Kona Gold Beverages Inc. (OTC:KGKG) Stock On Watchlist After Earnings Update

Kona Gold Beverages Inc. (OTC:KGKG) operates as a holding company and remains mainly focused on the development of advanced products in the healthy and functional beverage sector. Yesterday, the company came into focus in a big way after it announced revenues of around $3 million for the 2023 calendar year. In the news release, Kona Gold Beverages noted that although a new management had been put in place towards the end of 2023 and there had been successful elimination of significant amounts of debt, it had been able to maintain its performance on the revenue front.

The performance could be a strong basis for further anticipated growth in 2024, the company observed. In the 2023 calendar year, the company faced a number of challenges, but it eventually attained a position from which it could expand and boost revenues in 2024. It was also noted that the recent launch of the product HighDrate D9 Energy Seltzer, which offered flavors like Pina Colada and Blue Raspberry, was a demonstration of a major move forward in product innovation.

The introduction of the product not only boosted the product offerings from Kona Gold Beverages but also strengthened its presence in the consumer packaged goods sector. Eventually, it could lead to better revenue streams and also unlock better value for the company’s shareholders. The new management team at the company was also entirely committed to boosting value for shareholders.

It plans to deliver on that commitment through the augmentation of the core strengths of Kona Gold Beverages, the premium beverage lineup of products, and canny acquisitions, which would not only bring about revenue growth but also diversify the product portfolio. The company also noted that its expansion efforts through the setting up of subsidiaries focused on boosting shareholder value.