NuZee Delays Annual Report As Company Restructures Finances

Private label coffee supplier NuZee has delayed the filing of its 10-K annual report as the company has started a restructuring program in an effort to generate annual cash savings.

In a press release issued just prior to the start of 2024, Randell Weaver, the company’s president, COO and CFO, said NuZee is looking to save more than $1 million from cash savings in immediate consulting, payroll and related expense reductions.

"While the delayed filing of our Form 10-K is disappointing, we believe it is important to ensure continued improvement in all operating aspects of the business,” Weaver said. “My focus as newly appointed president and COO has been to rebuild the relationship with our largest customer and significantly improve our performance in meeting their standards. That effort has largely been successful, and we expect quarterly revenues from this customer to increase significantly beginning in our Q1.”

Weaver, who joined NuZee this past August as company CFO, was named president and CEO in mid-December. 

In 2023, NuZee expanded its manufacturing footprint on the West Coast through an agreement with California-based coffee roaster Apffels. Additionally, NuZee and Wakefern Food Corp. announced an agreement for NuZee to pack and ship single-serve coffee bags that were sold under ShopRite’s Bowl & Basket brand.