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Splash Beverage Group (SBEV): Customer Relationships That Drive Distribution — and Risk

Splash Beverage Group builds and monetizes a portfolio of beverage brands through manufacturing, distributor partnerships, retail listings, and a proprietary e‑commerce channel (Qplash); revenue comes from product sales into national and regional retail and on‑premise accounts and from B2B distribution agreements. For investors, the company’s commercial strategy is top‑line driven by distribution scale and placement wins rather than margin expansion today. Learn more on the company footprint at https://nullexposure.com/.

Why distribution wins matter for valuation

Splash’s value proposition is straightforward: brand ownership plus distribution access. The company uses a mix of third‑party distributors (regional and national), retail chain listings, on‑premise partnerships, and an owned e‑commerce retail channel to get products to consumers. That multiplicity of pathways accelerates shelf presence and gives investors visibility into route‑to‑market momentum, but it also creates dependence on retailer placement and distributor execution as the gating factors for sustainable revenue growth.

A mid‑cycle investor should focus on two levers: repeat purchase velocity where products are live, and the stickiness of distribution agreements that translate listings into recurring orders. If you want a granular customer map and monitoring cadence, start here: https://nullexposure.com/.

Full relationship compendium — every reported customer and partner

Below I cover every relationship in the available reporting, one entry per reported result, with a short plain‑English summary and the source cited.

Total Wine & More (FY2025): Splash announced Pulpoloco Sangria would be carried in 115 Total Wine stores across eight states (AZ, CA, CO, FL, IL, NV, TX, VA), representing a targeted regional roll‑out for the brand. According to a TS2 Tech article reporting on FY2025 distribution activity, this was a December 2024 announcement.

All Day Group (FY2025): Splash reported a $500,000 purchase order from All Day Group (UAE) for bottled water sourced from Splash’s newly acquired Costa Rica spring, signaling international wholesale traction in the Middle East. The order was disclosed in a July 31, 2025 company announcement cited by TS2 Tech.

Sam’s Club (FY2020): SALT Naturally flavored Tequila received approval for distribution to select Sam’s Club locations in Missouri, Arizona, New Mexico, Florida and California, marking early national warehouse‑club exposure. This placement was announced in a Newsfile press release originally tied to FY2020.

Coast Guard Exchange (CGX) (FY2021): The U.S. Coast Guard Exchange authorized distribution of SALT Tequila across its spirits stores in the CGX network, giving Splash access to a specific on‑base and service‑member retail channel. The arrangement was disclosed in a Newsfile release covering FY2021.

Senor Frog’s (FY2026) — entry 1: Senor Frog’s selected Chispo® Tequila as its house tequila for an initial group of locations in Florida, the Bahamas and Mexico, placing Splash’s brand inside a tourism‑driven on‑premise chain. The announcement was published via EQS News (FY2026).

Senor Frog’s (FY2026) — entry 2: A separate press distribution reiterated that Chispo® would serve as Senor Frog’s house tequila across the initial Florida, Bahamas and Mexico locations, consolidating the on‑premise placement story. This duplicate report ran on NewMediaWire and EQS in early 2026.

Dodger Stadium (FY2022): Pulpoloco Sangria and Copa di Vino were made available at all Dodgers Stadium concession stands and kiosks, providing large‑venue exposure and incremental event‑driven sales. GlobeNewswire covered the stadium placement in a FY2022 release.

Walmart (Walmart Spirits) (FY2020): Select Walmart locations in Arizona and Southern California added SALT Tequila via distribution through Young’s Market Company, signaling entry into major mass‑merchant shelves. Newsfile reported this availability in the FY2020 release.

Young’s Market Company (FY2020): Young’s Market Company was named as the distribution partner that enabled Walmart placements in AZ and SoCal for SALT Tequila, representing a regional distributor channel for on‑premise and retail accounts. This distribution agreement was disclosed in a Newsfile press release during FY2020.

Circle K (2024Q3): Circle K authorized Copa di Vino for all franchise stores, indicating broad convenience‑channel distribution across the chain’s franchised footprint. The detail was mentioned in Splash’s Q3 2024 earnings call transcript.

Chevron (FY2025): Copa di Vino and Pulpoloco were rolled out into 650 Chevron/Maverik ExtraMile convenience stores in the Southwest in mid‑2024, delivering scale in the fuel/convenience channel. TS2 Tech reported this rollout as part of FY2025 coverage.

Golden Beverage Company (FY2021): Splash signed a distribution agreement with Golden Beverage Company of Utah to expand regional distribution, leveraging a full‑service distributor for local market penetration. GlobeNewswire reported the FY2021 distribution agreement.

Maverik ExtraMile (FY2025): As part of the Chevron/Maverik roll‑out, Splash brands secured placement in Maverik ExtraMile convenience stores, amplifying convenience channel presence in the Southwest. TS2 Tech covered the mid‑2024 expansion in FY2025 reporting.

Anheuser‑Busch Network (FY2020): The Copa di Vino acquisition included expanded distribution within the Anheuser‑Busch network and some 13,000 retail locations, representing a legacy national footprint inherited through the deal. Newsfile’s FY2020 acquisition release described the expanded reach.

BAAD Ventures (FY2026): Splash entered a joint venture with BAAD Ventures to enter the hemp‑THC beverage market, with Splash holding a 51% ownership stake in the venture — a strategic move into legally regulated cannabinoid drinks. This ownership detail was reported in a FY2026 media item covered by The Globe and Mail syndicated press.

Walmart Spirits (FY2020) — duplicate entry: Company commentary noted that WALMART SPIRITS matched the initial SALT footprint strategy, fitting the brand’s visibility plan as it scales national availability. The quote appeared in the FY2020 Newsfile release related to Walmart distribution.

What the relationships and constraints reveal about operating model and risk

Collectively, these relationships show a hybrid go‑to‑market model: Splash combines direct manufacturing and brand ownership with third‑party distribution and e‑commerce retail (Qplash). This is reflected in company‑level signals from disclosures:

  • Contracting posture and maturity: Multiple active distribution agreements and retail placements indicate an operationally active commercial stage rather than pilot‑only status; Qplash reportedly offered over 1,500 listings and operates warehouses in California and Pennsylvania, supporting fulfillment capability.
  • Geographic scope: The business has active North American distribution and explicit signals of international expansion into LATAM and APAC markets (Mexico, Guatemala, Japan) and targeted Middle East sales via All Day Group.
  • Role concentration: The company relies on a mix of distributors and national retail chains — a distribution‑led model where wholesalers and national buyers drive volume; the constraints flag distributor relationships as a core role.
  • Segment mix and vertical integration: Splash lists both core product manufacturing and distribution/retail segments, indicating vertical integration from production to online retail.
  • Customer type: Evidence of Qplash and retailer roll‑outs suggests a mix of B2B and individual channel commerce, with Qplash supporting direct‑to‑consumer and small‑buyer flows.

These dynamics create two investment‑relevant themes: scale and conversion risk (listings alone do not guarantee sustainable revenue) and execution dependency on distributors and national buyers. Balance sheet and performance metrics reinforce the execution focus — Splash’s trailing revenue and negative EBITDA show the company is still converting placement wins into profitable scale.

Key takeaways for operators and investors:

  • Distribution wins are the primary value driver; watch repeat purchase data where placements exist.
  • International and on‑premise placements diversify channels, but they increase complexity and regulatory exposure (especially for hemp/THC ventures).
  • Operational execution — logistics, distributor relationships, and marketing lift — will determine whether listings translate into durable revenue.

If you want ongoing monitoring of these customer relationships and distribution milestones, start here: https://nullexposure.com/.

Bottom line and next steps

Splash has secured meaningful retail and on‑premise distribution relationships that expand visibility across convenience, mass retail, on‑premise restaurants, stadiums and international orders. However, valuation and upside depend on conversion of placement into repeat selling and margin improvement, not just headline deals. For investors evaluating execution risk versus distribution upside, focus on order cadence from listed partners, replenishment velocity, and the performance of the newly formed hemp‑THC JV.

For a more detailed timeline of customer wins and to track new placement announcements, visit https://nullexposure.com/ and subscribe to the monitoring service for real‑time relationship updates.