Reed's posts widening losses, launches Asia expansion and functional soda amid cash burn

Filed March 25, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

• high

  Net loss widened 20% to $15.8M as gross margin compressed to 20% from 30%, driven by $2.0M inventory write-offs tied to product portfolio optimization under new management. Operating cash burn nearly tripled to $17.0M.

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

  Company established Asia-Pacific holding company with subsidiaries in Hong Kong, Japan, China, and Singapore; no revenue generated yet. Management signals continued investment required, raising funding risk beyond board-approved operating plan.

  Business & Notes: Asia Expansion verify on EDGAR →
• high

  Raised $15.2M in equity during 2025 ($5M private placement in September, $10.2M public offering in December), issuing 3.7M shares and 2.9M warrants exercisable at $4.50. Whitebox credit facility fully drawn at $9.25M with zero availability.

  MD&A & Notes: Capital Raises verify on EDGAR →