Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
A beverage company founded on Kauai continued expanding sales of cold-brew Hawaii coffee but also lost more money on the effort in the second quarter.
KonaRed Corp., which relocated from Kauai to California last year, said in a financial report last week that it lost $1.2 million in the April-June period, up from a roughly $795,000 loss in the same period last year.
The company expanded sales of cold-brew coffee to more national retailers, but expenses also rose.
SECOND-QUARTER LOSS
$1.2 million
YEAR-EARLIER LOSS
$794,468
|
Revenue more than tripled to $955,030 in the second quarter from $229,662 a year earlier.
KonaRed was established in 2008 as a producer of “superfruit” juice drinks made from coffee cherries, or the fruit surrounding coffee beans, but began selling cold-brew coffee last year. Cold-brew coffee represented 81 percent of sales in the second quarter.
Cumulative losses for the company to date total $25.7 million, which has been funded through stock sales and debt. In the second quarter, KonaRed sold about $750,000 of stock and also converted about $410,000 of debt to stock equity.
Shares of KonaRed, which in 2014 hit a high of $1.24, have roughly ranged between 5 cents and 9 cents over the last two years. They closed at 5.5 cents Thursday, compared with 6 cents on Aug. 18 when the financial report was released.