American Rebel Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023
16 November 2023 - 12:42AM
American Rebel Holdings, Inc. (NASDAQ: AREB) ("American Rebel" or
the "Company"), a designer, manufacturer, and marketer of branded
safes, personal security and self-defense products and apparel, and
American Rebel Beer, announced its financial results for the three-
and nine-month periods ended September 30, 2023. Investors are
encouraged to read the Company’s quarterly report on Form 10-Q,
which was filed with the Securities and Exchange Commission (the
“SEC”) and contains additional information and is posted at
https://americanrebel.com/
Year-to-Date 2023 Financial
Highlights:
- Revenues rose to $11.4 million
compared to $4.6 million in the prior year period. The increase was
primarily attributable to contribution from the acquisition of
Champion Safe, which closed on July 29, 2022, as well as a general
increase from Champion’s average quarterly sales of product.
- Gross margin for the nine months
ended September 30, 2023, was $2,548,790 compared to $1,133,093 in
the prior year period. The increase in gross margin was driven by
the contribution from the Champion Safe acquisition.
- Net loss for the nine months ended
September 30, 2023, was $3.6 million compared to a loss of $6.4
million in the prior year period. The decreased loss was primarily
due to one-time transactional costs related to 2022 financings, as
well costs related to the Champion acquisition and integration,
partially offset by increasing costs due to a tightening jobs
market and inflation.
Third Quarter 2023 Financial
Highlights:
- Revenues totaled $3.3 million
compared to $4.1 million in the prior year period. The decrease was
attributable to slower sales across the 2A industry and current
market conditions.
- Gross margin in the third quarter
period ended September 30, 2023, was $250,134 compared to $978,104
in the prior year period. The decrease in gross margin was driven
by a decrease in sales and increased costs of goods sold.
- Net loss for the third quarter was
$2.8 million compared to a loss of $2.1 million in the prior year
period. The increased loss was primarily due to higher professional
and legal fees and increased marketing costs to put promotional
opportunities in place for the fourth quarter, as well as the
softening of gross margin on sales.
Andy Ross, Chief Executive Officer of American
Rebel commented, “We have made tremendous progress in reconfiguring
our safe business and expanding into new business categories. We
recently announced we are entering the beverage business, through
the introduction of American Rebel Beer. We believe American Rebel
is well positioned to scale and gain market share quickly and
efficiently reflecting shifting consumer trends, our differentiated
product and unique brand, and our partnerships with both the
nation’s top beverage solutions company as well as the largest
co-packer. We will begin rolling out our initial light beer product
on a regional basis in early 2024 and expect to scale nationally
during the year. We remain excited about our growth potential,
which we believe will meaningfully enhance shareholder value, as we
continue to leverage America’s Patriotic Brand.”
About American Rebel Holdings,
Inc.
American Rebel Holdings, Inc. (NASDAQ: AREB)
operates primarily as a designer, manufacturer and marketer of
branded safes and personal security and self-defense products. The
Company also designs and produces branded apparel and accessories
and is entering the beverage business. To learn more, visit
www.americanrebel.com. For more information on American Rebel Beer,
visit americanrebelbeer.com. For investor information, visit
www.americanrebel.com/investor-relations.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB;
AREBW) (the “Company,” "American Rebel,” “we,” “our” or “us”)
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with this safe harbor
legislation. The words "forecasts" "believe," "may," "estimate,"
"continue," "anticipate," "intend," "should," "plan," "could,"
"target," "potential," "is likely," "expect" and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements primarily on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy,
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include actual use of proceeds from the private placement, effects
of the private placement on the trading price of our securities,
implied or perceived benefits resulting from the receipt of funds
from the private placement, our ability to comply with the
covenants, representations and warranties contained in the purchase
agreement with the investor in the private placement, our ability
to effectively execute our business plan, and the Risk Factors
contained within our filings with the SEC, including our Annual
Report on Form 10-K for the year ended December 31, 2022. Any
forward-looking statement made by us herein speaks only as of the
date on which it is made. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Click to access nine month and three month
financial results:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001648087/000149315223041007/form10-q.htm
Company Contact:info@americanrebel.com
Investor Relations:Michael Kim or Brooks
HamiltonMZ North America+1 (949) 546-6326 AREB@mzgroup.us
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