The interview with Lark's CEO (no, not that ONE one) is now up. The transcript is here:
Lark Transcript.pdf
My high-level takeaway, without having done any due-diligence, is that the business operates in a highly competitive space and brand is really the only "moat" you can hope to have (scale advantages matter, of course, but Lark cant compete with the Johnny Walkers of the world on that front). So it's no surprise that's what Stu is really leaning into. But they do have a great story, and while i'm not an expert on Whisky i've had it before and it was very nice.
The goal is to convince others in this $100b industry to think the same, and that's going to take a lot of marketing investment. The trouble is, it's one of the least certain ROI in terms of all expenditures. It's easy to waste a lot of money on that front.
But, there's a lot of scope for growth if they get it right, and with $65m in inventory alone on the balance sheet, and a market cap of $76m with ~$18m in cash, it's a bit of a net asset play.. But you have to be convinced of inventory carrying value and that the cash burn will reverse course.