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Nashville, TN, Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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:
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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.
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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.
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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:
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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.
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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.
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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.”