Reborn Coffee reports steady revenue and strategic expansion moves in Q3 2024.

From GlobeNewswire: 2024-11-20 08:31:00

Reborn Coffee Inc. reported steady revenue of $4.1 million for the nine months ending September 30, 2024, despite higher food costs. Gross margins for company-operated stores increased to 72% compared to the same period in 2023. Q3’24 wholesale and online sales grew 432% to $140,407.

In Q3 2024, Reborn Coffee made strategic moves, acquiring a stake in Bbang Ssaem Bakery, a major bakery brand in South Korea. They also entered joint ventures in Bangkok, Thailand, and China to open new locations. A partnership with an AI company in China aims to revolutionize the coffee industry with advanced technology.

In the financial results for Q3 2024, Reborn Coffee saw a decrease in revenue to $1.3 million, with a net loss of $0.7 million. Operating costs and expenses were $2.0 million, while wholesale and online revenue increased significantly to $140,407.

Looking ahead, Reborn Coffee plans to expand rapidly in South Korea, launch new Cold Brew options, and establish flagship stores in key locations like Chengdu, Shenyang, and Bangkok. They aim to leverage their global presence and innovative products to drive growth in the specialty coffee market.



Read more at GlobeNewswire:: Reborn Coffee Provides Third Quarter 2024 Corporate Update