Segment Revenue: DTC climbed 29% to $23.1 million, B2B grew 55% to $30.6 million and Wholesale increased 23% to $21.6 million.
The gross profit for the quarter was $38,000 compared to $11.1 million last year.
Selling, general and administrative expenses increased 60.5% to $34.6 million.
The operating loss for the quarter widened to $(27.6) million.
The company held $50.3 million in cash and equivalents as of June 30, 2022.
Adjusted EPS of $0.17 topped the Street view of $0.14.
Telsey Advisory Group analyst Joseph Feldman downgraded the shares of Vintage to Market Perform from Outperform and also lowered the price target to $6 from $12.
Outlook: Vintage Wine sees FY23 sales of $300 million – $310 million versus the consensus of $330.37 million.
It expects FY23 adjusted EBITDA of $55 million– $65 million.
Price action: VWE shares are trading lower by 28.93% at $3.93 in premarket on the last check Wednesday.
