Q1 Review + Look Ahead (incl. Whiskey!)
Hello Everyone,
April is upon us (how did that happen so fast!). Let’s take a look back at the last 3mo then share some exciting things in store for Monday.
In effect, our company’s Q1 was our most crucial of days. Hitting our marks here means we’ve put every measure into the ‘ready’ position so we can hit the ‘go’ button once fully funded to execute quickly and effectively on our long-term plans.
On that note, I’m excited to share that Monday has met or exceeded all goals set for the quarter and we're in a great position to begin scaling the business and becoming a top shelf player in the non-alc space.
In large part, we have the 1,180 investors on Republic to thank -- without your commitments, none of this would be possible and our founding team is extremely grateful for the opportunity you’ve given us to realize our vision and bring more inclusive options to alcohol-avoiders in need.
Key milestones from the quarter include:
Crossed $2M in lifetime revenue (at the 11.5mo mark selling DTC)
Achieved our highest, 2nd, and 4th biggest sales months to date
Became cash flow positive for the first time
Paid down 84% of our short-term debt ($178k down, $34k to go)
Advanced our first ready-to-drink formulation
Finalized our Whiskey recipe (it’s a knock-out!)
Q1 Goals in Review (theme: “ready, set…”):
Raise $600k-$1M to fuel our 3yr plan
Not to count chickens before they hatch, but our Republic raise to date combined with some forecasting maths lead us to believe we’ll hit our funding goal when said and done
Recruit a deeply talented full-stack marketing firm to execute on founder strategies for brand development and digital growth
We’re extremely excited about the San Diego based agency we’ve been on-boarding with the past 3 weeks -- look for more about this group coming soon
Execute a steady quarter of sales and move key projects forward
Generated $650.5k in revenues (against $450k forecast)
Jan: $280k | Feb: $188k | Mar: $182.5k
Move Whiskey into readiness state for April launch
Build raw materials and finished product inventories to minimize future stock out issues
Largest buys to date of glass, labels, closures, and corrugated paper packaging have been made, putting us in our strongest position yet to have more control over our supply chain
Automated bottling machine has left its Italian manufacturing facility, headed to our distillery and scheduled for commissioning 5/15
Have a look at how machine 1 of 3 works - here
Whew! So, what’s next?
Most immediately, we’ve begun the process of early-closing our Republic raise with a target date of April 15. This move is geared toward accelerating the process of getting funds in-hand so we can get going on our plans without delay.
- For existing investors, look for messaging from Republic to this effect
- For interested parties who have yet to pull the trigger, please be aware of our new intended close date of 4/15
Next, we have our Q2 goals aligned around scaling-up to share (theme: "3-2-1-Go!"):
Launch Whiskey
Republic Investors can expect additional messaging next week to be first in line for release of first batch
Execute our plans for scale-up and expansion (a.k.a. put your $ to work!)
Grow top line revenues
Power-on marketing engine (content, media, email, sms, influencer, organic social, etc.)
Evolve existing products (e.g. Monday Gin collabs and gift packs) and services (e.g. subscriber platform 2.0)
Create an Int’l strategy
Continue new product development
Mature the organization
Build deep inventory levels
Establish internal rigor within G&A
Bring in help above (Board & Advisor) and below (agency, team members) to assist founders moving Monday forward as needed
Expand fulfillment network (lower costs + lessen transit time to customers)
Finishing out, investors who make it through to close here on Republic can expect a few things from us:
- Coming soon -- upon formal close of the round and receiving all investor contact info, we’ll communicate timeline + expectations for you to receive your perks as well as provide some information and guidance to those who wish to become ambassadors to your newest investment.
- Going forward -- quarterly updates similar to the above level of detail from me personally. We’re big fans of transparency and will go the extra mile here to provide insights that not only keep you informed, but hopefully motivated to share our story with others.
If you made it this far, thanks for sticking it out! I hope this update was useful and you're as excited as we are about our next big steps with Monday.
Cheers,
Chris
CEO & Co-Founder