Strong Revenue Growth
Q1 2026 revenue of $5.6M versus $2.9M in Q1 2025, representing a 92% year-over-year increase driven primarily by the Arps acquisition and related milk processing contribution.
Major School District Win
Awarded a 7-year bid with the fifth largest U.S. school district, demonstrating the company's ability to compete for large, multi-year education contracts and validating the rebuilding of customer relationships.
Improvement in Profitability Metrics
Adjusted EBITDA loss narrowed to approximately $238k in Q1 2026 from a loss of approximately $506k in Q1 2025; net loss improved to $661k from $761k year-over-year.
Manufacturing Integration Progress
Arps Dairy processing facility supported ~50% of frozen beverage and food volume in Q1; transition into a 44,000 sq ft Defiance, OH facility is underway with commissioning expected before end of 2026, supported by a $2.4M government grant for specialized equipment.
Capital Structure Strengthening
Closed a $7.5M senior convertible note financing in March 2026 and secured a $2.4M government grant, providing capital to complete facility build-out and operational growth; plan to explore remortgaging the new facility to pay down notes.
Confident Full-Year Guidance and Near-Term Outlook
Management reiterated FY2026 guidance of $28M–$32M in revenue and $3.2M–$3.8M in adjusted EBITDA; Q2 2026 revenue expected $5.2M–$5.6M with adjusted EBITDA loss of $0.3M–$0.2M. Company expects positive adjusted EBITDA in FY2026 as operations optimize.