AMASS Brands, Inc.

What they do

AMASS develops, markets and distributes premium beverage brands across wine, spirits and functional non-alcoholic categories, selling mainly through the three-tier wholesale system to distributors, retailers, bars and restaurants. It also sells directly to consumers through e-commerce, led by non-alcoholic brands Good Twin and AMASS Electrolytes. Substantially all net revenue is generated in the United States, with agave-based spirits produced in Mexico by its wholly owned subsidiary and third-party arrangements but no material direct sales outside the U.S. Beginning in Q2 2026 it reports in two segments: Wine & Spirits, and Non-Alcoholic and Functional.

Revenue drivers

• Wine & Spirits — Alcoholic wine and spirits portfolio sold through the three-tier system; the bulk of revenue given total quarterly net revenue of $5.6M against $0.4M from Non-Alcoholic and Functional. Core brands grew 12% and represented 67% of brand-attributed net revenue in Q2 2026.
• Non-Alcoholic and Functional — Good Twin non-alcoholic wine and AMASS Electrolytes, sold direct-to-consumer and via digital marketplaces; segment net revenue was $0.4 million in Q2 2026, up 132% year-over-year.
• Retail distribution wins — Pizzolato MUSE began a nationwide Whole Foods Market rollout on June 1, 2026, Pizzolato non-alcoholic spritz rolled out at 12 U.S. Eataly locations, and Summer Water Ros expanded to 37 California Costco locations.
• AMASS Electrolyte Mixers — Newly launched AMASS-branded functional line; Great Lakes Wine & Spirits became its first U.S. distribution partner, and a stick-pack powder version launched in July 2026 through direct-to-consumer.

Recent performance

Second quarter 2026 net revenue was $5.6 million, up 2% from the prior-year quarter. Non-Alcoholic and Functional net revenue was $0.4 million, up 132%, while core brands grew 12% and made up 67% of brand-attributed net revenue versus 62% a year earlier. Gross profit was $1.5 million, or 26.7% of net revenue, and adjusted gross profit was $1.6 million, or 29.3%. Adjusted EBITDA was $(1.7) million. At June 30, 2026 the company had $1.6 million of cash and cash equivalents, 11,605,081 shares of common stock and 3,856,688 warrants outstanding.

Strategy

Management's stated wine strategy is to generate consistent cash flow while preserving market positioning and selectively growing key brands, while the spirits business is deliberately deprioritized near-term in 2026 to position for growth in later periods. In Non-Alcoholic and Functional, the company is investing behind Good Twin and the launch of AMASS Electrolytes to build a position in functional non-alcoholic beverages. Direct-to-consumer and e-commerce is expected to keep growing alongside three-tier wholesale. The company completed a Nasdaq Global Market direct listing on May 20, 2026, registering resale of up to 12,432,021 shares held by existing stockholders. It announced a planned acquisition of a majority stake in HpO Sparkling Protein Water, taking ownership to roughly 50% on a fully diluted basis with a three-year option on the remainder.

Risks

• Weak balance sheet — Shareholder equity was negative $1.3 million at June 30, 2026, with $26.1 million of liabilities against $28.2 million of assets and only $1.6 million of cash.
• Negative adjusted EBITDA — Adjusted EBITDA was $(1.7) million in Q2 2026, meaning operations consumed cash while the company invests behind new functional brands.
• Growth concentrated in spirits and wine — The spirits portfolio is being deprioritized in 2026 and total net revenue grew only 2%, with the fast-growing Non-Alcoholic and Functional segment contributing just $0.4 million.
• Public-market and listing events — Filings show a delisting notice or listing-rule failure event reported July 27, 2026 and several material agreements entered and terminated between June and August 2026.

Outlook

The company introduced initial financial guidance for Q3 2026, full-year 2026 and fiscal 2027 in its August 17, 2026 earnings release. It expects to continue rolling out AMASS Electrolyte Mixers through new distribution partners, pursue the announced majority stake in HpO Sparkling Protein Water, and expand retail placements for brands such as Pizzolato MUSE, Pizzolato spritz and Summer Water Ros. No specific guidance figures were provided in the excerpts reviewed.