PRESS RELEASE

from Wildpack Beverage Inc (NASDAQ:WLDPF)

Wildpack Beverage Announces Strong Growing Q2 2023 Financial Results

Second Quarter 2023 Highlights (in USD):

  • Q2 2023 Sales Revenue grew 70% to $15.18 million compared to $8.91 million in Q2 2022.
  • Production volume for Q2 2023 grew 118% to 110.63 million cans compared to 50.75 million cans in Q2 2022.
  • Plant Utilization in Q2 2023 grew to 45.3% from 31.9% in Q2 2022.
  • Gross Profit in Q2 2023 reached a record 16.55% compared to 4.49% in Q2 2022.
  • Confirmed Customer Orders grew 11.5% in Q2 2023 to $22.87 million from $20.52 million the previous quarter.

VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ("Wildpack Beverage" or the "Company") a leading US middle market co-packer of canned goods announces unaudited financial results for the second quarter ("Q2") ending June 30, 2023. All currencies referenced herein are US Dollars, unless otherwise indicated.

"The momentum we built in Q1 2023 carried into a strong growing Q2 from an operation and sales standpoint," commented Mitch Barnard, CEO of Wildpack Beverage. "The thesis we have long been committed to is that higher volume throughput would drive up gross profit, as the business is subject to considerable operating leverage on its fixed assets. In Q2 we began to realize that, while also continuing to push towards greater efficiencies in operations and broadening our customer base."

Q2 2023 Condensed Consolidated Interim Statements of Loss & Comprehensive Loss (Unaudited)


Three months ended June 30,Six months ended June 30,

2023
2022
2023
2022
(Restated, note 20)(Restated, note 20)





Sales
$15,181$8,911$27,794$17,440
Cost of sales
Production costs
12,0987,95923,50315,695
Depreciation and amortization
5715521,1631,309
Cost of sales
12,6698,51124,66617,004
Gross profit
2,5124003,128436
Operating expenses
Selling
1,0347131,8951,306
Salaries, wages, and benefits
1,7321,7823,4253,667
Depreciation and amortization
9349631,8331,890
Office and administrative
7863901,183920
Share-based compensation
51280532181
Professional fees
563765887922
Bad debt
78107380126
Other operating
131(104)292(188)
Operating expenses
5,7704,69610,4278,824

Other expenses
Bank and finance charges
155715621
Interest on long-term debt
1,8181,4203,1272,520
Interest on lease obligations
97191259393
Loss on derivative asset
-18-153
Foreign exchange loss
(2)-9-
Other expenses
2,0681,6363,5513,087

Net loss
$(5,326)$(5,932)$(10,850)$(11,475)
Other comprehensive income (loss)
Items that may be reclassified to profit or loss:
Foreign currency on translation (loss) gain
(698)861(641)821
TOTAL COMPREHENSIVE LOSS
$(6,024)$(5,071)$(11,491)$(10,654)
Weighted average number of common shares outstanding
112,215,655101,216,367111,804,309101,139,935

Loss per share - basic
$(0.05)$(0.06)$(0.10)$(0.11)
Loss per share - diluted
$(0.05)$(0.06)$(0.10)$(0.11)

Q2 2023 Condensed Consolidated Interim Statement of Cashflows (Unaudited)


Six months endedSix months ended

June 30,June 30,
2023
2022
(Restated, note 20)
CASH FLOWS FROM OPERATING ACTIVITIES


Net loss
(10,850)$(11,475)
Adjustments for items not affecting cash:
Depreciation and amortization
2,9283,126
Interest expense
3,3822,861
Share-based compensation
532181
Unrealized loss on derivative asset
-153
Non-cash interest expense and other
(77)-
Changes in non-cash working capital:
Accounts receivable
(5,636)(1,041)
Sales taxes recoverable
71169
Other assets
-(116)
Inventories
(473)2,820
Prepaid expenses and deposits
(1,359)249
Accounts payable and accrued liabilities
(2,961)999
Deferred revenue
1,3201,089
Cash used in operating activities
(13,123)(985)
CASH FLOWS FROM FINANCING ACTIVITIES
Line of credit
-(70)
Repayments of long-term debt
(7,948)(658)
Net proceeds from convertible debentures
24,9203,793
Proceeds from promissory notes
-794
Payments of lease obligations
(1,380)(1,597)
Proceeds from long-term debt
4,445-
Interest paid
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