Exhibit 99.1




Revenues Soar to $2.6 Million as Company Posts First Quarterly Profit


New York, NY / November 16, 2021 Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods and accessories, today announced financial results for the third quarter period ending September 30, 2021. Investors are encouraged to read the Company’s quarterly report on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”) and posted at www.gauchoholdings.com.


Financial Highlights


  Revenues for the third quarter were $2.6 million compared to $60,228 in the prior year period, a 4,242% increase
  Gross profit for the third quarter was $2.4 million, compared to $21,000 in the prior year period, a 11,505% increase.
  Net income for the third quarter was $931,000 or $0.11 basic earnings per share compared to loss of $0.18 per share in prior year period
  Working capital of $6.2 million
  Stockholder equity rises to $17.6 million


Commenting on the results, Scott Mathis, Chief Executive Officer of Gaucho Holdings, stated, “We are absolutely thrilled to report our first quarterly profit as a public company. Earlier this year we completed an $8 million public offering and achieved our long-desired goal to uplist our shares to Nasdaq. Since then, we have taken significant strides to complete our vision of becoming recognized as the LVMH of South America. These strides include operating in the boutique hotel, hospitality and luxury vineyard property markets, featuring our 4,138-acre Algodon Wine Estates in Mendoza, Argentina. We have created an e-commerce platform, Gaucho – Buenos Aires™, for consumers to access Argentine style and high-end products with a concentration on leather-goods and ready-to-wear accessories. By the end of the year, we expect to launch a line of luxury textiles and home accessories. We are making progress towards the opening of our flagship retail location in Miami’s Design District and have recently completed another installment investment in our Las Vegas project to further expand opportunities in lodging, hospitality, retail and gaming.





“Our third quarter financial results reflect early sales of real estate lots at our Algodon Wine Estates as well as a small increase in hotel, restaurant and wine sales after Argentine hotels reopened with COVID-19 measures in place. We are encouraged by the pace of lot sales occurring at Algodon Wine Estates. Recognition of revenue from these sales is contingent on deeding requirements, a process that has been made a bit more time consuming given the pandemic environment. This pushed some revenues into the fourth quarter, but we are pursuing this process as quickly as possible, and we are encouraged by the pace of lot sales that we see in the fourth quarter and the environment for ongoing sales throughout next year. Argentina officially “reopened” from Covid related shutdowns, and as the world continues to reopen, we believe we will benefit from a surge in pent up consumer demand for travel and luxury experiences. Over the years we have been opportunistic about acquiring new acreage, and our earlier engagement of architectural design firm EDSA has resulted in substantial improvements to the infrastructure and amenities of Algodon Wine Estates. Recently drilled water wells should further enhance the appeal and market value of these properties. And, lastly, as we have previously announced, we are actively seeking to partner with a 5-star hotel chain to potentially bring in an 80-120 room hotel with branded residences. If we are successful with finding a partner, we believe it can add immeasurable value and result in even stronger revenue growth at Algodon Wine Estates. We look forward to finishing the year strongly and growing even stronger in 2022.”


About Gaucho Group Holdings, Inc.


For more than ten years, Gaucho Group Holdings, Inc.’s (gauchoholdings.com) mission has been to source and develop opportunities in Argentina’s undervalued luxury real estate and consumer marketplace. Our company has positioned itself to take advantage of the continued and fast growth of global e-commerce across multiple market sectors, with the goal of becoming a leader in diversified luxury goods and experiences in sought after lifestyle industries and retail landscapes. With a concentration on fine wines (algodonfinewines.com & algodonwines.com.ar), hospitality (algodonhotels.com), and luxury real estate (algodonwineestates.com) associated with our proprietary Algodon brand, as well as the leather goods, ready-to-wear and accessories of the fashion brand Gaucho – Buenos Aires™ (gauchobuenosaires.com), these are the luxury brands in which Argentina finds its contemporary expression.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.


Media Relations:


Gaucho Group Holdings, Inc.

Rick Stear

Director of Marketing




Investor Relations:

John McNamara










   September 30,   December 31, 
   2021   2020 
Current Assets          
Cash  $2,836,500   $134,536 
Accounts receivable, net of allowance of $215,026 and $180,941 as of September 30, 2021 and December 31, 2020, respectively   2,353,476    255,720 
Accounts receivable - related parties, net of allowance of $339,503 and $332,130 as of September 30, 2021 and December 31, 2020, respectively   741,495    252,852 
Advances to employees   282,204    282,508 
Inventory   1,327,572    1,172,775 
Real estate lots held for sale   59,790    139,492 
Operating lease right-of-use asset, current portion   311,925    - 
Investment   45,182    53,066 
Deposits, current   15,269    35,854 
Prepaid expenses and other current assets   602,415    196,539 
Total Current Assets   8,575,828    2,523,342 
Long Term Assets          
Property and equipment, net   3,396,950    2,860,222 
Operating lease right-of-use asset, non-current portion   1,396,857    - 
Prepaid foreign taxes, net   664,128    519,499 
Investment - related parties   3,500,000    457 
Deferred offering costs   24,000    67,016 
Deposits, non-current   56,130    - 
Total Assets  $17,613,893   $5,970,536 








   September 30,   December 31, 
   2021   2020 
Liabilities, Temporary Equity and Stockholders’ Equity (Deficiency)          
Current Liabilities          
Accounts payable  $457,129   $891,168 
Accrued expenses, current portion   451,278    1,401,402 
Deferred revenue   753,302    933,941 
Operating lease liabilities, current portion   263,292    - 
Loans payable, current portion   249,000    437,731 
Debt obligations   7,000    1,270,354 
Investor deposits   29,950    29,950 
Other current liabilities   130,628    131,895 
Total Current Liabilities   2,341,579    5,096,441 
Long Term Liabilities          
Accrued expenses, non-current portion   126,103    169,678 
Operating lease liabilities, non-current portion   1,470,046    - 
Loans payable, non-current portion   94,000    310,591 
Total Liabilities   4,031,728    5,576,710 
Commitments and Contingencies (Note 13)          
Series B convertible redeemable preferred stock, par value $0.01 per share; 902,670 shares authorized; 0 and 901,070 issued and outstanding at September 30, 2021 and December 31, 2020, respectively   -    9,010,824 
Stockholders’ Equity (Deficiency)          
Preferred stock, 11,000,000 shares authorized:          
Series A convertible preferred stock, par value $0.01 per share; 10,097,330 shares authorized; no shares are available for issuance   -    - 
Common stock, par value $0.01 per share; 150,000,000 shares authorized; 8,784,618 and 5,234,406 shares issued and 8,781,249 and 5,231,037 shares outstanding as of September 30, 2021 and December 31, 2020, respectively   87,845    52,344 
Additional paid-in capital   120,184,675    96,951,440 
Accumulated other comprehensive loss   (11,598,452)   (11,932,801)
Accumulated deficit   (94,919,120)   (93,534,828)
Treasury stock, at cost, 3,369 shares at September 30, 2021 and December 31, 2020   (46,355)   (46,355)
Total Gaucho Group Holdings, Inc. Stockholders’ Equity (Deficiency)   13,708,593    (8,510,200)
Non-controlling interest   (126,428)   (106,798)
Total Stockholders’ Equity (Deficiency)   13,582,165    (8,616,998)
Total Liabilities, Temporary Equity and Stockholders’ Equity (Deficiency)  $17,613,893   $5,970,536 







   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2021   2020   2021   2020 
Sales  $2,605,158   $60,228   $3,220,557   $474,546 
Cost of sales   (210,437)   (80,995)   (650,003)   (571,621)
Gross profit (loss)   2,394,721    (20,767)   2,570,554    (97,075)
Operating Expenses                    
Selling and marketing   100,870    110,687    336,081    160,686 
General and administrative   1,370,870    859,967    3,934,500    3,342,240 
Depreciation and amortization   35,758    45,906    103,680    138,409 
Gain from insurance settlement   -    (30,240)   -    (30,240)
Total operating expenses   1,507,498    986,320    4,374,261    3,611,095 
Income (Loss) From Operations   887,223    (1,007,087)   (1,803,707)   (3,708,170)
Other Expense (Income)                    
Interest expense, net   49,646    72,459    88,209    193,595 
Forgiveness of PPP Loan   -    -    (242,486)   - 
Gain on debt restructuring   -    (130,421)   -    (130,421)
Other income   (87,500)   -    (87,500)   - 
Gains from foreign currency translation   (6,130)   (14,826)   (34,991)   (35,316)
Total other (income) expense   (43,984)   (72,788)   (276,768)   27,858 
Net Income (Loss)   931,207    (934,299)   (1,526,939)   (3,736,028)
Net loss attributable to non-controlling interest   45,086    32,838    142,647    128,355 
Series B preferred stock dividends   -    (178,094)   -    (540,217)
Net Income (Loss) Attributable to Common Stockholders  $976,293   $(1,079,555)  $(1,384,292)  $(4,147,890)
Earnings (Loss) Per Common Share - Basic and Diluted                    
Basic  $0.11   $(0.26)  $(0.18)  $(1.02)
Diluted  $0.11   $(0.26)  $(0.18)  $(1.02)
Shares used in computing earnings per share:                    
Basic   8,658,395    4,110,303    7,530,833    4,049,059 
Diluted   8,658,395    4,110,303    7,530,833    4,049,059 
Net income (loss)  $931,207   $(934,299)  $(1,526,939)  $(3,736,028)
Other comprehensive income (loss):                    
Foreign currency translation adjustments   98,709    (17,837)   334,349    400,686 
Comprehensive income (loss)   1,029,916    (952,136)   (1,192,590)   (3,335,342)
Comprehensive loss attributable to non-controlling interests   45,086    32,838    142,647    128,355 
Comprehensive income (loss) attributable to controlling interests  $1,075,002   $(919,298)  $(1,049,943)  $(3,206,987)