Reed's Inc. (NYSE American: REED) announced Neal Cohane has been appointed interim chief executive officer and board member, effective immediately. Former CEO Cyril Wallace stepped down as the company reported its fourth quarter and full year 2025 financial results.

Cohane previously served as the company's chief operating officer since January 2026 and held the position of chief sales officer at Reed's for more than 15 years. He brings experience from roles at PepsiCo, SoBe, The Coca-Cola Company, and most recently served as chief sales officer at Eastroc Beverage.

The board has initiated a search for a permanent CEO. Tina Reejsinghani departed as chief marketing officer, with board member Rudolf Bakker stepping in as outsourced fractional CMO.

For the fourth quarter ended December 31, 2025, Reed's reported net sales of $7.5 million compared to $9.7 million in the prior year period. The company posted a net loss of $3.8 million, or $0.44 per share, compared to a net loss of $4.1 million, or $1.33 per share, in the fourth quarter of 2024.

Full year 2025 net sales totaled $34.1 million versus $38.0 million in 2024. The annual net loss was $15.8 million compared to $13.2 million in the previous year.

Gross profit for the fourth quarter declined to $1.5 million from $2.9 million year-over-year, with gross margin falling to 20% from 30%. The company attributed the margin decrease to inventory write-offs and higher cost of goods sold.

Delivery and handling costs improved to $2.46 per case in the fourth quarter from $3.00 per case in the prior year. Selling, general and administrative expenses decreased 19% to $4.0 million from $4.9 million.

Reed's had approximately $10.4 million in cash and $9.3 million in total debt as of December 31, 2025. The company recently completed its uplisting to the NYSE American exchange.

Reed's operates a portfolio of natural ginger beverages under the Reed's, Virgil's and Flying Cauldron brand names, with products sold in over 32,000 stores nationwide.