Core Insights - The Brewing the American Dream program has awarded Moor's Brewing Co. as the 2025 winner of its Brewing & Business Experienceship, continuing its legacy of supporting small businesses in the food and beverage industry [1][4][8] Company Overview - Moor's Brewing Company, founded in Chicago in 2021 by Damon Patton, Jamhal Johnson, and Anthony Bell, has expanded to over 500 retailers nationwide and opened Diversey House, Chicago's first Black-owned taproom, in February 2025 [3][8] - The brewery's mission includes community engagement and offering a unique blend of craft beer and elevated pub fare [3][5] Program Details - The Brewing & Business Experienceship provides one emerging craft brewer with mentorship from Samuel Adams professionals, including founder Jim Koch, and opportunities to collaborate on specialty beers and participate in the Great American Beer Festival [2][4][6] - The selection process for the winner involved a public voting component during the Crafting Dreams Beer Bash, which showcased six finalists [4][5] Impact and Goals - Since its inception in 2008, the Brewing the American Dream program has loaned over $114 million to more than 4,500 small business owners in the food and beverage industry, creating or maintaining over 12,000 local jobs [8] - The program aims to strengthen small businesses, create local jobs, and build vibrant communities through access to business capital and coaching [8]

Core Insights - Twisted Tea is launching a vibrant summer lineup featuring new and returning flavors, aiming to enhance its market presence and appeal to a broader audience [1][5]. Product Offerings - The popular Twisted Tea Rocket Pop flavor is back, offering a nostalgic mix of cherry, lemon-lime, and blue raspberry, available nationwide this summer [2][3]. - Twisted Tea Light is expanding its flavor lineup, now featuring a Light Rocket Pop variant, with only 6g of sugar and 110 calories per serving, catering to health-conscious consumers [3]. - Twisted Tea Extreme, with an 8% ABV, is now available nationwide in Lemon and Blue Razz flavors, targeting consumers looking for a stronger beverage option [4]. Marketing and Promotions - The brand is promoting its summer offerings with a campaign encouraging consumers to associate summer with Twisted Tea, highlighting the variety of flavors available [5]. - To celebrate National Iced Tea Day on June 10, Twisted Tea is engaging fans through social media promotions, offering chances to win digital cash cards for their next purchase [5][8]. Company Background - Twisted Tea is recognized as the No. 1 refreshing hard tea in the U.S., founded in 2001, and is known for its commitment to using real brewed tea in its products [6].

Core Insights - Starcore International Mines Ltd. announced production results for the fourth fiscal quarter ended April 2025 at its San Martin Mine in Queretaro, Mexico [1] - The company successfully commissioned a new processing circuit for carbonaceous ore treatment, achieving a milestone in its operations [2] Production Results - In Q4 2025, Starcore milled 53,398 tonnes of ore, a 14% increase from Q3 2025 [4] - Gold equivalent ounces produced were 2,342, reflecting a 3% increase from the previous quarter [4] - The gold grade was 1.57 g/t, a 10% decrease from Q3 2025, while the silver grade increased by 42% to 15.77 g/t [4] - Gold recovery was 81.72%, a slight decrease of 1% from the previous quarter, while silver recovery improved by 15% to 56.63% [4] Operational Developments - The mine has ramped up to produce 140 tonnes per day of carbonaceous ore, with a contractor engaged for additional works [2] - Exploration and development continue in a new area of the mine, focusing on the depths of the San José mine [3] - The successful implementation of the new carbonaceous ore process is expected to extend the mine's life and enhance exploration potential [4] Company Overview - Starcore is engaged in precious metals production, primarily in Mexico, with additional exploration and development projects across North America and Côte d'Ivoire [5] - The company emphasizes corporate social responsibility and aims to increase long-term shareholder value [5]

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]

Core Insights - BBCCC Inc, a subsidiary of The Boston Beer Company, is launching new cannabis-infused beverages, including a 10mg THC Rosin-Infused Iced Tea and expanding its Emerald Hour cannabis cocktail line into British Columbia [1][3][5] Group 1: Product Launches - TeaPot has introduced a new Rosin-Infused Lemon Black Iced Tea with 10mg of THC, which is twice as potent as the original version and maintains its award-winning taste [2][5] - Emerald Hour is launching two new cannabis cocktail recipes: Agave, Lime, & Sea Salt and Lime & Mint, both infused with 10mg of full-spectrum THC sourced from live rosin and cannabis diamonds [3][4] Group 2: Market Expansion - The new TeaPot iced tea is now available in dispensaries across British Columbia, Nova Scotia, and Ontario, with plans for further market expansion [2][5] - Emerald Hour's expansion into British Columbia reflects a growing trend in Canada for non-alcoholic cannabis options, catering to consumers seeking alternatives in traditionally alcohol-dominant settings [5] Group 3: Production and Quality - Both TeaPot Iced Teas and Emerald Hour Cannabis Cocktails are produced at Peak Processing Solutions located in Windsor, Ontario, ensuring quality and consistency in their offerings [5] Group 4: Company Background - The Boston Beer Company, established in 1984, has evolved from brewing craft beer to producing innovative non-alcoholic cannabis beverages through its Canadian subsidiary, BBCCC, Inc., which focuses on research and innovation in this sector [7][9]

Core Insights - The Boston Beer Company reported strong first-quarter 2025 results, with earnings per share of $2.16, significantly exceeding the Zacks Consensus Estimate of 78 cents, marking a 108% year-over-year improvement [3] - Net revenues reached $453.9 million, a 6.5% increase from the prior-year quarter, surpassing the Zacks Consensus Estimate of $432.3 million, driven by higher pricing and volume gains [3] - The company is focused on executing its operating plans for the summer season, leveraging a diversified brand portfolio and innovation pipeline despite ongoing macroeconomic challenges [2] Financial Performance - Gross profit improved by 17.7% year over year to $219.3 million, with gross margin expanding by 460 basis points to 48.3% from 43.7% in the previous year [9] - Advertising, promotional, and selling expenses rose by 14.4% to $137.5 million due to increased investments in media and local marketing, while general and administrative expenses decreased by 4.8% to $48 million [10] - As of March 29, 2025, the company had cash and cash equivalents of $152.5 million and total stockholders' equity of $897 million, with sufficient liquidity to meet cash requirements [11] Shipment and Depletion Trends - Shipment volume increased by 5.3% year over year to 1.7 million barrels, primarily driven by higher shipments in brands like Sun Cruiser, Hard Mountain Dew, and Twisted Tea, although depletions fell by 1% year over year [5][6] - Distributor inventory averaged nearly five weeks on hand, indicating appropriate inventory levels for each brand [8] Future Guidance - The company anticipates tariffs to have an unfavorable cost impact of $20-$30 million in 2025, which could reduce earnings per share by $1.25-$1.90 [13] - Depletions and shipments are expected to fluctuate in 2025, with second-quarter shipments anticipated to outpace depletions, but a reversal is expected in the third quarter [14] - The gross margin is projected to be between 45-47% for 2025, factoring in negative impacts from shortfall fees and non-cash expenses [15] Capital Expenditures and Share Repurchase - Capital spending is expected to be between $90-$110 million in 2025, aimed at enhancing brewery capabilities and efficiencies [17] - The company repurchased Class A common stocks worth $49.2 million in the first quarter of 2025, bringing total year-to-date repurchases to $60.5 million [12]

Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [33][34] - Revenue for the quarter increased by 6.5% due to volume and price increases [34] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year, attributed to lower brewery processing costs and pricing savings [35][37] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels, maintaining over 86% market share in the hard tea category [17] - Hard seltzer category sales declined by 5% in the first quarter, with Truly's performance not meeting expectations [21][22] - Samuel Adams and Dogfish Head brands showed flat depletions, with Dogfish Head's new product launch achieving significant media impressions [24][25] Market Data and Key Metrics Changes - The broader beer category is experiencing a decline, with larger beer category down by 5% [18][22] - The hard seltzer category continues to decline, impacting Truly's performance [21] - The company noted a shift in consumer behavior, with health and wellness trends affecting the beer category [10][11] Company Strategy and Development Direction - The company is focusing on supporting category-leading brands, launching strong innovations, and expanding gross margins [11][12] - Increased advertising investment is planned for 2025 to improve market share trends and support new product launches [12][21] - The strategy includes nurturing core brands and pursuing fewer, better innovations while transforming the supply chain [14][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment impacting consumer confidence and spending [10][11][81] - The company expects the beer category to remain relevant with growth opportunities in the "beyond beer" segment [10] - Future performance is anticipated to improve, particularly in the second half of the year, driven by summer selling season [46][108] Other Important Information - The company repurchased $61 million in shares year to date, with a remaining authorization of approximately $367 million [51][52] - Full year 2025 earnings per diluted share are expected to be between $8 and $10.50, with tariff impacts estimated at $20 million to $30 million [44][46] - The company is investing significantly in advertising for new products like SunCruiser, which has received positive feedback [27][28] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [55][57] Question: What is driving the cost pressure from tariffs? - Key components include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [60][61] Question: How much did Sun Cruiser and Truly Unruly contribute to shipment volume? - Management did not break out specific contributions but noted that Sun Cruiser is meeting expectations and is margin accretive [66][67] Question: What gives confidence in Twisted Tea's growth after a slowdown? - Management cited heavy investments in advertising and the introduction of new products as key factors for expected growth [70][71] Question: Are there assumptions about changes in consumer demand due to tariffs? - Management stated that current guidance does not include changes in demand, as it is too early to assess [76] Question: What is the outlook for Twisted Tea and Truly? - Management emphasized ongoing innovation and marketing efforts to regain market share and improve performance for both brands [88][90]

Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [33][34] - Revenue for the quarter increased by 6.5% due to volume and price increases [34] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year, attributed to lower brewery processing costs and pricing savings [35][37] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels, maintaining over 86% market share in the hard tea category [17] - Hard seltzer category sales declined by 5% in the first quarter, with Truly experiencing performance challenges [21][22] - Samuel Adams and Dogfish Head brands showed flat depletions, with Dogfish Head's new product launch achieving significant media impressions [24][25] Market Data and Key Metrics Changes - The broader beer category is expected to remain relevant, with growth opportunities in the "beyond beer" segment [10] - The hard seltzer category continues to decline, impacting Truly's performance [21] - The company noted a pullback in consumer spending, particularly among Hispanic consumers, affecting overall market dynamics [81] Company Strategy and Development Direction - The company is focusing on increasing advertising investments in 2025 to improve market share and support new product launches [12][10] - There is a commitment to innovation, particularly with the vodka-based hard tea SunCruiser and the expansion of Twisted Tea [15][27] - The company aims to enhance gross margins through procurement savings and improved brewery efficiencies [39][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment, with inflation and economic uncertainty impacting consumer behavior [11][82] - The company expects to see positive depletions in the second half of the year, driven by increased brand support and marketing efforts [108] - Future guidance remains cautious, with anticipated tariff impacts and a dynamic market environment [44][46] Other Important Information - The company repurchased $61 million in shares year to date, with a remaining authorization of approximately $367 million [51][52] - Capital expenditures for 2025 are expected to be between $90 million and $110 million [51] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [55][57] Question: What is driving the cost pressure from tariffs? - Key components include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [60][61] Question: How much did Sun Cruiser and Truly Unruly contribute to shipment volume? - Management did not provide specific breakout figures but confirmed that Sun Cruiser is meeting expectations and is margin accretive [66][67] Question: What are the main drivers of the slowdown in Twisted Tea? - The slowdown is attributed to increased competition and macroeconomic challenges, but management is confident in recovery through marketing investments [68][70] Question: Are you making any assumptions about changes in consumer demand due to tariffs? - Current guidance does not include changes in demand, as it is too early to assess the impact [76] Question: What is the outlook for Twisted Tea's growth? - Management is optimistic about reaccelerating growth through innovation and marketing, despite recent performance challenges [88][90] Question: Will you absorb the incremental tariff costs or take pricing action? - The company is assessing the situation and is prepared to implement solutions as needed, including potential pricing adjustments [96][97] Question: What is the distribution status of Sun Cruiser? - Most current volume is in untracked channels, with expectations to triple points of distribution in measured channels by mid-summer [99][100]

Boston Beer (SAM) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 176.92%. A quarter ago, it was expected that this brewer would post a loss of $1.18 per share when it actually produced a loss of $1.68, delivering a surprise of -42.37%. Over the last four quarters, the company has s ...

Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [22][7] - Revenue for the quarter increased by 6.5% due to volume and price increases [23] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year [24] - Earnings per diluted share (EPS) was $2.16, more than double compared to the prior year [25] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels and maintained an over 86% share in the hard tea category [12] - Hard seltzer category sales declined by 5% in the first quarter, impacting Truly's performance [14] - Samuel Adams and Dogfish Head brands achieved flat depletions, with Dogfish Head's Grateful Dead Juicy Pale Ale launch being particularly successful [17] Market Data and Key Metrics Changes - The broader beer category is expected to remain relevant, but inflation and economic uncertainty are significant drivers of recent weakness [8] - The hard seltzer category continues to decline, with Truly facing challenges in maintaining market share [14][15] Company Strategy and Development Direction - The company is focusing on supporting category-leading brands, launching strong innovations, and expanding gross margins [8] - Increased advertising investment in 2025 aims to improve market share trends and ensure successful product launches [9] - The strategy includes nurturing core brands and pursuing a "fewer things better" approach to innovation [10] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is challenging, with inflation and consumer confidence impacting performance [8][62] - Management remains confident in the strategies and team in place to deliver on 2025 plans and generate long-term sustainable growth [9] - The company expects to see improvements in depletions in the second half of the year, driven by increased brand support [84] Other Important Information - The company has repurchased $61 million in shares year to date [7] - Tariffs are expected to have an unfavorable cost impact of approximately $20 million to $30 million in 2025 [29] - The company ended the quarter with a cash balance of $152.5 million and an unused credit line of $150 million [34] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [38][39] Question: What is driving the cost pressure from tariffs? - Key drivers include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [41][42] Question: Can you break out the contribution of Sun Cruiser and Truly Unruly to shipment volume? - Management typically does not break out shipments by product but confirmed that Sun Cruiser is meeting expectations and is margin accretive [48][49] Question: What gives confidence in Twisted Tea's growth after a slowdown? - Management noted the presence of smaller competitors and emphasized ongoing investments in advertising and innovation to regain market share [52][53] Question: How is the company addressing changes in consumer demand? - Management acknowledged the impact of macroeconomic trends and consumer behavior changes, including reduced sociability and health concerns [62] Question: Will depletions flip positive in the second half of the year? - Management expects depletions to improve, potentially flipping positive in the second quarter or second half of the year [84]