BREA, Calif., June 11, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), ("Reborn", or the "Company"), a California-based retailer of specialty coffee, today announced its in-depth plan for opening its first flagship store in the Historic Art Museum Building in Guangzhou, China. Following the successful closure of a master franchise agreement in Guangdong Province, the company is set to establish its first flagship store, complete with a roasting and training facility, in the culturally rich Li We ...

BREA, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee, Inc. (NASDAQ: REBN) ("Reborn", or the "Company"), a California-based retailer of specialty coffee, today announced that it has signed a Letter of Intent (LOI) to acquire a 55% majority stake in Derin Lezzetler, a leading artisan snack and frozen bakery producer based in Istanbul, Turkey. This strategic move marks a significant milestone in Reborn Coffee's expansion into the health-conscious food market and its plans to further penetrate the US, E ...

Revenue and Sales Performance - Reborn Coffee's total net revenues increased by 45.6% to $5.95 million in 2023 compared to $3.24 million in 2022, driven by new store openings and marketing efforts[255] - Retail store revenue accounted for 98% of total revenue, while wholesale and online revenue made up 2% in 2023[244][245] - The company introduced Pour Over Packs to hotels, increasing B2B sales[239] Costs and Expenses - Product, food and drink costs increased by 37.9% to $1.76 million in 2023, partially due to new store openings[256] - General and administrative expenses rose by 28.9% to $7.97 million in 2023, mainly due to increased occupancy and labor costs from new locations[257][258] Financial Performance and Losses - Net loss increased to $3.99 million in 2023 from $3.55 million in 2022[255] - Net cash used in operating activities was $2.79 million in 2023, primarily due to a net loss of $3.7 million[264] Expansion Plans - Reborn Coffee plans to open up to 20 company-owned retail locations by the end of 2023[236] Cash and Loan Balances - Reborn Coffee's cash balance was $676,000 as of December 31, 2023[267] - The company had an outstanding loan balance of $1.13 million with Square Capital as of December 31, 2023[268] - The company borrowed $500,000 under the EIDL Loan with an interest rate of 3.75% per annum, and monthly payments of $731 began in May 2022[270] - The company received a $10,000 grant under the EIDL program, which was recorded as income in 2020[270] - The company secured two PPP loans totaling $282,000 ($115,000 in May 2020 and $167,000 in February 2021) with an interest rate of 1.00% per annum[272] - The initial PPP loan of $115,000 was fully forgiven by December 31, 2021[272] Leasing and Tax Information - The company leases all retail locations, with rent expenses recorded on a straight-line basis over the lease term[274] - The company files income tax returns in the U.S. federal and California state jurisdictions and will be taxed at prevailing U.S. corporate rates[275] Accounting and Financial Reporting - The company has no off-balance sheet arrangements requiring disclosure under current regulations[276] - Financial statement preparation involves critical accounting estimates based on historical experience and management assumptions[277] - The company has determined that recent accounting pronouncements will not have a material impact on its financial position[278] - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk[280]

Exhibit 99.1 Reborn Coffee Reports Fiscal Year 2023 Financial Results FY 2023 Record Revenue Increased 84% to $6.0 Million FY 2023 Gross Profit Increased 93% to $1.9 Million Brea, CA – March 28, 2024 -- Reborn Coffee, Inc. (NASDAQ: REBN) ("Reborn", or the "Company"), a California-based retailer of specialty coffee, has reported its financial and operational results for the fiscal year ended December 31, 2023. Key Financial and Operational Highlights "To drive additional customer engagement, we launched seve ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41479 REBORN COFFEE, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41479 REBORN COFFEE, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41479 REBORN COFFEE, INC. Delaware 47-4752305 (I.R.S. Employer Identification Number) incorporation or organization) 580 N. Berry ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39727 REBORN COFFEE, INC. (Exact name of registrant as specified in its charter) | Delaware | 47-4752305 | | --- | --- | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41479 REBORN COFFEE, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of Delaware 47-4 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 333-261937 REBORN COFFEE, INC. | (Exact name of Registrant as specified in its charter) | | --- | Delaware 5810 47-4752305 (State or other jurisdiction of i ...