The specialty coffee B Corp posted double-digit revenue growth across its café and wholesale businesses last year and is gearing up for international expansion over the next 12 months
.jpg.aspx?lang=en-GB)
Kalve Coffee imported approximately 115 tons of fully traceable specialty green coffee from 10 countries in 2024 | Photo credit: Kalve Coffee
Latvian specialty coffee group Kalve Coffee is preparing to scale its café network internationally and expand its wholesale business after posting record sales and profits last year.
In a filing with the Nasdaq Baltic First North exchange, Kalve Coffee reported 37% year-on-year revenue growth for the 12 months ended 31 December 2024 to reach a record €3.4m ($3.5m).
Revenues from the brand’s five coffee shops increased 46% year-on-year with B2B sales growing 24%.
EBIT increased 161% year-on-year to €204,000 ($212,742) with EBITDA up 96% to €322,000 ($335,800). Kalve Coffee ended 2024 with a net profit of €186,000 ($193,971) – 248% higher than the previous 12 months.
The Riga-based business is targeting full-year EBITDA of €1.2m ($1.25m). However, Kalve Coffee cautioned that profitability growth could be negatively impacted by geopolitical disruption in the Baltic region and key supplier markets.
Founded in 2017, Kalve Coffee raised €1.1m ($1.2m) in an initial public offering (IPO) in December 2024 to scale its coffee shop network internationally, with first stores in neighbouring Estonia and Lithuania planned over the next 12 months.
The specialty coffee group will also use new funding to increase production capacity at its 7,500sq ft roastery in Jaunmārupe. Opened in 2021, the site is the largest specialty coffee roastery in the Baltics with a current production capacity of 60,000kg of coffee per month.
With a focus on ethical trade, supply chain transparency and craft, Kalve Coffee became the first Latvian company to attain B Corp certification in June 2023, scoring an impressive 91.8.
Last year, the specialty coffee group imported approximately 115 tons of fully traceable specialty green coffee from 10 countries. Two thirds of the roaster’s green coffee currently comes from Brazil via a trade relationship with Minas Gerais-based specialty coffee cooperative Sancoffee.