Big Rock Brewery Inc. (TSX: BR) (“Big Rock” or the “Corporation“) announced its financial results for the three months ended March 31, 2025.
Financial Summary
For the three months ended March 31, 2025, compared to the three months ended March 31, 2024, the Corporation reported:
- total sales volumes up 51.2% to 68,344 hl compared to 45,204 hl, driven by contract sales volumes that more than doubled and consistent wholesale volumes;
- net revenue increased by 30.5% to $11.2 million from $8.6 million because of increased co-packing sales volumes;
- gross margin increased to 33.1% compared to 20.2%;
- operating income increased to $0.1 million, compared to an operating loss of $(2.3) million;
- net loss decreased by $(3.1) million to $nil; and
- Adjusted EBITDA increased by $2.2 million to $0.7 million. Adjusted EBITDA is a non-GAAP financial measure, see “Non-GAAP Measures”.
Summary of Results
$000, except hl and per share amounts | Three months ended March 31 | |||
2025 | 2024 | |||
Sales volumes – wholesale (hl) | 31,892 | 32,352 | ||
Sales volumes – contract (hl) | 36,452 | 12,852 | ||
Total sales volumes (hl) | 68,344 | 45,204 | ||
Gross product revenue | $ 14,203 | $ 11,288 | ||
Net revenue | 11,200 | 8,582 | ||
Cost of sales | 7,491 | 6,845 | ||
Adjusted EBITDA (1) | 688 | (1,473) | ||
Operating income (loss) | 100 | (2,299) | ||
Net loss | (49) | (3,073) | ||
Net loss per share amount (basic & diluted) | $ (0.00) | $ (0.44) | ||
(1) | Non-GAAP measure. See “Non-GAAP Measures”. |
Sales volumes increased by 51.2% compared the first quarter of 2024 and a 9.2% increase compared to the fourth quarter of 2024. More importantly, our adjusted EBITDA was a positive $0.7 million, which represents a $2.2 million improvement from the first quarter loss of $1.5 million incurred in 2024.
“In these times of uncertainty and significant economic headwinds I am thrilled to announce our first quarter 2025 results. These improvements are the result of the implementation of our strategy that we outlined in 2024. Growth of contract sales volumes allows the Corporation to flatten the historically seasonal production and sales curve which not only improves operational efficiencies but improves profitability as a significant portion of the Corporations costs are fixed. The management team is also working to mitigate the impact of the recently announced changes to the Alberta Markup Share and ongoing turmoil with global tariffs “. said Mr. Kinder
Additional Information
The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation’s Management Discussion & Analysis for the quarter ended March 31, 2025 dated May 13, 2025, can be viewed on Big Rock’s website at www.bigrockbeer.com and on SEDAR+ at www.sedarplus.ca under Big Rock Brewery Inc.
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SOURCE: CNW / Big Rock Brewery Inc. (Press Release)
PHOTO CREDIT: Big Rock Brewery Inc.