Vital Farms Inc · Q1 2022 earnings

Briefing

Net revenue increased, but the company experienced a net loss and a decrease in adjusted EBITDA compared to the prior year, driven by higher input and shipping costs.

Vital Farms reported a 31.6% increase in net revenue to $77.1 million for the first quarter of 2022. However, the company experienced a net loss of $1.5 million, compared to a net income of $3.5 million in the prior year quarter. Adjusted EBITDA also decreased to $0.5 million from $4.7 million in the first quarter of 2021. The company maintains its fiscal year 2022 outlook.

• Net revenue increased by 31.6% to $77.1 million.
• Net loss was $1.5 million, compared to a net income of $3.5 million in the prior year quarter.
• Adjusted EBITDA was $0.5 million, compared to $4.7 million in the first quarter of 2021.
• The company maintains its fiscal year 2022 outlook for net revenue of more than $340 million and adjusted EBITDA of more than $13 million.

Headline financials

Revenue & EPS history

Management is maintaining its guidance for fiscal year 2022 net revenue of more than $340 million, a projected increase of 30% compared to fiscal year 2021, and Adjusted EBITDA of more than $13 million for the full fiscal year 2022, excluding costs related to our exit of the convenient breakfast product line, an increase of 62% compared to fiscal year 2021.