Vital Farms Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Announces Fiscal Year 2025 Guidance

Financial Performance - Fiscal Year 2024 net revenue reached $606.3 million, representing a 28.5% increase compared to Fiscal Year 2023 [1][12] - Fourth quarter net revenue increased by 22.2% to$ 166.0 million, driven by volume-related revenue growth and price/mix benefits [4][6] - Adjusted EBITDA for Fiscal Year 2024 was $86.7 million, up from$ 48.3 million in the previous year, reflecting a significant growth in profitability [6][15] Growth Outlook - The company projects a net revenue of at least $740 million for Fiscal Year 2025, indicating a growth of at least 22% compared to Fiscal Year 2024 [19][23] - Vital Farms aims to achieve a$ 1 billion net revenue target by 2027, supported by supply chain investments and expansion of its farm network [1][19] Operational Highlights - The company added approximately 125 new family farms in 2024, bringing the total to over 425 farms [2] - Gross profit for Fiscal Year 2024 was $229.9 million, with a gross margin of 37.9%, an increase from 34.4% in the previous year [13][15] Cash Flow and Capital Expenditures - Cash, cash equivalents, and marketable securities totaled$ 160.3 million as of December 29, 2024, with no outstanding debt [17] - Capital expenditures for the year were $28.6 million, below guidance as some spending was extended into 2025 [18][23]