NewAge Inc. (NBEV) shares declined 10.18% in after-hours on Tuesday, November 9, 2021, and closed the daily trading at $1.50. In the regular trading session, NBEV’s stock remained unchanged and closed at $1.67. NBEV shares have fallen 36.74% over the last 12 months, and they have moved up 9.15% in the past week. Over the past three months, the stock has lost 20.48%, while over the past six months, it has declined 20.10%.
Let’s see what’s going on with the company?
NBEV latest development
On November 09, 2021, NewAge, Inc. (NBEV), announced financial results for the third quarter of 2021.
Q3 2021 financial highlights
- NBEV reported total revenue of $100 million in the third quarter of 2021 compared to $63 million in the third quarter of 2020.
- In Q3 2021, Gross profit was $66 million compared to $37 million in Q3 2020.
- Total operating expenses were $96.42 million in Q3 2021 compared to $50.64 million in Q3 2020.
- It earned a net income of $2.7 million or $0.02 per basic share in Q3 2021 compared to a net loss of $14.13 million or $0.14 per basic share in Q3 2020.
- Adjusted EBITDA was $4.4 million compared to $8.4 million in Q3 2020.
- As of September 30, 2021, the company had total cash and cash equivalents of $62.3 million and a debt of $17.6 million.
NBEV new appointment
On November 03, 2021, NewAge, Inc. (NBEV), appointed Jennifer Grafton to the position of Senior Vice President and General Counsel.
Ms Grafton has vast experience of working at the senior corporate levels and he is coming from E2open Parent Holdings, Inc where she served as Senior Vice President, Associate General Counsel and Assistant Secretary.
NBEV New Clean Beauty Products
On November 01, 2021, NewAge, Inc. (NBEV), expanded its Lucim+ skincare line to include two new clean, safe, and effective products which are Lucim+™ Volumizing Eyelash Serum and Lucim+™ Lip Plumping Gloss.
Both products are developed in partnership with NewAge Brand Partners and both products earned the Good Face Seal of Approval by the Good Face Project (GFP), which is one of the most trusted resources worldwide for fact-checking toxic and unsafe ingredients in skincare, makeup, hair products and more.
NBEV significant discovery
On October 07, 2021, NewAge, Inc. (NBEV), announced that it has discovered and isolated the mechanism of action to block spike proteins from binding to cells in the human body.
The recent discovery will leverage the science within its portfolio and also partner with other medical, research, or pharma companies and health systems to enable the benefits of the discovery to become more broadly available to consumers worldwide.
Conclusion
The NewAge was unable to impress the investors and analysts from his Q3 2021 financial performance which resulted in the after-hours loss on Tuesday. Though it posted record revenue still it was lower than expectations.
