First Quarter Revenue Grows 50% to
Financial Summary:
| Three Months Ended | ||||||||||||
| $ in millions | 2026 | 2025 | % Increase | |||||||||
| Revenues | $ | 52.8 | $ | 35.3 | 50 | % | ||||||
| Gross Profit | $ | 12.4 | $ | 9.2 | 35 | % | ||||||
| Operating Expenses | $ | 9.8 | $ | 7.6 | 28 | % | ||||||
| Net Income | $ | 2.1 | $ | 1.2 | 66 | % | ||||||
| Earnings per Share (Diluted) | $ | 0.05 | $ | 0.03 | 67 | % | ||||||
| Adj. EBITDA (non-GAAP) | $ | 4.9 | $ | 2.8 | 71 | % | ||||||
First Quarter Fiscal 2027 & Subsequent Operational Highlights:
- Successfully launched over a dozen new items with major retailers during the quarter, including new branded introductions across
Wal-Mart , Target and Food Lion, supported by the introduction of new packaging technologies and protein form factors for select new product launches. - Won Costco Everyday Item status for branded beef meatballs in the
San Diego region — building on a successful National MVM that earned the same status in the Northeast in the fourth quarter of fiscal 2026. - Completed the ERP transition of the legacy
Bay Shore system to the Company’s enterprise-wide ERP system, creating a single, unified system for sales, procurement, production, inventory, and accounting. - Invited to attend leading investor conferences nationally, including the
BMO Farm toMarket Conference ,Craig-Hallum Institutional Investor Conference , TD Cowen Future of theConsumer Conference ,William Blair Growth Conference ,Oppenheimer Consumer Growth Conference , and theD.A. Davidson Consumer Conference . - Cash and cash equivalents as of
April 30, 2026 grew to$24.4 million , compared to$20.0 million as ofJanuary 31, 2026 . The change in cash and cash equivalents was primarily driven by improved profitability, strong operating cash flow generation, and ongoing working capital optimization. Total debt stood at$5.1 million as ofApril 30, 2026 .
Management Commentary
"Net income grew 66% to
"The Catapult portion of our 4 Cs strategy was on full display this quarter. We launched over a dozen new items with major retailers, including new branded SKUs at
"To conclude, the combination of strong organic growth, new volume from the Bay Shore acquisition, expanding and deepening retail distribution, a fortified balance sheet, and a well-defined blueprint gives us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders," concluded Michaels.
First Quarter Fiscal 2027 Financial Results
Revenue for the first quarter of fiscal 2027 increased 49.7% to
Gross profit increased 35.3% to
Operating expenses totaled
Net income for the first quarter of fiscal 2027 increased 66.3% to
Adjusted EBITDA, a non-GAAP measure, increased 71.2% to
Cash and cash equivalents as of
Conference Call
Management will host an investor conference call at
Q1 FY2027 Earnings Conference Call
Date:
Time:
International Dial-in: 1-201-389-0879
Conference ID: 13760776
Webcast: MAMA Q1 FY2027 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 | ||||||||
| 2026 | 2025 | |||||||
| Net income | $ | 2,057 | $ | 1,237 | ||||
| Depreciation | 1,163 | 554 | ||||||
| Amortization | 472 | 409 | ||||||
| Taxes | 577 | 280 | ||||||
| Interest, net | 19 | 58 | ||||||
| Stock-based compensation | 580 | 305 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | 4,868 | $ | 2,843 | ||||
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’s 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
Mama’s
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
| (Unaudited) | ||||||||
| Assets: | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 24,412 | $ | 19,951 | ||||
| Accounts receivable, net | 13,212 | 13,072 | ||||||
| Inventories, net | 9,002 | 9,647 | ||||||
| Prepaid expenses and other current assets | 2,140 | 2,411 | ||||||
| Total Current Assets | 48,766 | 45,081 | ||||||
| Property, plant, and equipment, net | 19,122 | 20,108 | ||||||
| Intangible assets, net | 2,661 | 3,090 | ||||||
| 9,447 | 9,447 | |||||||
| Operating lease right of use assets, net | 7,438 | 7,877 | ||||||
| Deposits | 95 | 95 | ||||||
| Total Assets | $ | 87,529 | $ | 85,698 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Liabilities: | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 17,940 | $ | 17,800 | ||||
| Term loan, net of unamortized debt discount of | 972 | 960 | ||||||
| Operating lease liabilities | 1,743 | 1,690 | ||||||
| Finance leases payable | 327 | 321 | ||||||
| Total Current Liabilities | 20,982 | 20,771 | ||||||
| Term loan – net of current | 4,118 | 4,412 | ||||||
| Operating lease liabilities – net of current | 5,743 | 6,204 | ||||||
| Deferred tax liability | 530 | 813 | ||||||
| Finance leases payable – net of current | 794 | 878 | ||||||
| Total long-term liabilities | 11,185 | 12,307 | ||||||
| Total Liabilities | 32,167 | 33,078 | ||||||
| Commitments and contingencies (Notes 10 and 11) | ||||||||
| Stockholders’ Equity: | ||||||||
| Series A Preferred stock, | — | — | ||||||
| Series B Preferred stock, | — | — | ||||||
| Preferred stock, | — | — | ||||||
| Common stock, | — | — | ||||||
| Additional paid-in capital | 48,005 | 47,320 | ||||||
| Retained earnings | 7,507 | 5,450 | ||||||
| Less: | (150 | ) | (150 | ) | ||||
| Total Stockholders’ Equity | 55,362 | 52,620 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 87,529 | $ | 85,698 | ||||
Mama’s
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Net sales | $ | 52,766 | $ | 35,255 | ||||
| Costs of sales | 40,339 | 26,071 | ||||||
| Gross profit | 12,427 | 9,184 | ||||||
| Operating expenses: | ||||||||
| Research and development | 87 | 73 | ||||||
| Selling, general and administrative expenses | 9,676 | 7,533 | ||||||
| Total operating expenses | 9,763 | 7,606 | ||||||
| Income from operations | 2,664 | 1,578 | ||||||
| Other income (expenses) | ||||||||
| Interest expense | (109 | ) | (88 | ) | ||||
| Interest income | 90 | 30 | ||||||
| Amortization of debt discount | (11 | ) | (3 | ) | ||||
| Total other expenses | (30 | ) | (61 | ) | ||||
| Net income before income tax provision | 2,634 | 1,517 | ||||||
| Income tax expense | (577 | ) | (280 | ) | ||||
| Net income | $ | 2,057 | $ | 1,237 | ||||
| Net income per common share | ||||||||
| – basic | $ | 0.05 | $ | 0.03 | ||||
| – diluted | $ | 0.05 | $ | 0.03 | ||||
| Weighted average common shares outstanding | ||||||||
| – basic | 40,665 | 37,597 | ||||||
| – diluted | 43,321 | 39,378 | ||||||
Mama’s
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 2,057 | $ | 1,237 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation | 1,163 | 554 | ||||||
| Amortization of debt discount | 11 | 3 | ||||||
| Amortization of right of use assets | 439 | 293 | ||||||
| Amortization of intangibles | 429 | 370 | ||||||
| Stock-based compensation | 580 | 305 | ||||||
| Change in deferred tax asset | (283 | ) | (211 | ) | ||||
| Changes in operating assets and liabilities, net of acquisition: | ||||||||
| Accounts receivable | (140 | ) | 2,326 | |||||
| Inventories | 645 | (470 | ) | |||||
| Prepaid expenses and other current assets | 271 | 382 | ||||||
| Accounts payable and accrued expenses | 245 | 1,473 | ||||||
| Operating lease liability | (407 | ) | (257 | ) | ||||
| Net Cash Provided by Operating Activities | 5,010 | 6,005 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of fixed assets | (177 | ) | (539 | ) | ||||
| (177 | ) | (539 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Repayment of debt | (294 | ) | (503 | ) | ||||
| Repayment of finance lease obligations | (78 | ) | (102 | ) | ||||
| (372 | ) | (605 | ) | |||||
| Net Increase in Cash | 4,461 | 4,861 | ||||||
| Cash and cash equivalents at beginning of period | 19,951 | 7,150 | ||||||
| Cash and cash equivalents at end of period | $ | 24,412 | $ | 12,011 | ||||
| SUPPLEMENTARY CASH FLOW INFORMATION: | ||||||||
| Cash paid during the period for: | ||||||||
| Income taxes | $ | — | $ | 5 | ||||
| Interest | $ | 109 | $ | 82 | ||||
| SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
| Right-of-use asset and lease liability recognized | $ | — | $ | 4,156 | ||||
| Write-off of right-of-use asset | $ | — | $ | 451 | ||||
| Issuance of common stock for employee compensation | $ | 105 | $ | — | ||||
| Receipt of fixed assets for deposits previously paid | $ | — | $ | 74 | ||||
