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]

Financial Performance - Net revenue for the first quarter was $453.9 million, reflecting a 6.5% increase compared to the prior year [4]. - Gross margin improved to 48.3%, up 460 basis points from 43.7% in the first quarter of 2024 [6]. - Net income reached $24.4 million, a significant increase of $11.8 million or 93.8% year-over-year, with diluted earnings per share rising by 108% to $2.16 [4]. - Net income for the thirteen weeks ended March 29, 2025, was $24,412, compared to $12,597 for the same period in 2024, representing a year-over-year increase of 93.5% [22]. - The effective tax rate for the first quarter was 31.9%, down from 33.0% in the prior year [9]. Shareholder Returns - The company repurchased $61 million in shares year-to-date, with approximately $367 million remaining on the $1.6 billion share buyback authorization [10]. - The company repurchased and retired $49,394 of Class A common stock during the period, slightly down from $49,967 in the previous year [22]. Cash Flow and Investments - Net cash provided by operating activities was $1,939, a significant improvement from a net cash used of $4,884 in the prior year [22]. - Cash flows used in investing activities decreased to $9,879 from $35,714, indicating a reduction in capital expenditures [22]. - Cash and cash equivalents at the end of the period were $152,454, down from $205,444 at the end of the same period last year [22]. - The company reported a change in cash and cash equivalents of $(59,365), compared to $(93,047) in the previous year, reflecting better cash flow management [22]. Operational Efficiency - First quarter depletions decreased by 1% year-over-year, while shipment volume increased by 5.3% to approximately 1.7 million barrels [3]. - Advertising, promotional, and selling expenses increased by $17.3 million or 14.3% year-over-year, primarily due to higher media and local marketing investments [8]. - Accounts receivable increased by $26,402, compared to an increase of $6,304 in the prior year, indicating potential growth in sales [22]. - Inventories decreased to $26,827 from $29,342, suggesting improved inventory management [22]. - Depreciation and amortization expenses were $22,814, slightly lower than $23,404 in the previous year [22]. - Stock-based compensation expense was $5,870, down from $7,127 in the previous year, indicating cost control measures [22]. Future Projections - Full-year 2025 projections estimate a gross margin of 45% to 47% and GAAP EPS between $8.00 and $10.50 [14]. - The company anticipates an unfavorable cost impact from tariffs of approximately $20 to $30 million for the full year 2025 [12]. - The company expects shipment trends to exceed depletion trends in the second quarter, with a reversal anticipated in the second half of the year [14].