMIN Superior Lemonade line; please visit its website at www.drinklemin.com. Kona Gold and its family of companies are located on the east coast of Florida in Melbourne and in Greer, South Carolina.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Registration Statement on Form S-1. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.
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