Splash Beverage Group Inc

What they do

The company historically sought to identify, acquire and build early-stage or undervalued beverage brands. Its beverage business now has minimal sales, and revenue has collapsed: annual revenue was $801,273 in 2024 and $73,066 in 2025, with quarterly revenue of just $4,224 for the quarter ended March 31, 2026. Since the start of 2026 the company has repositioned toward cannabinoid and wellness markets, executing a CannEpil license, a veterinary license expansion and a development collaboration with Lupvindol Biosciences Ltd.

Revenue drivers

• Legacy beverage business — The historical branded beverage operation generated $73,066 of revenue in 2025 versus $801,273 in 2024; the company describes the beverage business as having a lack of meaningful sales and is moving away from it, so this line is currently immaterial to reported revenue.
• CannEpil pharmaceutical cannabinoid license — In early July 2026 the company entered an exclusive global license for CannEpil, a pharmaceutical-grade cannabinoid platform originally developed for drug-resistant epilepsy; no revenue from this asset is reported in the financials provided.
• CannEpil veterinary applications — The company later expanded the CannEpil license to veterinary uses, initially targeting companion-animal oncology and chronic pain management; no revenue is reported from this line.
• International commercialization of CannEpil — The company has begun preparations to relaunch CannEpil through existing commercial and distribution relationships in the United Kingdom, Ireland and select Latin American markets; the filings describe preparations, not current sales.

Recent performance

For the six months ended June 30, 2026, the company reported a loss from continuing operations of approximately $4 million, compared with approximately $11 million for the six months ended June 30, 2025, a reduction of roughly $7 million or 64%. Management attributed the improvement primarily to cost-reduction initiatives tied to exiting alcoholic beverages. Latest reported quarterly revenue was $4,224 for the quarter ended March 31, 2026, down from $68,606 for the quarter ended March 31, 2025. Annual net loss was $25.2 million in 2025 and $23.8 million in 2024, while operating cash flow improved from negative $7.3 million in 2024 to negative $4.8 million in 2025.

Strategy

Management is repositioning the company from a legacy beverage business into what it calls a diversified cannabinoid health sciences platform, expecting a corporate name change to Endovia Health Sciences and a ticker change on NYSE American effective August 24, 2026. The announced plan covers commercializing pharmaceutical assets, advancing FDA-regulated human and veterinary therapeutics, and developing cannabinoid wellness and beverage products. Executed steps include the CannEpil license, its expansion into veterinary applications, and a July 31, 2026 development and collaboration agreement under which Lupvindol Biosciences Ltd. will lead scientific and FDA regulatory development of a CannEpil-based veterinary product through the FDA Center for Veterinary Medicine's INAD and Conditional Approval pathways. The company also evaluated strategic alternatives and pursued acquisitions, licensing arrangements and partnerships; a previously announced proposed merger with Medterra was not completed.

Risks

• Going-concern / balance sheet condition — At June 30, 2026 the company reported total assets of $1.1 million, total liabilities of $16.8 million, shareholder equity of negative $15.7 million and cash and equivalents of $242,702.
• Revenue collapse in the core business — Annual revenue fell from $18.9 million in 2023 to $801,273 in 2024 and $73,066 in 2025, and the company states the beverage business lacks meaningful sales while the cannabinoid business has not yet reported revenue.
• Unproven regulatory and development pipeline — The CannEpil assets are in development or licensing stage, and the veterinary program is only being advanced toward FDA INAD and Conditional Approval pathways, so commercialization depends on regulatory outcomes and required preclinical and clinical work.
• Financing and dilution — With negative equity, $242,702 of cash at June 30, 2026 and recurring operating losses, the company has relied on equity issuances to fund operations, including an unregistered sale of equity reported on Form 8-K on August 28, 2026.

Outlook

Management says the first half of 2026 was about reducing operating costs and rebuilding the company's foundation, with the CannEpil license, veterinary expansion and Lupvindol collaboration described as the execution phase of that strategy. The company expects to relaunch CannEpil in the United Kingdom, Ireland and select Latin American markets and to pursue FDA-regulated human and veterinary development. It characterizes the rebranding as Endovia Health Sciences as reflecting what the company is becoming, and states its focus is executing against measurable milestones.