Boston Beer (SAM) came out with a quarterly loss of $1.68 per share versus the Zacks Consensus Estimate of a loss of $1.18. This compares to loss of $1.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -42.37%. A quarter ago, it was expected that this brewer would post earnings of $4.96 per share when it actually produced earnings of $5.35, delivering a surprise of 7.86%.Over the last four quarters, the company has surpassed ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 1-14092 THE BOSTON BEER COMPANY, INC. (Exact name of registrant as specified in its charter) Massachusetts 04-32 ...

Investor Relations Contact: Media Contact: Jennifer Larson Dave DeCecco (617) 368-5152 (914) 261-6572 jennifer.larson@bostonbeer.com dave.dececco@bostonbeer.com Exhibit 99 BOSTON BEER REPORTS FOURTH QUARTER FINANCIAL RESULTS BOSTON (February 25, 2025) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the fourth quarter ended December 28, 2024. Key results were: Fourth Quarter 2024 Summary: Full Year 2024 Summary: Capital Structure • Depletions were flat and shipments decreas ...

Core Insights - The Boston Beer Company reported a solid finish to 2024 with flat depletions, gross margin expansion, and strong cash generation, indicating improved operational and financial performance [3][4][6] - The company plans to increase advertising investment in 2025 to strengthen its brands and drive long-term sustainable growth [3][5] Fourth Quarter 2024 Summary - Depletions for the fourth quarter were flat compared to the prior year, with shipment volume at approximately 1.5 million barrels, a 0.5% decrease [4][6] - Net revenue for the quarter increased by 2.2% to $402.3 million, driven by price increases and lower returns, despite lower volumes and increased excise taxes [5][6] - Gross margin for the fourth quarter was 39.9%, up 230 basis points year over year, benefiting from increased revenue and procurement savings [6][7] Full Year 2024 Summary - Full-year net revenue was $2.01 billion, a 0.2% increase compared to 2023, with depletions down 2% and shipment volume at approximately 7.5 million barrels, a 2.4% decrease [14][15] - Gross margin for the full year was 44.4%, an increase of 200 basis points year over year, primarily due to price increases and procurement savings [15][16] - The company generated $249 million in operating cash flow for the full year and ended with $212 million in cash and no debt [6][14] Advertising and Expenses - Advertising, promotional, and selling expenses for Q4 2024 increased by $10.9 million or 8.5% from Q4 2023, driven by higher brand media investments [9][10] - General and administrative expenses rose by $4.0 million or 9.1% from the prior year, mainly due to increased indirect taxes and professional fees [10][18] Impairment and Settlement Costs - The company incurred impairment costs for brewery equipment and other assets of $3.4 million in Q4 2024, with a full-year impairment of $7.2 million [11][20] - Contract settlement costs included a $26 million cash payment due to a supplier contract amendment, impacting the financial results [10][19] Share Repurchase and Capital Structure - The company repurchased $239 million in shares in 2024 and an additional $29 million in 2025 through February 21, 2025 [6][25] - The company maintains a strong balance sheet, with sufficient cash and projected future operating cash flows to fund future requirements [24][25] 2025 Projections - For 2025, the company projects depletions and shipments to change by low single digits, with price increases of 1% to 2% and a gross margin target of 45% to 47% [28][29] - The effective tax rate is expected to be between 29% and 30%, with GAAP EPS projected between $8.00 and $10.50 [28][29]

Core Viewpoint - Boston Beer Company is expected to report fourth-quarter 2024 results on February 25, with anticipated bottom-line growth compared to the previous year [1] Financial Estimates - The Zacks Consensus Estimate for loss per share is $1.18, an improvement from a loss of $1.49 in the year-ago quarter, although the consensus has widened in the past week [2] - Quarterly revenue is estimated at $389.6 million, indicating a 1.04% decline from the previous year's figure [2] Recent Performance - In the last reported quarter, Boston Beer achieved an earnings beat of 7.9%, with an average trailing four-quarter earnings surprise of 154.6% [3] Factors Influencing Q4 Results - The company is facing challenges due to a slowdown in the hard seltzer category and weakening demand for its Truly brand, with consumer preferences shifting towards other beverage alternatives [4][5] - Increased competition and lack of novelty in the hard seltzer market, along with macroeconomic challenges like inflation, are impacting sales [5] Strategic Positioning - Boston Beer is expected to improve performance through strong price realization and procurement savings, which are offsetting inflationary pressures [6] - The company is focusing on strategic pricing, product innovation, and brand development, particularly in the Beyond Beer category, which is growing faster than the traditional beer market [7] Earnings Prediction Model - The current model does not predict an earnings beat for Boston Beer, with an Earnings ESP of -24.19% and a Zacks Rank of 3 [8] Valuation Analysis - Boston Beer stock is trading at a premium, with a forward 12-month price-to-earnings ratio of 19.28x, compared to the industry average of 14.14x, indicating potential value for investors [9] - The stock has declined 24.4% over the past three months, while the industry has seen a decline of 12.1% [9]

Core Insights - Starcore International Mines Ltd. reported a significant increase in gold production at its San Martin Mine, producing 2,268 Equivalent ounces of gold in Q3 2025, a 55% increase from 1,466 ounces in the previous quarter [2][3] - The mine operations returned to normal after a two-month suspension, and the company anticipates further improvements in production due to the mining of oxide ore and the recovery of gold and silver from carbonaceous ore [2][3] - The expected reserves from the carbonaceous ore amount to an additional 1 million tonnes with an average grade of 3.1 grams of gold and 20 grams of silver per tonne [2] Production Metrics - Ore Milled: 46,730 tonnes in Q3 2025, a decrease of 3% from 48,248 tonnes in Q2 2025, and a 14% decrease year-to-date [3] - Gold Equivalent Ounces: 2,268 ounces in Q3 2025, up 55% from 1,466 ounces in Q2 2025, and a slight decrease of 4% year-to-date [3] - Gold Grade: 1.74 grams/ton in Q3 2025, a 58% increase from 1.10 grams/ton in Q2 2025, and a 16% increase year-to-date [3] - Silver Grade: 11.08 grams/ton in Q3 2025, a 13% increase from 9.81 grams/ton in Q2 2025, but a 6% decrease year-to-date [3] - Gold Recovery: 82.44% in Q3 2025, a 3% increase from 80.25% in Q2 2025, and a 4% decrease year-to-date [3] - Silver Recovery: 49.10% in Q3 2025, nearly unchanged from 49.16% in Q2 2025, with a 10% increase year-to-date [3] Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and has expanded its operations internationally, including a project in Côte d'Ivoire [4] - The company emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [4]

Core Insights - Twisted Tea Hard Iced Tea has expanded its partnership with Top Rank, becoming the Official Malt Beverage Partner for Top Rank's 2025 events, enhancing its presence in the boxing industry [1][2][3] Company Overview - Twisted Tea is recognized as the number one hard iced tea brand in the United States, founded in 2001, and is known for its smooth and refreshing taste made from real brewed tea [5] - The Boston Beer Company, which owns Twisted Tea, has been a significant player in the craft beverage industry since 1984, producing various products including hard cider, hard seltzer, and hard tea [6] Industry Collaboration - The partnership will feature Twisted Tea as the "Official Walkout Partner," providing fans with unique experiences and branded content during boxing events [2][3] - The collaboration includes four shoulder programming shows that will highlight the "Greatest Hits" of Top Rank fighters, aiming to enhance fan engagement [2] Event Highlights - The expanded partnership will debut with a lightweight championship bout on February 14, 2025, featuring WBO world champion Denys Berinchyk defending his title against Keyshawn Davis at Madison Square Garden [3]

Core Insights - Twisted Tea Hard Iced Tea has expanded its partnership with Top Rank, becoming the Official Malt Beverage Partner for Top Rank's 2025 events, enhancing fan experiences through in-arena presence and branded content [1][2][3] Company Overview - Twisted Tea is recognized as the nation's leading hard iced tea brand, founded in 2001, and is known for its smooth and refreshing taste made from real brewed tea [5] - The Boston Beer Company, which owns Twisted Tea, has been a significant player in the craft beverage industry since 1984, producing various products including hard cider and hard seltzer [6] Industry Context - Top Rank, established in 1973, is a leading boxing promotion company known for developing and promoting top international boxing stars [7] - The partnership aims to leverage Top Rank's roster of world-class fighters to create unique fan experiences, including exclusive content and branded integrations [2][3]

Core Insights - Dogfish Head Craft Brewery and Grateful Dead have launched a new collaborative beer, Grateful Dead Juicy Pale Ale, which is now available nationwide in 6-pack/12oz cans [1][2] - The beer has an ABV of 5.3% and is brewed with Kernza® perennial grains, granola, and hops that impart tropical flavors [2][3] - This collaboration marks a continuation of a partnership that began in 2013, celebrating both Dogfish Head's 30th anniversary and Grateful Dead's 60th anniversary in 2025 [3][4] Product Details - Grateful Dead Juicy Pale Ale features tropical notes of pineapple, mango, and passion fruit, creating a refreshing and light-bodied beer [2] - The beer is designed to appeal to a broad audience, including both "Dead Heads" and "Hop Heads" [3][5] Historical Context - The collaboration between Dogfish Head and Grateful Dead has produced several beers over the years, including American Beauty and American Beauty Hazy Ripple IPA [3][4] - The partnership is characterized by a shared commitment to creativity, community, and innovation [5] Launch Event - A launch celebration for Grateful Dead Juicy Pale Ale is scheduled for March 12 at Brooklyn Bowl in Williamsburg, Brooklyn, featuring a live performance by a Grateful Dead cover band [6]

Core Insights - Boston Beer Company's Sun Cruiser Iced Tea & Vodka aims to become America's 1 premium hard tea brand, launching a TV commercial during the Big Game [1][2] - The brand is expanding nationally just one year after its regional debut, with the commercial airing in key media markets [2][4] - The company is increasing investment in the brand, including a dedicated sales team and a new product launch, Sun Cruiser Lemonade & Vodka [4][5] Group 1 - Sun Cruiser Iced Tea & Vodka is positioned as a must-have drink for game day celebrations, appealing to football fans [1][7] - The 15-second commercial titled "Let the Good Times Cruise" emphasizes the brand's refreshing and easy-drinking nature [3] - The founder of Boston Beer Company, Jim Koch, highlights the rapid growth of Sun Cruiser, stating that the ad marks a significant moment for the brand [4] Group 2 - The Big Game advertisement is part of a broader media strategy, including national TV and digital advertising to support retail expansion [4] - The company is enhancing its sales force and expanding its brand ambassador program to increase market presence [4] - Sun Cruiser Lemonade & Vodka is being introduced as a new product, featuring a blend of real lemonade and premium vodka, available in various packaging options [5]