Here are 1-2 brief analogies for Splash Beverage (SBEV):

1. SBEV is like a 'house of brands' beverage company, similar to a small-cap Constellation Brands or Diageo, but with a portfolio spanning both alcoholic and non-alcoholic drinks.

2. SBEV is a multi-category beverage company, aiming to be a challenger to established players like Keurig Dr Pepper or Boston Beer Company by building a diverse portfolio of both non-alcoholic and alcoholic brands.

• TAPOUT Performance Drink: A line of sports and performance beverages.
• SALT Tequila: A range of premium tequilas, including flavored and unflavored options.
• Pulque Hard Seltzer: Alcoholic seltzers crafted from fermented agave.
• Kitu Super Coffee: Ready-to-drink coffee beverages infused with protein and MCT oil.
• CASA TEQUILA: A brand of high-quality tequilas.

Splash Beverage Group (SBEV) operates primarily on a business-to-business (B2B) model, selling its beverage products to other companies for distribution and retail.

Based on Splash Beverage Group's public filings, including its most recent 10-K, the company does not disclose specific individual major customers (companies) that account for a material portion of its revenue (typically defined as >10%). This indicates that SBEV has a diversified customer base across its distribution network rather than relying heavily on a single large customer.

However, SBEV's direct and indirect customers generally fall into the following categories:

• Beverage Distributors (Direct Customers): These wholesale companies purchase Splash Beverage Group's products directly and then distribute them to various retail and on-premise establishments. SBEV partners with numerous regional and national distributors across different markets to facilitate widespread product availability for its brands (e.g., Pulpo Tequila Seltzer, TapouT performance drinks, SALT Tequila, Copa di Vino). While specific distributor names with significant revenue concentration are not disclosed by SBEV, many major beverage distributors are private companies (e.g., Southern Glazer's Wine & Spirits, Republic National Distributing Company).
• Retail Chains (Indirect Customers): While SBEV's primary sales are made to distributors, the ultimate goal is for its products to be available in a wide range of retail outlets and on-premise locations. These retailers, served through distributors, are critical to SBEV's sales volume. Examples of the types of retail chains where SBEV's products aim to be sold include:
  • Grocery store chains: Kroger (KR), Walmart (WMT), Target (TGT)
  • Convenience store chains: Casey's General Stores (CASY)
  • Liquor store chains (e.g., Total Wine & More - private, ABC Fine Wine & Spirits - private)
  • Club stores: Costco (COST)
  • On-premise accounts: Bars, restaurants, and hotels.
  No single retail chain is identified by SBEV as a major direct customer accounting for a significant portion of its revenue.

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William Meissner is a proven leader with over twenty years of success in growing consumer brand companies, having held multiple CEO roles in both large multinational and medium-sized entrepreneurial organizations. Prior to joining Splash Beverage Group, he served as President and Chief Executive Officer for Sweet Leaf and Tradewinds Tea, which he acquired from Nestle in a beverage vertical organized by a mid-cap private equity firm. He was also Chief Executive Officer for Genesis Today, Inc., a leader in organic nutritional supplements, Chief Executive Officer of Tazza Pronto, a joint venture, and Chief Executive Officer of Jones Soda. His experience also includes serving as President of Talking Rain Beverages, Chief Marketing Officer of Fuze & NOS Beverages (Coca-Cola), and Brand Director of SoBe Beverages (Pepsi-Co).

William Devereux is a strategic finance executive with over 20 years of experience in corporate finance, investment management, and investor relations, appointed effective March 20, 2025. He has successfully led multi-million-dollar growth initiatives, secured institutional funding, and optimized financial operations across high-growth consumer and technology sectors. Before joining Splash Beverage Group, he was CFO at Hembal Labs and Akin AI, where he secured enterprise contracts, sourced a merger offer, and positioned companies for significant investment. He previously served as a Partner at Daruma Capital, where he played a key leadership role in managing a $2 billion portfolio, and advised on mergers and acquisitions and regulatory matters at Dames Point Partners.

Aida Aragon is a Sales, Marketing, and Brand Management Executive with years of experience in the sports supplement and beverage industry. She has a successful history of competing in fitness competitions and was an EAS sponsored athlete. Ms. Aragon has worked with companies like EAS, CytoSport (Muscle Milk), and Labrada, where she played a pivotal role in executing successful store rollouts in various retail channels. She also owned her own consulting firm, Verdi Consulting, focusing on brand development, strategy, and new business development.

Sanjeev Javia is the founder and President of Javia Wellness Group, a firm dedicated to innovative research, formulation, and design of nutritional exercise and wellness initiatives. As a sports nutrition expert, his work with Splash Beverage Group focuses on developing innovative functional beverages with health benefits for consumers. Since 2000, he has advised some of the world's most elite athletes on fitness and nutrition, including Super Bowl MVPs, Cy Young Award Winners, Stanley Cup Champions, Olympic Gold Medalists, and PGA Golfers.

Splash Beverage Group (SBEV) operates in several beverage markets, including functional beverages, spirits, wine, and ready-to-drink (RTD) cocktails. The addressable market sizes for their main products in the U.S. are as follows:

• Functional Beverages (TapouT Performance): The U.S. functional beverages market is estimated at USD 51.84 billion in 2025 and is projected to reach approximately USD 93.07 billion by 2034, with a compound annual growth rate (CAGR) of 6.70% from 2025 to 2034. More specifically, the U.S. energy drinks market, a significant segment within functional beverages, is valued at USD 19.58 billion in 2025 and is projected to grow to USD 22.57 billion by 2030, at a CAGR of 2.88%. Another source estimates the U.S. energy drinks market at USD 25.01 billion in 2024, expected to grow at a CAGR of 7.2% from 2024 to 2030.
• Spirits (Salt Tequila): The U.S. spirits market is projected to grow from USD 120.34 billion in 2025 to USD 136.87 billion by 2030, at a CAGR of 2.61%. The broader wine and spirits wholesaling market in the U.S. is estimated at $144.1 billion in 2025.
• Wine (Copa Di Vino, Pulpoloco Sangria): The U.S. wine market size was estimated at USD 75.27 billion in 2024 and is expected to reach USD 80.26 billion in 2025, with a projected CAGR of 8.1% from 2025 to 2030.
• Ready-to-Drink (RTD) Cocktails (Flavored Salt Tequila, Pulpoloco Sangria): The U.S. Ready-to-Drink (RTD) Cocktail Market is anticipated to grow significantly, with a market size of USD 860 million in 2024, projected to reach US$ 2.66 billion by 2033. Another report indicates the U.S. RTD cocktails market size was valued at USD 903.4 million in 2024 and is expected to grow at a CAGR of 15.3% from 2025 to 2030. The U.S. canned cocktails market, a subset of RTD cocktails, is valued at USD 7.90 billion in 2024 and is expected to reach USD 30 billion by 2035.

Splash Beverage Group (SBEV) anticipates several key drivers for future revenue growth over the next 2-3 years:

1. Strategic Acquisitions: The company is actively pursuing complementary acquisitions and has secured funding for such initiatives. A notable example is a pending acquisition of an energy drink company, which is projected to contribute over $30 million in revenue and boasts more than 30% growth. This strategy aims to enhance Splash Beverage's product offerings and operational efficiencies.
2. Expanded Distribution Network and Retail Partnerships: Splash Beverage Group has been significantly expanding its distribution footprint. This includes achieving full state coverage in Washington and Texas, and securing major retail partnerships with prominent chains such as Walmart, Circle K (for Copa di Vino across more than 800 locations), Publix, 7-Eleven, Total Wine & More (for Pulpoloco Sangria in over 115 stores across multiple states), and Terrible's Convenience in Las Vegas. A distribution partnership with Armada Distributing in Oklahoma further solidifies its market presence.
3. Growth of Qplash Online Resale Business: The company relaunched its online resale business, Qplash, in August 2024. This segment is expected to ramp up and is characterized by high gross margins, reaching 59%. The restart of Qplash is seen as crucial for liquidity due to its short cash conversion cycles and high margins.
4. New Product Development and Health-Focused Offerings: Splash Beverage is focusing on product innovation, including a greater emphasis on healthier beverage options that align with current consumer preferences. Recent launches include the Bobble Buzz hard seltzer line and expansions of the Copa di Vino brand. Additionally, plans are in place to launch an energy drink designed for mental acuity and new protein powders.
5. International Market Expansion: The company has stated its intention to become a global entity, with operations commencing in Latin America. There are also plans to expand the Pulpoloco Sangria business into Europe. Notably, no international business was included in the company's 2024 financial projections, indicating this represents a future growth avenue.

Share Issuance

• In June 2021, Splash Beverage Group conducted a public offering of 3.75 million shares of common stock and warrants at $4.00 per share, aiming for gross proceeds of $15.0 million.
• In August 2024, shareholders approved the issuance of new shares, potentially up to 4,625,000, related to the conversion of convertible notes and the exercise of warrants.
• In November 2025, the company issued $2.2 million in convertible promissory notes to institutional investors, resulting in $2 million in proceeds, and stockholders approved an increase in authorized common shares from 7.5 million to 400 million.

Inbound Investments

• Splash Beverage Group secured an initial tranche of $4.0 million from a new funding agreement in December 2024, with an additional $3.0 million expected soon, intended to alleviate financial pressures and fuel growth.
• In November 2025, the company completed a $400,000 private placement of Series A-1 Convertible Redeemable Preferred Stock and warrants.

Outbound Investments

• Splash Beverage is on track to finalize the acquisition of Western Son Vodka by the end of 2024, a move expected to enhance financial performance, stability, and operational savings.

Capital Expenditures

• Over the last 12 months (as of current time), Splash Beverage Group reported capital expenditures of -$3,235.