REED on NYSE

REED'S, INC.

REED'S, INC. is an American bottled and canned soft drinks and carbonated waters company.1 It is headquartered in Norwalk, Connecticut.1

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Last updated Oct 20, 2026.

Overview

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  • TickerREED on NYSE1
  • IndustryBottled & Canned Soft Drinks & Carbonated Waters1
  • HeadquartersNorwalk, Connecticut1
  • Incorporated inDE2
  • Business address501 Merritt 7, Norwalk, Ct 068512
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Original, to our medium-spiced Extra, and finally to our spiciest Strongest. We also offer three sweetener options: one with cane sugar;4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

20.4%Gross margin5
-44.5%Operating margin5
-46.5%Net margin5
-10.2%Revenue growth, 20255
-173.1%Return on equity5
-$17.3MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue80¢$27.1M
  • Other costs17¢$5.9M
  • Interest3¢$1.1M

Out of $34.1M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$34.1M in 2025+1% since 2019
0$20.0M$40.0M$60.0M2019: $33.8M$33.8M20192020: $41.6M$41.6M2020+23%2021: $49.6M$49.6M2021+19%2022: $53.0M$53.0M2022+7%2023: $44.7M$44.7M2023−16%2024: $38.0M$38.0M2024−15%2025: $34.1M$34.1M2025−10%
Gross profit6789105$7.0M in 2025−12% since 2019
0$5.0M$10.0M$15.0M2019: $7.9M$7.9M20192020: $12.8M$12.8M2020+62%2021: $13.6M$13.6M2021+7%2022: $12.1M$12.1M2022−11%2023: $9.7M$9.7M2023−20%2024: $11.4M$11.4M2024+17%2025: $7.0M$7.0M2025−39%
Operating income6789105-$15.1M in 2025+2% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$14.9M-$14.9M20192020: -$8.6M-$8.6M2020−42%2021: -$16.0M-$16.0M2021+85%2022: -$14.8M-$14.8M2022−7%2023: -$9.4M-$9.4M2023−37%2024: -$8.1M-$8.1M2024−14%2025: -$15.1M-$15.1M2025+87%
Net income6789105-$15.8M in 2025−2% since 2019
-$30.0M-$20.0M-$10.0M02019: -$16.1M-$16.1M20192020: -$10.2M-$10.2M2020−37%2021: -$16.4M-$16.4M2021+61%2022: -$20.1M-$20.1M2022+22%2023: -$15.5M-$15.5M2023−23%2024: -$13.2M-$13.2M2024−15%2025: -$15.8M-$15.8M2025+20%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Net Sales$34.1M$38.0M
Cost of goods sold$25.1M$26.3M
Inventory write-offs$2.0M$277.0K
Total cost of goods sold$27.1M$26.6M
Gross profit$7.0M$11.4M
Delivery and handling expense$5.4M$5.9M
Selling and marketing expense$5.3M$4.4M
General and administrative expense$11.3M$9.1M
Provision for receivable with former related party$169.0K$115.0K
Total operating expenses$22.1M$19.5M
Loss from operations-$15.1M-$8.1M
Other Income$414.0K$445.0K
Interest expense, net-$1.1M-$5.5M
Net loss-$15.8M-$13.2M
Dividends on Series A Convertible Preferred Stock-$5.0K-$5.0K
Net loss attributable to common stockholders-$15.8M-$13.2M
Loss per share - basic-$1.91-$9.81
Loss per share - diluted-$1.91-$9.81
Weighted average number of shares outstanding - basic8.3M shares1.3M shares
Weighted average number of shares outstanding - diluted8.3M shares1.3M shares

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Corporate structure

REED'S, INC. sits at the top of its group. 5 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of REED'S, INC.

  • Shufen Deng Filed SCHEDULE 13D/A on REED'S, INC., latest Jun 5, 2026 (5 filings since Jun 5, 2023)
  • Era Regenerative Medicine Ltd Filed SCHEDULE 13D/A on REED'S, INC., latest Jun 11, 2025 (3 filings since Feb 28, 2025)
  • WHITEBOX ADVISORS LLC Filed SCHEDULE 13G/A on REED'S, INC., latest Feb 14, 2025 (5 filings since Oct 17, 2022)
  • D&D Source of Life Holding Ltd. Filed SC 13D/A on REED'S, INC., latest Dec 6, 2024
  • John Bello Filed SC 13D/A on REED'S, INC., latest Dec 4, 2024 (5 filings since Jun 7, 2023)
  • Union Square Park Capital Management, LLC Filed SC 13G/A on REED'S, INC., latest Nov 21, 2024 (8 filings since Feb 11, 2022)
  • FiveT Investment Management Ltd Filed SC 13D on REED'S, INC., latest Dec 15, 2021
  • REED'S, INC. Norwalk, Connecticut
    • Reed’s (Hong Kong) Limited Subsidiary · Hong Kong
    • Reed’s (Japan) Limited Subsidiary · Japan
    • Reed’s Asia Limited Subsidiary · British Virgin Islands
    • Reed’s Beverage (Singapore) PTE Limited Subsidiary · Singapore

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What REED'S, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.0M5 Dec 31, 2025$1.8M5 Dec 31, 2024+10.7%
Accumulated depreciation$785.0K5 Dec 31, 2025$636.0K5 Dec 31, 2024+23.4%
Property and equipment, net$1.2M5 Dec 31, 2025$1.2M5 Dec 31, 2024+3.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$650.0K5 Dec 31, 2025$644.0K5 Dec 31, 2024+0.9%
Indefinite-lived intangibles (excluding goodwill)$650.0K5 Dec 31, 2025$644.0K5 Dec 31, 2024+0.9%
Trademarks and trade names (indefinite-lived)$74.0K5 Dec 31, 2025$68.0K5 Dec 31, 2024+8.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$8.0M5 Dec 31, 2025$8.1M5 Dec 31, 2024−0.8%
Raw materials$4.0M5 Dec 31, 2025$5.1M5 Dec 31, 2024−23.2%
Finished goods$4.1M5 Dec 31, 2025$3.0M5 Dec 31, 2024+37.9%

Properties, in its own words

We lease 5,154 square feet of office space in Norwalk, Connecticut, which serves as our principal executive office. The lease commenced December 1, 2024, and continues in effect for a period of ten years.

Item 2 of the 10-K filed Mar 25, 2026.4

Leadership

Who has led REED'S, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher J. Reed2009–2017
  2. Val Stalowir2017–2018
  3. Norman E. Snyder Jr.2020–2024
  4. Cyril Arthur Wallace2025–now

Chair

  1. Christopher J. Reed2016

Chief financial officer

  1. David M. Kane2008
  2. James Linesch2009–2014
  3. Lawrence W. Tomsic2014
  4. Daniel Miles V.2015–2018
  5. Snyder Iris2018–2019
  6. Joann Christine Tinnelly2019–2024
  7. Thomas J. Spisak2019–2021
  8. Douglas Walter McCurdy2025–now

Chief operating officer

  1. Thierry R. Foucaut2008–2014
  2. Christopher J. Reed2011–2013
  3. Mark B. Beaton2015
  4. Stefan Freeman2018
  5. Norman E. Snyder Jr.2019–2020
  6. Richard H. Hubli2020
  7. Neal Cohane2026
  8. Damian Francis Warshall2026–now
2010201520202025
Board members and other officers (34)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJOHN BELLO named Mar 16, 2022 to May 31, 202364
  • DirectorLOUIS C. IMBROGNO JR. named Mar 16, 2022 to May 31, 202364

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Reed’s (Hong Kong) Limited Hong Kong3
  • Reed’s (Japan) Limited Japan3
  • Reed’s Asia Limited British Virgin Islands3
  • Reed’s Beverage (Singapore) PTE Limited Singapore3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • REED'S INCMay 14, 2014 to Jun 16, 20142
  • REEDS INCFeb 6, 2002 to Mar 25, 20142
  • ORIGINAL BEVERAGE CORP /Oct 25, 2001 to Oct 25, 20012

Timeline

  1. Sep 30, 20268-K Entered a material agreement; New debt or obligation65
  2. Aug 14, 20268-K Listing notice or transfer; Other events66
  3. Aug 11, 20268-K Results of operations67
  4. Jun 11, 20268-K Executive or director change; Shareholder vote68
  5. Jun 3, 20268-K Listing notice or transfer; Other events69
  6. May 12, 20268-K Results of operations70
  7. Apr 24, 20268-K Executive or director change; Regulation FD disclosure71
  8. Apr 17, 20268-K Executive or director change72
  9. Apr 8, 20268-K Other events73
  10. Mar 27, 20268-K Executive or director change74
  11. Mar 24, 20268-K Results of operations75
  12. Dec 29, 20258-K Executive or director change; Regulation FD disclosure76
  13. Jun 20, 2025New chief executive Cyril Arthur Wallace becomes CEO13
  14. Feb 25, 2020New chief executive Norman E. Snyder Jr. becomes CEO14
  15. Jul 10, 2017New chief executive Val Stalowir becomes CEO15
  16. Dec 10, 2009New chief executive Christopher J. Reed becomes CEO16

Calendar

Coming up

  1. Nov 10, 2026Reports results for the quarter ending Sep/202677

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results67
  2. May 12, 2026Reported quarterly or annual results70
  3. Mar 24, 2026Reported quarterly or annual results75
  4. Nov 4, 2025Reported quarterly or annual results78
  5. Aug 12, 2025Reported quarterly or annual results79
  6. May 13, 2025Reported quarterly or annual results80
  7. Mar 27, 2025Reported quarterly or annual results81
  8. Nov 14, 2024Reported quarterly or annual results82

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

261 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 82 major events, 47 insider forms, 28 large holders, 2 private raises, 82 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Aug 14, 20268-K EDGAR
  3. Aug 12, 2026S-8 EDGAR
  4. Aug 12, 202610-Q EDGAR
  5. Aug 11, 20268-K EDGAR
  6. Jun 11, 20268-K EDGAR
  7. Jun 5, 2026SCHEDULE 13D/A EDGAR
  8. Jun 3, 20268-K EDGAR
  9. May 13, 202610-Q EDGAR
  10. May 12, 20268-K EDGAR
  11. May 4, 20263 EDGAR
  12. Apr 29, 2026ARS EDGAR
  13. Apr 29, 2026DEFA14A EDGAR
  14. Apr 29, 2026DEF 14A EDGAR
  15. Apr 24, 20268-K EDGAR
  16. Apr 17, 20268-K EDGAR
  17. Apr 8, 20268-K EDGAR
  18. Mar 27, 20268-K EDGAR
  19. Mar 25, 202610-K EDGAR
  20. Mar 24, 20268-K EDGAR

The 261 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 15 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 4, 2025Era Regenerative Medicine Ltd10% ownerBuy1,075,269Form 4
Nov 15, 2024Zaltzman Leon Michael10% ownerSale4,537$1.11$5.0KForm 4
Nov 14, 2024Zaltzman Leon Michael10% ownerSale5,988$1.13$6.8KForm 4
Sep 10, 2024Zaltzman Leon Michael10% ownerBuy531,205$1.50$796.8KForm 4
Sep 10, 2024D&D Source of Life Holding Ltd.10% ownerBuy3,268,795$1.50$4.9MForm 4
Apr 29, 2024Burleson Christopher ScottCCOBuy5,209Form 4
Apr 29, 2024Snyder Norman E. Jr.CEOBuy37,605Form 4
Apr 29, 2024Tinnelly Joann ChristineCFOBuy17,334Form 4
Dec 6, 2023Bello JohnDirectorBuy5,000$1.80$9.0KForm 4
Nov 28, 2023Bello JohnDirectorBuy5,000$2.04$10.2KForm 4
May 25, 2023Union Square Park GP, LLC10% ownerBuy193,424Form 4
May 25, 2023Bello JohnDirectorBuy193,424Form 4
May 25, 2023D&D Source of Life Holding Ltd.10% ownerBuy1,160,542$2.59$3.0MForm 4
Dec 16, 2022Bello JohnDirectorBuy250,000$0.07$17.5KForm 4
Nov 22, 2022Bello JohnDirectorBuy250,000$0.10$25.0KForm 4
Mar 11, 2022Snyder Norman E. Jr.CEOBuy285,550Form 4
Mar 11, 2022Imbrogno Louis Jr.DirectorBuy107,082Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Cyril A. WallaceJr.$495.8K$554.7K90
2025Norman E. SnyderJr.$180.2K$437.0K90
2025Douglas W. McCurdy60$289.4K90
2025Yumin Dai65$162.9K$276.7K90
2024Former ChiefExecutive Officer$428.9K$493.4K90

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 25, 2023Raised $4.1 million in a private offering of equity Form D: 4 investors so far Form D
  2. Mar 11, 2022Raised $5.4 million in a private offering of equity Form D: 21 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Armistice Capital, LLC486,936$618.4K0.0%−62,059
Vanguard Capital Management LLC82,227$104.4K0.0%No change
Geode Capital Management, LLC54,715$69.5K0.0%−3,639
Vanguard Fiduciary Trust Co39,908$50.7K0.0%No change
BlackRock, Inc.18,868$24.0K0.0%New
Morgan Stanley2,513$3.2K0.0%No change
Tower Research Capital LLC (TRC)2,406$3.1K0.0%New
UBS Group AG1,436$1.8K0.0%−1,039
Jones Financial Companies Lllp540$6750.0%No change
Kelleher Financial Advisors232$2950.0%+116
Barclays PLC58$740.0%New
Group One Trading LLC50$640.0%No change
Northwestern Mutual Wealth Management Co17$220.0%No change
Pacific Center for Financial Services16$210.0%No change
Osaic Holdings, Inc.16$200.0%−6,000
Fmr LLC3$40.0%New
Bfsg, LLC3$40.0%No change
Steward Partners Investment Advisory, LLC3$40.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How REED'S, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARREED'S, INC.1
  • CIK0001140215
  • Employer ID (EIN)35-21777734
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2086 Bottled & Canned Soft Drinks & Carbonated Waters1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address501 Merritt 7, Norwalk, CT 068511
  • Phone800 997 33371
  • Shares outstanding11,857,086 as of Aug 7, 202612
  • Public float$18.5M as of Jun 30, 20254
  • AuditorWeinberg & Company, P.A., Los Angeles, California PCAOB ID 572; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 25, 20011
  • Filings1,005 in all: 8-K (223), 4 (186), 10-Q (56), CORRESP (56), 3 (53), UPLOAD (42), EFFECT (26), SC 13D/A (25)1
    All 69 form types

    424B3 (22), SB-2/A (21), 10-K (18), DEF 14A (18), POS AM (18), 4/A (13), S-1 (12), S-3/A (12), S-8 (12), 424B5 (11), NT 10-Q (10), PRE 14A (10), S-1/A (10), 10QSB (9), SC 13D (9), 8-K/A (8), SC 13G/A (8), 10-Q/A (7), D (7), NT 10-K (7), S-3 (7), SC 13G (7), DEFA14A (6), DFAN14A (6), 8-A12B (5), DEFR14A (5), 10-K/A (4), 424B4 (4), SB-2 (4), SCHEDULE 13D/A (4), 10KSB (3), 10KSB/A (2), 10QSB/A (2), 25 (2), 25-NSE (2), 8-A12B/A (2), CERT (2), DEF 14C (2), FWP (2), PRE 14C (2), PRER14A (2), RW (2), 144 (1), 15-15D (1), 3/A (1), 425 (1), ARS (1), AW (1), CERTNAS (1), CT ORDER (1), DEFC14A (1), DEL AM (1), DRS (1), NO ACT (1), NTN 10Q (1), POS EX (1), PREC14A (1), S-3MEF (1), S-8 POS (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareREEDNYSE American LLC

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks REED'S, INC. names in Item 1A of its 10-K filed Mar 25, 2026: 3 risks under these headings, as written.4

  • We depend on a limited number of customers for most of our revenue. The loss of, or a significant reduction in orders from our key customers that are not replaced by other orders from new or existing customers, would significantly reduce our revenue and adversely impact our business, financial condition and results of operations.
  • We rely on our information technology, and a potential cyber-attack, data breach or other failure or disruption of our information technology could disrupt our operations and adversely affect our results of operations.
  • We are subject to international regulations that could adversely affect our business and results of operations.

Legal proceedings

From time to time, we may be subject to actions, claims, suits and other legal proceedings arising in the ordinary course of business. Our management believes that while the results of any litigation or other legal proceedings are uncertain, we are not currently party to any material pending legal proceedings that, if determined adversely to us, would have a material adverse effect on our business, financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.4

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