Westrock Coffee Holdings LLC reported Q1 sales of $186.4 million, up 20% Y/Y, with a narrower net loss of $(4.7) million compared to $(6.1) million a year ago.
Scott Ford, Co-founder & CEO, stated, "We are pleased with the strong start to the year, particularly given the numerous factors currently impacting the U.S. consumer, increased inflation, and the volume impacts of Covid restarts."
Financials: Adjusted EBITDA increased 37% to $11.4 million, driven by a favorable customer and product mix, favorable purchase price variances, and improved operational efficiencies.
Westrock Coffee's Beverage Solutions segment contributed $148.4 million of net sales. Sales in the Sustainable Sourcing & Traceability segment grew to $38.1 million.
SPAC Deal Update: Westrock Coffee upsized the credit facility it will enter in connection with its previously announced transaction with Riverview Acquisition Corp (NASDAQ:RVAC) from $300 million to $350 million, citing the response to strong demand from prospective lenders.
The company will retain the Westrock Coffee name and be listed on NASDAQ under the ticker symbol "WEST."
Malaysia Facility Update: Westrock's newest production facility in Johor Bahru, Malaysia, commenced production in April 2022. It is on schedule to ship products to customers in the Asia Pacific region in June 2022.
Price Action: RVAC shares closed at $9.95 on Monday.
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