Splash Beverage Group (SBEV): distribution relationships map and what investors should know

Splash Beverage Group operates and monetizes as a brand-focused beverage holding company: it acquires and manages alcoholic and non‑alcoholic labels, secures national and regional retail and on‑premise distribution, and sells directly via its Qplash e‑commerce channel and wholesale partners. Revenue is driven predominantly by placement and distribution agreements, retail rollouts, and selective hospitality licensing, while recent strategic moves expand exposure into hemp‑THC beverages and international markets. For a concise data-driven view of counterparty activity, visit https://nullexposure.com/ for more coverage.

Quick take: what the relationship set signals to investors

Splash runs a multi‑channel go‑to‑market model that combines direct retail, traditional distributor networks, and brand licensing. The company’s commercial posture is distribution‑centric and geographically diversified (North America, LATAM, APAC), but revenue and profitability remain immature, with FY‑TTM revenue low and EBITDA negative. The relationship roster shows active co‑selling into mass retailers, convenience chains, stadiums, restaurants, and regional distributors — a classic roll‑out playbook for small beverage brands.

Retail and club placements that move volume

• Walmart / Walmart Spirits (Sam’s Club footprints and Walmart Spirits approvals): Splash secured placements for its SALT Naturally Flavored Tequila and related spirits into select Walmart and Sam’s Club locations and referenced Walmart Spirits distribution footprint in company filings and press releases (FY2020). According to a Newsfile press release, SALT was approved for select Sam’s Club stores in multiple states (FY2020).
• Sam’s Club: Sam’s Club specifically approved SALT for distribution to select stores in Missouri, Arizona, New Mexico, Florida and California, per the company’s FY2020 Newsfile announcement.
• Total Wine & More: Total Wine expanded Pulpoloco Sangria distribution into its stores (announced FY2024/FY2025), giving Splash national specialty-retail penetration, as reported in Newswire and related press coverage.
• Anheuser‑Busch Network (BUD): The Copa di Vino acquisition included extended distribution within the Anheuser‑Busch network and access to roughly 13,000 retail locations, according to the company’s acquisition release (FY2020).

Convenience, fuel and national C‑store channels

• Chevron / CVX and Maverik ExtraMile: Copa di Vino and Pulpoloco were rolled out into approximately 650 Chevron/Maverik ExtraMile convenience stores in the Southwest in mid‑2024, according to market coverage of Splash’s FY2025 activity.
• Circle K / ATD: Circle K has authorized Copa di Vino for franchise stores, a distribution authorization disclosed in the company 2024 Q3 earnings call (2024Q3).
• Sam’s Club and Walmart listings (via Young’s Market Company): Young’s Market Company was used to place SALT into select Walmart locations in Arizona and Southern California, per the FY2020 Newsfile announcement.

Hospitality, venue and on‑premise placements

• Dodgers Stadium: Pulpoloco Sangria and Copa di Vino were made available across Dodgers Stadium concession stands during the 2022 baseball season, according to a GlobeNewswire release (FY2022).
• Senor Frog’s / Senor Frog: Senor Frog’s selected Chispo® Tequila as its house tequila across initial locations in Florida, the Bahamas and Mexico, announced in FY2026 press releases, providing on‑premise visibility in tourist and resort markets.
• Coast Guard Exchange (CGX): The U.S. Coast Guard Exchange authorized distribution of SALT Naturally Flavored Tequila in its spirits stores, per a company release (FY2021).

Regional and national distributor network (coverage and fulfillment)

• Young’s Market Company: Young’s Market Company was named as a partner to distribute SALT into select Walmart locations in the western U.S., cited in Newsfile (FY2020).
• Golden Beverage Company: Splash signed a distribution agreement with Golden Beverage Company to expand coverage in Utah and surrounding markets, according to a GlobeNewswire release (FY2021).
• Ajax Turner Company, Allstate Beverage Company, Bernie Little Distributing, Burkhardt Sales & Service, Daytona Beverage, Goldring Gulf Distributing, Southern Eagle Distributing, Stephens Distributing, Suncoast Beverage: In FY2022 Splash added multiple regional distributors to expand TapouT Performance retail authorizations across the southeastern U.S.; FB101 covered the nine named distributors and the resulting footprint expansion.

International and wholesale purchase orders

• American Software Capital: Splash expanded a China‑based distribution agreement to include Copa di Vino and Pulpoloco alongside previously announced brands, as disclosed in a Newsfile press release (FY2026), underscoring APAC distribution ambitions.
• All Day Group (UAE): Splash secured a $500,000 purchase order for bottled water sourced from its Costa Rica spring, disclosed in mid‑2025 and reported in FY2025 press coverage (TS2.Tech / Investing.com).

Strategic partnerships and JVs signaling category expansion

• BAAD Ventures: Splash entered a joint venture with BAAD Ventures to enter the hemp‑THC beverage category with a 51% ownership stake, a strategic play reported in FY2026 trade press and positioning Splash into the emerging THC‑adjacent beverage market.
• Anheuser‑Busch Network / BUD (distribution tie‑ins following Copa di Vino acquisition): The Copa di Vino deal included distribution augmentations via the Anheuser‑Busch network, which materially increases on‑premise and retail shelf access, per the FY2020 acquisition filing.

How constraints shape the operating model (company‑level signals)

The constraints metadata provides actionable company‑level signals about Splash’s operating characteristics: (1) multi‑segment commercialization — Splash runs both manufacturing and distribution segments alongside its Qplash retail channel; (2) distribution posture — the company relies heavily on distributors and retail partnerships rather than pure direct‑to‑consumer economics; (3) geographic diversification — documented activity spans North America, LATAM and APAC, supporting an export and licensing strategy; (4) relationship maturity and stage — many partnerships are active commercial placements rather than pilots, but overall scale remains early stage relative to large beverage incumbents. These signals together describe a small‑cap beverage roll‑out business that scales through partner placements and selective JVs.

Investment implications and risks

• Commercial upside: Retail placements at Walmart, Sam’s Club, Total Wine, Chevron/Maverik and on‑premise wins like Senor Frog’s and Dodgers Stadium create distribution breadth that supports faster unit growth if supply chain and marketing execution hold.
• Execution risk: The company’s FY‑TTM revenue is modest and EBITDA negative, so placements must convert to repeatable buy rates and reorder cadence to justify valuation uplift.
• Concentration considerations: The model depends on a large number of regional distributors and a few national retail relationships, implying operational complexity and dependence on third‑party shelf economics.
• Category diversification: The BAAD Ventures JV and international distribution agreements materially extend product scope and addressable markets but introduce regulatory and inventory risks.

Bottom line

Splash Beverage’s commercial strategy is clear: buy/build brands, secure distribution via a mix of national retailers, regional distributors and hospitality licenses, and extend reach through targeted JVs. Execution will determine whether current placements translate into sustainable revenue growth. For a structured, investor‑grade map of SBEV counterparties and to track future distribution announcements, see https://nullexposure.com/.