Vital Farms Reports Second Quarter 2026 Financial Results
Second Quarter Net Revenue of
Announces Successful Execution of Previously Disclosed Supply Control and Targeted Cost Savings Initiatives
Grew Retail Dollar Share of the Shell Egg Category by More Than 200 Basis Points Year-Over-Year, Even as Category Pricing Fell Sharply Amid Industry-Wide Oversupply
Announces New Aggregate
Announces Termination of Stock Repurchase Program
Reiterates Fiscal Year 2026 Net Revenue Outlook of
Financial highlights for the second quarter ended June 28, 2026, compared to the second quarter ended June 29, 2025, where applicable, include:
-
Net Revenue decreased
10.1% to$166.0 million $184.8 million -
Gross Margin of
6.6% , compared to38.9% -
Net Loss of
$31.1 million $16.6 million -
Net Loss per Diluted Share of
$0.72 $0.36 -
Adjusted EBITDA loss of
$26.6 million $20.0 million $24.8 million $19.5 million $1.5 million $0.8 million $3.0 million -
Adjusted Net Loss per Diluted Share of
$0.47 $0.36
"Our second quarter results reflect the industry-wide oversupply and price gap pressure we described on our first quarter call, and these results are not what we aspire to deliver. At the same time, our team has been executing the recovery plan we described to you last quarter, and we are seeing real evidence it is working. We have moved with urgency and discipline, and the results are showing up where they matter most: in the marketplace," said Russell Diez-Canseco, Vital Farms’ Executive Chairperson, President, and CEO. "We narrowed our retail price gaps on a targeted, geography-by-geography basis, executed voluntary contract amendments with our farmer partners to right-size supply, and structurally reduced our overhead. Even as retail egg prices across the total shell egg category fell more than
With our supply and demand projections now in balance as we head into Q3, our sales mix shifting decisively back toward retail channels, meaningful distribution gains building as the year progresses, and critical cost and capital allocation changes in place, we remain confident in our full-year outlook and in our ability to build lasting shareholder value while fulfilling our mission to bring ethically produced food to the table."
1 Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Diluted Share are non-GAAP financial measures defined in the section titled “Non-GAAP Financial Measures” below and are each reconciled to net (loss) income, their closest comparable GAAP measure, at the end of this release. |
For the 13 Weeks Ended June 28, 2026
Net revenue decreased
Gross profit was
Loss from operations was
Net loss was
Net loss per diluted share was
Adjusted EBITDA was a loss of
Adjusted net loss was
Adjusted net loss per diluted share was
Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income (loss) per diluted share exclude certain non-cash and other items. Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income (loss) per diluted share are non-GAAP financial measures defined in the section titled “Non-GAAP Financial Measures” below and each are reconciled to net income (loss), their closest comparable GAAP measure, at the end of this release.
Balance Sheet and Cash Flow Highlights
Cash, cash equivalents and marketable securities were
Capital expenditures totaled
Stock repurchased early in the quarter under the company’s previously announced stock repurchase program totaled 1,129,104 shares of common stock at an average price per share of
Financing Update
The company today announced the closing of a new
Fiscal 2026 Outlook
Thilo Wrede, Vital Farms’ Chief Financial Officer, commented: "As we indicated on our first-quarter call, we expected the impact of this year’s industry-wide oversupply and our own price-gap headwinds to be concentrated in the second quarter, and that is what we saw. The disciplined execution of our plan since then gives us confidence in reaffirming our full-year 2026 guidance. By lowering our fixed overhead and right-sizing supply, we believe we are well positioned for a margin recovery in the second half of the year. We have also decisively strengthened our liquidity profile with our new
For fiscal year 2026, we continue to expect:
-
Net revenue of
$775 million $800 million 5% growth versus fiscal year 2025. This assumes that investments in price and distribution gains lead to a return to positive shell egg volume growth in the second half of 2026. It also assumes that competitive activity does not intensify further. -
Adjusted EBITDA of
$0 $10 million $30 million range from costs to manage the current oversupply of eggs. -
Capital expenditures are expected to be in the range of
$70 million $75 million
Vital Farms’ guidance assumes that there are no further material disruptions to the supply chain or its customers or consumers, including any material changes to the current macroeconomic environment. Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net (loss) income, its most directly comparable GAAP measure, without unreasonable effort due to the unavailability of reliable estimates for income taxes and stock-based compensation, among other items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.
Conference Call and Webcast Details
Vital Farms will host a conference call and webcast at 8:30 a.m. ET today to discuss the results. To participate in the conference call via phone, participants may register for the call here to receive dial-in details and a unique PIN. Alternatively, participants may access the live webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.” The webcast will be archived for 30 days.
In addition, Vital Farms will publish its August 2026 Corporate Presentation as supporting materials to the webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.”
About Vital Farms
Vital Farms (Nasdaq: VITL) is a Certified B Corporation that offers a range of ethically produced foods nationwide. Started on a single farm in Austin, Texas, in 2007, Vital Farms is now a national consumer brand that works with more than 625 small farms and is the leading U.S. brand of pasture-raised eggs by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. In addition, as a Delaware public benefit corporation, Vital Farms prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ products, including shell eggs, hard-boiled eggs, and liquid whole eggs, are sold in more than 24,000 stores nationwide. Vital Farms pasture-raised eggs can also be found on menus at hundreds of foodservice operators across the country. For more information, visit https://vitalfarms.com/.
Forward-Looking Statements
This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Vital Farms’ market opportunity, brand strength, anticipated growth and distribution gains, corporate and commercial strategy, the effect of the new term loan facility and asset-based lending facility on the availability of credit to meet Vital Farms’ liquidity needs and ability to execute its strategic plan, the impact and expected benefits of changes in Vital Farms’ cost structure and capital expenditures, and future financial performance, including management’s outlook for fiscal year 2026 and management’s long-term outlook. These forward-looking statements are based on Vital Farms’ current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause Vital Farms’ actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to: Vital Farms’ expectations regarding its revenue, expenses, and other operating results; Vital Farms’ ability to attract new consumers and customers, to successfully retain existing consumers and customers, to attract and retain its suppliers, distributors, and co-manufacturers, and to maintain its relationships with the farmers in its network and further expand its farm network, and plans for operation of accelerator farms and the impact of its decision to pause development of future accelerator farms; Vital Farms’ ability to sustain or increase its profitability; Vital Farms’ expectations regarding its future growth in the foodservice channel; Vital Farms’ ability to procure sufficient high-quality eggs and other raw materials; Vital Farms’ ability to effectively manage its supply of eggs and the impact of its current and planned supply control initiatives; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; Vital Farms’ ability to manage changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, pullet vendors, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the effects of outbreaks of agricultural diseases, including avian influenza and egg drop syndrome, the perception that outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, pullet vendors, suppliers, and its co-manufacturers to comply with its standards and food safety, environmental or other laws or regulations; the potential outcome and impact of pending or future litigation, and the costs, expenses, and uncertainties associated therewith; specifications and timing of the expansion of Vital Farms’ processing capacity, and the impacts of prior or future expansions of such facilities on Vital Farms’ future revenue and farm network; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms’ product offerings, including specifications, timing and financial impacts of the planned discontinuation of its butter products, and Vital Farms’ ability to innovate to offer new products or enter into new product categories; the costs and success of marketing efforts and ability to promote its brand; Vital Farms’ reliance on key personnel and its ability to identify, recruit and retain personnel; Vital Farms’ ability to effectively manage its growth; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society; Vital Farms’ stated impact goals, opportunities and initiatives, as well as the standards and expectations of third parties regarding these matters; Vital Farms’ ability to maintain effective internal controls over financial reporting and to remediate and prevent material weaknesses in its internal controls; Vital Farms’ ability to compete effectively with existing competitors and new market entrants; the impact of adverse economic conditions, including as a result of unfavorable global economic and political conditions, elevated interest rates, and inflation; Vital Farms’ estimates of future capital expenditures and the sufficiency of Vital Farms’ cash, cash equivalents, any marketable securities and availability of credit under its credit facilities to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes.
These risks and uncertainties are more fully described in Vital Farms’ filings with the Securities and Exchange Commission (SEC), including in the sections entitled “Risk Factors” in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2026, which Vital Farms anticipates filing on August 6, 2026, and other filings and reports that Vital Farms may file from time to time with the SEC. Moreover, Vital Farms operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can Vital Farms assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Vital Farms may make. In light of these risks, uncertainties, and assumptions, Vital Farms cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Vital Farms disclaims any obligation to update forward-looking statements except as required by law.
VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except share amounts) (Unaudited) |
||||||||||||||||
|
|
13-Weeks Ended |
|
|
26-Weeks Ended |
|
||||||||||
|
|
June 28,
|
|
|
June 29,
|
|
|
June 28,
|
|
|
June 29,
|
|
||||
Net revenue |
|
$ |
166,029 |
|
|
$ |
184,767 |
|
|
$ |
353,184 |
|
|
$ |
346,956 |
|
Cost of goods sold |
|
|
155,098 |
|
|
|
112,985 |
|
|
|
289,245 |
|
|
|
212,661 |
|
Gross profit |
|
|
10,931 |
|
|
|
71,782 |
|
|
|
63,939 |
|
|
|
134,295 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
40,376 |
|
|
|
38,987 |
|
|
|
84,740 |
|
|
|
70,897 |
|
Shipping and distribution |
|
|
10,701 |
|
|
|
9,000 |
|
|
|
21,678 |
|
|
|
17,835 |
|
Total operating expenses |
|
|
51,077 |
|
|
|
47,987 |
|
|
|
106,418 |
|
|
|
88,732 |
|
(Loss) income from operations |
|
|
(40,146 |
) |
|
|
23,795 |
|
|
|
(42,479 |
) |
|
|
45,563 |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(421 |
) |
|
|
(218 |
) |
|
|
(611 |
) |
|
|
(453 |
) |
Interest income |
|
|
227 |
|
|
|
1,332 |
|
|
|
1,000 |
|
|
|
2,544 |
|
Other expense, net |
|
|
(450 |
) |
|
|
(378 |
) |
|
|
(559 |
) |
|
|
(781 |
) |
Total other (expense) income, net |
|
|
(644 |
) |
|
|
736 |
|
|
|
(170 |
) |
|
|
1,310 |
|
Net (loss) income before income taxes |
|
|
(40,790 |
) |
|
|
24,531 |
|
|
|
(42,649 |
) |
|
|
46,873 |
|
Income tax (benefit) provision |
|
|
(9,725 |
) |
|
|
7,893 |
|
|
|
(10,062 |
) |
|
|
13,334 |
|
Net (loss) income |
|
$ |
(31,065 |
) |
|
$ |
16,638 |
|
|
$ |
(32,587 |
) |
|
$ |
33,539 |
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic: |
|
$ |
(0.72 |
) |
|
$ |
0.37 |
|
|
$ |
(0.76 |
) |
|
$ |
0.76 |
|
Diluted: |
|
$ |
(0.72 |
) |
|
$ |
0.36 |
|
|
$ |
(0.76 |
) |
|
$ |
0.73 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic: |
|
|
42,935,854 |
|
|
|
44,591,484 |
|
|
|
43,007,009 |
|
|
|
44,421,116 |
|
Diluted: |
|
|
42,935,854 |
|
|
|
45,804,158 |
|
|
|
43,007,009 |
|
|
|
45,815,874 |
|
VITAL FARMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share amounts) (Unaudited) |
||||||||
|
|
June 28,
|
|
|
December 28,
|
|
||
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
21,239 |
|
|
$ |
48,831 |
|
Investment securities, available-for-sale |
|
|
— |
|
|
|
64,520 |
|
Accounts receivable, net of allowance for credit losses of |
|
|
50,695 |
|
|
|
67,849 |
|
Inventories |
|
|
73,889 |
|
|
|
66,495 |
|
Prepaid expenses and other current assets, net of allowance for credit losses of |
|
|
13,483 |
|
|
|
11,304 |
|
Income taxes receivable |
|
|
1,446 |
|
|
|
1,410 |
|
Assets held for sale |
|
|
2,141 |
|
|
|
2,141 |
|
Total current assets |
|
|
162,893 |
|
|
|
262,550 |
|
Property, plant and equipment, net |
|
|
192,224 |
|
|
|
160,601 |
|
Operating lease right-of-use assets |
|
|
122,412 |
|
|
|
80,390 |
|
Goodwill and other assets |
|
|
24,549 |
|
|
|
15,197 |
|
Total assets |
|
$ |
502,078 |
|
|
$ |
518,738 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
56,212 |
|
|
$ |
55,141 |
|
Accrued liabilities |
|
|
53,222 |
|
|
|
54,826 |
|
Operating lease liabilities, current |
|
|
32,060 |
|
|
|
4,673 |
|
Finance lease liabilities, current |
|
|
5,892 |
|
|
|
5,670 |
|
Income taxes payable |
|
|
193 |
|
|
|
1,268 |
|
Total current liabilities |
|
|
147,579 |
|
|
|
121,578 |
|
Long-term debt |
|
|
30,000 |
|
|
|
— |
|
Operating lease liabilities, non-current |
|
|
38,199 |
|
|
|
38,050 |
|
Finance lease liabilities, non-current |
|
|
2,097 |
|
|
|
5,098 |
|
Other liabilities |
|
|
550 |
|
|
|
2,752 |
|
Total liabilities |
|
$ |
218,425 |
|
|
$ |
167,478 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
166,833 |
|
|
|
201,820 |
|
Retained earnings |
|
|
116,808 |
|
|
|
149,395 |
|
Accumulated other comprehensive income |
|
|
8 |
|
|
|
41 |
|
Total stockholders’ equity |
|
$ |
283,653 |
|
|
$ |
351,260 |
|
Total liabilities and stockholders’ equity |
|
$ |
502,078 |
|
|
$ |
518,738 |
|
VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) |
||||||||
|
26-Weeks Ended |
|
||||||
|
|
June 28,
|
|
|
June 29,
|
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net (loss) income |
|
$ |
(32,587 |
) |
|
$ |
33,539 |
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
7,597 |
|
|
|
6,727 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
7,581 |
|
|
|
3,691 |
|
Stock-based compensation expense |
|
|
1,378 |
|
|
|
5,887 |
|
Amortization of capitalized cloud computing arrangement costs |
|
|
1,397 |
|
|
|
— |
|
Amortization and accretion of available-for-sale securities |
|
|
(526 |
) |
|
|
(296 |
) |
Amortization of debt issuance costs |
|
|
42 |
|
|
|
43 |
|
Uncertain tax positions |
|
|
(1,121 |
) |
|
|
1,735 |
|
Deferred taxes |
|
|
(9,831 |
) |
|
|
(24 |
) |
Net realized losses on derivative instruments |
|
|
563 |
|
|
|
822 |
|
Increase in inventory provision |
|
|
8,274 |
|
|
|
568 |
|
Other |
|
|
1,331 |
|
|
|
725 |
|
Net change in operating assets and liabilities |
|
|
(30,010 |
) |
|
|
(48,904 |
) |
Net cash (used in) provided by operating activities |
|
$ |
(45,912 |
) |
|
$ |
4,513 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
|
(37,460 |
) |
|
|
(9,994 |
) |
Proceeds from the sale of available-for-sale securities |
|
|
43,002 |
|
|
|
404 |
|
Maturities of available-for-sale securities |
|
|
22,000 |
|
|
|
7,890 |
|
Purchases of derivative instruments |
|
|
(261 |
) |
|
|
— |
|
Proceeds from the settlement of derivative instruments |
|
|
202 |
|
|
|
264 |
|
Proceeds from the sale of property, plant and equipment |
|
|
121 |
|
|
|
608 |
|
Purchases of available-for-sale securities |
|
|
— |
|
|
|
(45,079 |
) |
Net cash provided by (used in) investing activities |
|
$ |
27,604 |
|
|
$ |
(45,907 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from draw on JPMorgan Credit Facility |
|
|
30,000 |
|
|
|
— |
|
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
404 |
|
|
|
379 |
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
3,649 |
|
Repurchases of common stock |
|
|
(35,151 |
) |
|
|
— |
|
Payment of tax withholding obligation on vested restricted stock unit shares |
|
|
(1,619 |
) |
|
|
(2,978 |
) |
Principal payments under finance lease obligations |
|
|
(2,918 |
) |
|
|
(2,033 |
) |
Net cash used in financing activities |
|
$ |
(9,284 |
) |
|
$ |
(983 |
) |
Net decrease in cash and cash equivalents |
|
|
(27,592 |
) |
|
|
(42,377 |
) |
Cash and cash equivalents at beginning of the period |
|
|
48,831 |
|
|
|
150,601 |
|
Cash and cash equivalents at end of the period |
|
$ |
21,239 |
|
|
$ |
108,224 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
460 |
|
|
$ |
410 |
|
Cash paid for income taxes, net of amounts refunded |
|
|
2,001 |
|
|
|
11,772 |
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
||
Purchases of property, plant and equipment included in accounts payable and accrued liabilities |
|
$ |
11,904 |
|
|
$ |
25,590 |
|
Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, management believes that non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share, provide investors with additional useful information in evaluating our performance.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share are financial measures that are not required by or presented in accordance with GAAP. We believe that these non-GAAP financial measures, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook.
In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA Margin is helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We calculate Adjusted EBITDA as net (loss) income, adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) (benefit) or provision for income taxes as applicable; (4) interest expense; (5) interest income; (6) amortization of cloud computing arrangements; (7) restructuring and severance costs; and (8) costs related to our exit of our butter business. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue.
We believe that the use of Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share is helpful to our investors, as these measures are used by management in assessing the ongoing operating performance and underlying earnings potential of our business, as well as for internal planning and forecasting purposes. Unlike Adjusted EBITDA, these measures retain the impact of depreciation, amortization, interest, taxes, and non-cash charges.
We calculate Adjusted Net (Loss) Income as net (loss) income, adjusted to exclude: (1) restructuring and severance costs; and (2) costs related to our exit of our butter business. We calculate Adjusted Net (Loss) Income per Share as Adjusted Net (Loss) Income divided by weighted average common shares outstanding, basic and diluted.
These non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.
Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) they do not consider the impact of stock-based compensation expense, (4) they do not reflect other non-operating expenses, including interest expense; and (5) they do not reflect tax payments that may represent a reduction in cash available to us.
In addition, some of the limitations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share include that (1) certain excluded items represent actual cash expenditures that reduced our liquidity; and (2) they involve management’s judgment as to what items to exclude.
Our use of non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such non-GAAP financial measures in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider non-GAAP financial measures alongside other financial measures, including our net (loss) income, net (loss) income margin, net (loss) income per share and other results stated in accordance with GAAP.
VITAL FARMS, INC. ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) (Unaudited) |
||||||||||||||||
|
|
13-Weeks Ended |
|
|
26-Weeks Ended |
|
||||||||||
|
|
June 28,
|
|
|
June 29,
|
|
|
June 28,
|
|
|
June 29,
|
|
||||
|
|
(in thousands) |
|
|
(in thousands) |
|
||||||||||
Net (loss) income |
|
$ |
(31,065 |
) |
|
$ |
16,638 |
|
|
$ |
(32,587 |
) |
|
$ |
33,539 |
|
Depreciation and amortization1 |
|
|
3,638 |
|
|
|
3,468 |
|
|
|
7,597 |
|
|
|
6,727 |
|
Stock-based compensation (benefit) expense |
|
|
(1,378 |
) |
|
|
3,034 |
|
|
|
1,378 |
|
|
|
5,887 |
|
Income tax (benefit) provision |
|
|
(9,725 |
) |
|
|
7,893 |
|
|
|
(10,062 |
) |
|
|
13,334 |
|
Interest expense |
|
|
421 |
|
|
|
218 |
|
|
|
611 |
|
|
|
453 |
|
Interest income |
|
|
(227 |
) |
|
|
(1,332 |
) |
|
|
(1,000 |
) |
|
|
(2,544 |
) |
Amortization of cloud computing arrangements |
|
|
653 |
|
|
|
— |
|
|
|
1,397 |
|
|
|
— |
|
Restructuring and severance costs |
|
|
3,312 |
|
|
|
— |
|
|
|
3,312 |
|
|
|
— |
|
Costs related to our exit of butter products |
|
|
7,764 |
|
|
|
— |
|
|
|
7,764 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(26,607 |
) |
|
$ |
29,919 |
|
|
$ |
(21,590 |
) |
|
$ |
57,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net revenue |
|
$ |
166,029 |
|
|
$ |
184,767 |
|
|
$ |
353,184 |
|
|
$ |
346,956 |
|
Net (loss) income margin2 |
|
|
(18.7 |
)% |
|
|
9.0 |
% |
|
|
(9.2 |
)% |
|
|
9.7 |
% |
Adjusted EBITDA margin3 |
|
|
(16.0 |
)% |
|
|
16.2 |
% |
|
|
(6.1 |
)% |
|
|
16.5 |
% |
(1) |
Amount also includes finance lease amortization. |
(2) |
Net (loss) income margin is calculated by dividing net (loss) income by net revenue |
(3) |
Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net revenue |
VITAL FARMS, INC. ADJUSTED NET (LOSS) INCOME RECONCILIATION (Amounts in thousands) (Unaudited) |
||||||||||||||||
|
|
13-Weeks Ended |
|
|
26-Weeks Ended |
|
||||||||||
|
|
June 28,
|
|
|
June 29,
|
|
|
June 28,
|
|
|
June 29,
|
|
||||
|
|
(in thousands) |
|
|
(in thousands) |
|
||||||||||
Net (loss) income |
|
$ |
(31,065 |
) |
|
$ |
16,638 |
|
|
$ |
(32,587 |
) |
|
$ |
33,539 |
|
Restructuring and severance costs |
|
|
3,312 |
|
|
|
— |
|
|
|
3,312 |
|
|
|
— |
|
Costs related to our exit of butter products |
|
|
7,764 |
|
|
|
— |
|
|
|
7,764 |
|
|
|
— |
|
Adjusted net (loss) income |
|
$ |
(19,989 |
) |
|
$ |
16,638 |
|
|
$ |
(21,511 |
) |
|
$ |
33,539 |
|
Weighted average common shares outstanding — basic |
|
|
42,935,854 |
|
|
|
44,591,484 |
|
|
|
43,007,009 |
|
|
|
44,421,116 |
|
Weighted average effect of potentially dilutive securities |
|
|
— |
|
|
|
1,212,674 |
|
|
|
— |
|
|
|
1,394,758 |
|
Weighted average common shares outstanding — diluted |
|
|
42,935,854 |
|
|
|
45,804,158 |
|
|
|
43,007,009 |
|
|
|
45,815,874 |
|
Adjusted net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.47 |
) |
|
$ |
0.37 |
|
|
$ |
(0.50 |
) |
|
$ |
0.76 |
|
Diluted |
|
$ |
(0.47 |
) |
|
$ |
0.36 |
|
|
$ |
(0.50 |
) |
|
$ |
0.73 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260806022358/en/
Media:
Rob Discher
Rob.Discher@vitalfarms.com
Investors:
Brian S. Shipman, CFA
Brian.Shipman@vitalfarms.com
Source: Vital Farms