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]

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 FIRST QUARTER FINANCIAL RESULTS BOSTON (April 24, 2025) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the first quarter ended March 29, 2025. Key results were: First Quarter 2025 Summary: Capital Structure "Our business remained resilient despite subdued category trends," said Chair ...

Core Viewpoint - The Boston Beer Company is expected to report revenue growth for Q1 2025, but a decline in earnings year over year is anticipated [1][2]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for revenues is $432.3 million, reflecting a 1.5% increase from the previous year's quarter [2]. - The consensus estimate for earnings per share (EPS) is 89 cents, indicating a decline of 14.4% from the year-ago quarter [2]. Challenges Facing the Company - Boston Beer is experiencing challenges due to a slowdown in the hard seltzer category and weakening demand for its Truly brand [3]. - Consumer preferences are shifting towards other beverage options and more affordable premium light beers, impacting Truly's performance [3]. - Macroeconomic factors such as inflation and reduced discretionary spending are contributing to a decline in hard seltzer volumes [4]. Shipment and Sales Performance - In Q4 2024, Boston Beer saw a slight drop in product shipments, primarily due to Truly Hard Seltzer's poor performance, although other brands like Twisted Tea and Hard Mountain Dew showed growth [5]. - For Q1 2025, shipments are expected to be stronger than usual due to inventory replenishment, but consumer takeaway is likely to remain flat year over year [6]. Strategic Positioning and Future Outlook - Despite current challenges, Boston Beer is positioned for improved performance through strong price realization and cost optimization initiatives [7]. - The company is focusing on strategic pricing, product innovation, and brand development to enhance its market position [8]. - Boston Beer is expanding its presence in the Beyond Beer category, which is expected to continue growing and solidifying its competitive edge [8]. Valuation Perspective - Boston Beer stock is trading at a premium with a forward 12-month price-to-earnings ratio of 22.26X, compared to the industry average of 16.01X [11]. - The stock has shown a downward trend, losing 4.6% in the past three months, while the industry has grown by 15.5% [11].

Wall Street expects a year-over-year decline in earnings on higher revenues when Boston Beer (SAM) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 24. On th ...

Core Insights - Sun Cruiser Iced Tea & Vodka is expanding its product line with the introduction of Sun Cruiser Lemonade & Vodka, featuring four flavors made with real fruit and premium vodka, targeting the growing demand for refreshing, spirits-based beverages [1][2][3] Product Details - The new Sun Cruiser Lemonade & Vodka lineup includes four flavors: Lemonade, Pink Lemonade, Strawberry Lemonade, and Lemonade + Iced Tea [7] - Each 12 oz. serving contains 100 calories, 1g of sugar, and has an alcohol by volume (ABV) of 4.5%, making it a light and refreshing option for summer activities [3] Market Position - Sun Cruiser has quickly established itself as the 1 new ready-to-drink (RTD) brand family of 2024 and holds the title of the fastest-moving vodka iced tea 8-pack in its Classic Iced Tea style [2][3] - The brand was recently awarded Best Alcoholic Beverage at the Bar & Restaurant Expo in Las Vegas, indicating strong market acceptance and consumer preference [2] Brand Strategy - The expansion into lemonade products is aimed at enhancing the brand's appeal to consumers seeking high-quality, spirits-based options for outdoor and social occasions [3][5] - Sun Cruiser is marketed as a companion for spontaneous fun and adventure, aligning with lifestyle trends that favor casual, outdoor drinking experiences [3][5] Company Background - The Boston Beer Company, founded in 1984, is recognized as one of the largest craft brewers in the U.S., with a diverse portfolio that includes not only beer but also hard cider, hard seltzer, and hard tea [6] - The company emphasizes quality and innovation in its product offerings, leveraging its experience in craft brewing to develop new beverage categories [6]

The Boston Beer Company, Inc. (SAM) , a prominent player in the craft beer industry, is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 21.45X, which positions it at a premium compared with the industry’s average of 15.22X. The valuation indicates that the stock is overvalued.Image Source: Zacks Investment ResearchBoston Beer’s shares have plunged 11.8% in the past six months, slightly outperforming the industry’s 15.2% dip but underperforming the broader Consumer Staples sector, ...

Core Viewpoint - Investors in the Beverages - Alcohol sector should consider Molson Coors Brewing (TAP) as a more attractive option compared to Boston Beer (SAM) for undervalued stocks [1] Valuation Metrics - Molson Coors Brewing has a Zacks Rank of 1 (Strong Buy), while Boston Beer has a Zacks Rank of 5 (Strong Sell), indicating a stronger earnings outlook for TAP [3] - TAP has a forward P/E ratio of 9.42, significantly lower than SAM's forward P/E of 23.20, suggesting TAP is undervalued [5] - TAP's PEG ratio is 1.55, while SAM's PEG ratio is 1.92, indicating TAP's expected earnings growth is more favorable [5] - TAP's P/B ratio is 0.92, compared to SAM's P/B of 3.01, further highlighting TAP's relative undervaluation [6] - TAP has a Value grade of A, while SAM has a Value grade of D, reinforcing the conclusion that TAP is the better investment option for value investors [6]

The Boston Beer Company (SAM) is a Zacks Rank #5 (Strong Sell) after the company missed the Zacks Consensus Estimate when the company last reported. While this company is broadly know for its line of beers like Samuel Adams, they also make the popular hard seltzer Truly.  This article will look at why this stock is a Zacks Rank #5 (Strong Sell) as it is the Bear of the Day.Description                        Boston Beer Co., Inc. engages in the production and sale of alcoholic beverages. Its brands include T ...

Core Insights - Starcore International Mines Ltd. has reported on the results of its auger drilling and soil geochemistry at the Kimoukro gold project in Côte d'Ivoire, indicating ongoing exploration efforts in the region [1][2]. Exploration Activities - The auger drilling campaign was completed in November 2024, involving 355 holes drilled over a 100x100 m grid, totaling 2,988 meters of drilling [3][4]. - The drilling aimed to confirm previously identified gold anomalies and explore areas with barren surface samples [2][4]. - The drilling process was divided into five phases, adapting to logistics and weather conditions, with a total of 35 effective drilling days [4][5]. Sample Collection and Analysis - A total of 1,504 samples were collected, including 10% QA/QC samples, and were assayed for gold at the MSA lab in Yamoussoukro [7][8]. - The assay results indicated peak values of 1.7 ppm Au in saprock and 0.42 ppm Au in sand and gravel, with no significant gold intercepts recorded in most samples [15][16]. Geological Findings - The in-soil gold anomaly greater than 20 ppb Au spans approximately 2.5 km in length and 500 to 800 meters in width, covering over 1.3 km² [23]. - Sparse anomalies were identified in the northern part of the permit, while a significant anomaly was noted in the southern portion, open to the west [20][23]. Future Plans - The company plans to fill gaps in the auger drilling program in the next phase of exploration, with ongoing activities including a superficial soil sampling program [17][19]. - A field office has been established to support continued geological work and mapping in the area [18]. Corporate Developments - Starcore has appointed Baker Tilly WM LLP as its new auditors following the resignation of Davidson & Company LLP, with no reportable events noted prior to this change [22].

Core Points - Dogfish Head celebrates its 10th consecutive year as the "Official Beer of Record Store Day" by collaborating with Grateful Dead to launch a vinyl compilation album titled ON A BACK PORCH VOL. 1, available in independent record stores starting April 12, 2025 [1][2] - The album features live versions of classic Grateful Dead songs, compiled by Dogfish Head Founder Sam Calagione and Grateful Dead Archivist David Lemieux, and is designed to complement the Grateful Dead Juicy Pale Ale, a new beer with 5.3% ABV [2][3] Company Initiatives - Dogfish Head will host various music-centric events at its locations in Delaware to celebrate Record Store Day, emphasizing the importance of independent record stores in building community [3] - Events include a happy hour with interactive crafts at Dogfish Head Chesapeake & Maine, a Grateful Dead listening party at Brewings & Eats, and a "Shakedown Street" Market at the Milton Brewery featuring local vendors and exclusive Record Store Day releases [4][5][6] Product Offerings - The Grateful Dead Juicy Pale Ale is a year-round offering brewed with Kernza® grains, granola, and hops that impart tropical fruit flavors, available in various packaging options [2] - The ON A BACK PORCH VOL. 1 album spans multiple years of Grateful Dead music and includes both popular and rare tracks, mastered by a GRAMMY® Award-winning engineer [2] Industry Context - Record Store Day is an annual celebration of independent record stores, highlighting their cultural significance and community roles [3][16] - The collaboration between Dogfish Head and Grateful Dead reflects a growing trend of partnerships between beverage companies and music entities to enhance brand experiences and community engagement [9]