Reborn Coffee: Provides Q3-2024 Corporate Update

Brea / CA. (reb) Reborn Coffee Inc., a leader in the specialty coffee industry, has reported its financial and operational results for the third quarter ended September 30, 2024.

Key Financial and Operational Highlights

• Despite higher food costs, in the nine months ending September 30, 2024, revenue was steady at USD 4.1 million as compared to the same period revenue in 2023.
• Company-operated store gross margins for nine months ended September 30, 2024, increased to 72 percent compared to 68 percent for the same period in 2023.
• Ended Q3-2024 with 12 open locations, with 1 location in development.
• Q3-2024 wholesale and online sales grew 432 percent to USD 140,407 from USD 26,401 in Q3-2023.

Q3 2024 and Subsequent Events

• Acquired a 58 percent stake in Bbang Ssaem Bakery, one of Korea’s most iconic bakery brands with an estimated USD 7 million trailing twelve months revenue through November, 2024, serving as a launchpad for Reborn Coffee’s entry into the South Korean franchise market and deliver premium coffee and bakery experiences to new locations.
  • Landmark distribution agreement through Bbang Ssaem Bakery F+B will bring Reborn’s preservative-free, signature baked goods to approximately 8,000 stores of a major coffee chain across South Korea.
• Strategic joint venture with Gaingan Humantech Co. LTD to open three new Reborn Coffee locations in Bangkok, Thailand.
• Announced a significant expansion into the China market through a strategic Master License Agreement with Chengdu Octaday Entertainment Group, facilitated by Reborn China, to establish premier locations in Chengdu, the capital of the Sichuan Province.
• Closed a Master License Agreement (MLA) with Shenyang Yongsheng Seven Stars Tourism Development Co. that will establish Reborn Coffee premier locations in Shenyang, the capital of Liaoning Province. The Shenyang flagship store will, with its all-encompassing brand center, lays the foundation for a broader expansion across China.
• Strategic joint venture with China’s AI company Penglai Data Store to Lead and develop master franchises in China, Hong Kong and Macao.
• Set to launch new cold brew Fruit Infused, including the Miami Passion blend, nationwide, capturing U.S. demand for premium ready-to-drink options as the brand builds on its success.
• Introduced new innovative, IF Design Award-winning patented coffeeware for global distribution, starting with the highly anticipated Reborn Tumbler.

For additional information please read the Company’s PDF file below (83 KB):

20241123-REBORNCOFFEE-Q32024.