CALGARY, AB, May 14, 2024 /CNW/ - Big Rock Brewery Inc. (TSX:BR) ("Big Rock" or the "Corporation") today announces its financial results for the three months ended March 31, 2024, the appointment of Linda A. Thomas and George Croft, as Directors of the Corporation and Alanna McDonald's resignation from the Board of Directors of Big Rock (the "Board"). Financial Summary For the three months ended March 31, 2024, compared to the three months ended March 31, 2023, the Corporation reported: wholesale sales volumes (beer, ready-to-drink beverages and cider) down 4.2% to 32,352 hectolitres ("hl") compared with 33,778 hl; net revenue decreased to $8.6 million from $10.5 million as a result of reduced co-packing activity; operating loss increased to ($2.3 million) from ($0.1 million); net loss increased to ($3.1 million) from ($0.3 million); and Adjusted EBITDA decreased to ($1.5 million) from $0.7 million. Adjusted EBITDA is a non-GAAP financial measure, see "Non-GAAP Measures". Summary of Results $000, except hl and per share amounts Three months ended March 31 2024 2023 Sales volumes (hl) (1) 32,352 33,778 Gross product revenue $    11,288 $    13,639 Net revenue 8,582 10,451 Cost of sales 6,845 7,488 Adjusted EBITDA (2) (1,473) 701 Operating loss (2,299) (144) Net loss (3,073) (255) Net Loss Per share amount (basic & diluted) $     (0.44) $     (0.04)     (1) Excludes contract manufacturing/co-packing volumes, due to the nature of the agreements.     (2) Non-GAAP measure. See "Non-GAAP Measures". In 2023 Big Rock embarked on a strategy of, where possible, balancing production and sales between quarters to allow for a reduction of operating costs. Reduced co-packing contract volumes made this difficult during the last half of 2023 carrying through the first quarter of 2024. Management continues to work with co-packing partners for the purpose of introducing volumes and expects to be successful in achieving its objectives by year end. This strategy supports Big Rock's long-term vision to become Canada's largest and most stable independent brewer. Big Rock remains focused on product innovation and development in the premium alcoholic and non-alcoholic beverage categories to better align with consumer demand. Our non-alcoholic beer, "Pacer,", introduced in the fourth quarter of 2023, continues to exceed expectations. In the first quarter of 2023, our innovation efforts resulted in additions to our premium beer category ("Brightside", a new easy-drinking lager and "Unwinder" a lighter hazy pale ale), a raspberry wheat ale, a series of summer seasonal beers and a tequila-based beverage developed in conjunction with a key co-packing partner. Several other product innovation releases are planned for the balance of 2024. During the first quarter of 2024, Canadian domestic beer sales volumes were reported down by 3.1%1 compared with the same period in 2023. Despite outperforming this benchmark during2023, Big Rock's domestic beer volumes in Q1 of 2024 were down  7.1% versus the same quarter in 2023. While beer volumes declined, wholesale revenues from all products (beer, cider, non-alcoholic and ready to drink beverages), exclusive of contract/co-packing revenues, were 2.3% higher than in the same period in 2023, illustrating the results of efforts to align with consumer demand. During first quarter of 2024, traditionally the second-weakest quarter of the year for the Corporation's financial performance, Big Rock's Adjusted EBITDA was ($1.5 million), representing a shortfall of $2.2 million versus the $0.7 million earned during the same quarter in 2023. The shortfall resulted from the decline in contract/co-packing volumes and was both anticipated and budgeted for.  During the quarter, Big Rock introduced the following, to strengthen its operations and provide for financial stability: on January 8, 2024, David Kinder, a veteran of the beverage industry, was appointed President ...