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Red Flags Detected

  • Going Concern (worsened) — Operating losses increased from $4.8M to $8.9M and cash burn rose from $3.5M to $6.5M year-over-year; accumulated deficit grew to $30.7M.
  • Debt Restructuring And Forbearance (new) — Company entered forbearance agreements with Arena Investors in March and April 2026, establishing repayment plan through September 2026 to avoid default.
  • Asset Impairment (worsened) — Asset impairment loss surged from $25,602 in 2024 to $1.6 million in 2025, a 6,334% increase.
  • Material Weakness (worsened) — Material weaknesses in internal controls continue for another year with identical root causes and no remediation progress disclosed.
NASDAQ: REBN Reborn Coffee, Inc. 10-K

Reborn Coffee shrinks to 10 stores, posts $9M loss, secures debt forbearance amid pivot to logistics

Filed April 22, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~1 min read

Key Changes

  • high

    Net loss nearly doubled to $9.0M (from $4.8M) despite 36.5% revenue growth; operating cash burn jumped 88% to $6.5M as professional fees and stock compensation surged. Company entered debt forbearance with Arena Investors in March 2026 to avoid default.

    MD&A: Financial Performance verify on EDGAR →
  • high

    Company closed two stores (South Korea and Huntington Beach), reducing footprint from 12 to 10 locations. Franchise target cut in half from 20 to 10 locations for 2026, signaling reduced growth expectations.

    Business: Store Count verify on EDGAR →
  • high

    Launched Reborn Logistics subsidiary (51% owned) in September 2025, generating $929K in freight forwarding revenue. Appointed Jung Jae Lim as Co-CEO in March 2026 with logistics background, creating dual-CEO structure.

    Business: New Subsidiary verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify