Fourth Quarter Revenue Grows 61% to
Financial Summary:
| Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||
| $ in millions | 2026 | 2025 | % Increase | 2026 | 2025 | % Increase | ||||||||||||||||||
| Revenues | $ | 54.0 | $ | 33.6 | 61 | % | $ | 171.7 | $ | 123.3 | 39 | % | ||||||||||||
| Gross Profit | $ | 14.0 | $ | 9.1 | 54 | % | $ | 43.0 | $ | 30.5 | 41 | % | ||||||||||||
| Operating Expenses | $ | 10.9 | $ | 7.2 | 51 | % | $ | 35.9 | $ | 25.7 | 40 | % | ||||||||||||
| Net Income | $ | 2.2 | $ | 1.6 | 38 | % | $ | 5.3 | $ | 3.7 | 43 | % | ||||||||||||
| Earnings per Share (Diluted) | $ | 0.05 | $ | 0.04 | 25 | % | $ | 0.13 | $ | 0.09 | 44 | % | ||||||||||||
| Adj. EBITDA (non-GAAP) | $ | 5.5 | $ | 3.1 | 77 | % | $ | 15.4 | $ | 10.1 | 52 | % | ||||||||||||
Fourth Quarter Fiscal 2026 & Subsequent Operational Highlights:
- Continued successful integration initiatives at the Company's
Bay Shore, NY facility acquired from Crown 1 Enterprises, with gross margin improvement on track toward mid-to-high-20% corporate target, and cross-selling initiatives gaining traction with Crown 1's premium customer base. - Secured major new tier-1 national retail placements, including expansion at
Wal-Mart , new introductions at Food Lion, confirmed wins at Target, as well as Everyday Item status in Costco’s Northeast region following a successful Costco National Multi-Vendor Mailer (MVM) with branded Beef Meatballs. - Invited to present at leading investor conferences nationally, including the
Craig-Hallum Alpha Select Conference ,Stephens NASH25 Conference , ROTH Deer Valley Event,Oppenheimer Emerging Growth Conference , and theDA Davidson CEO Forum. - Cash and cash equivalents as of
January 31, 2026 totaled$20.0 million , as compared to$7.2 million as ofJanuary 31, 2025 . The increase was primarily driven by improved profitability, strong operating cash flow generation, and ongoing working capital optimization.
Management Commentary
"On the operations front, the
"Our Costco partnership continues to accelerate – evolving from
"Our 4 Cs strategy – Cost, Controls, Culture, and Catapult – is driving growth at 5x the category rate. Product innovation including our NAE chicken offerings, artisan cut products, and successful panini line, are positioning us to capture share in a large, highly fragmented, underpenetrated market.
"Looking ahead, the combination of strong organic growth, expanding and deepening retail distribution, and a well-defined M&A strategy gives us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders,” concluded Michaels.
Fourth Quarter and Full Year Fiscal 2026 Financial Results
Revenue for the fourth quarter of fiscal 2026 increased 60.7% to
Gross profit increased 53.8% to
Operating expenses totaled
Net income for the fourth quarter of fiscal 2026 increased 37.5% to
Adjusted EBITDA, a non-GAAP measure, increased 77.4% to
Cash and cash equivalents as of
Conference Call
Management will host an investor conference call at
Q4 FY2026 Earnings Conference Call
Date:
Time:
International Dial-in: 1-201-389-0879
Conference ID: 13759666
Webcast: MAMA Q4 FY2026 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through
About Mama’s
Use of Non-GAAP Financial Measures
This press release includes the following non-GAAP measure – adjusted EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company's results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company's business as determined in accordance with GAAP. In addition, the company's non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, please see the reconciliation table shown in this press release below.
US-GAAP Net Income to Adjusted EBITDA Reconciliation (Unaudited)
(in thousands)
| THREE MONTHS ENDED | Fiscal Year Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net income available to common stockholders | $ | 2,232 | $ | 1,600 | $ | 5,286 | $ | 3,711 | ||||||||
| Depreciation | 1,171 | 535 | 3,270 | 1,592 | ||||||||||||
| Amortization | 493 | 286 | 1800 | 1571 | ||||||||||||
| Taxes | 731 | 287 | 1,565 | 995 | ||||||||||||
| Interest, net | 37 | 82 | 224 | 259 | ||||||||||||
| Stock-based compensation | 789 | 298 | 1,962 | 1,099 | ||||||||||||
| One time charges | 70 | 0 | 1,314 | 900 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 5,523 | $ | 3,088 | $ | 15,421 | $ | 10,127 | ||||||||
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include information about management's view of the Company's future expectations, plans and prospects, including future business opportunities or strategies and are generally preceded by words such as "anticipate," "believe," "eventually," "expect," "future," "may," "look forward to," "plan," "projected," "should," "will," and other words that convey the uncertainty of future events or outcomes. You are cautioned that such statements are subject to a multitude of known and unknown risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Certain of these risk factors and others are included in documents the Company files with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-K for the year ended
The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other factors, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Investor Relations Contact:
Managing Director
(949) 259-4987
MAMA@mzgroup.us
www.mzgroup.us
Consolidated Balance Sheets
(In thousands, except share and per share data)
| Assets: | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 19,951 | $ | 7,150 | ||||
| Accounts receivable, net | 13,072 | 8,131 | ||||||
| Inventories, net | 9,647 | 4,817 | ||||||
| Prepaid expenses and other current assets | 2,411 | 1,779 | ||||||
| Total Current Assets | 45,081 | 21,877 | ||||||
| Property, plant, and equipment, net | 20,108 | 9,387 | ||||||
| Intangible assets, net | 3,090 | 3,436 | ||||||
| 9,447 | 8,633 | |||||||
| Operating lease right of use assets, net | 7,877 | 3,376 | ||||||
| Deferred tax asset | — | 258 | ||||||
| Security deposits | 95 | 95 | ||||||
| Total Assets | $ | 85,698 | $ | 47,062 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Liabilities: | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 17,800 | $ | 12,052 | ||||
| Term loan, net of debt discount of | 960 | 1,530 | ||||||
| Operating leases liabilities | 1,690 | 848 | ||||||
| Finance leases payable | 321 | 345 | ||||||
| Promissory notes – related parties | — | 2,250 | ||||||
| Total Current Liabilities | 20,771 | 17,025 | ||||||
| Term loan – net of current | 4,412 | 1,342 | ||||||
| Operating leases liability – net of current | 6,204 | 2,600 | ||||||
| Deferred tax liability | 813 | — | ||||||
| Finance leases payable – net of current | 878 | 1,199 | ||||||
| Total Long-Term Liabilities | 12,307 | 5,141 | ||||||
| Total Liabilities | 33,078 | 22,166 | ||||||
| Commitments and contingencies (Note 11 and 12) | ||||||||
| Stockholders’ Equity: | ||||||||
| Series A Preferred stock, | — | — | ||||||
| Series B Preferred stock, | — | — | ||||||
| Preferred stock, | — | — | ||||||
| Common stock, | — | — | ||||||
| Additional paid-in capital | 47,320 | 24,882 | ||||||
| Retained earnings | 5,450 | 164 | ||||||
| Less: | (150 | ) | (150 | ) | ||||
| Total Stockholders’ Equity | 52,620 | 24,896 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 85,698 | $ | 47,062 | ||||
Consolidated Statements of Operations
(in thousands, except per share data)
| For the Fiscal Years Ended | ||||||||||||
| 2026 | 2025 | 2024 | ||||||||||
| Net sales | $ | 171,714 | $ | 123,328 | $ | 103,284 | ||||||
| Costs of sales | 128,668 | 92,795 | 72,951 | |||||||||
| Gross profit | 43,046 | 30,533 | 30,333 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development | 288 | 455 | 414 | |||||||||
| Selling, general and administrative | 35,646 | 25,201 | 21,029 | |||||||||
| Total operating expenses | 35,934 | 25,656 | 21,443 | |||||||||
| Income from operations | 7,112 | 4,877 | 8,890 | |||||||||
| Other income (expenses) | ||||||||||||
| Interest expense | (435 | ) | (477 | ) | (549 | ) | ||||||
| Interest income | 211 | 218 | — | |||||||||
| Amortization of debt discount | (37 | ) | (16 | ) | (22 | ) | ||||||
| Other income | — | 104 | 27 | |||||||||
| Total other expenses | (261 | ) | (171 | ) | (544 | ) | ||||||
| Income before income tax provision and income from equity method investment | 6,851 | 4,706 | 8,346 | |||||||||
| Income from equity method investment | — | — | 223 | |||||||||
| Income tax provision | (1,565 | ) | (995 | ) | (2,008 | ) | ||||||
| Net income | 5,286 | 3,711 | 6,561 | |||||||||
| Less: series B preferred dividends | — | — | (49 | ) | ||||||||
| Net income available to common stockholders | 5,286 | 3,711 | 6,512 | |||||||||
| Net income per common share | ||||||||||||
| – basic | $ | 0.14 | $ | 0.10 | $ | 0.18 | ||||||
| – diluted | $ | 0.13 | $ | 0.09 | $ | 0.17 | ||||||
| Weighted average common shares outstanding | ||||||||||||
| – basic | 38,902,364 | 37,427,571 | 36,814,162 | |||||||||
| – diluted | 41,380,364 | 39,418,571 | 38,381,407 | |||||||||
Consolidated Statements of Cash Flows
(in thousands)
| For the Fiscal Years Ended | ||||||||||||
| 2026 | 2025 | 2024 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | $ | 5,286 | $ | 3,711 | $ | 6,561 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation | 3,270 | 1,592 | 1,043 | |||||||||
| Provision for credit losses | 90 | — | (140 | ) | ||||||||
| Amortization of debt discount | 37 | 16 | 22 | |||||||||
| Change in right of use assets | 1,405 | (1,585 | ) | 348 | ||||||||
| Amortization of intangible assets | 1,619 | 1,543 | 1,080 | |||||||||
| Stock-based compensation | 1,963 | 1,099 | 436 | |||||||||
| Allowance for obsolete inventory | 24 | — | 63 | |||||||||
| Change in deferred tax asset | 1,071 | 245 | 215 | |||||||||
| Income from equity method investment | — | — | (223 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (1,306 | ) | (272 | ) | 2,392 | |||||||
| Inventories | (3,518 | ) | (1,507 | ) | 263 | |||||||
| Prepaid expenses and other current assets | (868 | ) | (1,341 | ) | (540 | ) | ||||||
| Security deposits | — | — | (35 | ) | ||||||||
| Accounts payable and accrued expenses | 3,609 | 79 | 476 | |||||||||
| Operating lease liability | (1,261 | ) | 1,597 | (340 | ) | |||||||
| Net Cash Provided by Operating Activities | 11,421 | 5,177 | 11,621 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchase of property, plant and equipment | (1,654 | ) | (5,095 | ) | (786 | ) | ||||||
| Cash paid for acquisition of the business of | (17,311 | ) | — | — | ||||||||
| Cash paid for acquisition/investment in | — | — | (646 | ) | ||||||||
| (18,965 | ) | (5,095 | ) | (1,432 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Net proceeds from the issuance of common stock | 18,927 | — | — | |||||||||
| Net proceeds from notes payable | 18,770 | — | — | |||||||||
| Repayments of debt | (16,305 | ) | (1,662 | ) | (1,652 | ) | ||||||
| Repayment of line of credit, net | — | — | (890 | ) | ||||||||
| Repayment of term loan - related party | (750 | ) | (1,950 | ) | (750 | ) | ||||||
| Repayment of finance lease obligations | (345 | ) | (397 | ) | (272 | ) | ||||||
| Payment of Series B Preferred dividends | — | — | (49 | ) | ||||||||
| Proceeds from exercise of options | 48 | 55 | 68 | |||||||||
| Net Cash Provided by (Used in) Financing Activities | 20,345 | (3,954 | ) | (3,545 | ) | |||||||
| Net Increase (Decrease) Increase in Cash | 12,801 | (3,872 | ) | 6,644 | ||||||||
| Cash and cash equivalents - Beginning of Period | 7,150 | 11,022 | 4,378 | |||||||||
| Cash and cash equivalents - End of Period | $ | 19,951 | $ | 7,150 | $ | 11,022 | ||||||
| SUPPLEMENTARY CASH FLOW INFORMATION: | ||||||||||||
| Cash Paid During the Period for: | ||||||||||||
| Income taxes | $ | 1,225 | $ | 1,477 | $ | 32 | ||||||
| Interest | $ | 435 | $ | 654 | $ | 634 | ||||||
| SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||
| Finance lease asset additions | $ | — | $ | 511 | $ | 1,270 | ||||||
| Related party loan to finance acquisition | $ | — | $ | — | $ | 2,700 | ||||||
| Right of use asset recognized | $ | 6,357 | $ | 2,119 | $ | — | ||||||
| Write-off of right of use asset | $ | 451 | $ | 1,021 | $ | — | ||||||
| Issuance of stock for director settlement | $ | — | $ | 450 | $ | — | ||||||
| Common stock issued for payment of related party debt | $ | 1,500 | $ | — | $ | — | ||||||
| Receipt of fixed assets for deposits previously paid | $ | — | $ | 937 | $ | — | ||||||
| Settlement of liability in common stock | $ | — | $ | — | $ | 50 | ||||||
