US-based soft drinks group Reed's is considering alternative ways to fund the business as it seeks to boost growth.
Announcing its second-quarter results yesterday (12 August), interim CEO Neal Cohane said the business is "evaluating financing alternatives to support the business going forward".
The group did not provide any further details on what these "financing alternatives" might be, nor to analysts in its earnings call.
Just Drinks has asked the company for further details.
For the three months to the end of June, Reed's saw net sales reach $7.5m, a roughly 20% drop on last year.
The group also booked an EBITDA loss of $4m versus a $5.7m loss a year earlier.
Gross profit reached $1.8m compared to $0.8m, while the group's gross margin sat at 24% against 8% in the same period in 2025.
As of 30 June, the business said it had $9.2m of debt, "net of deferred financing fees".
Speaking to analysts, Cohane said the group had seen sales improve in its second quarter of 2026 from the previous three months but stressed the business still had work to do.
"While these results represent improvement from the first quarter, the work is not finished, and the results are not where we want them to be. We need continued improving sales execution, retail placement, and operating efficiency."
In the quarter, Cohane said write-offs had "declined materially" as the group completed work around "portfolio rationalisation", by liquidating "underperforming and non-strategic SKUs".
The group also "regained shelf space and grew doors" in the period, he said, by "re-engaging" with retailers and restoring the group's "heritage glass bottle packaging".
Cohane added the business would keep reviewing its "cost structure", "and prioritise spending that supports commercial execution".
Reed's appointed Cohane as its interim CEO in March. He was promoted from the role of COO, replacing Cyril Wallace.
At the end of April, the group appointed former executive Damian Warshall as COO to replace Cohane.
Warshall had most recently been COO at Pittston Co-Packers, where Reed’s said he “led the revitalisation of a large-scale beverage manufacturing facility and secured a multi-million-dollar revenue pipeline”.
