v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents (including $1,153 and $1,703 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) $ 30,549 $ 31,584
Short-term investments (including $11,432 and $11,128 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 26,443 28,343
Accounts receivable, net of allowance for bad debt of $426 and $758 at June 30, 2025 and December 31, 2024, respectively 36,385 26,736
Inventories 88,779 70,722
Prepaid expenses and other current assets (including $91 and $27 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 4,095 3,612
Total current assets 186,251 160,997
Property and equipment, net (including $42,365 and $42,972 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 83,495 87,982
Deposits 0 36
Goodwill 3,510 3,510
Intangible assets, net 287 300
Operating right-of-use assets 46,187 40,628
Deferred tax asset 196 0
Other non-current assets (including $29 and $34 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 1,037 1,069
Total assets 320,963 294,522
Current liabilities    
Accrued expenses (including $316 and $489 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 14,228 13,555
Income taxes payable (including $0 and $3 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 151 65
Deferred revenue 1,137 742
Long-term debt, current portion (including $1,206 and $1,179 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 1,206 1,179
Operating lease liabilities, current portion 11,545 8,977
Other current liabilities (including $45 and $916 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 97 968
Total current liabilities 69,498 46,447
Deferred tax liability 622 426
Long-term debt, net of current portion and debt discount of $109 and $141 at June 30, 2025 and December 31, 2024, respectively (including $46,700 and $47,279 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively, and debt discount of $109 and $141 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 46,700 47,279
Operating lease liabilities, net of current portion 38,678 35,435
Other non-current liabilities (including $1,241 and $1,198 associated with variable interest entity at June 30, 2025 and December 31, 2024 respectively) 2,759 2,736
Total liabilities 158,257 132,323
Commitments and Contingencies (Note 14)
Karat Packaging Inc. stockholders’ equity    
Preferred stock, 0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding, as of both June 30, 2025 and December 31, 2024 0 0
Common stock, 0.001 par value, 100,000,000 shares authorized, 20,105,655 and 20,082,655 shares issued and outstanding, respectively, as of June 30, 2025 and 20,059,505 and 20,036,505 shares issued and outstanding, respectively, as of December 31, 2024 20 20
Additional paid in capital 90,443 89,457
Treasury stock, 0.001 par value, 23,000 shares as of both June 30, 2025 and December 31, 2024 (248) (248)
Retained earnings 65,632 66,340
Total Karat Packaging Inc. stockholders’ equity 155,847 155,569
Noncontrolling interest 6,859 6,630
Total stockholders’ equity 162,706 162,199
Total liabilities and stockholders’ equity 320,963 294,522
Nonrelated Party    
Current liabilities    
Accounts payable (including $116 and $16 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) 33,160 17,831
Related Party    
Current liabilities    
Accounts payable (including $116 and $16 associated with variable interest entity at June 30, 2025 and December 31, 2024, respectively) $ 7,974 $ 3,130