Core Insights - Westrock Coffee Company reported a quarterly loss of $0.05 per share, matching the Zacks Consensus Estimate, compared to a loss of $0.03 per share a year ago [1] - The company's revenues for the quarter ended September 2024 were $220.86 million, missing the Zacks Consensus Estimate by 11.53%, and slightly up from $219.61 million year-over-year [2] - Westrock Coffee shares have declined approximately 27.3% year-to-date, contrasting with the S&P 500's gain of 24.3% [3] Financial Performance - The company has not surpassed consensus revenue estimates in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $261.83 million, and for the current fiscal year, it is -$0.20 on revenues of $912.37 million [7] Market Outlook - The earnings outlook and management's commentary during the earnings call will be crucial for the stock's immediate price movement [3][4] - The estimate revisions trend for Westrock Coffee is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] - The Beverages - Soft drinks industry, to which Westrock belongs, is currently in the top 26% of Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Total net sales for the three months ended September 30, 2024, were $220.86 million, compared to $219.61 million for the same period in 2023, representing a 0.6% increase[8]. - Gross profit for the three months ended September 30, 2024, was $37.09 million, up from $35.07 million in the same period last year, indicating a 5.8% increase[8]. - The company reported a net loss of $14.26 million for the three months ended September 30, 2024, compared to a net income of $16.62 million for the same period in 2023[9]. - The company reported a comprehensive loss of $10.38 million for the three months ended September 30, 2024, compared to a comprehensive income of $19.86 million for the same period in 2023[9]. - The company reported a net loss of $55.691 million for the year ending December 31, 2023, reflecting a significant decline in performance[12]. - The company reported a net loss of $55.7 million for the nine months ended September 30, 2024, compared to a net loss of $14.5 million for the same period in 2023[15]. - The company reported a net loss of $14,259,000 for Q3 2024, compared to a net income of $16,621,000 in Q3 2023[175]. - The company reported a net loss attributable to common shareholders of $(14.2) million for the three months ended September 30, 2024, compared to a profit of $12.8 million in the same period of 2023[183]. Assets and Liabilities - Total current assets increased to $336.63 million as of September 30, 2024, from $313.05 million as of December 31, 2023, reflecting a 7.5% growth[6]. - Total liabilities rose to $692.84 million as of September 30, 2024, compared to $583.56 million as of December 31, 2023, marking an 18.7% increase[6]. - The company’s total assets increased to $1.08 billion as of September 30, 2024, from $971.51 million as of December 31, 2023, representing an 11% increase[6]. - The company’s cash and cash equivalents decreased to $22.36 million as of September 30, 2024, down from $37.20 million as of December 31, 2023[6]. - Total cash and cash equivalents at the end of the period were $32.7 million, down from $48.8 million at the end of September 2023[15]. - Total debt increased significantly from $279.0 million on December 31, 2023, to $449.6 million on September 30, 2024[75]. Expenses - Selling, general and administrative expenses for the three months ended September 30, 2024, were $46.13 million, compared to $37.05 million in the same period last year, a 24.6% increase[8]. - The company incurred transaction, restructuring, and integration expenses of $2.54 million for the three months ended September 30, 2024, down from $3.14 million in the same period in 2023[8]. - The company incurred depreciation and amortization expenses of $23.2 million, up from $18.4 million in the previous year[15]. - The company incurred interest expense of $6,889 thousand and transaction, restructuring, and integration expenses of $2,538 thousand during the three months ended September 30, 2024[148]. - Selling, general and administrative expenses increased to $142.2 million, representing 22.9% of total revenues, up from 16.2% in the prior year[203]. Segment Performance - Beverage Solutions segment net sales for the three months ended September 30, 2024, were $164.0 million, primarily due to a $16.4 million decrease in coffee and tea product sales[185]. - Sustainable Sourcing & Traceability segment net sales increased by 32.8% to $56.9 million, driven by a 35.9% increase in sales volume[186]. - For the nine months ended September 30, 2024, net sales for Beverage Solutions were $485,322,000, and for Sustainable Sourcing & Traceability were $143,204,000, totaling $621,749,000[152]. - Segment Adjusted EBITDA for the total reportable segments was $14,227 thousand for the three months ended September 30, 2024, with Beverage Solutions at $11,752 thousand and Sustainable Sourcing & Traceability at $2,475 thousand[148]. - Segment Adjusted EBITDA for the total reportable segments for the nine months ended September 30, 2024, was $39,033,000[152]. Equity and Capital - The issuance of common shares related to warrant exchange amounted to 5,424 shares, generating $36,938,000 in additional capital[10]. - The balance of common stock shares increased from 75,728,000 on June 30, 2023, to 88,039,000 by September 30, 2023[10]. - The total number of common stock shares is projected to reach 94,073,000 by September 30, 2024[12]. - The company granted 1,370,222 RSUs during the nine months ended September 30, 2024, with a weighted-average fair value at grant date of $9.66[136]. - The company recognized approximately $4.1 million of one-time employee severance costs during the nine months ended September 30, 2024, related to targeted restructuring activities[35]. Cash Flow and Financing - Cash flows from operating activities showed a net cash outflow of $16.0 million for the nine months ended September 30, 2024, an improvement from a net cash outflow of $75.1 million in the prior year[15]. - The company made capital expenditures of $141.5 million in property, plant, and equipment during the nine months ended September 30, 2024, compared to $121.5 million in the prior year[15]. - The company is required to maintain a secured net leverage ratio ranging from 4.50:1.00 to 6.25:1.00, stepping down to 4.50:1.00 by April 2026[81]. - The Company issued $72.0 million in convertible senior notes at a 5.00% interest rate, with $50.0 million from related parties[84]. - The company entered into a $5.0 million unsecured working capital trade finance facility, maturing on December 31, 2026, with stepped repayments totaling $5.0 million[91]. Market and Strategic Initiatives - The company has plans for market expansion and new product development, as indicated by the ongoing issuance of common shares and capital raising activities[12]. - The company’s proprietary technology in the SS&T segment aims to improve the lives of farming partners and enhance environmental accountability[169]. - The company is currently evaluating the impact of several recently issued accounting pronouncements, including ASU 2023-07 and ASU 2023-09, on its consolidated financial statements[44][45]. Taxation - The effective income tax rate for the nine months ended September 30, 2024, was (2.3%), significantly lower than the 18.7% rate for the same period in 2023, primarily due to an increase in the valuation allowance against domestic deferred tax assets[40]. - The company expects minimal impact from the OECD's Pillar Two legislation on its 2024 effective tax rate[41].

Financial Performance - Net sales for Q3 2024 were $220.9 million, an increase of $1.2 million or 0.6% compared to Q3 2023[4] - Gross profit for Q3 2024 was $37.1 million, up from $35.1 million in Q3 2023, despite including $0.5 million of non-cash mark-to-market losses[4] - The net loss for Q3 2024 was $14.3 million, compared to a net income of $16.6 million in Q3 2023[5] - Consolidated Adjusted EBITDA for Q3 2024 was $10.3 million, down from $11.6 million in Q3 2023, including $4.0 million of scale-up costs related to the Conway Facility[6] - Total operating expenses increased to $49,827 for the three months ended September 30, 2024, from $40,435 in the prior year, representing a rise of 23.5%[21] - The company reported a net loss of $14,259 for the three months ended September 30, 2024, compared to a net income of $16,621 in the same period last year[21] - Consolidated Adjusted EBITDA for the nine months ended September 30, 2024, was $33,845 thousand, an increase from $31,358 thousand for the same period in 2023[24] Segment Performance - The Beverage Solutions segment generated $164.0 million in net sales with Segment Adjusted EBITDA of $11.8 million for Q3 2024, compared to $176.8 million and $9.9 million, respectively, in Q3 2023[7] - Beverage Solutions segment net sales for the three months ended September 30, 2024, were $164,010, down from $176,818 in the same period of 2023, a decrease of 7.2%[23] - The Sustainable Sourcing & Traceability segment reported net sales of $56.9 million and Segment Adjusted EBITDA of $2.5 million for Q3 2024, up from $42.8 million and $1.7 million in Q3 2023[8] - Sustainable Sourcing & Traceability segment net sales increased to $56,850 for the three months ended September 30, 2024, from $42,794 in the prior year, marking a growth of 32.8%[23] - The company reported an Adjusted EBITDA of $11,752 for the Beverage Solutions segment for the three months ended September 30, 2024, compared to $9,884 in the same period last year, an increase of 18.8%[23] Future Expectations - The company expects to report $50.0 million of Consolidated Adjusted EBITDA for fiscal year 2024, including $10.0 million of scale-up costs associated with the Conway Facility[11] - For fiscal year 2025, the company anticipates Consolidated Adjusted EBITDA between $80.0 million and $100.0 million, driven by volume growth and new customer commitments[12] - The Conway Facility is expected to onboard over a dozen new customers in Q1 2025, projected to generate more annual Consolidated Adjusted EBITDA than the current base business[3] Cash Flow and Expenses - Cash used in operating activities for the nine months ended September 30, 2024, was $16,023, a significant improvement from $75,131 used in the same period of 2023[22] - Net cash provided by financing activities for the nine months ended September 30, 2024, was $151,364, compared to $223,147 in the prior year[22] - The company incurred $30,115 thousand in pre-production costs for the Conway extract and ready-to-drink facility during the nine months ended September 30, 2024[24] - Transaction, restructuring, and integration expenses totaled $9,901 thousand for the nine months ended September 30, 2024, down from $12,682 thousand in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $6,889 thousand, slightly down from $7,803 thousand in the prior year[24] - Depreciation and amortization increased to $7,680 thousand for the three months ended September 30, 2024, compared to $6,364 thousand in the same period last year[24] - Equity-based compensation for the three months ended September 30, 2024, was $3,028 thousand, compared to $2,439 thousand in the same period last year[24] Governance - Ken Parent has been appointed to the Board of Directors, bringing extensive experience from Pilot Flying J[10] Other Financial Metrics - The total liabilities, convertible preferred shares, and shareholders' equity amounted to $1,077,114 as of September 30, 2024, compared to $971,514 at the end of 2023[20] - The company reported a change in the fair value of warrant liabilities of $(5,481) thousand for the three months ended September 30, 2024[24] - Consolidated Adjusted EBITDA for the three months ended June 30, 2024, was revised to $12,434 thousand after excluding scale-up costs[25] - The company emphasizes that EBITDA and Consolidated Adjusted EBITDA are important non-GAAP measures for evaluating operating performance and profitability[26]

Deliveries of Bollinger B4 continue, with electric trucks to TEC Equipment OAK PARK, Mich., Oct. 30, 2024 /PRNewswire/ -- Bollinger Motors today announced it has made its first customer delivery on the West Coast, sending three 2025 Bollinger B4 Chassis Cabs to TEC Equipment's dealerships in Lacey, Washington; Fontana, California; and Oakland, California. The vehicles' total retail value equals nearly $500,000. Bollinger B4 Bollinger B4 The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commer ...

VANCOUVER, BC, Oct. 21, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce commencement of its Phase III drill program with the mobilization of a reverse-circulation ("RC") drill to conduct drilling across the recently discovered Wild West Target ("WWT") (August 19, 2024 release) at its 5,166 hectares (51.6km2), 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.Wild West ...

Westrock Coffee Company (WEST) shares ended the last trading session 10.8% higher at $6.36. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% loss over the past four weeks. Westrock's stock rally is an extension of its innovative beverage solutions that have impressed investors. The company provides a comprehensive range of services, from coffee bean sourcing to final product distribution, demonstrating a stron ...

Westrock Coffee Company (WEST) shares ended the last trading session 5.7% higher at $7.09. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.6% loss over the past four weeks. The Westrock stock surge followed Craig-Hallum's initiation of coverage on the coffee industry supplier with a Buy rating. The analyst referred to Westrock as a leading brand-behind-the-brand beverage solutions provider, serving blue-chip cli ...

Westrock Coffee Company (WEST) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 75%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.13, delivering a surprise of -550%. Over the last four quarters, the company has su ...

Part I. Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Westrock Coffee Company's unaudited condensed consolidated financial statements, covering balance sheets, operations, and cash flows, with detailed notes Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In Thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $332,525 | $313,050 | | **Total Assets** | $1,056,373 | $971,514 | | **Total Current Liabilities** | $253,867 | $239,635 | | **Total Liabilities** | $700,803 | $583,558 | | **Total Shareholders' Equity** | $81,528 | $113,740 | Condensed Consolidated Statements of Operations Highlights (Unaudited) | (In Thousands, except per share data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $208,389 | $224,694 | $400,889 | $430,136 | | **Gross Profit** | $41,403 | $35,676 | $78,677 | $69,974 | | **Loss from Operations** | $(16,408) | $(1,395) | $(26,540) | $(8,759) | | **Net Loss** | $(17,759) | $(26,811) | $(41,432) | $(31,137) | | **Loss per Common Share (Basic & Diluted)** | $(0.20) | $(0.35) | $(0.47) | $(0.42) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | (In Thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(15,691) | $(35,668) | | **Net cash used in investing activities** | $(104,760) | $(58,175) | | **Net cash provided by financing activities** | $108,409 | $96,385 | | **Net (decrease) increase in cash** | $(11,813) | $2,377 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, accounting policies, and key financial items, including restructuring, revenue shifts, debt financing, and segment performance - The company operates in two segments: Beverage Solutions (coffee, tea, flavors, extracts) and Sustainable Sourcing & Traceability (green coffee trading)[20](index=20&type=chunk)[21](index=21&type=chunk) - In Q2 2024, the company initiated a restructuring plan to consolidate manufacturing operations, including closing facilities in Concord, NC, and Richmond, CA, resulting in **$4.1 million** of severance costs recognized in the quarter[36](index=36&type=chunk)[38](index=38&type=chunk) Disaggregated Revenue by Product Type (Six Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Coffee & tea | $233,845 | $291,753 | | Flavors, extracts & ingredients | $85,782 | $77,682 | | Green coffee | $79,577 | $59,208 | | **Total Net Sales** | **$400,889** | **$430,136** | - In February 2024, the company issued **$72.0 million** of **5.00%** convertible senior notes due 2029 in a private placement, with **$50.0 million** purchased by related parties[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2024 financial results, covering net sales, gross profit, Adjusted EBITDA, restructuring, segment performance, and liquidity [Key Business Metrics](index=38&type=section&id=Key%20Business%20Metrics) Adjusted EBITDA, a key non-GAAP metric, increased to **$13.7 million** in Q2 2024, driven by improved performance in both Beverage Solutions and Sustainable Sourcing & Traceability segments Adjusted EBITDA Reconciliation (Unaudited) | (In Thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | $(17,759) | $(26,811) | $(41,432) | $(31,137) | | **Adjustments** | ... | ... | ... | ... | | **Adjusted EBITDA** | **$13,664** | **$11,310** | **$24,806** | **$19,763** | Adjusted EBITDA by Segment (Three Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Beverage Solutions | $13,245 | $11,660 | | Sustainable Sourcing & Traceability | $419 | $(350) | | **Total** | **$13,664** | **$11,310** | [Significant Developments](index=40&type=section&id=Significant%20Developments) Significant restructuring activities in Q2 2024, including facility consolidation and workforce reduction, are expected to generate **$10.0 million** in annualized savings by Q1 2025 - The company committed to a restructuring plan involving the closure of its West Winds facility in Concord, NC, and its Richmond, CA facility, consolidating production into other sites[150](index=150&type=chunk) - These initiatives, including workforce reductions, are projected to result in annualized savings of approximately **$10.0 million**, expected to be fully realized on a run-rate basis in Q1 2025[150](index=150&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2024 saw net sales decrease by **7.3%** to **$208.4 million**, while gross profit increased **16.0%** to **$41.4 million**, with a wider operating loss due to increased SG&A expenses - **Q2 2024 vs Q2 2023 Performance:** - **Net Sales:** Decreased by **$16.3 million** (**7.3%**) to **$208.4 million** - **Gross Profit:** Increased by **$5.7 million** (**16.0%**) to **$41.4 million**, with gross margin improving from **15.9%** to **19.9%** - **Loss from Operations:** Widened to **$(16.4) million** from **$(1.4) million**, primarily due to a **$17.4 million** increase in SG&A expenses[151](index=151&type=chunk) - The Beverage Solutions segment's Q2 net sales fell **14.0%** to **$163.3 million**, driven by a **22.1%** decrease in roast and ground coffee volumes and a **14.8%** decrease in single serve cup volumes[154](index=154&type=chunk) - The SS&T segment's Q2 net sales grew **29.1%** to **$45.1 million**, driven by a **39.9%** increase in sales volume[155](index=155&type=chunk) - SG&A expenses in the Beverage Solutions segment increased by **$17.3 million**, primarily due to an **$11.9 million** increase in start-up costs for the Conway, Arkansas facility[157](index=157&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash, operating cash flow, and credit facilities. In February 2024, the company amended its Credit Agreement and issued **$72.0 million** in convertible notes to enhance liquidity, with capital primarily deployed for the new Conway facility - Primary sources of liquidity are cash, operating activities, and the Credit Agreement, which includes a **$175.0 million** Revolving Credit Facility, a **$175.0 million** Term Loan, and a **$50.0 million** Delayed Draw Term Loan[177](index=177&type=chunk)[179](index=179&type=chunk) - In February 2024, the company amended its credit agreement and issued **$72.0 million** in **5.00%** convertible senior notes due 2029 to bolster its capital structure[182](index=182&type=chunk)[186](index=186&type=chunk) - An at-the-market (ATM) common stock offering program was established to sell up to **5,000,000** shares, with net proceeds of **$0.6 million** raised in H1 2024[196](index=196&type=chunk) Capital Expenditures (Six Months Ended June 30) | (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Growth | $102,742 | $50,512 | | Maintenance | $1,043 | $1,757 | | Customer Beverage Equipment | $538 | $1,151 | | Other | $782 | $2,325 | | **Total** | **$105,105** | **$55,745** | [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred in the market risks faced by the company since the disclosures in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes in market risks from those disclosed in the company's 2023 Annual Report on Form 10-K[209](index=209&type=chunk) [Controls and Procedures](index=52&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2024, due to material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were not effective as of June 30, 2024, due to ongoing material weaknesses in internal control over financial reporting[211](index=211&type=chunk) - The identified material weaknesses relate to: - Ineffective design and maintenance of controls in response to risks of material misstatement - Deficiencies in the period-end financial reporting process - Lack of effective controls ensuring appropriate segregation of duties[213](index=213&type=chunk)[214](index=214&type=chunk) - Remediation activities are underway, including hiring additional accounting and IT personnel, formalizing a risk assessment process, engaging third-party assistance, and implementing new controls over financial reporting and segregation of duties[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) Part II. Other Information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal proceedings in the ordinary course of business, not expected to materially affect its financial position or results - The company states that ongoing legal proceedings from the normal course of business are not expected to have a material adverse effect on its financial condition or results[220](index=220&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors affecting the company's business since those disclosed in its Annual Report on Form 10-K filed on March 15, 2024 - No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K filed on March 15, 2024[221](index=221&type=chunk)

VANCOUVER, B.C., July 30, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion" or the "Company") (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on perforations of the West Akcakoca-1 well at the SASB gas field located in the southwestern Black Sea and production progress to date. The West Akcakoca-1 well has now had the remaining three perforation intervals totaling 4 metres perforated for a total of five zones. Prior delays involving weather conditions and wai ...