Beer brand BrewDog has moved back into profitability after recovering from a net loss of £2.5m in 2023. This marks the private company’s first profit since 2021.

The company achieved an adjusted EBITDA of £7.5m for the fiscal year that ended on 31 December 2024, according to a report by The Times. However, annual net revenue remained flat at £280m.

BrewDog struggled last year, posting an operating loss of £60m despite the brand’s gross sales increasing, with a hefty impairment charge of close to £14m.

James Taylor, chief executive of BrewDog, said to The Grocer: “2024 was a transformative year for BrewDog, and I am pleased to report the company has returned to profitability for the first time in several years.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

“After a challenging 2023, we streamlined operations and improved our efficiency across our global footprint, which had a tangible impact on our bottom line.”

“While our topline revenue growth slowed, we remain at historic highs, demonstrating the continued appeal of our brilliant beers, the power of our brand, and the strong appetite for quality craft beer.”

However, BrewDog did not disclose an official pre-tax profit result. The beer brand is also halting plans for its initial public offering as it aims to focus on reinvigorating its financial standing. Reports previously shared that BrewDog was exploring IPO options, which valued the group at an estimated £2bn.

Taylor added: “We remain focused on delivering sustainable profitable growth so that we can continue to invest in our beers, our bars and most importantly our people.”

BrewDog underwent a major rebrand in May as part of its shift towards strengthening its brand and its broader turnaround strategy.