The Alkaline Water Company (NASDAQ: WTER) (CSE: WTER), the country’s largest independent alkaline water company, is reporting its financial numbers and corporate update for the second quarter fiscal 2023. Highlights of the report include record revenue of $19.6 million, which represents 28% year-over-year growth, along with a $5.7 million reduction in operating expenses, an improvement of 37% year over year. The report also noted that WTER is working to reach an additional $5 million in cost savings and margin enhancements. “In our first full quarter since we announced our Pathway to Profitability, The Alkaline Water Company’s operating results show the significant progress we are already making toward our goal of profitability,” said The Alkaline Water Company president and CEO Frank Lazaran in the press release. “We’ve reported record revenue, our spending is down, and we are improving our gross margin, having regained almost 300 basis points over last quarter. We grew revenue 28.3% year-over-year, to a record $19.6 million while at the same time reducing operating expenses by $5.7 million. We reiterate our revenue guidance of $70 million. Due to our continued emphasis on executing our Pathway to Profitability strategy, we project our gross margins will be between 26% and 27% next quarter and 29% and 30% for the last quarter of the fiscal year, which ends March 31, 2023. This would amount to a gross margin improvement of approximately 850 to 900 BPS over the course of the year. . . . Alkaline88 is the largest independent enhanced-water brand in the country. We are outpacing the competition and showing strong growth at retail as a growing brand in a growing beverage category, with products that consumers love. This continued success at retail combined with the clear improvements to our operating results make us very optimistic about the future of The Alkaline Water Company.”
To view the full press release, visit https://ibn.fm/bPOa9
About The Alkaline Water Company
Founded in 2012, The Alkaline Water Company is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88(R), is a leading premier alkaline water brand available in bulk and single-serve sizes along with ecofriendly aluminum packaging options. With its innovative, state-of-the-art, proprietary electrolysis process, Alkaline88(R) delivers perfect 8.8 pH-balanced alkaline drinking water with trace minerals and electrolytes and boasts the company’s trademarked Clean Beverage label. In 2021, The Alkaline Water Company was pleased to welcome Shaquille O’Neal to its board of advisors and to serve as the celebrity brand ambassador for Alkaline88. To learn more about the company, please visit www.Alkaline88.com and www.TheAlkalineWaterCo.com.
NOTE TO INVESTORS: The latest news and updates relating to WTER are available in the company’s newsroom at http://ibn.fm/WTER
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