• Boston Beer Company for craft sodas.
• Honest Tea for ginger beer and craft sodas.
• Chobani for specialty sodas.

• Reed's Ginger Beer: A line of ginger-based carbonated beverages, including both non-alcoholic and alcoholic options.
• Virgil's Craft Sodas: A collection of all-natural, handcrafted sodas featuring flavors like root beer, cream soda, and black cherry.
• Flying Cauldron Butterscotch Beer: A non-alcoholic, cream soda-like beverage with a distinct butterscotch flavor.

Reed's (symbol: REED) primarily sells its products to other companies, specifically retailers and distributors, rather than directly to individuals. Based on the company's public filings, its major customers include:

• Kroger (symbol: KR)
• Walmart (symbol: WMT)
• Target (symbol: TGT)
• Publix (privately held)
• Whole Foods Market (owned by Amazon, symbol: AMZN)
• Costco (symbol: COST)

Niagara Bottling, LLC

Cyril Wallace, Chief Executive Officer & Director

Mr. Wallace was appointed Chief Executive Officer and Director in April 2025. Prior to joining Reed's, he served as Vice President and General Manager for PepsiCo Beverages North America, where he oversaw a $3.2 billion business unit spanning sales, operations, and go-to-market strategy. He previously led PepsiCo's Atlantic Region as Sales Vice President and General Manager, managing a $2.7 billion territory and more than 4,000 employees. He has over two decades of experience in senior leadership roles at PepsiCo.

Douglas McCurdy, Chief Financial Officer

Mr. McCurdy was appointed Chief Financial Officer in February 2025. Before joining Reed's, he served as Chief Financial Officer and Chief Operating Officer at several early-stage growth companies, including REZI, Torrential, and BBE. He also held corporate finance and strategic advisory positions at Banc of America Securities and began his career as a Lieutenant in the U.S. Navy.

Christopher J. Reed, Founder, Chief Innovation Officer & Director

Mr. Reed founded Reed's Inc. in 1989. He transitioned to the role of Chief Innovation Officer in April 2017.

Salvatore Vassallo, Vice President of Operations

Mr. Vassallo was appointed Vice President of Operations in February 2025. Prior to joining Reed's, he served as Vice President of Supply Chain at Boylan Bottling Co. His experience in supply chain management for consumer packaged goods (CPG) companies also includes key roles at Ferrero, Snapple Beverages, and Henkel.

Neal Cohane, Chief Sales Officer

Mr. Cohane serves as the Chief Sales Officer for Reed's. He has also been noted as the Senior Vice President of Sales & Marketing.

The rapid emergence and market penetration of functional beverages, particularly "prebiotic sodas" such as Poppi and Olipop, pose a clear emerging threat to Reed's. These brands directly compete for health-conscious consumers who seek natural, flavorful, and often lower-sugar alternatives to traditional sodas. Unlike Reed's ginger beers, which primarily offer refreshment and natural ingredients, these newer functional sodas provide an additional perceived health benefit (e.g., gut health), often with significantly reduced sugar content, aligning with evolving consumer preferences for wellness-driven beverages.

The addressable markets for Reed's main products and services in the U.S. are as follows:

• Ginger Beer: The global ginger beer market was valued at approximately USD 5.2 billion in 2023 and is projected to reach USD 9.64 billion by 2032, growing at a CAGR of 7.1% from 2025 to 2032. North America dominates the global ginger beer market, with the United States being the largest market in the region. Another estimate places the ginger beer market at USD 5.89 billion in 2025, expanding to USD 8.60 billion by 2030 with a CAGR of 7.27%.
• Ginger Ale: The U.S. ginger ale market was a USD 1.5 billion market as of 2022. The Ginger Ale Market Size is forecast to reach USD 4593.2 Million (USD 4.59 billion) by 2030, with a CAGR of 3.7% during the forecast period of 2024-2030.
• Kombucha: The U.S. kombucha market generated an estimated revenue of USD 1,616.8 million in 2024 and is anticipated to reach USD 5,124.6 million by 2033, demonstrating a CAGR of 13.7% from 2025 to 2033. Another assessment values the U.S. Kombucha Market at approximately USD 1.6 billion. The U.S. kombucha market is projected to grow from USD 1,328.67 million in 2023 to an estimated USD 4,936.48 million by 2032, with a CAGR of 15.70%.
• Functional Beverages (U.S.): Reed's products, particularly ginger beer and kombucha, fall under the broader functional beverage market. The U.S. functional beverages market size is evaluated at USD 51.84 billion in 2025 and is predicted to be worth around USD 93.07 billion by 2034, rising at a CAGR of 6.70% from 2025 to 2034.
• Ready-to-Drink (RTD) Beverages (U.S.): Reed's offers ready-to-drink products. The U.S. ready-to-drink beverages market size is projected to reach USD 247.26 billion by 2032. The ready-to-drink beverages market size, valued at USD 380.46 billion in 2025, is projected to surge to USD 481.88 billion by 2030, marking a steady CAGR of 4.84%.
• Virgil's Handcrafted Sodas: null
• Ginger Candies: null

Here are 3-5 expected drivers of future revenue growth for Reed's (REED) over the next 2-3 years:

1. Expansion of Distribution and Customer Growth: Reed's is actively securing new distribution deals with major national retailers, including recent wins with Costco, Kroger, and Walgreens for product tests. This expansion into new retail channels and strengthening relationships with existing recurring national customers are expected to drive increased product availability and reach a broader consumer base.
2. Launch and Restaging of New Products/Product Portfolio Optimization: The company has recently launched a new functional soda line and plans to further expand its product portfolio in 2025. Additionally, Reed's intends to restage its core and functional product lines with major relaunches slated for mid-2026. These initiatives aim to innovate and refresh offerings, attracting new consumers and potentially increasing sales from existing customers.
3. Operational Efficiencies Leading to Enhanced Competitiveness: While not a direct revenue driver, Reed's focus on optimizing operations, improving margins, and undertaking inventory rationalization, including shifting primary SKUs from glass to cans, is anticipated to yield cost and margin benefits through 2026. These efficiencies can enhance the company's competitiveness and ability to reinvest in growth initiatives, thereby indirectly supporting revenue expansion.

Share Repurchases

No information available.

Share Issuance

• Reed's closed a $10.0 million private placement on December 30, 2024, issuing approximately 14.7 million shares of common stock at $0.68 per share.
• On September 15, 2025, the company completed a $5.0 million private investment in public equity (PIPE) financing, selling 5 million shares of common stock at $1.00 per share.
• A primary offering of 1,326,260 shares of common stock was filed on November 12, 2025, with estimated net proceeds of about $9.0 million (potentially $10.4 million if the over-allotment option is exercised) at an assumed price of $7.54.

Inbound Investments

• On December 30, 2024, Reed's closed a $10.0 million PIPE financing, with capital earmarked for growth strategies including potential M&A opportunities, strategic partnerships, and international expansion.
• Reed's secured $6 million in PIPE financing on September 16, 2024, which included $1.9 million in cash proceeds from its largest stockholder, D&D Source of Life Holding LTD.
• In May 2023, the company closed $5.6 million in financing, which notably included a $4.1 million PIPE issuance led by D&D Source of Life Holding LTD, a Hong Kong-based investment company, forming a strategic alliance for market expansion.

Outbound Investments

• Reed's has indicated plans to pursue accretive M&A opportunities and strategic partnerships, utilizing capital from recent financings to support these efforts.

Capital Expenditures

• Capital expenditures were low, with the purchase of property and equipment totaling $0.101 million in 2021 and $0.095 million in 2022.
• The company adopts an asset-light operational model by outsourcing manufacturing, which minimizes the need for substantial capital investments in production facilities.
• Funds are primarily allocated towards increasing finished goods inventory, marketing, and improving working capital rather than large-scale fixed asset investments.