Splash Beverage Group (SBEV) Q4 2025 earnings summary

Executive summary

• Operations paused after March 2025 due to lack of capital, with no revenue generated until March 2026 when initial Chispo Tequila shipments resumed.

• Strategic focus shifted to acquiring Medterra CBD, with a non-binding LOI signed in March 2026; closing contingent on raising $10.4M to pay Medterra's debt and additional capital for expansion.

• Discontinued Copa Di Vino business and rescinded Costa Rica water rights acquisition, resulting in derecognition of $20M in equity and a stockholders' deficit of $15.3M at year-end.

Financial highlights

• Net revenues for 2025 were $73,066, down from $801,273 in 2024, due to halted operations after March 2025.

• Net loss from continuing operations was $25.2M in 2025, compared to $17.6M in 2024.

• Operating expenses rose to $14.2M in 2025, driven by $8.6M in non-cash share-based compensation.

• Loss on extinguishment of debt was $5.6M in 2025, related to debt-for-equity exchanges.

• Cash and cash equivalents at year-end were $281,435.

Outlook and guidance

• Plans to complete Medterra acquisition by May 2026, subject to capital raise and definitive agreement.

• Requires at least $3M in working capital to restart beverage operations and $500K specifically for Chispo Tequila expansion.

• Ongoing efforts to regain NYSE American compliance through equity improvements post-acquisition.