🚰 Blue Triton’s Primo Deal

The biggest name in bottled water is getting bigger.

Today, Primo Water Corporation and an affiliate of BlueTriton Brands announced the two water giants have entered a definitive agreement to merge, creating a new combined entity called (temporarily) NewCo, effectively taking the largest manufacturer of bottled water in the U.S. public.

BevNET Insiders can access the full story to learn what's next for this newly-formed bottled water behemoth.

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Though Flow Beverage Corp. saw a reduction in Q2 net revenue due to the exit of unprofitable partnerships, the Canadian alkaline water company today posted improved gross margins and operating expenses. Here’s the top-level view:

• Net revenue in the quarter, which ended April 30, was $7 million – a 26% y/y decrease from the prior year period.
• Gross margin was 28% in Q2, as compared to 18% in Q2 2023.
• Adjusted EBITDA – a loss of $3.5 million – was the best it has been since the company went public in July 2021. 

💭 “With significant year-over-year and sequential improvements in our profitability metrics, our Q2 financial results help support our goal of reaching positive adjusted EBITDA and cash flow from operations in Q2 2024,” said CFO Tren MacDonald in a prepared statement. 

Keep an eye out for a full earnings recap on BevNET later today.

ICYMI: BevNET Live Summer 2024 took place in New York City last week. Conversations at the conference ranged from tactical insights on making tough calls, to the barriers, and benefits, of building a business as a BIPOC founder.  

With two full days of programming and plenty of beverages sampled in between, there’s plenty to catch up on. 

BevNET Insiders can access all of the recaps and replay the full event on-demand. Join us and see what you missed.

• Why Basemakers is laying a foundation beyond sales
• Details on Athletic Brewings latest expansion
• A small step forward for alt-alcohol hemp beverages
• What global adventurer is getting into the functional tea game

Did you know postbiotics have been proven to be more stable, convenient, and easier to combine with other ingredients than live bacteria and yeasts? IMMUSE is the cutting-edge postbiotic for your next beverage product, providing year-round immune support at the cellular level. Learn more

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