Vending

Alkaline Water posts 20% Q3 2020 revenue gain, improves loss

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February 17, 2021

The Alkaline Water Co. Inc., a producer of bottled alkaline drinking water, flavor-infused waters, and CBD infused products sold under the brand name Alkaline88, A88, and A88CBD, respectively, reported revenue increased 20% ($1.7 million) from $8.45 million in 2019's third quarter to $10.2 million for the fiscal third quarter ended Dec. 31, 2020.

Gross profit in the fiscal third quarter of $4.2 million increased by 23.6% compared to the prior-year quarter.

Net loss for the fiscal third quarter was $4.4 million or 6 cents per share versus a net loss of $2.9 million or 7 cents per share in the fiscal third quarter of 2020.

Shares traded at $1.43 Tuesday against a 52-week range of 40 cents to $2.60.

The company expanded into the foodservice channel by teaming with Dot Foods Inc., the largest food redistributor in the U.S., to deliver its bottles to its 4,300 customers nationwide.

The company also teamed with the Independent Broker Alliance of 30 independently operated foodservice sales agencies.

It also expanded national distribution with KeHE, a wholesale foodservice distributor, BettermentRS, UNFI and broker C.A. Fortune.

"Our e-commerce, A88CBD, single-serve offerings, eco-friendly aluminum bottles, and flavor-infused waters all contributed toward the record. Each business line continues to grow, and we expect a significant contribution from them over the next 12 months," Ricky Wright, president and CEO, said in the earnings release.