Friday, Splash Beverage Group Inc. (SBEV) gained a whopping 118.85% during the regular trading session, on news of Walmart’s clearance. As a result, the stock fell below the corrections in the after-market session.

During the regular session, the stock fluctuated between $1.94 and $4.43 to close the session at $4.18. Following the big rally, the stock lost 10.05% due to after-hours corrections. As a result, SBEV was trading at $3.76 each at 3.46 million shares in Friday’s after-hours session.

Currently, the company has a market capitalization of $136.35 million with its 32.62 million shares outstanding.

What happened with the SBEV?

January 11, Splash Beverage Group Inc. announced that it has received clearance from Walmart to sell its TaouT performance drink in the Florida metro area. Following the announcement, the stock added a whopping $2.27 during the regular session. SBEV stock hit a high of $4.34 for the first time since its stock split on June 11, 2021. Hence, the stock was able to reach such a high after nearly seven months. As a result, the title was soon to undergo corrections. Thus, SBEV succumbed to after-hours corrections to lose its gains.

Over the past five days, the stock has added a colossal 298.10% and 245.45% last month. Additionally, the stock was able to add 8.01% last year.

SBEV authorization

As per the Jan. 11 announcement, the company can now sell its performance drink TapouT in Florida, starting at Walmart stores in metropolitan areas. Walmart has 341 stores in the state of Florida, making it the second largest US state by Walmart stores. Additionally, 47 Walmart stores in Florida are located in major metropolitan areas.

According to SBEV Chairman and CEO Robert Nistico, Walmart is very selective in its choice of brands. Therefore, Walmart’s selection of TapouT is a huge step and a great validation. This confirms the company’s goal of being the performance drink alongside the world’s biggest brands and its ability to compete with them.

In addition, Mr. Nistico also thanked Walmart, its distribution partner AB One and the Anheuser Busch network for their role in the selection process.

Third Quarter Financial Highlights

On November 16, the company announced its financial results for the third quarter of 2021.

In the third quarter of 2021, SBEV had revenue of $2,827,393, compared to $692,974 in the prior year quarter. This represents a huge increase of 308% or $2,134,419 year over year.

Additionally, operating loss was $12.2 million in the third quarter of 2021, including $8.8 million from non-cash transactions.