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- **Revenue Beats Expectations**: Q3 net sales +14% YoY ($288.8M), EBITDA +25% YoY ($54.6M). 
- **Strategic Tech Investment**: New production line to close bag/roll margin gap, 16 new fridge islands launched. 
- **Free Cash Flow Milestone**: Positive FCF in Q3, targeting full-year positive. 
- **E-commerce Growth**: 45% Q3 e-commerce growth, DTC targeting 14%+ share by 2026. 
- **Financial Discipline**: 2025 CapEx $140M (down $35M), media spend >20% of sales.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales $288.8M (+14% YoY), driven by 12.9% volume growth and 1.1% price/mix. Adjusted EBITDA $54.6M (+25% YoY). 
- **Strategic Initiatives**: 
  - New production technology line expected to start Q4 2025, with potential to close margin gap between bagged and rolled products. 
  - Expansion of e-commerce (45% Q3 growth) and DTC channels targeting 70% MVPs. 
  - 16 new fridge islands launched in key retailers, with 125+ stores testing by end-2025. 
- **Free Cash Flow**: Achieved positive free cash flow in Q3, now targeting full-year positive FCF. 
- **Guidance Update**: 2025 net sales growth ~13%, adjusted EBITDA $190-195M (vs. prior $190-210M). 

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Q3 GAAP net income $101.7M (vs. $11.9M prior), driven by $77.9M deferred tax benefit. 
  - Adjusted gross margin 46.0%, stable vs. prior year. 
  - SG&A 27.1% of sales (vs. 29.3% prior), media spend 11.2% of sales. 
- **Liquidity**: $274.6M cash on hand, no need for external capital. 
- **CapEx**: $140M 2025 (down from $175M prior), focused on new tech adoption and capacity. 

**【Q&A Key Highlights】**
- **Technology Impact**: Light-version bag line conversion expected Q2 2026, with potential to improve margins 100-200bps. 
- **Distribution Growth**: 12% +2025 fridge count expansion, 29,745 stores with 38,778 fridges. 
- **Competitive Response**: Maintaining media spend >20% of sales, avoiding trade promotions to preserve brand equity. 
- **Tax Outlook**: NOL utilization completed, expect cash taxes ~2028. 
- **E-commerce**: DTC business 70% incremental households, targeting 14%+ e-commerce share by 2026.

Freshpet, Inc. (FRPT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FRPT

FRPT fundamentals

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