Total Revenue

+11% (from $192.50M to $213.80M)

Total Revenue increased by 11% YoY driven by stronger performance in core segments. Enhanced revenue from Beverage Solutions—especially with the +13% growth in Flavors, Extracts & Ingredients and the dramatic +37% increase in SS&T contributed to this gain, building on previous trends of volume growth and price increases. "

Flavors, Extracts & Ingredients Revenue

+13% (from $38.40M to $43.25M)

This segment experienced +13% YoY growth due to sustained volume growth and a focused expansion of product lines, continuing the momentum seen in prior periods where improvements in supply chain management and expense discipline helped drive revenue. "

SS&T Revenue

+37% (from $36.30M to $49.72M)

SS&T revenue surged by 37% YoY as a result of a significant increase in sales volume and a 54.2% jump in average sales price per pound, influenced by global commodity prices. This strong performance further amplified the gains seen in the prior period, where increased commodity contract revenues played a key role. "

Geographic – All Other Countries

+37% (from $32.40M to $44.48M)

The “All Other Countries” region outpaced domestic growth with a +37% increase YoY, reflecting robust expansion in international markets. This improvement built on previous period trends where international demand and favorable market dynamics contributed to better-than-average growth relative to the U.S. segment. "

Geographic – U.S. Revenue

+6% (from prior comparable baseline)

U.S. revenue grew moderately by +6% YoY, indicating a more mature and stable domestic market compared to the higher growth seen internationally. This modest increase aligns with historical trends where domestic growth remains steady despite competitive pressures. "

Loss from Operations

Worsened by +29% (from $10.13M to $13.07M)

Operating losses deepened by 29% YoY, primarily due to higher costs of sales—reflected in deteriorating gross profit—and increased transaction, restructuring, and integration expenses. Although operating expenses such as SG&A saw some moderation in previous periods, the negative impact of rising cost structures overpowered revenue gains. " "

Net Loss

+15% (from $23.67M to $27.22M)

Net Loss widened by 15% YoY driven by increased operating expenses and diminished income tax benefits, coupled with a smaller favorable impact from fair value adjustments compared to the previous period. This continued deterioration in profitability mirrors trends from prior quarters where operational costs outpaced revenue improvements. " "

Cash and Cash Equivalents

+162% (from $12.57M to $33.05M)

Cash improved dramatically by 162% YoY, bolstered by robust financing activities. Increased proceeds from debt and supply chain financing—as well as reduced capital expenditure relative to the prior period—played a key role in bolstering the cash position. " "

Long-term Debt

+59% (from $224.09M to $356.63M)

Long-term debt grew 59% YoY, reflecting a strategic increase in financing instruments such as convertible notes, revolving credit facilities, and enhancements in other debt components. This continued the upward trend noted in previous periods as the company raised debt to support its expansion and operational needs. " "

Consolidated Adjusted EBITDA

FY 2025

$66.5 million "

No guidance provided in Q1 2025

withdrawn

Consolidated Adjusted EBITDA

FY 2026

$140 million "

No guidance provided in Q1 2025

withdrawn

Segment Adjusted EBITDA (Beverage Solutions)

FY 2025

$75 million "

No guidance provided in Q1 2025

withdrawn

Segment Adjusted EBITDA (SS&T)

FY 2025

$6.5 million "

No guidance provided in Q1 2025

withdrawn

Segment Adjusted EBITDA (Beverage Solutions)

FY 2026

$133.5 million "

No guidance provided in Q1 2025

withdrawn

Segment Adjusted EBITDA (SS&T)

FY 2026

$6.5 million "

No guidance provided in Q1 2025

withdrawn

Year-over-Year Growth in Segment Adjusted EBITDA

FY 2025

35% "

No guidance provided in Q1 2025

withdrawn

Year-over-Year Growth in Segment Adjusted EBITDA

FY 2026

72% "

No guidance provided in Q1 2025

withdrawn

Beverage Solutions Net Secured Leverage

FY 2025

Guidance introduced to show deleveraging as the facility ramps up "

No guidance provided in Q1 2025

withdrawn

No Scale-up Costs

FY 2026

The second canning line and glass line are expected to reach full run rate by the end of FY 2025, resulting in no scale-up costs in FY 2026 "

No guidance provided in Q1 2025

withdrawn

Conway Facility Capacity Expansion and Ramp-Up

Earlier periods (Q2–Q4 2024) discussed initial commercialization challenges, delays in production line start dates, and higher-than-planned scale‐up operating costs, with uncertainty around customer onboarding and phased production launches " " " "

Q1 2025 provided clear production schedules with the first large can line already in production, detailed ramp‐up paths for additional lines (second can and glass lines), and significant capacity expansion efforts, backed by strong customer demand " "

Transition from early uncertainty and delays to robust scaling with well‐defined production ramp-ups and expanded capacity.

Scalable Production Infrastructure and New Production Lines

Q2–Q4 2024 emphasized extensive investments in scalable infrastructure, the installation of new packaging and RTD lines, and planning for adjacent formats (bulk fill, bag‐in‐box), underpinning future growth " " " "

Q1 2025 highlighted an expanded mix of production lines (can, glass, single-serve) with additional CapEx investments and repurposing of equipment to meet surging demand " " "

Consistent commitment to scalable and flexible production capabilities, with current period execution reinforcing earlier investment strategies.

Customer Order Visibility & New Customer/Global CPG Brand Onboarding

Q4 2024 spotlighted detailed onboarding processes and multiple contracts with premier global CPG brands filling key capacity, while Q2 and Q3 provided little detail on this topic "

Q1 2025 focused primarily on strong customer order visibility with solid volume commitments, though without further mention of the onboarding process "

Shift from a laborious multi-quarter onboarding narrative to a streamlined emphasis on order visibility, indicating a maturing customer base.

EBITDA Growth Projections & Operational Efficiency/Margin Improvements

Q2–Q4 2024 offered robust EBITDA forecasts, detailed cost management efforts, margin improvements, and clear guidance on overcoming scale-up operating costs, with aggressive forward projections " " " "

Q1 2025 continued to project strong EBITDA growth with segmented guidance and noted operational efficiencies achieved despite temporary scale-up burdens " "

Steady and positive outlook with continuous operational improvements; scale-up costs are being managed more effectively as production normalizes.

Evolving Sentiment on the Single-Serve Cup Platform

Q2 and Q3 2024 described consumer trade-downs and softness (up to a 24% decline in volumes) with cautious recovery expectations, while Q4 2024 noted initial softness alongside anticipated 2025 rebounds " "

Q1 2025 conveyed highly optimistic sentiment with significant growth expectations driven by recent private label and branded product wins, and capacity expansion initiatives, with no mention of softness

Recovery from earlier volume softness to a robust growth outlook, as new wins and capacity investments reverse prior consumer trade-down concerns.

Production Delays & Commercialization Challenges at the Conway Facility

Q2 2024 mentioned a careful, paced commercialization and flexible customer contracting; Q3 2024 reported delays for a large customer (6–9 months) and associated scale-up cost pressures; Q4 2024 detailed earlier delays and commercialization challenges limiting immediate ramp-up " " "

Q1 2025 emphasized that key production lines are now in operation or clearly scheduled, with challenges largely overcome and a confident outlook on achieving deliverables

A marked shift from early delays and cautious commercialization to a confident, robust scaling phase with clearly defined ramp-up milestones.

Commodity Price Impacts & Shifts in Consumer Behavior

Q2–Q4 2024 highlighted significant challenges: Q2 noted consumer shifts to smaller pack sizes affecting single-serve volumes; Q3 focused on lower volumes due to consumer trading down; Q4 delved into a 70% surge in green coffee prices and potential downstream impacts on demand " " "

Q1 2025 continues to face high green coffee costs and tariffs, but has improved its approach by passing through costs to customers and noting a recovery in roast and ground coffee volumes, with mitigation strategies in place

Persistent commodity price pressures coupled with evolving consumer behavior; while early periods underscored volume softness, the current period shows improved resilience and cost management.

Financial Leverage Reduction Targets & Debt-to-EBITDA Metrics

Q2 2024 reported a 6.1x net secured leverage, while Q4 2024 provided detailed targets (4.7x currently, expected to move to 3x by fiscal 2026) within covenant limits; Q3 2024 did not address this topic " "

Q1 2025 did not mention these metrics, reflecting a reduced current focus on leverage details

Enhanced focus in Q4 2024 on debt-reduction and covenant compliance, with the topic less emphasized in Q1 2025, suggesting targets may have been met or are no longer a primary concern.