Think of it as an early-stage Constellation Brands, building a portfolio of diverse alcoholic and non-alcoholic beverage brands.

• SALT Naturally Flavored Tequila: Flavored tequilas.
• TapouT Performance: A hydration and recovery isotonic sport drink.
• Copa di Vino: Wine products.
• Pulpoloco Sangria: Sangria products.
• qplash.com: An online platform for selling beverages and groceries.

Splash Beverage Group, Inc. (SBEV) primarily sells its products to other companies through a combination of distributors and direct sales to retailers, rather than directly to individual consumers as its primary channel. While specific major customers are typically not publicly disclosed by companies unless they represent a significant portion of revenue, based on publicly available information regarding distribution agreements and retail placements, the following public companies can be identified as major customers or significant retail channels for SBEV's products:

• United Natural Foods, Inc. (UNFI) - Symbol: UNFI

  UNFI is a major North American distributor of natural and organic foods, specialty foods, and other products. Splash Beverage Group has secured national distribution for its TapouT Performance Drink through UNFI, making UNFI a significant B2B customer responsible for distributing SBEV's products to a wide network of retailers.

• Walmart Inc. - Symbol: WMT

  Walmart is one of the world's largest retail corporations. Splash Beverage Group has announced the placement of its SALT Naturally Flavored Tequila in Walmart stores, indicating Walmart as a major retail channel and potential direct customer for SBEV's products. Large retailers like Walmart often work with distributors but can also engage in direct purchasing relationships with suppliers.

It is also important to note that Splash Beverage Group partners with numerous other beverage distributors, many of which are private entities (e.g., Southern Glazer's Wine & Spirits, Republic National Distributing Company), to get its alcoholic and non-alcoholic beverages into a vast network of grocery stores, liquor stores, convenience stores, bars, and restaurants across the United States. Additionally, the company sells directly to individual consumers through its e-commerce platform, qplash.com, but this is described as a supplementary channel.

William Meissner, President and Chief Marketing Officer

William Meissner is the President and Chief Marketing Officer of Splash Beverage Group and has over two decades of experience in expanding consumer brand companies, encompassing both large multinational corporations and entrepreneurial organizations. His expertise includes serving in multiple CEO roles, where he revitalized both successful and struggling companies, and building and restoring brand value has been a consistent theme throughout his leadership history. Before joining Splash Beverage Group, Meissner was the President and Chief Executive Officer for Sweet Leaf and Tradewinds Tea, a premium beverage vertical that he designed to build emerging brands. In this role, he acquired two legacy tea brands from Nestle, and this beverage vertical was organized by a mid-cap private equity firm. His prior positions also include Chief Executive Officer for Genesis Today, Inc., Chief Executive Officer of Tazza Pronto (a joint venture), Chief Executive Officer of Jones Soda, President of Talking Rain Beverages, Chief Marketing Officer of Fuze & NOS Beverages (Coca-Cola), and Brand Director of SoBe Beverages (Pepsi-Co). He holds an MBA from the University of Pittsburgh's Katz Graduate School of Business. William Meissner has been taking on additional responsibilities as the company transitions its CEO role following the resignation of Robert Nistico, while the board seeks a new Chief Executive Officer.

Martin Scott, Interim Chief Financial Officer

Martin Scott was appointed Interim Chief Financial Officer of Splash Beverage Group, Inc. effective December 15, 2025. He brings decades of senior financial leadership experience, with a particular focus on public company finance, operational discipline, and guiding companies through periods of transition.

Aida Aragon, S.V.P. of National Accounts

Aida Aragon serves as the Senior Vice President of National Accounts for Splash Beverage Group. She is an experienced Sales, Marketing, and Brand Management Executive with extensive experience in the sports supplement and beverage industries. Ms. Aragon has held positions with companies such as EAS, CytoSport (Muscle Milk), and Labrada, where she was instrumental in executing successful store rollouts in specialty, food, drug, and mass retailers.

Sanjeev Javia, VP, Product Development

Sanjeev Javia is the Vice President of Product Development for Splash Beverage Group. He is also 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, Sanjeev has advised some of the world's most elite athletes on fitness and nutrition since 2000, and his work with Splash Beverage Group involves developing innovative functional beverages with health benefits.

The public company Splash Beverage (symbol: SBEV) faces several significant risks to its business operations and financial viability.

1. Significant Financial Challenges and Going Concern Risk: Splash Beverage Group, Inc. is grappling with severe financial difficulties, including recurring operating losses, negative cash flows, a substantial accumulated deficit, and rapid cash burn. The company has reported significant revenue declines, with one period showing $0 in net revenues due to a temporary operational halt caused by insufficient capital to acquire inventory. This has led its independent auditor to issue a "going-concern" warning, indicating substantial doubt about the company's ability to continue operations.
2. Risk of Delisting from NYSE American: Splash Beverage has repeatedly faced non-compliance issues with NYSE American listing standards, including failing to meet stockholders' equity requirements and untimely filing of financial reports. While some compliance issues have been addressed, the company has been subject to delisting proceedings, and there's a continuous risk to its listing status.
3. Intense Competition and Market Volatility: Operating in the highly competitive beverage industry, Splash Beverage Group, a micro-cap company, competes against much larger multinational corporations with entrenched distribution networks and brand recognition. This intense competition, coupled with market volatility and evolving consumer preferences, poses a continuous threat to the company's ability to gain and maintain market share for its product portfolio.

Splash Beverage Group, Inc. operates in several beverage markets, each with distinct addressable market sizes in the U.S. or globally.

SALT Naturally Flavored Tequila

The U.S. tequila market was valued at USD 9.5 billion in 2025 and is projected to reach USD 13.8 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 4.19% from 2026-2034. Another estimate places the U.S. tequila market at USD 8.6 billion. The global tequila market size was valued at USD 12.37 billion in 2025 and is projected to grow to USD 20.92 billion by 2034, exhibiting a CAGR of 6.03% during the forecast period. Flavored tequilas are a rising segment, particularly appealing to younger consumers who seek dynamic and flavor-infused expressions.

TapouT Performance (Hydration and recovery isotonic sport drink)

The U.S. sports drinks market is estimated at USD 12.61 billion in 2025 and is expected to reach USD 15.37 billion by 2030, growing at a CAGR of 4.05%. Isotonic sports drinks hold the largest share within the U.S. sports drink market, favored for their optimal blend of fluids, carbohydrates, and electrolytes for hydration and performance. The isotonic drinks market specifically in North America accounted for 52.10% of revenue in 2025, with an expected increase from USD 17.22 billion in 2025 to USD 22.84 billion by 2031 globally.

Copa di Vino (Wine)

The U.S. wine market size was estimated at USD 75.3 billion in 2024 and is projected to reach USD 157.3 billion by 2033, with a CAGR of 8.8% from 2025 to 2033. In 2025, the U.S. wine market was valued at USD 78.73 billion and is projected to reach USD 188.02 billion by 2034. The still wine segment dominated the U.S. wine market in 2025, holding a significant 69.42% share.

Pulpoloco Sangria

The global sangria market size was valued at USD 1.6 billion in 2024 and is forecasted to reach USD 2.9 billion by 2033, growing at a CAGR of 6.7%. In the U.S., the ready-to-drink sangria segment was a relatively smaller market, accounting for approximately USD 193 million in revenue.

Here are 5 expected drivers of future revenue growth for Splash Beverage Group (SBEV) over the next 2-3 years:

1. Expansion into the Hemp-Derived THC Beverage Category: Splash Beverage Group has strategically entered the rapidly growing hemp-based THC beverage market through a joint venture with B.A.A.D Ventures LLC, with Splash holding a 51% ownership stake. This partnership leverages Nimbus, a 10 mg hemp-derived THC flavored seltzer, with immediate plans for expansion into six additional states and the development of a vertically integrated platform for new THC beverage brands.
2. Strategic Merger with Medterra CBD: The company has signed a non-binding Letter of Intent for a proposed merger with Medterra CBD, LLC, a prominent manufacturer and operator of federally compliant cannabinoid wellness products. Medterra generated over $52 million in profitable revenue in fiscal year 2025. This proposed combination aims to reposition Splash as a "cannabinoid wellness platform" with a house-of-brands model, anticipating significant growth driven by evolving regulatory landscapes and planned participation in a CBD pilot initiative.
3. Growth of Tequila Brands, particularly Chispo Tequila: Splash Beverage Group is focused on expanding its tequila portfolio, notably with the launch of Chispo Tequila across six key states: California, Nevada, Texas, Oklahoma, New York, and Florida. A high-volume restaurant chain has already committed to replacing its house tequila with Chispo as an anchor customer, and Senor Frog's has selected Chispo Tequila as its house tequila in multiple US and Caribbean locations.
4. Expanded Distribution for Existing Beverage Brands: The company is actively broadening the reach of its current product lines. This includes securing a significant retail expansion for Pulpoloco Sangria with Total Wine & More, covering over 115 stores across eight states. Additionally, Splash Beverage Group has achieved comprehensive statewide distribution for its diverse portfolio, including Copa di Vino, Pulpoloco, and SALT Tequila, throughout Colorado via a new partnership with Legacy Distribution Group. Circle K has also authorized Copa di Vino for all its franchise stores, encompassing over 800 locations in the U.S.
5. Development of the Costa Rican Water Business: Splash Beverage Group is advancing its Costa Rican water business, supported by a multi-year anchor customer purchase order estimated at approximately $6 million annually. Deliveries are projected to commence as early as Q1 2026, and an initial order valued at $500,000 has already been secured from the All Day Group in the United Arab Emirates, indicating early international demand.