08/07/2025 - 07:20 AM

2025年8月7日- 上午 7:20

Second Quarter Net Revenue of $184.8 Million, Up 25.4% Versus Prior Year Period

第二季度淨收入為 1.848 億美元，比去年同期增長 25.4%

Raises Fiscal Year 2025 Net Revenue Outlook to At Least $770 Million, 27% Increase from 2024 Results, Reflecting Strong Consumer Demand and Successful Strategic Pricing Actions; Increases Adjusted EBITDA Guidance to At Least $110 Million

將 2025 財年的淨收入預期提高至至少 7.7 億美元，比 2024 年的業績增長 27%，反映出強勁的消費者需求和成功的戰略定價措施；將調整後的息税折舊攤銷前利潤（EBITDA）指引提高至至少 1.1 億美元

On Track to Reach $1 Billion Net Revenue Target in 2027

有望在 2027 年實現 10 億美元的淨收入目標

AUSTIN, Texas--(BUSINESS WIRE)--Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its second quarter ended June 29, 2025.

德克薩斯州奧斯丁 --（商業資訊）--Vital Farms（納斯達克：VITL），一家提供一系列倫理生產食品的認證 B 公司，今天公佈了截至2025年6月29日的第二季度財務業績。

Financial highlights for the second quarter ended June 29, 2025, compared to the second quarter ended June 30, 2024, include:

截至2025年6月29日的第二季度財務亮點，與截至2024年6月30日的第二季度相比，包括：

Net Revenue increased 25.4% to $184.8 million, compared to $147.4 million
Gross Margin of 38.9%, compared to 39.1%
Net Income of $16.6 million, compared to $16.3 million
Net Income per Diluted Share of $0.36, compared to $0.36
Adjusted EBITDA of $29.9 million,compared to $23.3 million1

淨收入增長 25.4%，達到 1.848 億美元，去年為 1.474 億美元
毛利率為 38.9%，去年為 39.1%
淨收入為 1660 萬美元，去年為 1630 萬美元
每股攤薄淨收入為 0.36 美元，去年為 0.36 美元
調整後的 EBITDA 為 2990 萬美元，去年為 2330 萬美元 1

"We delivered second quarter results that exceeded our initial expectations, demonstrating the overall strength of our business model and expanding year-over-year consumer awareness of our strong brand," said Russell Diez-Canseco, Vital Farms' President and Chief Executive Officer. "Our crew continues to successfully execute our supply chain expansion strategy, hitting several critical milestones since our last earnings call. These include an increase of 50 farms in the quarter to more 500 family farms with 9 million hens under contract, redesigning and breaking ground on our Seymour facility to bring additional production capacity online in 2027, continuing the installation of a third production line in Springfield for scheduled completion in the fourth quarter this year, and placing birds on our first accelerator farm. These critical initiatives, combined with the successful implementation of our strategic pricing actions and our continued strong brand loyalty, have enabled us to raise our full-year revenue guidance. As we continue to build America's most trusted food company, our commitment to ethical food production and sustainable growth remains unwavering, and we believe we're well-positioned to achieve our $1 billion revenue target by 2027."

“我們交出了超出初步預期的第二季度業績，展示了我們商業模式的整體實力以及消費者對我們強大品牌的年復一年認知的提升，” Vital Farms 總裁兼首席執行官 Russell Diez-Canseco 表示。“我們的團隊繼續成功執行我們的供應鏈擴展戰略，自上次財報電話會議以來達成了幾個關鍵里程碑。這些包括在本季度增加 50 個農場，使家庭農場總數超過 500 個，合同下有 900 萬隻母雞，重新設計並開工建設我們的西摩工廠，以在 2027 年上線額外的生產能力，繼續在斯普林菲爾德安裝第三條生產線，計劃在今年第四季度完成，以及在我們的第一個加速農場放置鳥類。這些關鍵舉措，加上我們戰略定價措施的成功實施和持續強大的品牌忠誠度，使我們能夠提高全年收入指引。隨着我們繼續建設美國最受信賴的食品公司，我們對倫理食品生產和可持續增長的承諾始終如一，我們相信我們在 2027 年實現 10 億美元收入目標的定位良好。”

1Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

1 調整後的 EBITDA 是一項非公認會計原則（GAAP）財務指標，定義在下面標題為 “非 GAAP 財務指標” 的部分，並在本公告末尾與其最接近的 GAAP 指標淨收入進行對賬。

For the 13 Weeks Ended June 29, 2025

截至2025年6月29日的 13 周

Net revenue increased 25.4% to $184.8 million in the second quarter of 2025, compared to $147.4 million in the second quarter of 2024. Net revenue growth in the second quarter of 2025 was driven by price/mix benefits of $15.7 million and volume-related revenue growth of $21.7 million. Volume growth was driven by accelerated demand for existing products, new offerings and store distribution at existing customers.

淨收入 在 2025 年第二季度增長 25.4%，達到 1.848 億美元，而 2024 年第二季度為 1.474 億美元。2025 年第二季度的淨收入增長主要得益於 1570 萬美元的價格/組合收益和 2170 萬美元的銷量相關收入增長。銷量增長得益於對現有產品的需求加速、新產品的推出以及現有客户的門店分銷。

Gross profit was $71.8 million, or 38.9% of net revenue, in the second quarter of 2025, up from $57.7 million, or 39.1% of net revenue, in the prior year quarter. Gross profit growth was driven by higher revenue from higher volume, increased pricing across the egg portfolio and favorable mix benefits. Gross profit margin declined slightly compared to the prior year period as investments made to continue to scale and grow the business driven by increases in labor and overhead costs were partially offset by favorable price/mix benefits.

毛利潤 在 2025 年第二季度為 7180 萬美元，佔淨收入的 38.9%，高於去年同期的 5770 萬美元，佔淨收入的 39.1%。毛利潤增長得益於銷量增加帶來的更高收入、雞蛋組合的價格上漲和有利的組合收益。與去年同期相比，毛利潤率略有下降，因為為了繼續擴大和發展業務而進行的投資（由於勞動力和間接費用的增加）部分被有利的價格/組合收益抵消。

Income from operations was $23.8 million in the second quarter of 2025, compared to income from operations of $17.1 million in the second quarter of 2024. The increase was driven by higher revenue and gross profit, partially offset by increases in marketing, shipping and distribution and employee-related costs.

營業收入 在 2025 年第二季度為 2380 萬美元，而 2024 年第二季度的營業收入為 1710 萬美元。增長主要得益於更高的收入和毛利潤，部分被市場營銷、運輸和分銷以及員工相關成本的增加所抵消。

Net income was $16.6 million in the second quarter of 2025, compared to net income of $16.3 million in the prior year quarter. The increase was driven by higher revenue and income from operations, partially offset by higher taxes due to a decrease in the tax benefit of non-qualified stock option exercises and restricted stock units.

淨收入 在 2025 年第二季度為 1660 萬美元，而去年同期的淨收入為 1630 萬美元。增長主要得益於更高的收入和營業收入，部分被由於非合格股票期權行使和限制性股票單位的税收優惠減少而導致的更高税收所抵消。

Net income per diluted share was $0.36 for the second quarter of 2025, compared to net income per diluted share of $0.36 in the prior year quarter.

每股攤薄淨收入 在 2025 年第二季度為 0.36 美元，而去年同期為 0.36 美元。

Adjusted EBITDA was $29.9 million, or 16.2% of net revenue, in the second quarter of 2025, compared to $23.3 million, or 15.8% of net revenue, in the second quarter of 2024. The increase in Adjusted EBITDA was primarily driven by higher sales and gross margin, partially offset by higher crew member investments.

調整後的 EBITDA 在 2025 年第二季度為 2990 萬美元，佔淨收入的 16.2%，而 2024 年第二季度為 2330 萬美元，佔淨收入的 15.8%。調整後的 EBITDA 的增長主要得益於更高的銷售和毛利率，部分被對員工的投資增加所抵消。

Adjusted EBITDA excludes certain non-cash items. Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

調整後的 EBITDA 不包括某些非現金項目。調整後的 EBITDA 是一項非 GAAP 財務指標，定義在下面標題為 “非 GAAP 財務指標” 的部分，並在本公告末尾與其最接近的 GAAP 指標淨收入進行對賬。

Balance Sheet and Cash Flow Highlights

資產負債表和現金流亮點

Cash, cash equivalents and marketable securities were $155.0 million as of June 29, 2025, and we had no outstanding debt. Net cash provided by operating activities was $4.5 million for the 26-week period ended June 30, 2025, compared to net cash provided by operating activities of $40.1 million for the 26-week period ended June 30, 2024.

截至2025年6月29日，現金、現金等價物和可交易證券 為 1.55 億美元，且我們沒有未償債務。截止2025年6月30日的 26 週期間，經營活動提供的淨現金為 450 萬美元，而 2024 年同期為 4010 萬美元。

Capital expenditures totaled $10.0 million in the 26-week period ended June 29, 2025, compared to $6.9 million in the 26-week period ended June 30, 2024.

截至2025年6月29日的 26 週期間，資本支出 總計 1000 萬美元，而 2024 年同期為 690 萬美元。

Fiscal 2025 Outlook

2025 財年展望

Thilo Wrede, Vital Farms’ Chief Financial Officer, commented: "We are raising our net revenue and Adjusted EBITDA guidance for fiscal 2025, reflecting the strong performance of our core business and successful implementation of strategic pricing actions. Our increased outlook is supported by robust consumer demand and improving supply dynamics as our expanded network of family farms ramps up production. We are increasing our capital expenditure outlook to accelerate the buildout of our Seymour facility, a strategic decision that we believe will better position us to meet growing demand and optimize our long-term returns. We anticipate some margin pressure in the second half of the year from tariff impacts and planned promotional activities, but these factors are fully incorporated into our guidance. With our strong balance sheet, growing operational capabilities, and proven ability to execute, we remain confident in achieving our $1 billion net revenue target by 2027."

Vital Farms 的首席財務官 Thilo Wrede 評論道：“我們正在提高 2025 財年的淨收入和調整後 EBITDA 指引，這反映了我們核心業務的強勁表現和戰略定價措施的成功實施。我們提高的展望得到了強勁消費者需求和改善的供應動態的支持，因為我們擴展的家庭農場網絡正在加速生產。我們正在增加資本支出展望，以加快 Seymour 設施的建設，這是一個戰略決策，我們相信這將使我們更好地滿足日益增長的需求並優化我們的長期回報。我們預計下半年會受到關税影響和計劃促銷活動的利潤壓力，但這些因素已完全納入我們的指引中。憑藉我們強大的資產負債表、不斷增長的運營能力和證明的執行能力，我們對到 2027 年實現 10 億美元淨收入目標充滿信心。

For fiscal year 2025, we now expect:

對於 2025 財年，我們現在預計：

Net revenue of at least $770 million, which represents at least 27% growth versus fiscal year 2024 results, an increase from previous guidance of at least $740 million.
Adjusted EBITDA of at least $110 million, which represents at least 26% growth versus fiscal year 2024, an increase from previous guidance of at least $100 million.
Capital expenditures in the range of $90 million to $110 million, an increase from our previous guidance of $50 to $60 million. This increase reflects our strategic decision to construct both production lines at our Seymour, Indiana facility simultaneously rather than in phases, and add onsite cold storage, which we believe will provide us with sufficient capacity to supply future expected demand and also optimize our capital efficiency on a per-square-foot basis. Our capital expenditure plans continue to also support investments in our new production line at Egg Central Station in Springfield, our accelerator farms, and our Digital Transformation project, which remains on track to go live in early Fall 2025. We continue to evaluate our capital allocation priorities, and we will provide updates as necessary in future earnings reports.

淨收入至少為 7.7 億美元，較 2024 財年增長至少 27%，高於之前至少 7.4 億美元的指引。
調整後 EBITDA 至少為 1.1 億美元，較 2024 財年增長至少 26%，高於之前至少 1 億美元的指引。
資本支出在 9000 萬到 1.1 億美元之間，高於我們之前 5000 萬到 6000 萬美元的指引。此次增加反映了我們戰略性決定同時在印第安納州 Seymour 設施建設兩條生產線，而不是分階段進行，並增加現場冷藏設施，我們相信這將為我們提供足夠的能力來滿足未來預期的需求，並在每平方英尺的基礎上優化我們的資本效率。我們的資本支出計劃還將支持對位於斯普林菲爾德的 Egg Central Station 的新生產線、我們的加速農場和數字化轉型項目的投資，該項目預計將在 2025 年初上線。我們將繼續評估我們的資本配置優先事項，並將在未來的財報中根據需要提供更新。

Vital Farms’ guidance assumes that there are no significant disruptions to the supply chain or its customers or consumers, including any issues from adverse macroeconomic factors. Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income and Adjusted EBITDA Margin and net income margin, their most directly comparable GAAP measures, without unreasonable effort due to the unavailability of reliable estimates for income taxes, among other items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Vital Farms 的指引假設供應鏈或其客户或消費者沒有重大幹擾，包括任何不利的宏觀經濟因素造成的問題。Vital Farms 無法在沒有不合理努力的情況下提供其預測的調整後 EBITDA 與淨收入及調整後 EBITDA 利潤率與淨收入利潤率之間的對賬，因為缺乏可靠的所得税等項目的估算。這些項目不在我們的控制範圍內，可能在不同期間之間有很大差異，並可能對未來的財務結果產生重大影響。

Conference Call and Webcast Details

電話會議和網絡直播詳情

Vital Farms will host a conference call and webcast at 8:30 a.m. ET today to discuss the results. To participate on the live call, listeners in North America may dial +1-800-715-9871 and international listeners may dial +1-646-307-1963 with the Conference ID: 8674985. 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.

Vital Farms 將在今天東部時間上午 8:30 召開電話會議和網絡直播，討論業績。要參與直播，北美的聽眾可以撥打 +1-800-715-9871，國際聽眾可以撥打 +1-646-307-1963，會議 ID 為：8674985。或者，參與者可以通過 Vital Farms 投資者關係網站訪問直播，網址為 https://investors.vitalfarms.com，查找 “活動與演示”。該網絡直播將保存 30 天。

In addition, Vital Farms will publish its August 2025 Corporate Presentation as supporting materials to the webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.”

此外，Vital Farms 將在其投資者關係網站上發佈 2025 年 8 月的公司演示文稿，作為網絡直播的支持材料，網址為 https://investors.vitalfarms.com，查找 “活動與演示”。

About Vital Farms

關於 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 500 family 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, butter, hard-boiled eggs, and liquid whole eggs, are sold in more than 23,500 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/.

Vital Farms（納斯達克：VITL）是一家認證的 B 型公司，提供一系列在全國範圍內以道德方式生產的食品。Vital Farms 於 2007 年在德克薩斯州奧斯丁的一家農場起步，現在已成為一個全國性的消費品牌，與 500 多家家庭農場合作，是美國零售額最高的放養雞蛋品牌。Vital Farms 的倫理體現在其對農場動物人道對待和可持續農業實踐的關注。此外，作為特拉華州的公共利益公司，Vital Farms 優先考慮每個利益相關者的長期利益，包括農民和供應商、客户和消費者、社區和環境，以及員工和股東。Vital Farms 的產品，包括雞蛋、黃油、熟雞蛋和液體全蛋，已在全國超過 23,500 家商店銷售。Vital Farms 的放養雞蛋也可以在全國數百家餐飲服務商的菜單上找到。欲瞭解更多信息，請訪問 https://vitalfarms.com/。

Forward-Looking Statements

前瞻性聲明

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, expectations regarding supply constraints, timing regarding Vital Farms’ Digital Transformation project, specifications and timing regarding Vital Farms’ planned egg washing and packing facility in Seymour, Indiana and new production line at Egg Central Station in Springfield, Missouri, the effect of such projects on Vital Farms’ future revenue, future growth of its family farm network, and future financial performance, including management’s outlook for fiscal year 2025 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.

本新聞稿及提及本新聞稿的電話會議包含 “前瞻性” 聲明，按照聯邦證券法的定義，包括但不限於關於 Vital Farms 市場機會、品牌實力、預期增長、對供應限制的預期、Vital Farms 數字化轉型項目的時間安排、Vital Farms 在印第安納州 Seymour 的計劃洗蛋和包裝設施的規格和時間安排、這些項目對 Vital Farms 未來收入的影響、家庭農場網絡的未來增長以及未來財務表現的管理展望，包括管理層對 2025 財年的展望和長期展望。這些前瞻性聲明基於 Vital Farms 當前的假設、預期和信念，並受到重大風險、不確定性、假設和情況變化的影響，這可能導致 Vital Farms 的實際結果、表現或成就與任何前瞻性聲明中表達或暗示的結果有重大差異。

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 customers, to successfully retain existing customers, to attract and retain its suppliers, distributors, and co-manufacturers, and to maintain its relationships with members of its existing farm network and further expand its farm network and development of its 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, cream for its butter, and other raw materials; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, 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, suppliers, and its co-manufacturers to comply with food safety, environmental or other laws or regulations; the impacts of international trade policies, including tariffs and sanctions; the effects of a public health pandemic or contagious disease, or fear of such outbreaks, on Vital Farms’ supply chain, the demand for its products, and on overall economic conditions, consumer confidence and spending levels; specifications and timing regarding Vital Farms’ planned egg washing and packing facility in Seymour, Indiana and the timing for installation of an additional egg washing and packing line at Vital Farms’ Egg Central Station facility in Missouri, 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 and Vital Farms’ ability to innovate to offer new products or enter into new product categories; the costs and success of marketing efforts; Vital Farms’ ability to effectively manage its growth, 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 or volatile economic conditions, elevated interest rates, and inflation; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society on its financial performance; the sufficiency of Vital Farms’ cash, cash equivalents, marketable securities and availability of credit under its credit facility to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes.

上述提到的風險和不確定性包括但不限於：Vital Farms 對其收入、支出和其他經營結果的預期；Vital Farms 吸引新客户、成功留住現有客户、吸引和留住供應商、分銷商和共同製造商的能力，以及維持與現有農場網絡成員的關係並進一步擴展其農場網絡和加速器農場的發展；Vital Farms 維持或增加盈利能力的能力；Vital Farms 對其在餐飲渠道未來增長的預期；Vital Farms 採購足夠高質量的雞蛋、黃油用奶油和其他原材料的能力；Vital Farms 產品的實際或感知質量或食品安全問題，或其他對 Vital Farms 品牌和聲譽產生不利影響的問題；消費者口味和偏好的變化；Vital Farms 與其農民、供應商、共同製造商、分銷商、零售商和餐飲客户的財務狀況及關係，以及餐飲行業整體的健康狀況；農業疾病爆發的影響，包括禽流感和蛋掉綜合症，爆發可能發生的感知或對此類爆發的監管或市場反應；Vital Farms、其農民、供應商和共同製造商遵守食品安全、環境或其他法律法規的能力；國際貿易政策的影響，包括關税和制裁；公共衞生疫情或傳染病的影響，或對這種爆發的恐懼對 Vital Farms 的供應鏈、產品需求以及整體經濟狀況、消費者信心和支出水平的影響；關於 Vital Farms 在印第安納州西摩計劃的雞蛋清洗和包裝設施的規格和時間，以及在 Missouri 的 Vital Farms Egg Central Station 設施安裝額外雞蛋清洗和包裝線的時間，以及這些設施的先前或未來擴展對 Vital Farms 未來收入和農場網絡的影響；對其業務的未來投資、預期資本支出和資本需求的估計；對 Vital Farms 產品供應的預期變化以及 Vital Farms 創新以提供新產品或進入新產品類別的能力；市場營銷工作的成本和成功；Vital Farms 有效管理其增長、維持財務報告內部控制的有效性以及補救和防止內部控制重大缺陷的能力；Vital Farms 有效與現有競爭對手和新市場參與者競爭的能力；不利或波動經濟條件、高利率和通貨膨脹的影響；Vital Farms 專注於特定公共利益目的並對社會產生積極影響的潛在影響對其財務表現的影響；Vital Farms 的現金、現金等價物、可交易證券的充足性以及在其信貸設施下獲得信貸的可用性以滿足流動性需求；季節性；以及 Vital Farms 競爭市場的增長率。

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 29, 2025, which Vital Farms anticipates filing on August 7, 2025, 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.

這些風險和不確定性在 Vital Farms 向證券交易委員會（SEC）提交的文件中有更詳細的描述，包括在其截至2025年6月29日的季度報告 10-Q 中名為 “風險因素” 的部分，Vital Farms 預計將在2025年8月7日提交，以及 Vital Farms 可能不時向 SEC 提交的其他文件和報告。此外，Vital Farms 運營在一個競爭激烈且快速變化的環境中。新的風險不時出現。管理層無法預測所有風險，也無法評估所有因素對其業務的影響或任何因素或因素組合可能導致實際結果與 Vital Farms 可能做出的任何前瞻性聲明中包含的結果有實質性差異的程度。鑑於這些風險、不確定性和假設，Vital Farms 無法保證未來的結果、活動水平、表現、成就或前瞻性聲明中反映的事件和情況將會發生。前瞻性聲明僅代表管理層在本新聞稿日期的信念和假設。Vital Farms 不承擔更新前瞻性聲明的任何義務，除非法律要求。


VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except share amounts) (Unaudited)
	13-Weeks Ended		26-Weeks Ended
	June 29, 2025		June 30, 2024	June 29, 2025		June 30, 2024
Net revenue	$	184,767		$	147,388		$	346,956		$	295,316
Cost of goods sold		112,985			89,710			212,661			178,742
Gross profit		71,782			57,678			134,295			116,574
Operating expenses:
Selling, general and administrative		38,987			33,336			70,897			60,467
Shipping and distribution		9,000			7,203			17,835			14,799
Total operating expenses		47,987			40,539			88,732			75,266
Income from operations		23,795			17,139			45,563			41,308
Other income (expense), net:
Interest expense		(218	)		(257	)		(453	)		(512	)
Interest income		1,332			1,316			2,544			2,404
Other expense, net		(378	)		(87	)		(781	)		(364	)
Total other income (expense), net		736			972			1,310			1,528
Net income before income taxes		24,531			18,111			46,873			42,836
Income tax provision		7,893			1,772			13,334			7,474
Net income	$	16,638		$	16,339		$	33,539		$	35,362
Net income per share:
Basic:	$	0.37		$	0.38		$	0.76		$	0.84
Diluted:	$	0.36		$	0.36		$	0.73		$	0.79
Weighted average common shares outstanding:
Basic:		44,591,484			42,500,355			44,421,116			42,148,992
Diluted:		45,804,158			45,248,792			45,815,874			44,600,401


VITAL FARMS, INC. 簡明合併損益表（金額單位：千美元，除每股金額外）（未經審計）
	截至 13 周		截至 26 周
	2025年6月29日		2024年6月30日	2025年6月29日		2024年6月30日
淨收入	$	184,767		$	147,388		$	346,956		$	295,316
銷售成本		112,985			89,710			212,661			178,742
毛利潤		71,782			57,678			134,295			116,574
營業費用：
銷售、一般和行政費用		38,987			33,336			70,897			60,467
運輸和分銷費用		9,000			7,203			17,835			14,799
總營業費用		47,987			40,539			88,732			75,266
營業收入		23,795			17,139			45,563			41,308
其他收入（費用），淨額：
利息費用		(218	)		(257	)		(453	)		(512	)
利息收入		1,332			1,316			2,544			2,404
其他費用，淨額		(378	)		(87	)		(781	)		(364	)
總其他收入（費用），淨額		736			972			1,310			1,528
税前淨收入		24,531			18,111			46,873			42,836
所得税費用		7,893			1,772			13,334			7,474
淨收入	$	16,638		$	16,339		$	33,539		$	35,362
每股淨收入：
基本：	$	0.37		$	0.38		$	0.76		$	0.84
稀釋：	$	0.36		$	0.36		$	0.73		$	0.79
加權平均普通股流通股數：
基本：		44,591,484			42,500,355			44,421,116			42,148,992
稀釋：		45,804,158			45,248,792			45,815,874			44,600,401


VITAL FARMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share amounts)
	June 29, 2025		December 29, 2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	108,224		$	150,601
Investment securities, available-for-sale		46,773			9,692
Accounts receivable, net of allowance for credit losses of $857 and $691 as of June 29, 2025 and December 29, 2024, respectively		68,405			54,342
Inventories		42,710			23,666
Prepaid expenses and other current assets, net of allowance for credit losses of $522 and $240 as of June 29, 2025 and December 29, 2024, respectively		6,428			7,740
Assets held for sale		2,667			—
Total current assets		275,207			246,041
Property, plant and equipment, net		111,155			84,521
Operating lease right-of-use assets		31,196			19,617
Goodwill and other assets		13,194			9,153
Total assets	$	430,752		$	359,332
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	66,352		$	38,582
Accrued liabilities		34,037			31,328
Operating lease liabilities, current		5,368			3,849
Finance lease liabilities, current		4,401			3,932
Income taxes payable		690			838
Total current liabilities		110,848			78,529
Operating lease liabilities, non-current		1,361			2,918
Finance lease liabilities, non-current		6,458			8,011
Other liabilities		2,307			572
Total liabilities	$	120,974		$	90,030
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June 29, 2025 and December 29, 2024; no shares issued and outstanding as of June 29, 2025 and December 29, 2024		—			—
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of June 29, 2025 and December 29, 2024; 44,661,608 and 44,042,355 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively		4			4
Additional paid-in capital		193,119			186,182
Retained earnings		116,652			83,113
Accumulated other comprehensive income		3			3
Total stockholders’ equity	$	309,778		$	269,302
Total liabilities and stockholders’ equity	$	430,752		$	359,332


VITAL FARMS, INC. 簡明合併資產負債表（金額單位：千美元，除每股金額外）
	2025年6月29日		2024年12月29日
	（未經審計）
資產
流動資產：
現金及現金等價物	$	108,224		$	150,601
可供出售投資證券		46,773			9,692
應收賬款，減去截至2025年6月29日和2024年12月29日的信用損失準備金 857 和 691		68,405			54,342
存貨		42,710			23,666
預付費用及其他流動資產，減去截至2025年6月29日和2024年12月29日的信用損失準備金 522 和 240		6,428			7,740
待售資產		2,667			—
總流動資產		275,207			246,041
固定資產，淨額		111,155			84,521
租賃使用權資產		31,196			19,617
商譽及其他資產		13,194			9,153
總資產	$	430,752		$	359,332
負債和股東權益
流動負債：
應付賬款	$	66,352		$	38,582
應計負債		34,037			31,328
流動租賃負債		5,368			3,849
流動融資租賃負債		4,401			3,932
應付所得税		690			838
總流動負債		110,848			78,529
非流動租賃負債		1,361			2,918
非流動融資租賃負債		6,458			8,011
其他負債		2,307			572
總負債	$	120,974		$	90,030
承諾和或有事項
股東權益：
優先股，每股面值$0.0001，2025年6月29日和2024年12月29日授權 10,000,000 股；截至2025年6月29日和2024年12月29日未發行和流通的股份		—			—
普通股，每股面值$0.0001，2025年6月29日和2024年12月29日授權 310,000,000 股；截至2025年6月29日和2024年12月29日發行和流通的股份分別為 44,661,608 和 44,042,355		4			4
額外實收資本		193,119			186,182
留存收益		116,652			83,113
累計其他綜合收益		3			3
總股東權益	$	309,778		$	269,302
總負債和股東權益	$	430,752		$	359,332


VITAL FARMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited)
	26-Weeks Ended
	June 29, 2025		June 30, 2024
Cash flows from operating activities:
Net income	$	33,539		$	35,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,727			6,499
Reduction in the carrying amount of right-of-use assets		3,691			1,658
Amortization of available-for-sale debt securities		(296	)		76
Amortization of debt issuance costs		43			19
Stock-based compensation expense		5,887			4,898
Deferred taxes		(24	)		—
Uncertain tax positions		1,735			—
Net realized losses on derivative instruments		822			346
Other		1,293			(132	)
Net change in operating assets and liabilities		(48,904	)		(8,644	)
Net cash provided by operating activities	$	4,513		$	40,082
Cash flows from investing activities:
Purchases of property, plant and equipment		(9,994	)		(6,914	)
Purchases and settlements of derivative instruments		264			(669	)
Purchases of available-for-sale securities		(45,079	)		—
Maturities and call redemptions of available-for-sale debt securities		7,890			13,335
Proceeds from the sale of available-for-sale debt securities		404			—
Proceeds from the sale of property, plant and equipment		608			1
Net cash (used in) provided by investing activities	$	(45,907	)	$	5,753
Cash flows from financing activities:
Proceeds from exercise of stock options		3,649			6,448
Proceeds from issuance of common stock under employee stock purchase plan		379			178
Payment of tax withholding obligation on vested restricted stock unit shares		(2,978	)		(1,351	)
Principal payments under finance lease obligations		(2,033	)		(1,672	)
Payment of financing costs		—			(414	)
Net cash (used in) provided by financing activities	$	(983	)	$	3,189
Net (decrease) increase in cash and cash equivalents		(42,377	)		49,024
Cash and cash equivalents at beginning of the period		150,601			84,149
Cash and cash equivalents at end of the period	$	108,224		$	133,173
Supplemental disclosure of cash flow information:
Cash paid for interest	$	410		$	512
Cash paid for income taxes		11,772			11,344
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$	25,590		$	150


維塔農場公司現金流量簡表（金額單位：千美元）（未經審計）
	截至 26 周
	2025年6月29日		2024年6月30日
經營活動產生的現金流量：
淨收入	$	33,539		$	35,362
調整淨收入以計算經營活動提供的淨現金：
折舊和攤銷		6,727			6,499
使用權資產賬面價值減少		3,691			1,658
可供出售債務證券的攤銷		(296	)		76
債務發行成本的攤銷		43			19
基於股票的補償費用		5,887			4,898
遞延税款		(24	)		—
不確定的税務事項		1,735			—
衍生工具的淨實現損失		822			346
其他		1,293			(132	)
經營資產和負債的淨變動		(48,904	)		(8,644	)
經營活動提供的淨現金	$	4,513		$	40,082
投資活動產生的現金流量：
購買物業、廠房和設備		(9,994	)		(6,914	)
衍生工具的購買和結算		264			(669	)
購買可供出售證券		(45,079	)		—
可供出售債務證券的到期和贖回		7,890			13,335
可供出售債務證券的銷售收入		404			—
物業、廠房和設備的銷售收入		608			1
投資活動使用的淨現金	$	(45,907	)	$	5,753
融資活動產生的現金流量：
行使股票期權的收入		3,649			6,448
員工股票購買計劃下發行普通股的收入		379			178
支付已歸屬限制性股票單位股份的税款		(2,978	)		(1,351	)
融資租賃義務的本金支付		(2,033	)		(1,672	)
融資成本的支付		—			(414	)
融資活動使用的淨現金	$	(983	)	$	3,189
現金及現金等價物的淨（減少）增加		(42,377	)		49,024
期初現金及現金等價物		150,601			84,149
期末現金及現金等價物	$	108,224		$	133,173
現金流量信息的補充披露：
支付的利息	$	410		$	512
支付的所得税		11,772			11,344
非現金投資和融資活動的補充披露：
計入應付賬款和應計負債的物業、廠房和設備的購買	$	25,590		$	150

Non-GAAP Financial Measures

非公認會計原則財務指標

We report our financial results in accordance with GAAP. However, management believes that Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance.

我們按照公認會計原則（GAAP）報告財務結果。然而，管理層認為，調整後的息税折舊攤銷前利潤（Adjusted EBITDA）和調整後的息税折舊攤銷前利潤率（Adjusted EBITDA Margin）作為非 GAAP 財務指標，為投資者提供了額外的有用信息，以評估我們的業績。

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with GAAP. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, 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 are 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 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; and (5) interest income. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenue.

調整後的息税折舊攤銷前利潤（Adjusted EBITDA）和調整後的息税折舊攤銷前利潤率（Adjusted EBITDA Margin）是未按 GAAP 要求或未按照 GAAP 呈現的財務指標。我們認為，調整後的息税折舊攤銷前利潤和調整後的息税折舊攤銷前利潤率與我們按照 GAAP 呈現的財務結果結合在一起，提供了有關我們經營業績的有意義的補充信息，並通過排除某些可能不代表我們業務、經營結果或前景的項目，促進我們歷史經營業績的內部比較。特別是，我們認為，使用調整後的息税折舊攤銷前利潤和調整後的息税折舊攤銷前利潤率對我們的投資者是有幫助的，因為這些指標被管理層用於評估我們業務的健康狀況、確定激勵補償和評估我們的經營業績，以及用於內部規劃和預測。我們將調整後的息税折舊攤銷前利潤計算為淨收入，調整以排除：（1）折舊和攤銷；（2）基於股票的補償費用；（3）適用的所得税（收益）或準備；（4）利息費用；以及（5）利息收入。我們將調整後的息税折舊攤銷前利潤率計算為調整後的息税折舊攤銷前利潤除以淨收入。

Adjusted EBITDA and Adjusted EBITDA Margin 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, our use of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial measures, including our net income and other results stated in accordance with GAAP.

調整後的 EBITDA 和調整後的 EBITDA 利潤率僅用於補充信息目的，作為分析工具存在侷限性，不應單獨考慮或替代根據 GAAP 提供的財務信息。調整後的 EBITDA 和調整後的 EBITDA 利潤率的一些侷限性包括：(1) 它們未能正確反映未來需支付的資本承諾；(2) 儘管折舊和攤銷是非現金費用，但基礎資產可能需要更換，而調整後的 EBITDA 和調整後的 EBITDA 利潤率未能反映這些資本支出；(3) 它們未考慮基於股票的補償費用的影響；(4) 它們未反映其他非經營性費用，包括利息費用；(5) 它們未反映可能代表我們可用現金減少的税款支付。此外，我們對調整後的 EBITDA 和調整後的 EBITDA 利潤率的使用可能與其他公司的類似指標不可比，因為它們可能以不同的方式計算調整後的 EBITDA 和調整後的 EBITDA 利潤率，從而限制了作為比較指標的有效性。由於這些侷限性，在評估我們的業績時，您應將調整後的 EBITDA 和調整後的 EBITDA 利潤率與其他財務指標一起考慮，包括我們的淨收入和根據 GAAP 報告的其他結果。


VITAL FARMS, INC. ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) (Unaudited)
	13-Weeks Ended		26-Weeks Ended
	June 29, 2025		June 30, 2024	June 29, 2025		June 30, 2024
	(in thousands)		(in thousands)
Net income	$	16,638		$	16,339		$	33,539		$	35,362
Depreciation and amortization(1)		3,468			3,288			6,727			6,499
Stock-based compensation expense		3,034			2,916			5,887			4,898
Income tax provision		7,893			1,772			13,334			7,474
Interest expense		218			257			453			512
Interest income		(1,332	)		(1,316	)		(2,544	)		(2,404	)
Adjusted EBITDA	$	29,919		$	23,256		$	57,396		$	52,341

Net revenue	$	184,767		$	147,388		$	346,956		$	295,316
Net income margin(2)		9.0	%		11.1	%		9.7	%		12.0	%
Adjusted EBITDA Margin(3)		16.2	%		15.8	%		16.5	%		17.7	%


VITAL FARMS, INC. 調整後的 EBITDA 重新調整（金額以千計）（未經審計）
	截至 13 周		截至 26 周
	2025年6月29日		2024年6月30日	2025年6月29日		2024年6月30日
	（以千計）		（以千計）
淨收入	$	16,638		$	16,339		$	33,539		$	35,362
折舊和攤銷 (1)		3,468			3,288			6,727			6,499
基於股票的補償費用		3,034			2,916			5,887			4,898
所得税費用		7,893			1,772			13,334			7,474
利息費用		218			257			453			512
利息收入		(1,332	)		(1,316	)		(2,544	)		(2,404	)
調整後的 EBITDA	$	29,919		$	23,256		$	57,396		$	52,341

淨收入	$	184,767		$	147,388		$	346,956		$	295,316
淨收入利潤率 (2)		9.0	%		11.1	%		9.7	%		12.0	%
調整後的 EBITDA 利潤率 (3)		16.2	%		15.8	%		16.5	%		17.7	%


1	Amount also includes finance lease amortization.
2	Net income margin is calculated by dividing net income by net revenue.
3	Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenue.


1	金額還包括融資租賃攤銷。
2	淨收入利潤率通過將淨收入除以淨收入計算得出。
3	調整後的 EBITDA 利潤率通過將調整後的 EBITDA 除以淨收入計算得出。

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807966613/en/

在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20250807966613/en/

Media:

媒體：

Rob Discher

Rob.Discher@vitalfarms.com

Investors:

投資者：

John Mills

ICR

John.Mills@icrinc.com

Source: Vital Farms

來源：Vital Farms

Vital Farms 發佈 2025 年第二季度財務報告 | VITL 股票新聞