Overview
- For 2025, net sales rose 18% to $610 million with adjusted EBITDA up 32% to $98 million, while gross margin slipped to about 37% due to roughly $14 million in tariffs; international expansion contributed 29% of growth.
- Management forecasts 2026 net sales of $680–700 million, gross margin around 38%, and adjusted EBITDA of $122–128 million, supported by tariff exemptions, lower freight costs, and roughly 25% of ocean shipping locked in.
- A mid-November Walmart shelving reset recovered prior distribution losses and moved the brand to higher-traffic aisles, driving about 24% scan growth through February 8, 2026.
- U.S. private-label sales fell 52% in Q4, but a recovery is expected to begin in Q2 2026 with regained regions and a new partnership with a large U.S. retailer.
- Early-2026 comparisons will be affected by a $7 million shipment pull-forward into Q4 2025, a major retail promotion shifted into Q1, and about $2 million of residual tariff costs weighing on Q1 margins.