| Segment Information |
Note 17. Segment Information Our two operating segments, Beverage Solutions and SS&T, are evaluated using Segment Adjusted EBITDA, which is a segment performance measure. We define Segment Adjusted EBITDA as net (loss) income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of transaction, restructuring and integrations costs, impairment charges, changes in fair value of warrant liabilities, non-cash mark-to-market adjustments, certain non-capitalizable costs necessary to place the Conway Facility into commercial production, certain recurring operating costs related to the scale-up of operations of the Conway Facility, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, and other similar or infrequent items (although we may not have had such charges in the periods presented). The Company’s Chief Executive Officer, it’s chief operating decision maker (“CODM”), reviews Segment Adjusted EBITDA for the purpose of making operating decisions, assessing financial performance, and deciding how to allocate resources. Segment Adjusted EBITDA is used by the CODM to review operating trends and to monitor budget-to-actual variances in order to make key operating decisions. Selected financial data, including a reconciliation of total reportable segments’ Segment Adjusted EBITDA to loss before income taxes and equity in earnings from unconsolidated entities, is presented below for the periods indicated: | | | | | | | | | | | | Three Months Ended September 30, 2026 | | | | | | Sustainable | | | | | Beverage | | Sourcing & | | | (Thousands) | | Solutions | | Traceability | | Total | Net sales(1) | | $ | 220,119 | | $ | 80,081 | | $ | 300,200 | | | | | | | | | | | Segment Adjusted EBITDA | | | 23,257 | | | 3,154 | | | 26,411 | Less: | | | | | | | | | | Interest expense | | | | | | | | | 12,530 | Depreciation and amortization | | | | | | | | | 16,503 | Transaction, restructuring and integration expense | | | | | | | | | 3,790 | Equity-based compensation | | | | | | | | | 2,098 | Conway extract and ready-to-drink facility pre-production costs | | | | | | | | | — | Conway extract and ready-to-drink facility scale up operating costs | | | | | | | | | — | Mark-to-market adjustments | | | | | | | | | (152) | (Gain) loss on disposal of property, plant and equipment | | | | | | | | | 492 | Other | | | | | | | | | (34) | Loss before income taxes and equity in earnings from unconsolidated entities | | | | | | | | $ | (8,816) | | | | | | | | | | | Total assets | | | 970,725 | | | 136,813 | | | 1,107,538 |
| (1) | Excludes $0.4 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. |
| | | | | | | | | | | | Three Months Ended September 30, 2025 | | | | | | Sustainable | | | | | Beverage | | Sourcing & | | | (Thousands) | | Solutions | | Traceability | | Total | Net sales(1) | | $ | 263,029 | | $ | 91,796 | | $ | 354,825 | | | | | | | | | | | Segment Adjusted EBITDA | | | 20,422 | | | 5,755 | | | 26,177 | Less: | | | | | | | | | | Interest expense | | | | | | | | | 14,023 | Depreciation and amortization | | | | | | | | | 13,898 | Transaction, restructuring and integration expense | | | | | | | | | 3,029 | Equity-based compensation | | | | | | | | | 3,629 | Conway extract and ready-to-drink facility pre-production costs | | | | | | | | | 5,246 | Conway extract and ready-to-drink facility scale up operating costs | | | | | | | | | 3,018 | Mark-to-market adjustments | | | | | | | | | 2,531 | (Gain) loss on disposal of property, plant and equipment | | | | | | | | | 8 | Other | | | | | | | | | 2,457 | Loss before income taxes and equity in earnings from unconsolidated entities | | | | | | | | $ | (21,662) | | | | | | | | | | | Total assets | | | 1,038,389 | | | 139,623 | | | 1,178,012 |
| (1) | Excludes $1.5 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. |
| | | | | | | | | | | | Nine Months Ended September 30, 2026 | | | | | | Sustainable | | | | | Beverage | | Sourcing & | | | (Thousands) | | Solutions | | Traceability | | Total | Net sales(1) | | $ | 703,310 | | $ | 211,373 | | $ | 914,683 | | | | | | | | | | | Segment Adjusted EBITDA | | | 68,698 | | | 11,573 | | | 80,271 | Less: | | | | | | | | | | Interest expense | | | | | | | | | 39,047 | Depreciation and amortization | | | | | | | | | 50,171 | Transaction, restructuring and integration expense | | | | | | | | | 10,626 | Equity-based compensation | | | | | | | | | 5,394 | Conway extract and ready-to-drink facility pre-production costs | | | | | | | | | 327 | Conway extract and ready-to-drink facility scale up operating costs | | | | | | | | | 6,595 | Mark-to-market adjustments | | | | | | | | | (4,669) | (Gain) loss on disposal of property, plant and equipment | | | | | | | | | 1,545 | Other | | | | | | | | | 4,154 | Loss before income taxes and equity in earnings from unconsolidated entities | | | | | | | | $ | (32,919) | | | | | | | | | | | Total assets | | | 970,725 | | | 136,813 | | | 1,107,538 |
| (1) | Excludes $0.9 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. |
| | | | | | | | | | | | Nine Months Ended September 30, 2025 | | | | | | Sustainable | | | | | Beverage | | Sourcing & | | | (Thousands) | | Solutions | | Traceability | | Total | Net sales(1) | | $ | 635,922 | | $ | 213,558 | | $ | 849,480 | | | | | | | | | | | Segment Adjusted EBITDA | | | 49,675 | | | 10,998 | | | 60,673 | Less: | | | | | | | | | | Interest expense | | | | | | | | | 39,741 | Depreciation and amortization | | | | | | | | | 40,669 | Transaction, restructuring and integration expense | | | | | | | | | 7,297 | Equity-based compensation | | | | | | | | | 11,709 | Conway extract and ready-to-drink facility pre-production costs | | | | | | | | | 18,766 | Conway extract and ready-to-drink facility scale up operating costs | | | | | | | | | 13,953 | Mark-to-market adjustments | | | | | | | | | (983) | (Gain) loss on disposal of property, plant and equipment | | | | | | | | | 15 | Other | | | | | | | | | 1,998 | Loss before income taxes and equity in earnings from unconsolidated entities | | | | | | | | $ | (72,492) | | | | | | | | | | | Total assets | | | 1,038,389 | | | 139,623 | | | 1,178,012 |
| (1) | Excludes $7.9 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. |
Significant segment expense for our reportable segments is presented below for the periods indicated: | | | | | | | | | | Three Months Ended September 30, 2026 | | | | | | Sustainable | | | Beverage | | Sourcing & | (Thousands) | | Solutions | | Traceability | Net Sales | | $ | 220,119 | | $ | 80,081 | Less: | | | | | | | Costs of sales | | | 170,749 | | | 73,893 | Employee related(1) | | | 13,158 | | | 2,169 | Information technology | | | 2,056 | | | n/a | Advertising & marketing | | | 513 | | | n/a | Professional fees | | | 2,973 | | | n/a | Corporate insurance | | | 1,613 | | | n/a | Freight | | | 2,708 | | | n/a | Other segment expense(2) | | | 3,092 | | | 865 | Segment Adjusted EBITDA | | $ | 23,257 | | $ | 3,154 |
| (1) | Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. |
| (2) | Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses. |
| | | | | | | | | | Three Months Ended September 30, 2025 | | | | | | Sustainable | | | Beverage | | Sourcing & | (Thousands) | | Solutions | | Traceability | Net Sales | | $ | 263,029 | | $ | 91,796 | Less: | | | | | | | Costs of sales | | | 214,306 | | | 85,079 | Employee related(1) | | | 16,438 | | | 1,956 | Information technology | | | 1,826 | | | n/a | Advertising & marketing | | | 424 | | | n/a | Professional fees | | | 2,587 | | | n/a | Corporate insurance | | | 1,929 | | | n/a | Freight | | | 3,071 | | | n/a | Other segment expense(2) | | | 2,026 | | | (994) | Segment Adjusted EBITDA | | $ | 20,422 | | $ | 5,755 |
(1) | Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. |
(2) | Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses. |
| | | | | | | | | | Nine Months Ended September 30, 2026 | | | | | | Sustainable | | | Beverage | | Sourcing & | (Thousands) | | Solutions | | Traceability | Net Sales | | $ | 703,310 | | $ | 211,373 | Less: | | | | | | | Costs of sales | | | 557,408 | | | 194,185 | Employee related(1) | | | 41,059 | | | 6,474 | Information technology | | | 5,574 | | | n/a | Advertising & marketing | | | 1,600 | | | n/a | Professional fees | | | 8,068 | | | n/a | Corporate insurance | | | 4,891 | | | n/a | Freight | | | 7,760 | | | n/a | Other segment expense(2) | | | 8,252 | | | (859) | Segment Adjusted EBITDA | | $ | 68,698 | | $ | 11,573 |
(1) | Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. |
(2) | Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses. |
| | | | | | | | | | Nine Months Ended September 30, 2025 | | | | | | Sustainable | | | Beverage | | Sourcing & | (Thousands) | | Solutions | | Traceability | Net Sales | | $ | 635,922 | | $ | 213,558 | Less: | | | | | | | Costs of sales | | | 509,311 | | | 196,883 | Employee related(1) | | | 42,326 | | | 5,654 | Information technology | | | 5,536 | | | n/a | Advertising & marketing | | | 1,877 | | | n/a | Professional fees | | | 7,109 | | | n/a | Corporate insurance | | | 4,862 | | | n/a | Freight | | | 9,071 | | | n/a | Other segment expense(2) | | | 6,155 | | | 23 | Segment Adjusted EBITDA | | $ | 49,675 | | $ | 10,998 |
(1) | Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. |
(2) | Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses. |
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