American Rebel Reports Financial Results for 2022 Third Quarter
November 15, 2022 08:00 ET | Source: American Rebel Holdings Inc
Nashville, TN, Nov. 15, 2022 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) – America’s Patriotic Brand (the “Company”) announced its financial results for the three-month period ended September 30, 2022. Investors are encouraged to read the Company’s quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commissions (the “SEC”) and contains additional information and is posted at https://americanrebel.com/
Third Quarter Financial Highlights:
- Revenues rose to $4.1 million compared to $0.3 million in the prior year period. The increase is attributable to contribution of the Champion acquisition which closed on July 29, 2022.
- Gross margin in the third quarter period ended September 30, 2022, was $978,104 compared to $15,278 in the prior year period. The increase in gross margin was driven by the contribution from the Champion acquisition.
- Net loss in the third quarter was $2.1 million, or $0.36 per share, compared to a loss of $1.4 million, or $1.05 per share in the prior year period. The increased loss was primarily due to transactional costs related to the Champion acquisition.
Andy Ross, CEO of American Rebel commented, “We’re very happy to be reporting the first quarter of financial results since our acquisition of Champion at the end of July. We projected our results to be nearly $4.0 million so we’re happy those results came in at the high end of that range. We expect full year pro forma revenue to be in the area of $20 million. This is a great time for American Rebel, not only in our enhanced safe manufacturing capabilities, but as we introduce the patriotically powered line of E-bikes, the ‘E-Bike With an Attitude,’ into a global market that is expected to grow to over $92 billion by 2029. We’re excited to continue the growth of America’s Patriotic Brand. “
About American Rebel Holdings, Inc.
American Rebel, through its wholly-owned operating subsidiaries, operates primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products. The Company also designs and produces branded apparel and accessories and now intends to enter the E-Bike market.
To learn more, visit www.americanrebel.com.
For investor information, visit www.americanrebel.com/investor-relations.
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Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ:AREB)(NASDAQ:AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include our ability to efficiently incorporate acquisitions into our operations, the use of non-GAAP based pro forma financial estimates, our ability to introduce new products, our ability to meet production demands, our ability to expand our sales organization to address existing and new markets that we intend to target, our ability to meet or exceed financial and reporting estimates, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: American Rebel Holdings Inc