EQUATOR Beverage Company reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $3.26 million, a 42% rise from $2.29 million in 2023. This growth was attributed to strong demand across its product lines and an expansion in shelf space and points of sale. However, the company also experienced an increase in its cost of revenue, which rose to $2.02 million, representing 62% of total revenue, up from 56% in the previous year. This increase was primarily driven by higher ocean freight costs.
Operating expenses for EQUATOR also saw a notable increase, climbing to $1.16 million from $818,702 in 2023, reflecting a 42% rise that aligned with the revenue growth. The company issued 1.29 million shares of restricted, non-trading common stock to officers and directors, with the cost of these awards totaling $847,800, compared to $356,776 in 2023. Despite the revenue growth, EQUATOR reported a net loss of $801,144 for 2024, compared to a loss of $179,957 in the prior year, indicating challenges in managing operational costs.
EQUATOR's operational metrics showed that as of December 31, 2024, the company had 18.22 million shares of common stock outstanding, with a market value of approximately $3.8 million based on a share price of $0.65. The company maintained a working capital of $336,639, an increase from $270,872 in 2023. The number of major customers remained concentrated, with six customers accounting for 91% of total revenue, highlighting a reliance on a limited customer base.
Looking ahead, EQUATOR plans to continue expanding its product offerings and market presence, particularly in North America, the Caribbean, and Bermuda. The company is focused on sustainability, utilizing 100% recyclable packaging and plant-based ingredients. However, it faces risks related to supply chain disruptions, competition, and changing consumer preferences, which could impact future performance. Management remains optimistic about achieving growth objectives but acknowledges the uncertainties in the current economic landscape.
About EQUATOR Beverage Co
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