Revenue Growth Exceeds Expectations
Q1 revenue increased by 9%, driven by 12% volume growth. Adjusted EBITDA of $22.4 million exceeded expectations, leading to an increase in the lower end of fiscal year 2025 guidance.
Strong Category and Customer Performance
All categories are growing, with plant-based beverages expected to grow high-single-digits and better-for-you fruit snacks and protein shakes exceeding 15% growth. Top five customers delivered year-over-year growth in Q1 2025.
Increased Production Capacity
The company's aseptic network increased Q1 volume production by over 6% from Q4 2024, and fruit snacks network produced 7% more units in Q1 2025 than in Q1 2024 with the same equipment.
Improved Financial Metrics
Debt decreased by $4 million to $261 million, with leverage reduced to 2.9 times. Cash generation was strong with $22 million of cash provided by operating activities.