v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information
Note 16 – Business Segment Information
 
During the second quarter of 2026, in connection with the Company becoming a
public
company and the continued growth of its functional non-alcoholic beverage business, the Company’s Chief Executive
Officer, its Chief Operating Decision Maker (“CODM”), realigned
the Company’s internal management financial reporting. The Company now reports its operating results in two reportable segments: (i) Wine & Spirits and (ii) Non-Alcoholic and Functional. The Wine & Spirits segment comprises the Company’s alcoholic wine portfolio (including Summer Water, Pizzolato MUSE, and the Natural Merchants and AMASS wine brands) and its spirits portfolio (AMASS spirits, GEM&BOLT mezcal, and Calirosa tequila). The Non-Alcoholic and Functional segment comprises the Company’s functional non-alcoholic beverage brands: Good Twin non-alcoholic wine and AMASS Electrolytes. Prior-period segment information has been recast to conform to the new segment presentation. In prior filings, the Company reported two segments
,
Wine and Spirits, with the non-alcoholic businesses included within those segments
.
 
The business segments reflect how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management, and the structure of our internal financial reporting. Management excludes certain non-GAAP Comparable Adjustments from its evaluation of the results of each operating segment as these Comparable Adjustments are not reflective of core operations of the segments. Certain items such as costs related to corporate communications, development, finance, strategy and growth, executive management, human resources, investor relations, IT, and legal are general costs applicable to the consolidated group and are not allocated to the reportable segments. The accounting policies of the segments are the same as those described in Note 3. These Comparable Adjustments reflect the measure used by our chief operating decision maker to evaluate segment performance under ASC 280, and are narrower than the adjustments used in computing Adjusted EBITDA under “Adjusted EBITDA” below; the additional Adjusted EBITDA adjustments
(such as inventory write-downs and variance, juice storage and one-off direct-listing costs) remain within segment and unallocated results in the tables that follow
.

Segment information is as follows:
 
For the three months ended June 30, 2026
 
Wine &
Spirits
 
 
Non-
Alcoholic
and
Functional
 
 
Total
segment
 
(a)
 
 
Unallocated
amounts (b)
 
 
Comparable
Adjustments (c)
 
 
Consolidated
 
Net revenues
 
 
5,183,325
 
 
 
409,419
 
 
 
5,592,744
 
 
 
-
 
 
-
 
 
 
5,592,744
 
Cost of net revenues
 
 
3,762,613
 
 
 
334,582
 
 
 
4,097,195
 
 
 
-
 
 
-
 
 
 
4,097,195
 
Gross profit, non-GAAP (d)
 
 
1,420,712
 
 
 
74,837
 
 
 
1,495,549
 
 
 
-
 
 
 
-
 
 
 
1,495,549
 
Sales and marketing
 
 
773,713
 
 
 
207,446
 
 
 
981,159
 
 
 
78,718
 
 
 
-
 
 
 
1,059,877
 
General and administrative
 
 
921,103
 
 
 
178,845
 
 
 
1,099,948
 
 
 
4,727,627
 
 
 
226,613
 
 
 
6,054,188
 
Impairment loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
339,283
 
 
 
339,283
 
Loss from operations
 
 
(274,104
)
 
 
(311,454
)
 
 
(585,558
)
 
 
(4,806,345
)
 
 
(565,896
)
 
 
(5,957,799
)
 
For the three months ended June 30, 2025
 
Wine &
Spirits
 
 
Non-
Alcoholic
and
Functional
 
 
Total
segment
 
(a)
 
 
Unallocated
amounts (b)
 
 
Comparable
Adjustments (c)
 
 
Consolidated
 
Net revenues
 
 
5,318,393
 
 
 
176,438
 
 
 
5,494,831
 
 
 
10,001
 
 
 
-
 
 
 
5,504,832
 
Cost of net revenues
 
 
3,245,124
 
 
 
115,155
 
 
 
3,360,279
 
 
 
-
 
 
 
-
 
 
 
3,360,279
 
Gross profit, non-GAAP (d)
 
 
2,073,269
 
 
 
61,283
 
 
 
2,134,552
 
 
 
10,001
 
 
 
-
 
 
 
2,144,553
 
Sales and marketing
 
 
943,782
 
 
 
31,973
 
 
 
975,755
 
 
 
620
 
 
 
-
 
 
 
976,375
 
General and administrative
 
 
1,003,169
 
 
 
32,970
 
 
 
1,036,139
 
 
 
615,952
 
 
 
265,101
 
 
 
1,917,192
 
Impairment loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Income (loss) from operations
 
 
126,318
 
 
 
(3,660
)
 
 
122,658
 
 
 
(606,571
)
 
 
(265,101
)
 
 
(749,014
)
 
 


For the six months ended June 30, 2026
 
Wine &
Spirits
 
 
Non-
Alcoholic
and
Functional
 
 
Total
segment
 (a)
 
 
Unallocated
amounts (b)
 
 
Comparable
Adjustments (c)
 
 
Consolidated
 
Net revenues
 
 
8,809,142
 
 
 
932,945
 
 
 
9,742,087
 
 
 
-
 
 
 
-
 
 
 
9,742,087
 
Cost of net revenues
 
 
6,450,375
 
 
 
723,221
 
 
 
7,173,596
 
 
 
-
 
 
 
-
 
 
 
7,173,596
 
Gross profit, non-GAAP (d)
 
 
2,358,767
 
 
 
209,724
 
 
 
2,568,491
 
 
 
-
 
 
 
-
 
 
 
2,568,491
 
Sales and marketing
 
 
1,495,438
 
 
 
415,168
 
 
 
1,910,606
 
 
 
116,748
 
 
 
-
 
 
 
2,027,354
 
General and administrative
 
 
1,750,715
 
 
 
324,748
 
 
 
2,075,463
 
 
 
6,047,985
 
 
 
447,545
 
 
 
8,570,993
 
Impairment loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
449,685
 
 
 
449,685
 
Loss from operations
 
 
(887,386
)
 
 
(530,192
)
 
 
(1,417,578
)
 
 
(6,164,733
)
 
 
(897,230
)
 
 
(8,479,541
)
 
For the six months ended June 30, 2025
 
Wine &
Spirits
 
 
Non-
Alcoholic
and
Functional
 
 
Total
segment
 (a)
 
 
Unallocated
amounts (b)
 
 
Comparable
Adjustments (c)
 
 
Consolidated
 
Net revenues
 
 
9,306,617
 
 
 
400,022
 
 
 
9,706,639
 
 
 
10,000
 
 
 
128,736
 
 
 
9,845,375
 
Cost of net revenues
 
 
5,906,329
 
 
 
264,289
 
 
 
6,170,618
 
 
 
(50
)
 
 
315,495
 
 
 
6,486,063
 
Gross profit, non-GAAP (d)
 
 
3,400,288
 
 
 
135,733
 
 
 
3,536,021
 
 
 
10,050
 
 
 
(186,759
)
 
 
3,359,312
 
Sales and marketing
 
 
1,840,388
 
 
 
117,686
 
 
 
1,958,074
 
 
 
11,706
 
 
 
-
 
 
 
1,969,780
 
General and administrative
 
 
2,386,219
 
 
 
99,981
 
 
 
2,486,200
 
 
 
1,181,284
 
 
 
367,808
 
 
 
4,035,292
 
Impairment loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Loss from operations
 
 
(826,319
)
 
 
(81,934
)
 
 
(908,253
)
 
 
(1,182,940
)
 
 
(554,567
)
 
 
(2,645,760
)
 
(a)
Segment amounts are derived from the Company’s entity- and brand-level general ledger reporting: the Non-Alcoholic and Functional segment reflects the Good Twin brand activity and the Amass Electrolyte entity; the Wine & Spirits segment reflects the remaining operating entities.
 
(b)
Unallocated amounts include costs held in the corporate infrastructure that are not allocated to any reporting segment.
 
(c)
Comparable Adjustments are determined and presented on a non-GAAP basis and are intended to reflect our current operations. For 2026 they comprise stock-based compensation and impairment losses; for 2025 they comprise bulk wine sales and related costs and storage, and stock-based compensation.
 
(d)
Our presentation of gross profit is non-GAAP. Segment gross profit is reconciled to gross profit on the consolidated statement of operations with the inclusion of unallocated amounts and comparable adjustments.
 
Comparable adjustments were as follows:
 
 
 
Three months
ended June 30,
2026
 
 
Three months
ended June 30,
2025
 
 
Six months
ended June 30,
2026
 
 
Six months
ended June 30,
2025
 
Net revenues — sales of bulk wine (a)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
128,736
 
Cost of net revenues — bulk wine and write-downs (a)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
315,495
 
General and administrative — stock-based compensation (b)
 
 
226,613
 
 
 
176,916
 
 
 
447,545
 
 
 
221,464
 
General and administrative — storage on bulk wine (a)
 
 
-
 
 
 
88,185
 
 
 
-
 
 
 
146,344
 
Impairment loss (b)
 
 
339,283
 
 
 
-
 
 
 
449,685
 
 
 
-
 
Comparable adjustments, Operating loss
 
 
(565,896
)
 
 
(265,101
)
 
 
(897,230
)
 
 
(554,567
)
 
(a)
The Company sold and is expected to sell excess bulk wine for losses. These are not part of the Company’s regular operations and thus are excluded from the CODM’s review of the business, including related storage costs.
 
(b)
The Company does not include stock-based compensation nor impairment losses in its evaluation of performance.
 
 
Our principal area of operation is in the U.S. Current operations for one of the spirits brands is in Mexico. Revenues are attributed to countries based on the location of the customer. Geographic data is as follows:
 
 
 
Three months
ended June 30,
2026
 
 
Three months
ended June 30,
2025
 
 
Six months
ended June 30,
2026
 
 
Six months
ended June 30,
2025
 
Net revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
 
 
5,558,666
 
 
 
5,490,048
 
 
 
9,697,105
 
 
 
9,827,588
 
Non-U.S.
 
 
34,078
 
 
 
14,784
 
 
 
44,982
 
 
 
17,787
 
Total net revenues
 
$
5,592,744
 
 
$
5,504,832
 
 
$
9,742,087
 
 
$
9,845,375