In This Story
Equator Beverage Co. (MOJO-5.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which focus on developing, producing, and marketing beverage products. Equator Beverage Co. offers both nonalcoholic and ready-to-drink alcoholic options, with a commitment to sustainability through eco-friendly packaging.
For the year ended December 31, 2024, Equator Beverage Co. reported revenue of $3,264,913, an increase of 42% from the previous year. This growth was attributed to strong demand and an increase in shelf space and points of sale.
The cost of revenue for 2024 was $2,016,488, representing 62% of revenue, compared to 56% in 2023. The increase was primarily due to higher ocean freight costs.
Operating expenses increased to $1,164,034 from $818,702 in 2023, excluding stock awards. The increase was in line with the revenue growth.
Net income for the year was a loss of $801,144, compared to a loss of $179,957 in 2023. The loss was influenced by increased operating expenses and cost of revenue.
As of December 31, 2024, Equator Beverage Co. had working capital of $336,639, up from $270,872 at the end of 2023. The company reported net cash provided by operating activities of $50,460.
The filing also discusses risk factors, including economic conditions, competition, supply chain disruptions, and regulatory changes that could impact the company's operations.
Equator Beverage Co. identifies six major customers accounting for 91% of its revenue in 2024, with two suppliers providing its inventory.
The company has an employment agreement with its CEO, Glenn Simpson, which includes a salary and stock awards. The agreement is set to expire on December 31, 2029.
No significant legal proceedings are pending against Equator Beverage Co., and the company is not involved in any mine safety disclosures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Equator Beverage Co. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.