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Splash Beverage Group, Inc., since renamed Endovia Health Sciences, Inc., is restarting beverage sales around Chispo tequila. It sells inventory to independent distributors, which supply retail and hospitality outlets. Alcohol distribution rules require this intermediary route rather than direct sales by manufacturers to retailers. The newly restarted Chispo business has one customer, and Senor Frog’s has selected Chispo as its house tequila at an initial group of locations in Florida, the Bahamas and Mexico.
The company previously managed a broader beverage portfolio and sold beverages and groceries online. Online retail supplied most revenue before insufficient capital interrupted sales. After making no sales for the remainder of 2025 following March, it shipped initial Chispo inventory to a distributor in March 2026.
The company does not manufacture tequila. Expanding Chispo depends on new financing to buy inventory and on a distiller in Jalisco, Mexico that has no written obligation to produce for it. Continued operations depend on raising additional capital; the company says its negative shareholders’ equity prevents it from issuing debt while listed on NYSE American.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Splash’s results depend more on securing working capital and turning Senor Frog’s selection of Chispo as its house tequila into sustained sales than on broad beverage-industry trends.
AMASS Brands Inc. sells Calirosa Tequila and GEM&BOLT Mezcal to the U.S. spirits market where Splash is launching Chispo, putting them in competition for buyers. AMASS’s decision to give spirits less priority in the near term in 2026 is worth watching as Splash builds its tequila business.
Diageo’s Don Julio competes with the Chispo tequila Splash distributes for tequila drinkers and a place on bar and restaurant menus.
Brown-Forman sells tequila in the United States and Mexico, competing with the Chispo tequila Splash distributes for spirits consumers and restaurant placements. Its tequila business in those markets is the relevant comparison for Chispo, rather than its flagship Jack Daniel’s whiskey.
LQR House Inc.’s SWOL Tequila competes with the Chispo tequila Splash distributes for U.S. tequila consumers, but LQR handles online platform management and marketing rather than selling or delivering the alcohol itself. CWS sells the products and KBROS buys and delivers inventory, so SWOL’s sales depend on those partners.
Constellation Brands’ Mi CAMPO competes with the Chispo tequila Splash distributes for U.S. spirits consumers and wholesale distribution. Constellation’s spirits sales are the closer comparison for Chispo than its much larger beer business, since both companies rely on distributors to get spirits into stores.
Endovia Health Sciences, Inc. earningsThis company
Endovia's report will show whether the Chispo tequila restart is producing beverage sales, rather than leaving the business dependent on new financing to get inventory to distributors.
Read beverage-segment revenue alongside operating cash flow and financing: rising sales with cash to replenish inventory would show Chispo moving beyond its initial shipment toward a workable restart; little beverage revenue while financing supplies most of the cash would show sales still are not carrying the restart. Even rising revenue alone would not establish repeat orders or profitability.
Brown-Forman Corporation earningsBF-A
Brown-Forman's report gives Endovia a read on tequila in the U.S. and Mexico, where Brown-Forman's tequila competes with Chispo for drinkers and sales channels.
If Brown-Forman breaks out tequila sales or volume, compare them with its broader spirits results: tequila holding up while spirits weaken would point to resilience in the category Chispo needs; tequila falling faster would signal greater pressure in the shared market. If the report gives only broader spirits results, the comparison is less direct and cannot establish Chispo's sales.
