On Friday, Splash Beverage Group Inc. (SBEV) gained a huge 118.85% during the regular trading session, on news of Walmart authorization. Consequently, the stock fell under corrections in the after-hours session.
In the regular session, the stock fluctuated between $1.94 and $4.43 to close the session at $4.18. Following the big hike, the stock lost 10.05% to corrections in the after hours. Hence, SBEV was trading at $3.76 apiece at 3.46 million shares in the after-hours session on Friday.
Currently, the company has a market capitalization of $136.35 million with its 32.62 million shares outstanding.
What Happened with SBEV?
On January 11, Splash Beverage Group Inc. announced receiving Walmart authorization for selling its TaouT performance drink in Florida’s metropolitan area. Following the announcement, the stock added a huge $2.27 in the regular session. SBEV stock reached a high of $4.34 for the first time since its stock split on June 11, 2021. Hence, the stock was able to reach such s high after almost seven months. Resultantly, the stock was bound to fall under corrections soon. So, SBEV succumbed to corrections in the after-hours to shed its gains.
In the past five days, the stock has added a humungous value of 298.10% and 245.45% last month. Further, the stock was able to add 8.01% last year.
SBEV’s Authorization
As per January 11’s announcement, the company can now sell its TapouT performance drink in Florida, beginning with Walmart stores in the metropolitan areas. Walmart has 341 stores in the state of Florida, making it the second-largest U.S. state by Walmart stores. Moreover, 47 Walmart stores in Florida are located in major metropolitan areas.
According to the Chairman and CEO of SBEV, Robert Nistico, Walmart is highly selective in choosing brands. Hence, TapouT’s selection by Walmart is a huge step and great validation. This confirms the company’s goal of the performance beverage being in league with the biggest global brands and its ability to compete against them.
In addition, Mr. Nistico also thanked Walmart, its distribution partner AB One, and the Anheuser Busch network for their role in the selection process.
Q3 Financial Highlights
On November 16, the company announced its financial results for the third quarter of 2021.
In the third quarter of 2021, SBEV had revenue of $2,827,393, against $692,974 in the year-ago quarter. This marks a huge increase of 308% or $2,134,419 year over year.
Furthermore, the loss from operations was $12.2 million in the third quarter of 2021, including $8.8 million from non-cash transactions.
