| |
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
2080
(Primary Standard Industrial
Classification Code Number) |
| |
39-4779189
(I.R.S. Employer
Identification No.) |
|
| |
Michael P. Keeley, P.C.
Ben Richards Kirkland & Ellis LLP 333 West Wolf Point Plaza Chicago, IL 60654 (312) 862-2000 |
| |
Alexander D. Lynch
Michael Stein Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 (212) 310-8000 |
|
| |
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
| |
Non-accelerated filer
☒
|
| |
Smaller reporting company
☐
Emerging growth company
☒
|
|
| | | |
Page
|
| |||
| | | | | ii | | | |
| | | | | iv | | | |
| | | | | 1 | | | |
| | | | | 36 | | | |
| | | | | 87 | | | |
| | | | | 89 | | | |
| | | | | 90 | | | |
| | | | | 91 | | | |
| | | | | 93 | | | |
| | | | | 95 | | | |
| | | | | 108 | | | |
| | | | | 128 | | | |
| | | | | 150 | | | |
| | | | | 161 | | | |
| | | | | 168 | | | |
| | | | | 175 | | | |
| | | | | 177 | | | |
| | | | | 180 | | | |
| | | | | 182 | | | |
| | | | | 189 | | | |
| | | | | 192 | | | |
| | | | | 196 | | | |
| | | | | 207 | | | |
| | | | | 208 | | | |
| | | | | 209 | | | |
| | | | | F-1 | | | |
| | | |
Quarter Ended
|
| |||||||||||||||
| | | |
March 30, 2026
(Estimated) |
| |
March 31, 2025
(Actual) |
| ||||||||||||
|
($ in thousands)
|
| |
High
|
| |
Low
|
| | | | | | | ||||||
|
Net Sales
|
| | | $ | 107,058 | | | | | $ | 103,847 | | | | | $ | 87,363 | | |
|
Gross profit
|
| | | | 54,115 | | | | | | 52,492 | | | | | | 43,538 | | |
|
Net income
|
| | | | 8,799 | | | | | | 7,039 | | | | | | 88 | | |
|
Adjusted EBITDA
|
| | | $ | 25,023 | | | | | $ | 22,907 | | | | | $ | 15,049 | | |
| | | |
Quarter Ended
|
| |||||||||||||||
| | | |
March 30, 2026
(Estimated) |
| |
March 31, 2025
(Actual) |
| ||||||||||||
|
($ in thousands)
|
| |
High
|
| |
Low
|
| | | | | | | ||||||
|
Net income
|
| | | $ | 8,799 | | | | | $ | 7,039 | | | | | $ | 88 | | |
|
Tax expense
|
| | | | — | | | | | | — | | | | | | — | | |
|
Interest expense
|
| | | | 7,472 | | | | | | 7,323 | | | | | | 7,446 | | |
|
Depreciation and amortization
|
| | | | 7,178 | | | | | | 7,034 | | | | | | 6,930 | | |
|
EBITDA
|
| | | | 23,450 | | | | | | 21,397 | | | | | | 14,464 | | |
|
Incentive unit compensation
|
| | | | 140 | | | | | | 134 | | | | | | 111 | | |
|
Non-recurring costs(1)
|
| | | | 681 | | | | | | 654 | | | | | | 131 | | |
|
Sponsor costs(2)
|
| | | | 752 | | | | | | 722 | | | | | | 343 | | |
|
Adjusted EBITDA
|
| | | $ | 25,023 | | | | | $ | 22,907 | | | | | $ | 15,049 | | |
| | | | | | | | | | | | | | | | | | | | | |
Pro Forma
(unaudited)(2) |
| |||
|
(in thousands, except share, per share and margin
data) |
| |
Fiscal 2023
|
| |
Fiscal 2024
|
| |
Fiscal 2025
|
| |
Fiscal 2025
|
| ||||||||||||
| Consolidated Statement of Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Sales
|
| | | $ | 224,409 | | | | | $ | 258,928 | | | | | $ | 326,624 | | | | | $ | 326,624 | | |
|
Cost of Sales
|
| | | | (124,596) | | | | | | (130,673) | | | | | | (169,411) | | | | | | (169,411) | | |
|
Gross Profit
|
| | | | 99,813 | | | | | | 128,255 | | | | | | 157,213 | | | | | | 157,213 | | |
|
Operating Expenses
|
| | | | (108,033) | | | | | | (127,638) | | | | | | (148,687) | | | | | | (178,251) | | |
|
Income (loss) from operations
|
| | | | (8,220) | | | | | | 617 | | | | | | 8,526 | | | | | | (21,038) | | |
|
Other income, net
|
| | | | 726 | | | | | | 865 | | | | | | 43 | | | | | | 43 | | |
|
Interest expense
|
| | | | (19,752) | | | | | | (20,301) | | | | | | (30,045) | | | | | | (16,191) | | |
|
Loss before taxes
|
| | | | (27,246) | | | | | | (18,819) | | | | | | (21,476) | | | | | | (37,186) | | |
|
Benefit (provision) for income taxes
|
| | | | 2,776 | | | | | | (1,947) | | | | | | (1,861) | | | | | | — | | |
|
Net loss
|
| | | $ | (24,470) | | | | | $ | (20,766) | | | | | $ | (23,337) | | | | | $ | (37,186) | | |
|
Net loss margin
|
| | | | (11)% | | | | | | (8)% | | | | | | (7)% | | | | | | (11)% | | |
|
Net income (loss) attributable to redeemable noncontrolling interests
|
| | | | | | | | | | | | | | | | | | | | | | (9,008) | | |
| | | | | | | | | | | | | | | | | | | | | |
Pro Forma
(unaudited)(2) |
| |||
|
(in thousands, except share, per share and margin
data) |
| |
Fiscal 2023
|
| |
Fiscal 2024
|
| |
Fiscal 2025
|
| |
Fiscal 2025
|
| ||||||||||||
|
Net loss attributable to Holdings LP member
|
| | | | | | | | | | | | | | | | | | | | | | (28,177) | | |
|
Net loss per common unit attributable to Holdings LP member – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | $ | (1.23) | | |
| Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pro forma net loss per share(1): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net loss attributable to Suja Life, Inc.’s shareholders (basic and diluted)
|
| | | | | | | | | | | | | | | | | | | | | $ | (28,177) | | |
| Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average of Class A common stock outstanding (basic and diluted)
|
| | | | | | | | | | | | | | | | | | | | | | 22,933,248 | | |
| Non-GAAP Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
EBITDA(3)
|
| | | $ | 19,192 | | | | | $ | 28,786 | | | | | $ | 36,666 | | | | | | | | |
|
EBITDA margin(4)
|
| | | | 9% | | | | | | 11% | | | | | | 11% | | | | | | | | |
|
Adjusted EBITDA(5)
|
| | | $ | 35,016 | | | | | $ | 42,218 | | | | | $ | 40,507 | | | | | | | | |
|
Adjusted EBITDA margin(6)
|
| | | | 16% | | | | | | 16% | | | | | | 12% | | | | | | | | |
| | | |
At End of
|
| |
Pro Forma
(unaudited)(2) |
| ||||||||||||
| | | |
Fiscal 2024
|
| |
Fiscal 2025
|
| |
Fiscal 2025
|
| |||||||||
|
Cash
|
| | | $ | 16,162 | | | | | $ | 31,015 | | | | | $ | 31,015 | | |
|
Working Capital(1)
|
| | | $ | 1,654 | | | | | $ | 12,287 | | | | | $ | 14,660 | | |
|
Total assets
|
| | | $ | 414,211 | | | | | $ | 428,113 | | | | | $ | 425,577 | | |
|
Redeemable non-controlling interests
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 81,363 | | |
|
Long-term debt, net
|
| | | $ | 277,904 | | | | | $ | 301,157 | | | | | $ | 157,590 | | |
|
Total liabilities
|
| | | $ | 357,001 | | | | | $ | 395,543 | | | | | $ | 238,233 | | |
|
Total partners’/members’ equity (deficit)
|
| | | $ | 57,210 | | | | | $ | 32,570 | | | | | $ | 105,981 | | |
| | | |
As of December 29, 2025
|
| |||||||||||||||
| | | |
Holdings LP
(Historical) |
| |
Suja Life, Inc.
Pro Forma |
| |
Suja Life, Inc.
Pro Forma, As Adjusted (unaudited) |
| |||||||||
|
Cash
|
| | | $ | 31,015 | | | | | $ | 31,015 | | | | | $ | 31,015 | | |
| Indebtedness: | | | | | | | | | | | | | | | | | | | |
|
Long-term debt (including current portion)
|
| | | $ | 303,897 | | | | | $ | 303,897 | | | | | $ | 160,330 | | |
|
Redeemable noncontrolling interests
|
| | | | — | | | | | | 32,570 | | | | | | 81,363 | | |
| Partners’/Shareholders’ equity: | | | | | | | | | | | | | | | | | | | |
|
Unlimited Class A Units authorized and 222,881 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | | | | — | | |
|
Unlimited Class B common units (“Class B Units”)
authorized and 18,680 shares issued and outstanding as of December 29, 2025 |
| | | | — | | | | | | — | | | | | | — | | |
|
Unlimited Class C common units (“Class C Units”) authorized and 200 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | | | | — | | |
|
4,840 Class D Units, no par value, issued and outstanding
as of December 29, 2025 |
| | | | — | | | | | | — | | | | | | — | | |
|
Unlimited Class E common units (“Class E Units”) authorized and 1,434 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | | | | — | | |
|
Unlimited Class F common units (“Class F Units”) authorized and 1,000 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | | | | — | | |
|
Class A common stock, $0.0001 par value per share, no shares authorized, issued or outstanding, on an actual basis; 500,000,000 shares authorized, 23,700,493 shares issued and outstanding, on a pro forma basis
|
| | | | — | | | | | | 1 | | | | | | 2 | | |
| | | |
As of December 29, 2025
|
| |||||||||||||||
| | | |
Holdings LP
(Historical) |
| |
Suja Life, Inc.
Pro Forma |
| |
Suja Life, Inc.
Pro Forma, As Adjusted (unaudited) |
| |||||||||
|
Class V common stock, $0.0001 par value per share, no shares authorized, issued or outstanding, on an actual basis; 100,000,000 shares authorized, 14,924,519 shares issued and outstanding, on a pro forma basis
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
|
Additional paid-in capital
|
| | | | 144,712 | | | | | | 11,368 | | | | | | 188,811 | | |
|
Accumulated earnings (deficit)
|
| | | | (112,142) | | | | | | — | | | | | | (82,833) | | |
|
Total partners’/shareholders’ equity (deficit)
|
| | | | 32,570 | | | | | | 11,370 | | | | | | 105,981 | | |
|
Non-controlling interests(1)
|
| | | | — | | | | | | — | | | | | | — | | |
|
Total equity
|
| | | | 32,570 | | | | | | 11,370 | | | | | | 105,981 | | |
|
Total capitalization
|
| | | $ | 336,467 | | | | | $ | 347,837 | | | | | $ | 347,674 | | |
| | |||||||||||||||||||
| |
Assumed initial public offering price per share
|
| | | | | | | | | $ | 22.50 | | |
| |
Pro forma net tangible book value (deficit) per share as of before this offering(1)
|
| | | $ | (8.18) | | | | | | | | |
| |
Increase in net tangible book value per share attributable to the investors in this
offering |
| | | $ | 5.66 | | | | | | | | |
| |
Pro forma net tangible book value (deficit) per share after this offering
|
| | | | | | | | | $ | (2.52) | | |
| |
Dilution in net tangible book value per share to the investors in this offering
|
| | | | | | | | | $ | 25.02 | | |
|
(in thousands, except share and per share data)
|
| | | | | | |
|
Book value of tangible assets(a)
|
| | | $ | 140,913 | | |
|
Less: total liabilities(a)
|
| | | $ | (238,233) | | |
|
Pro forma net tangible book value (deficit)(a)
|
| | | $ | (97,320) | | |
|
Shares of Class A common stock outstanding(a)
|
| | | | 38,625,012 | | |
|
Pro forma net tangible book value (deficit) per share $
|
| | | $ | (2.52) | | |
| | | |
Shares of Class A
Common Stock Purchased |
| |
Total Consideration
|
| |
Average
Price Per Share |
| |||||||||||||||||||||
| | | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
|
Existing owners
|
| | | | 29,736,123 | | | | | | 77.0% | | | | | $ | — | | | | | | 0.0% | | | | | $ | 0.00 | | |
|
Investors in this offering(1)
|
| | | | 8,888,889 | | | | | | 23.0% | | | | | $ | 200,000,003 | | | | | | 100.0% | | | | | $ | 22.50 | | |
|
Total
|
| | | | 38,625,012 | | | | | | 100.0% | | | | | $ | 200,000,003 | | | | | | 100.0% | | | | | $ | 5.18 | | |
| | | |
Suja Life
Holdings, L.P. (As Reported) |
| |
Organizational
Transactions and Tax Receivable Agreement Adjustments |
| | | | |
Offering
Transactions Adjustments |
| | | | |
Suja Life, Inc.
Pro Forma, As Adjusted |
| ||||||||||||
| | | |
(in thousands, except
per share data) |
| | | | | | | | | | | | | | | | | | | | | | | | | |||
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 31,015 | | | | | $ | — | | | |
1(b)
|
| | | $ | 182,777 | | | |
1(a)
|
| | | $ | 31,015 | | |
| | | | | | | | | | | | | | | | | | | | $ | (182,777) | | | |
1(i)
|
| | | | | | |
|
Restricted cash
|
| | | | 1,010 | | | | | | — | | | | | | | | | — | | | | | | | | | 1,010 | | |
|
Trade receivables, net
|
| | | | 14,081 | | | | | | — | | | | | | | | | — | | | | | | | | | 14,081 | | |
|
Inventories
|
| | | | 22,412 | | | | | | — | | | | | | | | | — | | | | | | | | | 22,412 | | |
|
Prepaid expenses and other current assets
|
| | | | 2,636 | | | | | | — | | | | | | | | | — | | | | | | | | | 2,636 | | |
|
Total current assets
|
| | | | 71,154 | | | | | | — | | | | | | | | | — | | | | | | | | | 71,154 | | |
|
Property and equipment, net
|
| | | | 45,671 | | | | | | — | | | | | | | | | — | | | | | | | | | 45,671 | | |
|
Operating lease right-of-use assets, net
|
| | | | 23,387 | | | | | | — | | | | | | | | | — | | | | | | | | | 23,387 | | |
|
Trade name and other intangible assets, net
|
| | | | 178,463 | | | | | | — | | | | | | | | | — | | | | | | | | | 178,463 | | |
|
Goodwill
|
| | | | 106,201 | | | | | | — | | | | | | | | | — | | | | | | | | | 106,201 | | |
|
Deferred tax assets
|
| | | | — | | | | | | 55,631 | | | |
1(c)
|
| | | | — | | | | | | | | | — | | |
| | | | | | | | | | | | (55,631) | | | |
1(c)
|
| | | | | | | | | | | | | | | |
|
Other assets
|
| | | | 701 | | | | | | — | | | | | | | | | — | | | | | | | | | 701 | | |
|
Deferred transaction costs
|
| | | | 2,536 | | | | | | — | | | | | | | | | (2,536) | | | |
1(e)
|
| | | | — | | |
|
Total assets
|
| | | $ | 428,113 | | | | | $ | — | | | | | | | | $ | (2,536) | | | | | | | | $ | 425,577 | | |
|
Liabilities and Partners’/Shareholders’ equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Accounts payable
|
| | | | 19,408 | | | | | | — | | | | | | | | | — | | | | | | | | | 19,408 | | |
|
Accrued expenses
|
| | | | 19,563 | | | | | | — | | | | | | | | | (2,373) | | | |
1(e)
|
| | | | 17,190 | | |
|
Accrued compensation
|
| | | | 14,596 | | | | | | — | | | | | | | | | — | | | | | | | | | 14,596 | | |
|
Current portion of operating lease obligations
|
| | | | 2,450 | | | | | | — | | | | | | | | | — | | | | | | | | | 2,450 | | |
|
Current portion of finance lease obligations
|
| | | | 110 | | | | | | — | | | | | | | | | — | | | | | | | | | 110 | | |
|
Short-term debt
|
| | | | 2,740 | | | | | | — | | | | | | | | | — | | | | | | | | | 2,740 | | |
|
Total current liabilities
|
| | | | 58,867 | | | | | | — | | | | | | | | | (2,373) | | | | | | | | | 56,494 | | |
|
Tax Receivable Agreement liability
|
| | | | — | | | | | | — | | | | | | | | | — | | | |
1(d)
|
| | | | — | | |
|
Long-term operating lease obligations
|
| | | | 24,051 | | | | | | — | | | | | | | | | — | | | | | | | | | 24,051 | | |
|
Long-term finance lease obligations
|
| | | | 98 | | | | | | — | | | | | | | | | — | | | | | | | | | 98 | | |
|
Long-term debt, net
|
| | | | 301,157 | | | | | | — | | | | | | | | | (143,567) | | | |
1(i)
|
| | | | 157,590 | | |
|
Deferred tax liabilities, net
|
| | | | 11,370 | | | | | | (11,370) | | | |
1(c)
|
| | | | — | | | | | | | | | — | | |
|
Total liabilities
|
| | | | 395,543 | | | | | | (11,370) | | | | | | | | | (145,940) | | | | | | | | | 238,233 | | |
| | | |
Suja Life
Holdings, L.P. (As Reported) |
| |
Organizational
Transactions and Tax Receivable Agreement Adjustments |
| | | | |
Offering
Transactions Adjustments |
| | | | |
Suja Life, Inc.
Pro Forma, As Adjusted |
| ||||||||||||
| | | |
(in thousands, except
per share data) |
| | | | | | | | | | | | | | | | | | | | | | | | | |||
|
Commitments and Contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Redeemable noncontrolling interests
|
| | | | — | | | | | | 32,570 | | | |
1(g)
|
| | | | 48,793 | | | |
1(g).2
|
| | | | 81,363 | | |
|
Partners’/Shareholders’ Equity:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unlimited Class A Units authorized, no par value, 222,881 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
Unlimited Class B Units authorized, no par value, 18,680 shares issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
Unlimited Class C Units, no par value, 200 issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
4,840 Class D Units, no par value, issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
Unlimited Class E Units authorized, no par value, 1,434 issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
Unlimited Class F Units, no par value, 1,000 issued and outstanding as of December 29, 2025
|
| | | | — | | | | | | — | | | |
1(f)
|
| | | | — | | | | | | | | | — | | |
|
Class A common stock, par value $0.0001 per share
|
| | | | — | | | | | | 1 | | | |
1(f)
|
| | | | 1 | | | |
1(a)
|
| | | | 2 | | |
|
Class V common stock, par value $0.0001 per share
|
| | | | — | | | | | | 1 | | | |
1(b)
|
| | | | — | | | | | | | | | 1 | | |
|
Additional paid-in capital
|
| | | | 144,712 | | | | | | (133,344) | | | |
1(h)
|
| | | | 177,443 | | | |
1(h).2
|
| | | | 188,811 | | |
|
Accumulated deficit
|
| | | | (112,142) | | | | | | 112,142 | | | |
1(g)
|
| | | | (82,833) | | | |
1(g).2
|
| | | | (82,833) | | |
|
Total Partners’/Shareholders’ Equity
|
| | | | 32,570 | | | | | | (21,200) | | | | | | | | | 94,611 | | | | | | | | | 105,981 | | |
|
Total liabilities, redeemable noncontrolling interests and Partners’/Shareholders’ equity
|
| | | $ | 428,113 | | | | | $ | — | | | | | | | | $ | (2,536) | | | | | | | | $ | 425,577 | | |
| | |||||||||||||||||||||||||||||||
| |
Total offering
|
| | | $ | 200.0 | | |
| |
Reduction from sale of LP Units from certain existing owners of Holdings LP
|
| | | | (4.5) | | |
| |
Gross proceeds to Suja Life, Inc.
|
| | | | 195.5 | | |
| |
Payment of underwriting discount
|
| | | | (12.7) | | |
| |
Net proceeds to Suja Life Inc.
|
| | | $ | 182.8 | | |
| |
Holdings LP additional paid-in-capital
|
| | | | 144,712 | | | | | | | | |
| |
Holdings LP accumulated deficit
|
| | | | (112,142) | | | | | | | | |
| |
Pro forma adjustment to redeemable noncontrolling interest immediately following the Organizational Transactions
|
| | | | 32,570 | | | | |
|
1(g)
|
| |
| |
Allocation of Holdings LP accumulated deficit to redeemable noncontrolling interest immediately following the Organizational Transactions
|
| | | | 112,142 | | | | |
|
1(g)
|
| |
| |
Holdings LP accumulated deficit
|
| | | | 112,142 | | | | | | | | | | | | | | |
| |
Controlling interest immediately following the offering
|
| | | | 61.4% | | | | | | | | | | | | | | |
| |
Allocation of accumulated deficit to Suja Life, Inc.
|
| | | | | | | | | | 68,855 | | | | | | | | |
| |
Costs associated with but not direct and incremental to this offering
|
| | | | (7,610) | | | | | | | | | | | | | | |
| |
Compensation expense from the cash settlement of incentive units that
will be recognized at the completion of this offering |
| | | | (15,155) | | | | | | | | | | | | | | |
| |
Total costs associated with but not direct and incremental to this offering
|
| | | | (22,765) | | | | | | | | | | | | | | |
| |
Redeemable noncontrolling interest ownership percentage
|
| | | | 38.6% | | | | | | | | | | | | | | |
| |
Total adjustment to accumulated deficit adjustment
|
| | | | | | | | | | (8,787) | | | | | | | | |
| |
Additional paid-in capital adjustment from Secondary offering
|
| | | | (4,223) | | | | | | | | | | | | | | |
| |
Additional paid-in capital adjustment from Synthetic secondary offering
|
| | | | (5,009) | | | | | | | | | | | | | | |
| |
Reduction from historical incentive unit expense recognized in Holdings LP
|
| | | | (2,043) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | (11,275) | | | | | | | | |
| |
Redeemable noncontrolling interest immediately following the
offering |
| | | | | | | | | | 48,793 | | | | |
|
1(g).2
|
| |
| |
Costs associated with but not direct and incremental to this offering
|
| | | | (7,610) | | | | | | | | | | | | | | |
| |
Compensation expense from the cash settlement of incentive units that
will be recognized at the completion of this offering |
| | | | (15,155) | | | | | | | | | | | | | | |
| |
Total costs associated with but not direct and incremental to this offering
|
| | | | (22,765) | | | | | | | | | | | | | | |
| |
Controlling interest ownership percentage
|
| | | | 61.4% | | | | | | | | | | | | | | |
| |
Total adjustment to accumulated deficit adjustment
|
| | | | | | | | | | (13,978) | | | | | | | | |
| |
Allocation of accumulated deficit to Suja Life, Inc.
|
| | | | | | | | | | (68,855) | | | | | | | | |
| | | | | | | | | | | | | (82,833) | | | | |
|
1(g).2
|
| |
| |
Holdings LP additional paid-in-capital
|
| | | | (144,712) | | | | | | | | |
| |
Adjustment from recognition of deferred tax asset
|
| | | | 11,370 | | | | | | | | |
| |
Replacing the current partnership interests with a single class of common ownership interests
|
| | | | (2) | | | | | | | | |
| |
Pro forma adjustment to additional paid-in capital immediately following the Organizational Transactions
|
| | | | (133,344) | | | | |
|
1(h)
|
| |
| |
Net Proceeds from offering
|
| | | | 182,776 | | | | | | | | |
| |
Additional paid-in capital adjustment from Secondary offering
|
| | | | 4,223 | | | | | | | | |
| |
Costs incurred that are direct and incremental to this offering
|
| | | | (9,556) | | | | | | | | |
| |
Pro forma adjustment to additional paid-in-capital immediately following the offering
|
| | | | 177,443 | | | | |
|
1(h).2
|
| |
| | | |
Suja Life
Holdings, L.P. (Historical |
| |
Organizational
Transactions and Tax Receivable Agreement Adjustments |
| | | | |
Offering
Transactions Adjustments |
| | | | |
Pro Forma —
Suja Life, Inc. |
| ||||||||||||
|
Net sales
|
| | | $ | 326,624 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 326,624 | | |
|
Cost of sales
|
| | | | (169,411) | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | (169,411) | | |
|
Gross profit
|
| | | | 157,213 | | | | | | — | | | | | | | | | — | | | | | | | | | 157,213 | | |
|
Operating expenses
|
| | | | (148,687) | | | | | | — | | | | | | | | | (21,954) | | | |
2(d)
|
| | | | (178,251) | | |
| | | | | | | | | | | | | | | | | | | | | (7,610) | | | |
2(e)
|
| | | | | | |
|
Income (loss) from operations
|
| | | | 8,526 | | | | | | — | | | | | | | | | (29,564) | | | | | | | | | (21,038) | | |
|
Other income, net
|
| | | | 43 | | | | | | — | | | | | | | | | — | | | | | | | | | 43 | | |
|
Interest expense
|
| | | | (30,045) | | | | | | — | | | | | | | | | 13,854 | | | |
2(c)
|
| | | | (16,191) | | |
|
Loss before taxes
|
| | | | (21,476) | | | | |
|
—
|
| | | | | | | | (15,710) | | | | | | | | | (37,186) | | |
|
Benefit (provision) for income
taxes |
| | | | (1,861) | | | | | | 1,861 | | | |
2(a)
|
| | | | — | | | | | | | | | — | | |
|
Net income (loss)
|
| | | | (23,337) | | | | | | 1,861 | | | | | | | | | (15,710) | | | | | | | | | (37,186) | | |
|
Net income (loss) attributable to redeemable noncontrolling interests
|
| | | | | | | | | | (11,715) | | | |
2(b)
|
| | | | 2,707 | | | |
2(b)
|
| | | | (9,008) | | |
|
Net income (loss) attributable to Class A shareholders
|
| | | | | | | | | | 13,576 | | | |
2(b)
|
| | | | (18,417) | | | |
2(b)
|
| | | | (28,177) | | |
|
Pro forma net loss per Class A share
attributable to Suja Life, Inc. − basic and diluted |
| | | | | | | | | | | | | | | | | | | | | | |
3(a)
|
| | | $ | (1.23) | | |
| Numerator | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net loss attributable to Suja Life, Inc.’s shareholders (basic and diluted)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (28,177) | | |
| Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted average of shares of Class A common stock outstanding (basic and diluted)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,933,248 | | |
| |
Suja Life Holdings, LP net loss
|
| | | | (23,337) | | | | | | | | |
| |
Redeemable noncontrolling interests ownership immediately following the Organizational Transactions
|
| | | | 50.2% | | | | | | | | |
| |
Net loss attributable to redeemable noncontrolling interests immediately following
the Organizational Transactions |
| | | | (11,715) | | | | |
|
2(b)
|
| |
| |
Net loss attributable to redeemable noncontrolling interests immediately following
the Organizational Transactions |
| | | | 11,715 | | | | | | | | |
| |
Benefit (provision) for income taxes pro forma Organizational Transactions adjustment
|
| | | | 1,861 | | | | | | | | |
| |
Net income immediately following the Organizational Transactions attributable to
Class A shareholders |
| | | | 13,576 | | | | |
|
2(b)
|
| |
| |
Suja Life Holdings, LP net loss
|
| | | | (23,337) | | | | | | | | |
| |
Redeemable noncontrolling interests ownership immediately following the offering
|
| | | | 38.6% | | | | | | | | |
| |
Suja Life Holdings, LP net loss immediately following the offering attributable to
redeemable noncontrolling interests |
| | | | (9,008) | | | | | | | | |
| |
Net loss attributable to redeemable noncontrolling interests immediately following
the Organizational Transactions |
| | | | 11,715 | | | | | | | | |
| |
Net income attributable to redeemable noncontrolling interests immediately following the offering
|
| | | | 2,707 | | | | |
|
2(b)
|
| |
| |
Net loss immediately following the offering
|
| | | | (15,710) | | | | | | | | |
| |
Less: net income attributable to redeemable noncontrolling interests immediately following the offering
|
| | | | 2,707 | | | | | | | | |
| |
Net income (loss) attributable to Class A shareholders
|
| | | | (18,417) | | | | |
|
2(b)
|
| |
|
Pro forma net loss per share
|
| |
Fiscal 2025
|
| |||
| Numerator: | | | | | | | |
|
Net loss attributable to Suja Life, Inc.’s shareholders (basic and diluted)
|
| | | $ | (28,177) | | |
| Denominator: | | | | | | | |
|
Weighted average of shares of Class A common stock outstanding (basic and diluted)
|
| | | | 22,933,248 | | |
|
Pro forma net loss per Class A share attributable to Suja Life, Inc. – basic and diluted
|
| | | $ | (1.23) | | |
| | | |
For the Years Ended
|
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Net sales
|
| | | $ | 326,624 | | | | | $ | 258,928 | | | | | $ | 224,409 | | |
|
Cost of sales
|
| | | | (169,411) | | | | | | (130,673) | | | | | | (124,596) | | |
|
Gross profit
|
| | | | 157,213 | | | | | | 128,255 | | | | | | 99,813 | | |
|
Operating expenses
|
| | | | (148,687) | | | | | | (127,638) | | | | | | (108,033) | | |
|
Income (loss) from operations
|
| | | | 8,526 | | | | | | 617 | | | | | | (8,220) | | |
|
Other income, net
|
| | | | 43 | | | | | | 865 | | | | | | 726 | | |
|
Interest expense
|
| | | | (30,045) | | | | | | (20,301) | | | | | | (19,752) | | |
|
Loss before taxes
|
| | | | (21,476) | | | | | | (18,819) | | | | | | (27,246) | | |
|
Benefit (provision) for income taxes
|
| | | | (1,861) | | | | | | (1,947) | | | | | | 2,776 | | |
|
Net income (loss)
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||
|
Net sales
|
| | | $ | 326,624 | | | | | $ | 258,928 | | | | | | 67,696 | | | | | | 26.1% | | |
|
Cost of sales
|
| | | | (169,411) | | | | | | (130,673) | | | | | | (38,738) | | | | | | 29.6% | | |
|
Gross profit
|
| | | | 157,213 | | | | | | 128,255 | | | | | | 28,958 | | | | | | 22.6% | | |
|
Operating expenses
|
| | | | (148,687) | | | | | | (127,638) | | | | | | (21,049) | | | | | | 16.5% | | |
|
Income (loss) from operations
|
| | | | 8,526 | | | | | | 617 | | | | | | 7,909 | | | | | | * | | |
|
Other income, net
|
| | | | 43 | | | | | | 865 | | | | | | (822) | | | | | | -95.0% | | |
|
Interest expense
|
| | | | (30,045) | | | | | | (20,301) | | | | | | (9,744) | | | | | | 48.0% | | |
|
Loss before taxes
|
| | | | (21,476) | | | | | | (18,819) | | | | | | (2,657) | | | | | | 14.1% | | |
|
Benefit (provision) for income taxes
|
| | | | (1,861) | | | | | | (1,947) | | | | | | 86 | | | | | | * | | |
|
Net income (loss)
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | | (2,571) | | | | | | 12.4% | | |
|
Adjusted EBITDA
|
| | | $ | 40,507 | | | | | $ | 42,218 | | | | | | (1,711) | | | | | | -4.1% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||
| Net Sales | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | 319,657 | | | | | $ | 258,867 | | | | | | 60,790 | | | | | | 23.5% | | |
|
Emerging Brands
|
| | | | 9,777 | | | | | | 419 | | | | | | 9,358 | | | | | | 2233.4% | | |
|
Elimination of intersegment revenue
|
| | | | (2,810) | | | | | | (358) | | | | | | (2,452) | | | | | | 684.9% | | |
|
Total net sales
|
| | | $ | 326,624 | | | | | $ | 258,928 | | | | | | 67,696 | | | | | | 26.1% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||
| Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | (161,209) | | | | | $ | (130,297) | | | | | | (30,912) | | | | | | 23.7% | | |
|
Emerging Brands
|
| | | | (8,202) | | | | | | (376) | | | | | | (7,826) | | | | | | 2081.4% | | |
|
Total cost of sales
|
| | | $ | (169,411) | | | | | $ | (130,673) | | | | | | (38,738) | | | | | | 29.6% | | |
| Gross Profit | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | 158,448 | | | | | $ | 128,570 | | | | | | 29,878 | | | | | | 23.2% | | |
|
Emerging Brands
|
| | | | 1,575 | | | | | | 43 | | | | | | 1,532 | | | | | | 3562.8% | | |
|
Elimination of intersegment revenue
|
| | | | (2,810) | | | | | | (358) | | | | | | (2,452) | | | | | | 684.9% | | |
|
Total gross profit
|
| | | $ | 157,213 | | | | | $ | 128,255 | | | | | | 28,958 | | | | | | 22.6% | | |
| Gross margin (percentage of net sales) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | | 49.6% | | | | | | 49.7% | | | | | | | | | | | | -0.1% | | |
|
Emerging Brands
|
| | | | 16.1% | | | | | | 10.3% | | | | | | | | | | | | 5.8% | | |
|
Total gross margin
|
| | | | 48.1% | | | | | | 49.5% | | | | | | | | | | | | -1.4% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||
|
Operating expenses
|
| | | $ | (148,687) | | | | | $ | (127,638) | | | | | | (21,049) | | | | | | 16.5% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
|
Net sales
|
| | | $ | 258,928 | | | | | $ | 224,409 | | | | | $ | 34,519 | | | | | | 15.4% | | |
|
Cost of sales
|
| | | | (130,673) | | | | | | (124,596) | | | | | | (6,077) | | | | | | 4.9% | | |
|
Gross profit
|
| | | | 128,255 | | | | | | 99,813 | | | | | | 28,442 | | | | | | 28.5% | | |
|
Operating expenses
|
| | | | (127,638) | | | | | | (108,033) | | | | | | (19,605) | | | | | | 18.1% | | |
|
Income (loss) from operations
|
| | | | 617 | | | | | | (8,220) | | | | | | 8,837 | | | | | | * | | |
|
Other income, net
|
| | | | 865 | | | | | | 726 | | | | | | 139 | | | | | | 19.1% | | |
|
Interest expense
|
| | | | (20,301) | | | | | | (19,752) | | | | | | (549) | | | | | | 2.8% | | |
|
Loss before taxes
|
| | | | (18,819) | | | | | | (27,246) | | | | | | 8,427 | | | | | | (30.9)% | | |
|
Benefit (provision) for income taxes
|
| | | | (1,947) | | | | | | 2,776 | | | | | | (4,723) | | | | | | * | | |
|
Net income (loss)
|
| | | $ | (20,766) | | | | | $ | (24,470) | | | | | $ | 3,704 | | | | | | 15.1% | | |
|
Adjusted EBITDA
|
| | | $ | 42,218 | | | | | $ | 35,016 | | | | | $ | 7,202 | | | | | | 20.6% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | 258,867 | | | | | $ | 224,409 | | | | | | 34,458 | | | | | | 15.4% | | |
|
Emerging Brands
|
| | | | 419 | | | | | | — | | | | | | 419 | | | | | | * | | |
|
Elimination of intersegment revenue
|
| | | | (358) | | | | | | — | | | | | | (358) | | | | | | * | | |
|
Total net sales
|
| | | $ | 258,928 | | | | | $ | 224,409 | | | | | | 34,519 | | | | | | 15.4% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
| Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | (130,297) | | | | | $ | (124,596) | | | | | | (5,701) | | | | | | 4.6% | | |
|
Emerging Brands
|
| | | | (376) | | | | | | — | | | | | | (376) | | | | | | * | | |
|
Total cost of sales
|
| | | $ | (130,673) | | | | | $ | (124,596) | | | | | | (6,077) | | | | | | 4.9% | | |
| Gross Profit | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | $ | 128,570 | | | | | $ | 99,813 | | | | | | 28,757 | | | | | | 28.8% | | |
|
Emerging Brands
|
| | | | 43 | | | | | | — | | | | | | 43 | | | | | | * | | |
|
Elimination of intersegment revenue
|
| | | | (358) | | | | | | — | | | | | | (358) | | | | | | * | | |
|
Total gross profit
|
| | | $ | 128,255 | | | | | $ | 99,813 | | | | | | 28,442 | | | | | | 28.5% | | |
| Gross margin (percentage of net sales) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Suja Core
|
| | | | 49.7% | | | | | | 44.5% | | | | | | | | | | | | 5.2% | | |
|
Emerging Brands
|
| | | | 10.3% | | | | | | — | | | | | | | | | | | | * | | |
|
Consolidated
|
| | | | 49.5% | | | | | | 44.5% | | | | | | | | | | | | 5.0% | | |
| | | |
For the Years Ended
|
| |
Change
($) |
| |
Change
(%) |
| |||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
|
Operating expenses
|
| | | $ | (127,638) | | | | | $ | (108,033) | | | | | | (19,605) | | | | | | 18.1% | | |
| | | |
For the Years Ended
|
| |||||||||||||||
|
(In thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Suja Core Segment Adjusted EBITDA
|
| | | $ | 66,315 | | | | | $ | 45,566 | | | | | $ | 35,016 | | |
|
Emerging Brands Segment Adjusted EBITDA
|
| | | | (25,808) | | | | | | (3,348) | | | | | | — | | |
|
Total Segment Adjusted EBITDA
|
| | | $ | 40,507 | | | | | $ | 42,218 | | | | | $ | 35,016 | | |
| | | |
For the Years Ended
|
| |||||||||||||||
|
(In thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| EBITDA and Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | |
|
Net income (loss)
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
|
Benefit (provision) for income taxes
|
| | | | 1,861 | | | | | | 1,947 | | | | | | (2,776) | | |
|
Interest expense
|
| | | | 30,045 | | | | | | 20,301 | | | | | | 19,752 | | |
|
Depreciation and amortization
|
| | | | 28,097 | | | | | | 27,304 | | | | | | 26,685 | | |
|
EBITDA
|
| | | | 36,666 | | | | | | 28,786 | | | | | | 19,192 | | |
|
Incentive unit compensation
|
| | | | 507 | | | | | | 618 | | | | | | 460 | | |
|
Non-recurring costs(1)
|
| | | | 1,625 | | | | | | 608 | | | | | | 190 | | |
|
Sponsor costs(2)
|
| | | | 1,709 | | | | | | 7,423 | | | | | | 1,152 | | |
|
Acquisition related costs(3)
|
| | | | — | | | | | | 4,783 | | | | | | 14,022 | | |
|
Adjusted EBITDA
|
| | | $ | 40,507 | | | | | $ | 42,218 | | | | | $ | 35,016 | | |
|
Adjusted EBITDA margin
|
| | | | 12.4% | | | | | | 16.3% | | | | | | 15.6% | | |
|
EBITDA margin
|
| | | | 11.2% | | | | | | 11.1% | | | | | | 8.6% | | |
|
Net loss margin
|
| | | | (7.1)% | | | | | | (8.0)% | | | | | | (10.9)% | | |
|
Level
|
| |
Consolidated Net
Leverage Ratio |
| |
Base
Rate Loan |
| |
Term
Benchmark Loan / RFR Loan |
| ||||||
|
1
|
| |
Greater than 3.50:1.00
|
| | | | 4.50% | | | | | | 5.50% | | |
|
2
|
| |
Less than or equal to 3.50:1.00
|
| | | | 4.25% | | | | | | 5.25% | | |
| | | |
For the Years Ended
|
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Net cash provided by operating activities
|
| | | $ | 8,289 | | | | | $ | 10,353 | | | | | $ | 18,411 | | |
|
Net cash used in investing activities
|
| | | | (14,111) | | | | | | (10,195) | | | | | | (11,399) | | |
|
Net cash (used in) provided by financing activities
|
| | | | 20,965 | | | | | | (11,817) | | | | | | (2,389) | | |
|
Net increase (decrease) in cash and restricted cash
|
| | | $ | 15,143 | | | | | $ | (11,659) | | | | | $ | 4,623 | | |
|
Name
|
| |
Age
|
| |
Position
|
|
| Executive Officers and Directors | | | | | | | |
| Maria Stipp | | | 58 | | | Chief Executive Officer and Director | |
| Jeff Pedersen | | | 49 | | | Chief Financial Officer | |
| Mike Box | | | 61 | | | Chief Operating Officer | |
| Alex Corbacho | | | 37 | | | Director Nominee | |
| Robert DeBorde | | | 67 | | | Director Nominee | |
| Randy Papadellis | | | 68 | | | Director Nominee | |
| Mark Partin | | | 58 | | | Director Nominee | |
| Kevin Schwartz | | | 51 | | | Director Nominee | |
| Kathy Vrabeck | | | 62 | | | Director Nominee | |
|
Board Member
|
| |
Audit Committee
|
| |
Compensation and
Nominating Committee |
| ||||||
|
Alex Corbacho*
|
| | | | | | | | | | X | | |
|
Robert DeBorde *
|
| | | | | | | | | | X | | |
|
Randy Papadellis *
|
| | | | X | | | | | | | | |
|
Mark Partin *
|
| | | | X | | | | | | | | |
|
Kevin Schwartz*
|
| | | | | | | | | | | | |
|
Maria Stipp
|
| | | | | | | | | | | | |
|
Kathy Vrabeck*
|
| | | | | | | | | | X | | |
|
Name
|
| |
Principal Position
|
|
| Maria Stipp | | | Chief Executive Officer | |
| Jeff Pedersen | | | Chief Financial Officer | |
| Mike Box | | | Chief Operations Officer | |
|
Name and Principal Position
|
| |
Fiscal
Year |
| |
Salary
|
| |
Bonus
|
| |
Option
Awards(1) |
| |
Non-Equity
Incentive Compensation(2) |
| |
All Other
Compensation(3) |
| |
Total
|
| |||||||||||||||||||||
|
Maria Stipp(4)
Chief Executive Officer
|
| | | | 2025 | | | | | $ | 600,000 | | | | | $ | 37,500(5) | | | | | $ | — | | | | | $ | 937,500 | | | | | $ | 53,388 | | | | | $ | 1,628,388 | | |
| | | | 2024 | | | | | $ | 493,846 | | | | | $ | 550,000(6) | | | | | $ | 1,673,000 | | | | | $ | 961,750 | | | | | $ | 69,828 | | | | | $ | 3,748,424 | | | ||
|
Jeff Pedersen
Chief Financial Officer
|
| | | | 2025 | | | | | $ | 410,962 | | | | | $ | 37,500(5) | | | | | $ | — | | | | | $ | 284,077 | | | | | $ | 16,096 | | | | | $ | 748,635 | | |
| | | | 2024 | | | | | $ | 351,406 | | | | | $ | — | | | | | $ | — | | | | | $ | 272,594 | | | | | $ | 14,094 | | | | | $ | 638,094 | | | ||
|
Mike Box
Chief Operations Officer
|
| | | | 2025 | | | | | $ | 345,740 | | | | | $ | 37,500(5) | | | | | $ | — | | | | | $ | 244,944 | | | | | $ | 16,872 | | | | | $ | 645,056 | | |
| | | | 2024 | | | | | $ | 332,097 | | | | | $ | — | | | | | $ | — | | | | | $ | 261,008 | | | | | $ | 16,803 | | | | | $ | 609,908 | | | ||
|
Name
|
| |
Number of
securities underlying unexercised options exercisable (#) |
| |
Number of
securities underlying unexercised options unexercisable (#) |
| |
Number of
securities underlying unexercised unearned options (#) |
| |
Option
exercise price ($)(3) |
| |
Option
expiration date(3) |
| |||||||||||||||
|
Maria Stipp
|
| | | | 0(1) | | | | | | 0(1) | | | | | | 1,000(1) | | | | | | N/A | | | | | | N/A | | |
|
Jeff Pedersen
|
| | | | 574(2) | | | | | | 382(2) | | | | | | 956(2) | | | | | | N/A | | | | | | N/A | | |
|
Mike Box
|
| | | | 574(2) | | | | | | 382(2) | | | | | | 956(2) | | | | | | N/A | | | | | | N/A | | |
|
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Total
($) |
| ||||||
|
James Brennan(1)
|
| | | $ | 75,000 | | | | | $ | 75,000 | | |
|
Robert DeBorde(1)
|
| | | $ | 100,000 | | | | | $ | 100,000 | | |
|
Jeff Herbert(1)
|
| | | $ | 75,000 | | | | | $ | 75,000 | | |
|
Betsy Holden(1)
|
| | | $ | 75,000 | | | | | $ | 75,000 | | |
|
Randy Papadellis(1)
|
| | | $ | 100,000 | | | | | $ | 100,000 | | |
| | | |
Shares of Common Stock Beneficially Owned
Prior to this Offering |
| |
Shares of
Common Stock Offered Hereby |
| |
Shares of Common Stock Beneficially Owned
After this Offering |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name of Beneficial Owner
|
| |
Shares of
Class A Common Stock |
| |
% of Class A
Common Stock Outstanding |
| |
Shares of
Class V Common Stock |
| |
% of Class V
Common Stock Outstanding |
| |
% of
Combined Voting
Power(1)
|
| |
Shares of
Common Stock |
| |
Shares of
Class A Common Stock |
| |
Shares of
Class V Common Stock |
| |
% of
Combined Voting Power Assuming the Underwriters’ Option Is Not Exercised(1) |
| |
% of
Combined Voting Power Assuming the Underwriters’ Option Is Exercised in Full(1) |
| ||||||||||||||||||||||||||||||
| 5% Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
|
PSP Funds(2)
|
| | | | 8,607,360 | | | | | | 36.3% | | | | | | 15,147,138 | | | | | | 100% | | | | | | 79.3% | | | | | | 200,719 | | | | | | 8,406,641 | | | | | | 14,924,519 | | | | | | 60.4% | | | | | | 57.6% | | |
|
The New Vive Partnerships(3)
|
| | | | 3,946,158 | | | | | | 16.4% | | | | | | 0 | | | | | | * | | | | | | 10.2% | | | | | | 0 | | | | | | 3,946,158 | | | | | | 0 | | | | | | 10.2% | | | | | | 9.7% | | |
|
Named Executive Officers, Directors and Director Nominees:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
|
Maria Stipp(4)
|
| | | | 147,424 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 147,424 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Jeff Pedersen(5)
|
| | | | 101,817 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 101,817 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Mike Box(6)
|
| | | | 101,817 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 101,817 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Alex Corbacho
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | * | | | | | | * | | |
| | | |
Shares of Common Stock Beneficially Owned
Prior to this Offering |
| |
Shares of
Common Stock Offered Hereby |
| |
Shares of Common Stock Beneficially Owned
After this Offering |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name of Beneficial Owner
|
| |
Shares of
Class A Common Stock |
| |
% of Class A
Common Stock Outstanding |
| |
Shares of
Class V Common Stock |
| |
% of Class V
Common Stock Outstanding |
| |
% of
Combined Voting
Power(1)
|
| |
Shares of
Common Stock |
| |
Shares of
Class A Common Stock |
| |
Shares of
Class V Common Stock |
| |
% of
Combined Voting Power Assuming the Underwriters’ Option Is Not Exercised(1) |
| |
% of
Combined Voting Power Assuming the Underwriters’ Option Is Exercised in Full(1) |
| ||||||||||||||||||||||||||||||
|
Robert DeBorde
|
| | | | 122,745 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 122,745 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Randy Papadellis
|
| | | | 91,135 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 91,135 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Mark Partin
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Kevin Schwartz
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
Kathy Vrabeck
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | * | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | * | | | | | | * | | |
|
All executive officers, directors and director nominees as a group (9 individuals)
|
| | | | 564,938 | | | | | | 2.4% | | | | | | 0 | | | | | | * | | | | | | 1.5% | | | | | | 0 | | | | | | 564,938 | | | | | | 0 | | | | | | 1.5% | | | | | | 1.4% | | |
|
Level
|
| |
Consolidated Net
Leverage Ratio |
| |
Base Rate
Loan |
| |
Term
Benchmark Loan / RFR Loan |
| ||||||
|
1
|
| |
Greater than 3.50:1.00
|
| | | | 4.50% | | | | | | 5.50% | | |
|
2
|
| |
Less than or equal to 3.50:1.00
|
| | | | 4.25% | | | | | | 5.25% | | |
| |
Fiscal Quarter
|
| |
Consolidated Net Leverage Ratio
|
|
| | Fiscal Quarter ending December 27, 2021 and each Fiscal Quarter ending through and including September 26, 2022 | | |
6.00 to 1.00
|
|
| | Fiscal Quarter ending December 26, 2022 and each Fiscal Quarter ending through and including September 25, 2023 | | |
5.50 to 1.00
|
|
| | Fiscal Quarter ending January 1, 2024 and each Fiscal Quarter ending through and including September 30, 2024 | | |
3.50 to 1.00
|
|
| | Fiscal Quarter ending December 30, 2024 and each Fiscal Quarter ending through and including December 29, 2025 | | |
6.50 to 1.00
|
|
| | Fiscal Quarter ending March 30, 2026 and each Fiscal Quarter ending through and including December 28, 2026 | | |
5.50 to 1.00
|
|
| | Fiscal Quarter ending March 29, 2027 and each Fiscal Quarter ending through and including December 27, 2027 | | |
4.50 to 1.00
|
|
| | Fiscal Quarter ending March 27, 2028 and each Fiscal Quarter ending thereafter | | |
3.50 to 1.00
|
|
|
Underwriter
|
| |
Number of
Shares |
| |||
|
Goldman Sachs & Co. LLC
|
| |
|
| |||
|
Jefferies LLC
|
| | | | | | |
|
William Blair & Company, L.L.C.
|
| | | | | | |
|
BofA Securities, Inc.
|
| | | | | | |
|
Evercore Group L.L.C.
|
| | | | | | |
|
Total
|
| | | | 8,888,889 | | |
| | | |
Per Share
|
| |
Total
|
| ||||||||||||||||||
| | | |
Without
Option to Purchase Additional Shares |
| |
With
Option to Purchase Additional Shares |
| |
Without
Option to Purchase Additional Shares |
| |
With
Option to Purchase Additional Shares |
| ||||||||||||
|
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
|
Underwriting discounts and commissions paid by us
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
|
Underwriting discounts and commissions paid by the selling shareholder
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
|
Proceeds to us, before expenses
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
|
Proceeds to the selling shareholder, before expenses
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | | |||
| | | |
Page
|
| |||
|
Suja Life, Inc.
|
| | | | | | |
| Audited Financial Statement | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
|
Suja Life Holdings, L.P. and subsidiaries
|
| | | | | | |
| Audited Consolidated Financial Statements | | | | | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| | | | | F-9 | | | |
| | | | | F-10 | | | |
| | | | | F-34 | | | |
| | | |
As of
December 29, 2025 |
| |||
| Assets | | | | | | | |
|
Total assets
|
| | | $ | — | | |
| Liabilities and Stockholders’ Equity | | | | | | | |
|
Total Liabilities
|
| | | $ | — | | |
| Stockholders’ Equity | | | | | | | |
|
Contribution receivable
|
| | | $ | (10) | | |
|
Common Stock, par value $0.01 (1,000 shares authorized and issued)
|
| | | $ | 10 | | |
|
Total liabilities and stockholders’ equity
|
| | | $ | — | | |
| | | |
As of
|
| |||||||||
| | | |
December 29,
2025 |
| |
December 30,
2024 |
| ||||||
| Assets | | | | | | | | | | | | | |
| Current Assets | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 31,015 | | | | | $ | 16,162 | | |
|
Restricted cash
|
| | | | 1,010 | | | | | | 720 | | |
|
Trade receivables, net
|
| | | | 14,081 | | | | | | 11,877 | | |
|
Inventories
|
| | | | 22,412 | | | | | | 16,598 | | |
|
Prepaid expenses and other current assets
|
| | | | 2,636 | | | | | | 1,974 | | |
|
Total current assets
|
| | | | 71,154 | | | | | | 47,331 | | |
|
Property and equipment, net
|
| | | | 45,671 | | | | | | 37,698 | | |
|
Operating lease right-of-use assets, net
|
| | | | 23,387 | | | | | | 21,423 | | |
|
Trade name and other intangible assets, net
|
| | | | 178,463 | | | | | | 200,619 | | |
|
Goodwill
|
| | | | 106,201 | | | | | | 106,201 | | |
|
Other assets
|
| | | | 701 | | | | | | 939 | | |
|
Deferred transaction costs
|
| | | | 2,536 | | | | | | — | | |
|
Total assets
|
| | | $ | 428,113 | | | | | $ | 414,211 | | |
| Liabilities And Partners’ Equity | | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 19,408 | | | | | $ | 12,634 | | |
|
Accrued expenses
|
| | | | 19,563 | | | | | | 16,389 | | |
|
Accrued compensation
|
| | | | 14,596 | | | | | | 12,459 | | |
|
Current portion of operating lease obligations
|
| | | | 2,450 | | | | | | 1,993 | | |
|
Current portion of finance lease obligations
|
| | | | 110 | | | | | | 147 | | |
|
Short-term debt
|
| | | | 2,740 | | | | | | 2,055 | | |
|
Total current liabilities
|
| | | | 58,867 | | | | | | 45,677 | | |
|
Long-term operating lease obligations
|
| | | | 24,051 | | | | | | 22,404 | | |
|
Long-term finance lease obligations
|
| | | | 98 | | | | | | 208 | | |
|
Long-term debt, net
|
| | | | 301,157 | | | | | | 277,904 | | |
|
Deferred tax liabilities, net
|
| | | | 11,370 | | | | | | 10,808 | | |
|
Total liabilities
|
| | | | 395,543 | | | | | | 357,001 | | |
| Commitments and Contingencies (Note 10) | | | | | | | | | | | | | |
| Partners’ Equity | | | | | | | | | | | | | |
|
Unlimited Class A Units authorized, no par value, 222,881 shares issued
and outstanding as of December 29, 2025 and December 30, 2024 |
| | | | — | | | | | | — | | |
|
Unlimited Class B Units authorized, no par value, 18,680 and 17,776 shares issued and outstanding as of December 29, 2025 and December 30, 2024, respectively
|
| | | | — | | | | | | — | | |
|
Unlimited Class C Units, no par value, 200 issued and outstanding as of
December 29, 2025 and December 30, 2024 |
| | | | — | | | | | | — | | |
|
4,840 Class D Units, no par value and 4,840 issued and outstanding as of December 29, 2025 and December 30, 2024
|
| | | | — | | | | | | — | | |
|
Unlimited Class E Units, no par value, 1,434 issued and outstanding as of December 29, 2025 and December 30, 2024
|
| | | | — | | | | | | — | | |
|
Unlimited Class F Units, no par value, 1,000 issued and outstanding as of December 29, 2025 and December 30, 2024
|
| | | | — | | | | | | — | | |
|
Partners’ equity
|
| | | | | | | | | | | | |
|
Additional paid-in capital
|
| | | | 144,712 | | | | | | 146,015 | | |
|
Accumulated deficit
|
| | | | (112,142) | | | | | | (88,805) | | |
|
Total partners’ equity
|
| | | | 32,570 | | | | | | 57,210 | | |
|
Total liabilities and partners’ equity
|
| | | $ | 428,113 | | | | | $ | 414,211 | | |
| | | |
For the fiscal year ended
|
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Net sales
|
| | | $ | 326,624 | | | | | $ | 258,928 | | | | | $ | 224,409 | | |
|
Cost of sales
|
| | | | (169,411) | | | | | | (130,673) | | | | | | (124,596) | | |
|
Gross profit
|
| | | | 157,213 | | | | | | 128,255 | | | | | | 99,813 | | |
|
Operating expenses
|
| | | | (148,687) | | | | | | (127,638) | | | | | | (108,033) | | |
|
Income (loss) from operations
|
| | | | 8,526 | | | | | | 617 | | | | | | (8,220) | | |
|
Other income, net
|
| | | | 43 | | | | | | 865 | | | | | | 726 | | |
|
Interest expense
|
| | | | (30,045) | | | | | | (20,301) | | | | | | (19,752) | | |
|
Loss before taxes
|
| | | | (21,476) | | | | | | (18,819) | | | | | | (27,246) | | |
|
Benefit (provision) for income taxes
|
| | | | (1,861) | | | | | | (1,947) | | | | | | 2,776 | | |
|
Net income (loss)
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
| | | |
Class A Units
|
| |
Class B Units
|
| |
Class C Units
|
| |
Class D Units
|
| |
Class E Units
|
| |
Class F Units
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Partners’
Equity |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Units
|
| |
Amt
|
| |
Units
|
| |
Amt
|
| |
Units
|
| |
Amt
|
| |
Units
|
| |
Amt
|
| |
Units
|
| |
Amt
|
| |
Units
|
| |
Amt
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance, Dec 27, 2022
|
| | | | 222,881 | | | | | $ | — | | | | | | 20,979 | | | | | $ | — | | | | | | 200 | | | | | $ | — | | | | | | 4,840 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 279,535 | | | | | $ | (43,569) | | | | | $ | 235,966 | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,470) | | | | | | (24,470) | | |
|
Incentive compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 460 | | | | | | — | | | | | | 460 | | |
|
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (671) | | | | | | — | | | | | | (671) | | |
|
Balance, Jan 1, 2024
|
| | | | 222,881 | | | | | $ | — | | | | | | 20,979 | | | | | $ | — | | | | | | 200 | | | | | $ | — | | | | | | 4,840 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 279,324 | | | | | $ | (68,039) | | | | | $ | 211,285 | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,766) | | | | | | (20,766) | | |
|
Equity Issuance – Class E
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,434 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Equity Issuance – Class F
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Incentive compensation
|
| | | | — | | | | | | — | | | | | | (3,203) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 618 | | | | | | — | | | | | | 618 | | |
|
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (133,927) | | | | | | — | | | | | | (133,927) | | |
|
Balance, Dec 30, 2024
|
| | | | 222,881 | | | | | $ | — | | | | | | 17,776 | | | | | $ | — | | | | | | 200 | | | | | $ | — | | | | | | 4,840 | | | | | $ | — | | | | | | 1,434 | | | | | $ | — | | | | | | 1,000 | | | | | $ | — | | | | | $ | 146,015 | | | | | $ | (88,805) | | | | | $ | 57,210 | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,337) | | | | | | (23,337) | | |
|
Incentive compensation
|
| | | | — | | | | | | — | | | | | | 904 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 507 | | | | | | — | | | | | | 507 | | |
|
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,810) | | | | | | — | | | | | | (1,810) | | |
|
Balance, Dec 29, 2025
|
| | | | 222,881 | | | | | $ | — | | | | | | 18,680 | | | | | $ | — | | | | | | 200 | | | | | $ | — | | | | | | 4,840 | | | | | $ | — | | | | | | 1,434 | | | | | $ | — | | | | | | 1,000 | | | | | $ | — | | | | | $ | 144,712 | | | | | $ | (112,142) | | | | | $ | 32,570 | | |
| | | |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||
| Operating activities | | | | | | | | | | | | | | | | | | | |
|
Net loss
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
| | | | | | | | | | | | | | | | | | |
|
Depreciation and amortization
|
| | | | 28,097 | | | | | | 27,304 | | | | | | 26,685 | | |
|
Bad debt expense
|
| | | | (9) | | | | | | 29 | | | | | | 116 | | |
|
Non-cash operating lease expense
|
| | | | 4,053 | | | | | | 3,580 | | | | | | 3,568 | | |
|
Finance lease right-of-use amortization
|
| | | | 154 | | | | | | 156 | | | | | | 178 | | |
|
Non-cash interest on financing leases
|
| | | | 23 | | | | | | 22 | | | | | | 31 | | |
|
Amortization of discount on debt
|
| | | | 993 | | | | | | 776 | | | | | | 732 | | |
|
Inventory obsolescence
|
| | | | 3,217 | | | | | | 1,972 | | | | | | 2,228 | | |
|
Loss on disposal of assets
|
| | | | — | | | | | | 639 | | | | | | 31 | | |
|
Incentive unit compensation
|
| | | | 507 | | | | | | 618 | | | | | | 460 | | |
|
Non-cash transaction costs
|
| | | | (2,536) | | | | | | — | | | | | | 5,730 | | |
|
Deferred taxes
|
| | | | 562 | | | | | | 1,084 | | | | | | (2,775) | | |
|
Change in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | |
|
Trade receivables, net
|
| | | | (2,195) | | | | | | 1,782 | | | | | | 12,148 | | |
|
Inventories
|
| | | | (9,031) | | | | | | (3,756) | | | | | | 537 | | |
|
Prepaid expenses and other current assets
|
| | | | (662) | | | | | | (187) | | | | | | (229) | | |
|
Other assets
|
| | | | (33) | | | | | | (447) | | | | | | — | | |
|
Accounts payable
|
| | | | 7,088 | | | | | | 1,907 | | | | | | (2,666) | | |
|
Accrued compensation
|
| | | | 2,137 | | | | | | 5,282 | | | | | | (1,130) | | |
|
Accrued expenses
|
| | | | 3,174 | | | | | | (6,313) | | | | | | 10,436 | | |
|
Operating lease obligations
|
| | | | (3,913) | | | | | | (3,329) | | | | | | (1,941) | | |
|
Other liabilities
|
| | | | — | | | | | | — | | | | | | (11,258) | | |
|
Net cash provided by operating activities
|
| | | | 8,289 | | | | | | 10,353 | | | | | | 18,411 | | |
| Investing activities | | | | | | | | | | | | | | | | | | | |
|
Purchase of intangible assets
|
| | | | (42) | | | | | | (5,733) | | | | | | — | | |
|
Purchase of property and equipment
|
| | | | (14,069) | | | | | | (4,462) | | | | | | (11,399) | | |
|
Net cash used in investing activities
|
| | | | (14,111) | | | | | | (10,195) | | | | | | (11,399) | | |
| Financing activities | | | | | | | | | | | | | | | | | | | |
|
Proceeds from term loan
|
| | | | — | | | | | | 112,035 | | | | | | — | | |
|
Proceeds from revolving loan
|
| | | | 25,000 | | | | | | 15,000 | | | | | | — | | |
|
Financing costs from term loan
|
| | | | — | | | | | | (2,734) | | | | | | — | | |
|
Principal payments on financing lease obligations
|
| | | | (170) | | | | | | (166) | | | | | | (203) | | |
|
Distributions
|
| | | | (1,810) | | | | | | (133,927) | | | | | | (671) | | |
|
Repayments of term loan
|
| | | | (2,055) | | | | | | (2,025) | | | | | | (1,515) | | |
|
Net cash (used in) provided by financing activities
|
| | | | 20,965 | | | | | | (11,817) | | | | | | (2,389) | | |
|
Change in cash and restricted cash
|
| | | | 15,143 | | | | | | (11,659) | | | | | | 4,623 | | |
|
Cash and restricted cash at beginning of period
|
| | | | 16,882 | | | | | | 28,541 | | | | | | 23,918 | | |
|
Cash and restricted cash at end of period
|
| | | $ | 32,025 | | | | | $ | 16,882 | | | | | $ | 28,541 | | |
| Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | | | | | | | |
|
Cash paid for interest
|
| | | $ | 24,419 | | | | | $ | 17,039 | | | | | $ | 18,566 | | |
|
Cash paid for income taxes
|
| | | $ | 2,273 | | | | | $ | — | | | | | $ | 2 | | |
| Supplemental Disclosures of Non-Cash Activities | | | | | | | | | | | | | | | | | | | |
|
Amounts included in accounts payable for equipment purchased
|
| | | $ | 392 | | | | | $ | 78 | | | | | $ | 119 | | |
|
Operating lease liabilities arising from obtaining operating lease assets
|
| | | $ | 4,026 | | | | | $ | 84 | | | | | $ | — | | |
|
Financing lease liabilities arising from obtaining financing lease assets
|
| | | $ | — | | | | | $ | 199 | | | | | $ | — | | |
|
Measurement period adjustment to goodwill
|
| | | $ | — | | | | | $ | — | | | | | $ | 503 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
Cash
|
| | | $ | 31,015 | | | | | $ | 16,162 | | |
|
Restricted cash
|
| | | | 1,010 | | | | | | 720 | | |
|
Total cash and restricted cash
|
| | | $ | 32,025 | | | | | $ | 16,882 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
Beginning Allowance
|
| | | $ | 249 | | | | | $ | 326 | | |
|
Current period provision for expected credit losses
|
| | | | (9) | | | | | | 29 | | |
|
Write-off’s charged against the allowance
|
| | | | (43) | | | | | | (106) | | |
|
Ending Allowance
|
| | | $ | 197 | | | | | $ | 249 | | |
|
Asset Class
|
| |
Useful Life
|
|
|
Machinery & Equipment
|
| |
4 – 15
|
|
|
Leasehold Improvements*
|
| |
5 – 15
|
|
|
Information Technology Equipment
|
| |
4 – 6
|
|
|
Furniture & Fixtures
|
| |
8
|
|
| | | |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||||||||||||||||||||
|
($ in thousands)
|
| |
Amount
($) |
| |
% of
Net Sales |
| |
Amount
($) |
| |
% of
Net Sales |
| |
Amount
($) |
| |
% of
Net Sales |
| ||||||||||||||||||
|
Customer A
|
| | | $ | 94,303 | | | | | | 29% | | | | | $ | 59,246 | | | | | | 23% | | | | | $ | 40,048 | | | | | | 18% | | |
|
Customer B
|
| | | | ** | | | | | | ** | | | | | | 32,222 | | | | | | 13% | | | | | | 30,640 | | | | | | 14% | | |
|
Customer C
|
| | | | ** | | | | | | ** | | | | | | ** | | | | | | ** | | | | | | 23,189 | | | | | | 10% | | |
|
Customer D
|
| | | | ** | | | | | | ** | | | | | | 28,937 | | | | | | 11% | | | | | | 28,951 | | | | | | 13% | | |
|
Customer E
|
| | | | 31,502 | | | | | | 10% | | | | | | ** | | | | | | ** | | | | | | ** | | | | | | ** | | |
|
Total
|
| | | $ | 125,805 | | | | | | 39% | | | | | $ | 120,405 | | | | | | 47% | | | | | $ | 122,828 | | | | | | 55% | | |
| | | |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||||||||||||||
|
($ in thousands)
|
| |
Amount
($) |
| |
% of Trade
receivables, net |
| |
Amount
($) |
| |
% of Trade
receivables, net |
| ||||||||||||
|
Customer A
|
| | | $ | 1,917 | | | | | | 14% | | | | | $ | ** | | | | | | ** | | |
|
Customer B
|
| | | | ** | | | | | | ** | | | | | | 1,651 | | | | | | 14% | | |
|
Customer C
|
| | | | 2,158 | | | | | | 15% | | | | | | 2,197 | | | | | | 18% | | |
|
Customer D
|
| | | | 2,109 | | | | | | 15% | | | | | | 2,203 | | | | | | 19% | | |
|
Total
|
| | | $ | 6,184 | | | | | | 44% | | | | | $ | 6,051 | | | | | | 51% | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
Ingredients and packaging
|
| | | $ | 10,466 | | | | | $ | 8,035 | | |
|
Finished goods
|
| | | | 11,946 | | | | | | 8,563 | | |
|
Total
|
| | | $ | 22,412 | | | | | $ | 16,598 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
Machinery and equipment
|
| | | $ | 38,832 | | | | | $ | 34,181 | | |
|
Leasehold improvements
|
| | | | 15,415 | | | | | | 8,243 | | |
|
Office furniture and equipment
|
| | | | 1,558 | | | | | | 1,329 | | |
|
Internal use software
|
| | | | 275 | | | | | | 275 | | |
| | | | | | 56,080 | | | | | | 44,028 | | |
|
Less Accumulated depreciation
|
| | | | (21,457) | | | | | | (15,675) | | |
| | | | | | 34,623 | | | | | | 28,353 | | |
|
Construction in progress
|
| | | | 11,048 | | | | | | 9,345 | | |
|
Total
|
| | | $ | 45,671 | | | | | $ | 37,698 | | |
|
($ in thousands)
|
| | | | | | |
|
Balance as of January 1, 2024
|
| | | $ | 106,201 | | |
|
Acquisitions/impairments
|
| | | | — | | |
|
Balance as of December 30, 2024
|
| | | | 106,201 | | |
|
Acquisitions/impairments
|
| | | | — | | |
|
Balance as of December 29, 2025
|
| | | $ | 106,201 | | |
| | | |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||||||||||||||||||||||||||
|
($ in thousands)
|
| |
Gross
Carrying Value |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| |
Gross
Carrying Value |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| ||||||||||||||||||
| Subject to amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Customer relationships
|
| | | $ | 185,100 | | | | | $ | (45,252) | | | | | $ | 139,848 | | | | | $ | 185,100 | | | | | $ | (34,049) | | | | | $ | 151,051 | | |
|
Trade name
|
| | | | 55,636 | | | | | | (21,086) | | | | | | 34,550 | | | | | | 55,636 | | | | | | (15,621) | | | | | | 40,015 | | |
|
Recipes
|
| | | | 27,441 | | | | | | (23,567) | | | | | | 3,874 | | | | | | 27,441 | | | | | | (18,079) | | | | | | 9,362 | | |
|
Internal use software
|
| | | | 239 | | | | | | (48) | | | | | | 191 | | | | | | 197 | | | | | | (6) | | | | | | 191 | | |
|
Total
|
| | | $ | 268,416 | | | | | $ | (89,953) | | | | | $ | 178,463 | | | | | $ | 268,374 | | | | | $ | (67,755) | | | | | $ | 200,619 | | |
|
($ in thousands)
|
| |
Amount
|
| |||
|
2026
|
| | | $ | 20,431 | | |
|
2027
|
| | | | 16,860 | | |
|
2028
|
| | | | 16,709 | | |
|
2029
|
| | | | 16,702 | | |
|
2030
|
| | | | 16,668 | | |
|
Thereafter
|
| | | | 91,058 | | |
|
Total
|
| | | $ | 178,428 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
| Finance Leases: | | | | | | | | | | | | | |
|
Right-of-use assets, gross
|
| | | $ | 522 | | | | | $ | 1,094 | | |
|
Accumulated depreciation
|
| | | | (326) | | | | | | (744) | | |
|
Right-of-use assets, net(1)
|
| | | $ | 196 | | | | | $ | 350 | | |
|
Current portion of finance lease obligations
|
| | | $ | 110 | | | | | $ | 147 | | |
|
Long-term finance lease obligations
|
| | | | 98 | | | | | | 208 | | |
|
Total lease obligation
|
| | | $ | 208 | | | | | $ | 355 | | |
|
Weighted average remaining lease term
|
| |
2.4 years
|
| |
3.0 years
|
| ||||||
|
Weighted average discount rate
|
| |
8.0%
|
| |
8.5%
|
| ||||||
| Operating Leases: | | | | | | | | | | | | | |
|
Right-of-use assets, net
|
| | | $ | 23,387 | | | | | $ | 21,423 | | |
|
Current portion of operating lease obligations
|
| | | $ | 2,450 | | | | | $ | 1,993 | | |
|
Long-term operating lease obligations
|
| | | | 24,051 | | | | | | 22,404 | | |
|
Total lease obligations
|
| | | $ | 26,501 | | | | | $ | 24,397 | | |
|
Weighted average remaining lease term
|
| |
7.1 years
|
| |
8.3 years
|
| ||||||
|
Weighted average discount rate
|
| |
7.0%
|
| |
6.3%
|
| ||||||
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||
| Finance lease cost: | | | | | | | | | | | | | | | | | | | |
|
Amortization of right-of-use asset
|
| | | $ | 154 | | | | | $ | 156 | | | | | $ | 178 | | |
|
Interest on lease obligations
|
| | | | 23 | | | | | | 22 | | | | | | 31 | | |
|
Total finance lease cost
|
| | | $ | 177 | | | | | $ | 178 | | | | | $ | 209 | | |
|
Operating lease cost
|
| | | $ | 4,053 | | | | | $ | 3,580 | | | | | $ | 3,568 | | |
|
Short-term lease cost
|
| | | $ | 869 | | | | | $ | 658 | | | | | $ | 597 | | |
|
Variable lease cost(1)
|
| | | $ | 1,171 | | | | | $ | 1,099 | | | | | $ | 978 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||
|
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | | | | | | | |
|
Operating cash flows from operating leases
|
| | | $ | (3,913) | | | | | $ | (3,329) | | | | | $ | (1,941) | | |
|
Financing cash flows from finance leases
|
| | | $ | (170) | | | | | $ | (166) | | | | | $ | (203) | | |
|
($ in thousands)
|
| |
Finance
Leases |
| |
Operating
Leases |
| ||||||
|
2026
|
| | | $ | 120 | | | | | $ | 4,177 | | |
|
2027
|
| | | | 44 | | | | | | 4,272 | | |
|
2028
|
| | | | 44 | | | | | | 4,396 | | |
|
2029
|
| | | | 20 | | | | | | 4,540 | | |
|
2030
|
| | | | — | | | | | | 4,700 | | |
|
Thereafter
|
| | | | — | | | | | | 12,002 | | |
|
Total lease payments
|
| | | | 228 | | | | | | 34,087 | | |
|
Less: interest
|
| | | | (20) | | | | | | (7,586) | | |
| | | | | $ | 208 | | | | | $ | 26,501 | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
Inventory received not billed
|
| | | $ | 2,627 | | | | | $ | 2,465 | | |
|
Accrued payables
|
| | | | 2,785 | | | | | | 3,545 | | |
|
Accrued interest payable
|
| | | | 7,153 | | | | | | 2,627 | | |
|
Other accrued expenses
|
| | | | 4,625 | | | | | | 3,881 | | |
|
Accrued transaction liabilities
|
| | | | 2,373 | | | | | | 3,871 | | |
|
Accrued transformation expenses
|
| | | | — | | | | | | — | | |
|
Total accrued expenses
|
| | | $ | 19,563 | | | | | $ | 16,389 | | |
|
Level
|
| |
Consolidated Net
Leverage Ratio |
| |
Base Rate
Loan |
| |
Term
Benchmark Loan / RFR Loan |
| ||||||
|
1
|
| |
Greater than 3.50:1.00
|
| | | | 4.50% | | | | | | 5.50% | | |
|
2
|
| |
Less than or equal to 3.50:1.00
|
| | | | 4.25% | | | | | | 5.25% | | |
|
Debt Instrument
($ in thousands) |
| |
Interest Rate
|
| |
Maturity
Date |
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
|
JPM Term Agreement
|
| |
Term SOFR + 5.50%
|
| |
8/23/2029
|
| | | $ | 267,540 | | | | | $ | 269,595 | | |
|
JPM Credit Agreement
|
| |
Term SOFR + 5.50%
|
| |
8/23/2028
|
| | | | 40,000 | | | | | | 10,000 | | |
|
JPM Credit Agreement
|
| |
Prime + 4.50%
|
| |
8/23/2028
|
| | | | — | | | | | | 5,000 | | |
|
Current portion of long-term debt
|
| | | | | | | | | | (2,740) | | | | | | (2,055) | | |
|
Total long-term debt, less current portion
|
| | | | | | | | | | 304,800 | | | | | | 282,540 | | |
|
Less: unamortized discount and debt issuance costs
|
| | | | | | | | | | (3,643) | | | | | | (4,636) | | |
|
Carrying amount of long-term debt
|
| | | | | | | | | $ | 301,157 | | | | | $ | 277,904 | | |
|
Fiscal Years Ending
|
| |
Amount
($ in thousands) |
| |||
|
2026
|
| | | $ | 2,740 | | |
|
2027
|
| | | | 2,740 | | |
|
2028
|
| | | | 42,740 | | |
|
2029
|
| | | | 2,740 | | |
|
2030
|
| | | | 256,580 | | |
|
Total
|
| | | $ | 307,540 | | |
| |
Risk-free rate
|
| |
0.08%
|
|
| |
Expected time to liquidity
|
| |
0.88 years
|
|
| |
Expected volatility
|
| |
66.04%
|
|
| |
Expected dividend yield
|
| |
0.00%
|
|
| |
Discount for lack of marketability
|
| |
13.76%
|
|
| | | |
Class B
Performance- Based Units |
| |
Class B
Time-Based Units |
| |
Weighted
Average Exercise Price |
| |||||||||
|
Number outstanding at January 1, 2024
|
| | | | 10,989 | | | | | | 9,989 | | | | | $ | 1,000 | | |
|
Granted
|
| | | | — | | | | | | — | | | | | | — | | |
|
Forfeited
|
| | | | (1,673) | | | | | | (1,529) | | | | | | 1,000 | | |
|
Number outstanding at December 30, 2024
|
| | | | 9,316 | | | | | | 8,460 | | | | | $ | 1,000 | | |
|
Granted
|
| | | | 627 | | | | | | 627 | | | | | | — | | |
|
Forfeited
|
| | | | (250) | | | | | | (100) | | | | | | — | | |
|
Number outstanding at December 29, 2025
|
| | | | 9,693 | | | | | | 8,987 | | | | | $ | 1,000 | | |
|
Vested, December 29, 2025
|
| | | | — | | | | | | 7,133 | | | | | $ | 1,000 | | |
| |
Risk-free rate
|
| |
4.29%
|
|
| |
Expected time to liquidity
|
| |
3.0 years
|
|
| |
Expected volatility
|
| |
59.83%
|
|
| |
Expected dividend yield
|
| |
0.00%
|
|
| |
Discount for lack of marketability
|
| |
33.50%
|
|
| | | |
Class E
Performance- Based Units |
| |
Class E
Time-Based Units |
| |
Weighted
Average Exercise Price |
| |||||||||
|
Number outstanding at January 1, 2024
|
| | | | — | | | | | | — | | | | | $ | — | | |
|
Granted*
|
| | | | 717 | | | | | | 717 | | | | | | 2,407 | | |
|
Forfeited
|
| | | | — | | | | | | — | | | | | | — | | |
|
Number outstanding at December 30, 2024
|
| | | | 717 | | | | | | 717 | | | | | $ | 2,407 | | |
|
Granted
|
| | | | — | | | | | | — | | | | | | — | | |
|
Forfeited
|
| | | | — | | | | | | — | | | | | | — | | |
|
Number outstanding at December 29, 2025
|
| | | | 717 | | | | | | 717 | | | | | $ | 2,407 | | |
|
Vested, December 29, 2025
|
| | | | — | | | | | | 286 | | | | | $ | 2,407 | | |
| |
Risk-free rate
|
| |
4.29%
|
|
| |
Expected time to liquidity
|
| |
3.0 years
|
|
| |
Expected volatility
|
| |
59.83%
|
|
| |
Expected dividend yield
|
| |
0.00%
|
|
| |
Discount for lack of marketability
|
| |
36.00%
|
|
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||
| Current: | | | | | | | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 431 | | | | | $ | 442 | | | | | $ | — | | |
|
State
|
| | | | 868 | | | | | | 421 | | | | | | 84 | | |
|
Total current provision
|
| | | $ | 1,299 | | | | | $ | 863 | | | | | $ | 84 | | |
| Deferred: | | | | | | | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 529 | | | | | $ | 1,311 | | | | | $ | (1,712) | | |
|
State
|
| | | | 33 | | | | | | (227) | | | | | | (1,148) | | |
|
Total deferred provision (benefit)
|
| | | $ | 562 | | | | | $ | 1,084 | | | | | $ | (2,860) | | |
|
Net income tax provision (benefit)
|
| | | $ | 1,861 | | | | | $ | 1,947 | | | | | $ | (2,776) | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| |
Fiscal 2023
|
| |||||||||
|
Expected income tax expense (benefit) at U.S. statutory rate
|
| | | $ | (4,497) | | | | | $ | (3,940) | | | | | $ | (5,722) | | |
|
State taxes, net of federal benefit
|
| | | | 573 | | | | | | 284 | | | | | | (282) | | |
|
Non-taxable US entities
|
| | | | 5,785 | | | | | | 5,655 | | | | | | 4,061 | | |
|
Other, net
|
| | | | — | | | | | | (52) | | | | | | (833) | | |
|
Provision (benefit) for income taxes
|
| | | $ | 1,861 | | | | | $ | 1,947 | | | | | $ | (2,776) | | |
|
($ in thousands)
|
| |
Fiscal 2025
|
| |
Fiscal 2024
|
| ||||||
| Deferred tax assets: | | | | | | | | | | | | | |
|
NOL carryforward
|
| | | | 1,616 | | | | | | 2,918 | | |
|
Other, net
|
| | | | 175 | | | | | | 262 | | |
|
Total deferred tax assets
|
| | | $ | 1,791 | | | | | $ | 3,180 | | |
|
Valuation allowance
|
| | | | (2) | | | | | | (52) | | |
|
Total net deferred tax assets
|
| | | $ | 1,789 | | | | | $ | 3,128 | | |
| Deferred tax liabilities: | | | | | | | | | | | | | |
|
Intangible assets
|
| | | $ | (13,086) | | | | | $ | (13,821) | | |
|
Deferred financing cost
|
| | | | (73) | | | | | | (115) | | |
|
Total deferred tax liabilities
|
| | | $ | (13,159) | | | | | $ | (13,936) | | |
|
Total net deferred tax assets/ (liabilities)
|
| | | $ | (11,370) | | | | | $ | (10,808) | | |
|
Fiscal 2025
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Total
|
| |||||||||
|
Net sales from external customers
|
| | | $ | 316,847 | | | | | $ | 9,777 | | | | | $ | 326,624 | | |
|
Intersegment revenue
|
| | | | 2,810 | | | | | | — | | | | | | 2,810 | | |
|
Total net sales
|
| | | | 319,657 | | | | | | 9,777 | | | | | | 329,434 | | |
|
Elimination of intersegment revenue
|
| | | | | | | | | | | | | | | | (2,810) | | |
|
Consolidated net sales
|
| | | | | | | | | | | | | | | $ | 326,624 | | |
|
Fiscal 2024
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Total
|
| |||||||||
|
Net sales from external customers
|
| | | $ | 258,509 | | | | | $ | 419 | | | | | $ | 258,928 | | |
|
Intersegment revenue
|
| | | | 358 | | | | | | — | | | | | | 358 | | |
|
Total net sales
|
| | | | 258,867 | | | | | | 419 | | | | | | 259,286 | | |
|
Elimination of intersegment revenue
|
| | | | | | | | | | | | | | | | (358) | | |
|
Consolidated net sales
|
| | | | | | | | | | | | | | | $ | 258,928 | | |
|
Fiscal 2023
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Total
|
| |||||||||
|
Net sales from external customers
|
| | | $ | 224,409 | | | | | | — | | | | | $ | 224,409 | | |
|
Intersegment revenue
|
| | | | — | | | | | | — | | | | | | — | | |
|
Total net sales
|
| | | | 224,409 | | | | | | — | | | | | | 224,409 | | |
|
Elimination of intersegment revenue
|
| | | | | | | | | | | | | | | | — | | |
|
Consolidated net sales
|
| | | | | | | | | | | | | | | $ | 224,409 | | |
|
Fiscal 2025
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Elimination of
Intersegment Revenue and Expense |
| |
Total
|
| ||||||||||||
|
Net sales from external customers
|
| | | $ | 316,847 | | | | | $ | 9,777 | | | | | $ | — | | | | | $ | 326,624 | | |
|
Intersegment revenue
|
| | | | 2,810 | | | | | | — | | | | | | (2,810) | | | | | | — | | |
|
Cost of sales (exclusive of depreciation and amortization expense)
|
| | | | (150,969) | | | | | | (8,202) | | | | |
|
—
|
| | | | | (159,171) | | |
|
Marketing
|
| | | | (33,777) | | | | | | (20,884) | | | | |
|
—
|
| | | | | (54,661) | | |
|
Other segment items(1)
|
| | | | (68,596) | | | | | | (6,499) | | | | | | 2,810 | | | | | | (72,285) | | |
|
Adjusted EBITDA
|
| | | $ | 66,315 | | | | | $ | (25,808) | | | | | $ | — | | | | | $ | 40,507 | | |
|
Depreciation
|
| | | | | | | | | | | | | | | | | | | | | | (5,782) | | |
|
Amortization
|
| | | | | | | | | | | | | | | | | | | | | | (22,315) | | |
|
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (30,045) | | |
|
Incentive unit compensation
|
| | | | | | | | | | | | | | | | | | | | | | (507) | | |
|
Non-recurring costs(2)
|
| | | | | | | | | | | | | | | | | | | | | | (1,625) | | |
|
Sponsor costs(3)
|
| | | | | | | | | | | | | | | | | | | | | | (1,709) | | |
|
Loss before taxes
|
| | | | | | | | | | | | | | | | | | | | | $ | (21,476) | | |
|
Fiscal 2024
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Elimination of
Intersegment Revenue and Expense |
| |
Total
|
| ||||||||||||
|
Net sales from external customers
|
| | | $ | 258,509 | | | | | $ | 419 | | | | | $ | — | | | | | $ | 258,928 | | |
|
Intersegment revenue
|
| | | | 358 | | | | | | — | | | | | | (358) | | | | | | — | | |
|
Cost of sales (exclusive of depreciation and amortization expense)
|
| | | | (120,367) | | | | | | (376) | | | | |
|
—
|
| | | | | (120,743) | | |
|
Marketing
|
| | | | (34,584) | | | | | | (2,255) | | | | |
|
—
|
| | | | | (36,839) | | |
|
Other segment items(1)
|
| | | | (58,350) | | | | | | (1,136) | | | | | | 358 | | | | | | (59,128) | | |
|
Adjusted EBITDA
|
| | | $ | 45,566 | | | | | $ | (3,348) | | | | | $ | — | | | | | $ | 42,218 | | |
|
Depreciation
|
| | | | | | | | | | | | | | | | | | | | | | (5,306) | | |
|
Amortization
|
| | | | | | | | | | | | | | | | | | | | | | (21,998) | | |
|
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (20,301) | | |
|
Incentive unit compensation
|
| | | | | | | | | | | | | | | | | | | | | | (618) | | |
|
Non-recurring costs(2)
|
| | | | | | | | | | | | | | | | | | | | | | (608) | | |
|
Sponsor costs(3)
|
| | | | | | | | | | | | | | | | | | | | | | (7,423) | | |
|
Acquisition related costs(4)
|
| | | | | | | | | | | | | | | | | | | | | | (4,783) | | |
|
Loss before taxes
|
| | | | | | | | | | | | | | | | | | | | | $ | (18,819) | | |
|
Fiscal 2023
(In thousands) |
| |
Suja Core
|
| |
Emerging
Brands |
| |
Elimination of
Intersegment Revenue and Expense |
| |
Total
|
| ||||||||||||
|
Net sales from external customers
|
| | | $ | 224,409 | | | | | | — | | | | | $ | — | | | | | $ | 224,409 | | |
|
Intersegment revenue
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | |
|
Cost of sales (exclusive of depreciation and amortization expense)
|
| | | | (114,824) | | | | | | — | | | | |
|
—
|
| | | | | (114,824) | | |
|
Marketing
|
| | | | (22,623) | | | | | | — | | | | |
|
—
|
| | | | | (22,623) | | |
|
Other segment items(1)
|
| | | | (51,946) | | | | | | — | | | | | | — | | | | | | (51,946) | | |
|
Adjusted EBITDA
|
| | |
$
|
35,016
|
| | | | | — | | | | | $ | — | | | | | $ | 35,016 | | |
|
Depreciation
|
| | | | | | | | | | | | | | | | | | | | | | (5,083) | | |
|
Amortization
|
| | | | | | | | | | | | | | | | | | | | | | (21,603) | | |
|
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (19,752) | | |
|
Incentive unit compensation
|
| | | | | | | | | | | | | | | | | | | | | | (460) | | |
|
Non-recurring costs(2)
|
| | | | | | | | | | | | | | | | | | | | | | (190) | | |
|
Sponsor costs(3)
|
| | | | | | | | | | | | | | | | | | | | | | (1,152) | | |
|
Acquisition related costs(4)
|
| | | | | | | | | | | | | | | | | | | | | | (14,022) | | |
|
Loss before taxes
|
| | | | | | | | | | | | | | | | | | | | | $ | (27,246) | | |
| | | |
As of
|
| |||||||||
| | | |
December 29,
2025 |
| |
December 30,
2024 |
| ||||||
| Assets | | | | | | | | | | | | | |
|
Investment in Subsidiary
|
| | | $ | 49,206 | | | | | $ | 73,720 | | |
|
Deferred transaction costs
|
| | | | 2,373 | | | | | | — | | |
|
Total assets
|
| | | $ | 51,579 | | | | | $ | 73,720 | | |
| Liabilities And Partners’ Equity | | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 2,373 | | | | | $ | 3,871 | | |
|
Total current liabilities
|
| | | | 2,373 | | | | | | 3,871 | | |
|
Other liabilities
|
| | | | — | | | | | | 12,639 | | |
|
Total liabilities
|
| | | | 2,373 | | | | | | 16,510 | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
| Partners’ Equity | | | | | | | | | | | | | |
|
Unlimited Class A Units authorized, no par value, 222,881 shares issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024
|
| | | | — | | | | | | — | | |
|
Unlimited Class B Units authorized, no par value, 18,680, 17,776 and 20,979 shares issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024, respectively
|
| | | | — | | | | | | — | | |
|
Unlimited Class C Units, no par value, 200 issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024
|
| | | | — | | | | | | — | | |
|
4,840 Class D Units, no par value and 4,840 issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024
|
| | | | — | | | | | | — | | |
|
Unlimited Class E Units, no par value, 1,434, 1,434 and 0 issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024, respectively
|
| | | | — | | | | | | — | | |
|
Unlimited Class F Units, no par value, 1,000, 10,000 and 0 issued and outstanding as of December 29, 2025, December 30, 2024 and January 1, 2024, respectively
|
| | | | — | | | | | | — | | |
|
Partners’ equity
|
| | | | — | | | | | | — | | |
|
Additional paid-in capital
|
| | | | 161,348 | | | | | | 146,015 | | |
|
Accumulated deficit
|
| | | | (112,142) | | | | | | (88,805) | | |
|
Total partners’ equity
|
| | | | 49,206 | | | | | | 57,210 | | |
|
Total liabilities and partners’ equity
|
| | | $ | 51,579 | | | | | $ | 73,720 | | |
| | | |
For The Years Ended
|
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
General and administrative expenses
|
| | | $ | (634) | | | | | $ | (3,398) | | | | | $ | (3,632) | | |
|
Equity in net loss of subsidiary
|
| | | | (22,703) | | | | | | (17,394) | | | | | | (19,431) | | |
|
Interest expense
|
| | | | — | | | | | | 26 | | | | | | (1,407) | | |
|
Net loss
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
| | | |
For The Years Ended
|
| |||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| Operating activities | | | | | | | | | | | | | | | | | | | |
|
Net loss
|
| | | $ | (23,337) | | | | | $ | (20,766) | | | | | $ | (24,470) | | |
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
| | | | | | | | | | | | | | | | | | |
|
Equity in net loss of subsidiary
|
| | | | 22,703 | | | | | | 17,394 | | | | | | 19,431 | | |
|
Share-based compensation
|
| | | | 507 | | | | | | 618 | | | | | | 460 | | |
|
Non-cash transaction costs
|
| | | | — | | | | | | — | | | | | | 4,041 | | |
|
Change in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | | — | | | | | | (9,885) | | | | | | 11,796 | | |
|
Other liabilities
|
| | | | — | | | | | | 12,639 | | | | | | (11,258) | | |
|
Net cash provided by (used in) operating activities
|
| | | | (127) | | | | | | — | | | | | | — | | |
| Investing activities | | | | | | | | | | | | | | | | | | | |
|
Return of capital from subsidiary
|
| | | | 1,937 | | | | | | 133,927 | | | | | | 671 | | |
|
Net cash used in investing activities
|
| | | | 1,937 | | | | | | 133,927 | | | | | | 671 | | |
| Financing activities | | | | | | | | | | | | | | | | | | | |
|
Distributions
|
| | | | (1,810) | | | | | | (133,927) | | | | | | (671) | | |
|
Net cash provided by (used in) financing activities
|
| | | | (1,810) | | | | | | (133,927) | | | | | | (671) | | |
|
Change in cash and restricted cash
|
| | | | — | | | | | | — | | | | | | — | | |
|
Cash and restricted cash at beginning of period
|
| | | | — | | | | | | — | | | | | | — | | |
|
Cash and restricted cash at end of period
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | |
Amount to
be Paid |
| |||
|
SEC registration fee
|
| | | $ | 33,881 | | |
|
FINRA filing fee
|
| | | | 37,300 | | |
|
Nasdaq listing fee
|
| | | | 325,000 | | |
|
Printing expenses
|
| | | | 350,000 | | |
|
Legal fees and expenses
|
| | | | 5,000,000 | | |
|
Accounting fees and expenses
|
| | | | 800,000 | | |
|
Transfer agent fees and registrar fees
|
| | | | 10,000 | | |
|
Miscellaneous expenses
|
| | | | 943,819 | | |
|
Total expenses
|
| | | $ | 7,500,000 | | |
| |
Exhibit
Number |
| |
Description
|
|
| | 1.1 | | | | |
| | 3.1* | | | | |
| | 3.2* | | | | |
| | 3.3* | | | | |
| | 3.4* | | | | |
| | 4.1* | | | | |
| | 5.1 | | | | |
| | 10.1* | | | | |
| | 10.2* | | | | |
| | 10.3* | | | | |
| | 10.4* | | | | |
| | 10.5* | | | | |
| | 10.6 | | | | |
| | 10.7 | | | | |
| | 10.8 | | | | |
| | 10.9* | | | | |
| | 10.10* | | | | |
| | 10.11+* | | | | |
| | 10.12+* | | | | |
| | 10.13+* | | | | |
| | 10.14+* | | | | |
| | 10.15* | | | | |
| | 10.16* | | | | |
| | 10.17* | | | | |
| | 10.18+ | | | | |
| | 10.19+ | | | Form of Non-Employee Director RSU Award Grant Notice under the Suja Life, Inc. 2026 Omnibus Plan | |
| | 21.1* | | | | |
| | 23.1 | | | | |
| | 23.2 | | | |
| |
Exhibit
Number |
| |
Description
|
|
| | 23.3 | | | | |
| | 24.1* | | | | |
| | 99.1* | | | | |
| | 99.2* | | | | |
| | 99.3* | | | | |
| | 99.4* | | | | |
| | 99.5* | | | | |
| | 99.6* | | | | |
| | 107 | | | |
| |
Signature
|
| |
Title
|
| |
Date
|
|
| |
/s/ Maria Stipp
Maria Stipp
|
| |
Chief Executive Officer
(Principal Executive Officer and Director) |
| |
April 27, 2026
|
|
| |
/s/ Jeff Pedersen
Jeff Pedersen
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
April 27, 2026
|
|