WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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: 001-39411 Vital Farms, Inc. (Exact name of registrant as specified in its charter) Delaware 27-049698 ...

Exhibit 99.1 Vital Farms Reports First Quarter 2024 Financial Results Record First Quarter Net Revenue of $147.9 million, up 24.1% versus Prior Year Period Raises Fiscal Year 2024 Outlook Announces Plans for New State-of-the-Art Egg Washing and Packing Facility AUSTIN, TX – May 9, 2024 – Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its first quarter ended March 31, 2024. Financial highlights for the fir ...

Vital Farms, Inc. (NASDAQ:VITL) Q4 2023 Earnings Conference Call March 7, 2024 8:30 AM ET Company Participants Anna Kate Heller - IR Russell Diez-Canseco - President and CEO Thilo Wrede - CFO Kathryn McKeon - CMO Conference Call Participants Brian Holland - D.A. Davidson Adam Samuelson - Goldman Sachs Matt Smith - Stifel Jacob Henry - TD Cowen Robert Dickerson - Jefferies Matthew McGinley - Needham Ben Klieve - Lake Street Capital Markets Operator Good day and thank you for standing by. Welcome to the Vital ...

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 31, 2023 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: 001-39411 Vital Farms, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0496985 (St ...

Financial Highlights [Fourth Quarter 2023 Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Highlights) Record Q4 net revenue grew 23.4% to $135.8 million, driven by volume, pricing, and an extra sales week Q4 2023 vs Q4 2022 Financial Highlights | Metric | Q4 2023 (14 weeks) | Q4 2022 (13 weeks) | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $135.8 million | $110.1 million | +23.4% | | **Net Income** | $7.2 million | $1.9 million | +281% | | **Net Income per Diluted Share** | $0.17 | $0.04 | +325% | | **Adjusted EBITDA** | $13.9 million | $6.9 million | +101% | - Excluding the impact of the extra week in Q4 2023, **net revenue increased by 15.7%** compared to the prior year period[5](index=5&type=chunk) [Fiscal Year 2023 Highlights](index=1&type=section&id=Fiscal%20Year%202023%20Highlights) Full-year net revenue increased 30.3% to $471.9 million, with significant improvements in profitability Fiscal Year 2023 vs 2022 Financial Highlights | Metric | Fiscal Year 2023 (53 weeks) | Fiscal Year 2022 (52 weeks) | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $471.9 million | $362.1 million | +30.3% | | **Net Income** | $25.6 million | $1.2 million | +2033% | | **Net Income per Diluted Share** | $0.59 | $0.03 | +1867% | | **Adjusted EBITDA** | $48.3 million | $16.2 million | +198% | - The company is on track to become a **$1 billion business by 2027** and achieved a greater than **10% adjusted EBITDA margin** for the year[3](index=3&type=chunk)[4](index=4&type=chunk) Detailed Financial Performance [Fourth Quarter 2023 Results](index=2&type=section&id=Fourth%20Quarter%202023%20Results) Q4 net revenue growth was driven by volume gains and pricing, with gross margin expanding to 33.3% - Net revenue increased 23.4% to $135.8 million, driven by **11.6% volume gains** and higher prices, with the extra week contributing $8.5 million[6](index=6&type=chunk)[7](index=7&type=chunk) - Gross profit was $45.2 million (**33.3% of net revenue**), up from $33.3 million (30.3% of net revenue) in Q4 2022, due to volume gains and price increases[8](index=8&type=chunk) - Income from operations increased to **$9.1 million** from $3.4 million in the prior year quarter, mainly due to higher sales and gross profit[9](index=9&type=chunk) - Adjusted EBITDA grew to $13.9 million (**10.2% of net revenue**) from $6.9 million (6.2% of net revenue) in Q4 2022[11](index=11&type=chunk)[12](index=12&type=chunk) [Fiscal Year 2023 Results](index=2&type=section&id=Fiscal%20Year%202023%20Results) Full-year revenue growth was supported by a 13.9% increase in volume and higher prices, boosting operating income - Net revenue increased 30.3% to $471.9 million, driven by **13.9% volume gains** and higher prices, with the extra week contributing $8.5 million[13](index=13&type=chunk)[14](index=14&type=chunk) - Gross profit was $162.3 million (**34.4% of net revenue**), up from $109.4 million (30.2% of net revenue) in FY 2022[15](index=15&type=chunk) - Income from operations was **$33.3 million**, a significant increase from $2.1 million in fiscal year 2022[16](index=16&type=chunk) - Adjusted EBITDA was $48.3 million (**10.2% of net revenue**), compared to $16.2 million (4.5% of net revenue) in the prior year period[18](index=18&type=chunk) [Balance Sheet and Cash Flow Highlights](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) The company ended FY2023 with a strong liquidity position of $116.8 million and no outstanding debt - As of December 31, 2023, the company had **$116.8 million in cash, cash equivalents, and marketable securities**, with no outstanding debt[20](index=20&type=chunk) - Net cash provided by operating activities was **$50.9 million** for FY 2023, a substantial improvement from a net cash usage of $8.1 million in FY 2022[20](index=20&type=chunk) - Capital expenditures totaled **$11.5 million** in FY 2023, a slight increase from $10.6 million in the prior year[21](index=21&type=chunk) Fiscal 2024 Outlook [Management Guidance](index=3&type=section&id=Management%20Guidance) Management projects at least 17% revenue growth and a significant increase in capital expenditures for fiscal 2024 Fiscal Year 2024 Guidance | Metric | FY 2024 Expectation | Growth vs FY 2023 | | :--- | :--- | :--- | | **Net Revenue** | At least $552 million | ≥ 17% | | **Adjusted EBITDA** | At least $57 million | ≥ 18% | | **Capital Expenditures** | $35 million to $45 million | N/A | - The company reaffirmed its long-term financial targets of achieving **$1 billion in net revenue**, a **35% gross margin**, and a **12-14% Adjusted EBITDA margin**[22](index=22&type=chunk) Financial Statements [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement reflects substantial year-over-year growth in revenue, gross profit, and net income Fiscal Year Income Statement (in thousands) | Account | 53-Weeks Ended Dec 31, 2023 | 52-Weeks Ended Dec 25, 2022 | | :--- | :--- | :--- | | **Net revenue** | $471,857 | $362,050 | | **Gross profit** | $162,326 | $109,444 | | **Income from operations** | $33,254 | $2,104 | | **Net income** | $25,566 | $1,230 | | **Diluted EPS** | $0.59 | $0.03 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a strengthened financial position with total assets increasing to $275.2 million Balance Sheet Highlights (in thousands) | Account | December 31, 2023 | December 25, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $84,149 | $12,914 | | **Total current assets** | $195,524 | $149,614 | | **Total assets** | $275,178 | $214,666 | | **Total current liabilities** | $65,221 | $47,652 | | **Total liabilities** | $82,501 | $56,334 | | **Total stockholders' equity** | $192,677 | $158,332 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $50.9 million in cash, a major turnaround from the prior year's cash usage Cash Flow Summary (in thousands) | Account | 53-Weeks Ended Dec 31, 2023 | 52-Weeks Ended Dec 25, 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $50,906 | $(8,098) | | **Net cash provided by (used in) investing activities** | $22,383 | $(10,037) | | **Net cash (used in) provided by financing activities** | $(2,054) | $83 | | **Net increase (decrease) in cash** | $71,235 | $(18,052) | | **Cash and cash equivalents at end of period** | $84,149 | $12,914 | Non-GAAP Financial Measures [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) The reconciliation from Net Income to Adjusted EBITDA shows a significant increase to $48.3 million in FY2023 - Management believes Adjusted EBITDA is a useful supplemental measure for assessing the health of the business, determining incentive compensation, and for internal planning and forecasting[38](index=38&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | 53-Weeks Ended Dec 31, 2023 | 52-Weeks Ended Dec 25, 2022 | | :--- | :--- | :--- | | **Net income** | $25,566 | $1,230 | | Depreciation and amortization | $10,490 | $5,761 | | Stock-based compensation expense | $7,417 | $6,040 | | Income tax provision | $6,635 | $1,601 | | Other adjustments (net) | $(1,780) | $1,404 | | **Adjusted EBITDA** | **$48,348** | **$16,236** |

Core Viewpoint - Vital Farms is positioned as a long-term growth opportunity despite recent share price pressures, with improved operating performance and potential for margin expansion in 2023 [2][4]. Company Overview - Founded in 2007, Vital Farms focuses on ethically produced food, particularly in the pasture-raised eggs market, collaborating with around 300 family farms and selling in over 20,000 stores [3]. - The company went public in July 2020, targeting a $5 billion US shell eggs market, with growth driven by inflation and volume increases, expanding its addressable market to approximately $10 billion [3]. - Sales grew from $45 million in 2014 to $141 million in 2019, but operating margins remained low at 2% [3]. Financial Performance - After a strong IPO, Vital Farms experienced a decline in sales and margins in the second half of 2020, with shares dropping to $10 in 2022 [3]. - In 2021, sales increased by 21% to $261 million, but EBITDA halved to $8 million, reflecting ongoing margin pressures [3]. - 2022 revenues rose to $362 million, with EBITDA improving to $16 million, indicating some recovery but still lacking realistic earnings [3]. - By spring 2023, sales were expected to reach a minimum of $450 million, with EBITDA guidance of at least $30 million, suggesting a significant improvement in profitability [3]. Recent Developments - In May 2023, Vital Farms reported a 55% increase in first-quarter sales to $119 million, with adjusted EBITDA nearing $14 million, driven by pricing and a 26% increase in volumes [4]. - The second quarter saw a 28% increase in sales to $106 million, with operating earnings of $8 million and a revised full-year sales guidance of at least $465 million [4]. - By November 2023, third-quarter sales were up 20% to $110 million, with a net earnings report of $0.10 per share, leading to an increased full-year EBITDA guidance of over $40 million [4]. Long-Term Outlook - With 43 million shares trading at $15, the equity valuation is approximately $650 million, with an enterprise valuation of $550 million, reflecting a sales multiple of just over 1 times [5]. - The company aims to double revenues to over $1 billion by 2027, targeting EBITDA margins of 12-14%, which could translate to $120-$140 million in EBITDA [5]. - Potential net profits could reach $75-$90 million, suggesting earnings power of $1.75-$2.10 per share by 2027, with a market multiple potentially driving shares up to $40 or higher [5].

Vital Farms, Inc. (NASDAQ:VITL) Q3 2023 Results Conference Call November 2, 2023 8:30 AM ET Company Participants Matt Siler - VP, IR Russell Diez-Canseco - President and CEO Thilo Wrede - CFO Pete Pappas - Chief Sales Officer Conference Call Participants Pamela Kaufman - Morgan Stanley Adam Samuelson - Goldman Sachs Matt Smith - Stifel Robert Moskow - TD Cowen Robert Dickerson - Jefferies Matt McGinley - Needham Ryan Meyers - Lake Street Capital Markets Matt Siler Thank you. Good morning. Welcome to Vital F ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number: 001-39411 Vital Farms, Inc. (Exact name of registrant as specified in its charter) Delaware 27-04 ...

Vital Farms, Inc. (NASDAQ:VITL) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Matthew Siler - VP, IR Russell Diez-Canseco - President and CEO Thilo Wrede - CFO Peter Pappas - Chief Sales Officer Conference Call Participants Pamela Kaufman - Morgan Stanley Cody Ross - UBS Matt McGinley - Needham Matt Smith – Stifel Robert Dickerson - Jefferies Ben Klieve - Lake Street Capital Markets Robert Moskow - TD Cowen Operator Good day, and thank you for standing by. Welcome to the Vi ...

VITAL FARMS, INC. (NASDAQ: VITL) August 2023 Corporate Presentation 2 REPORTING DISCLAIMER Non-GAAP Financial Measures This presentation contains, in addition to historical information, certain forward-looking statements, as defined in Private Securities Litigation Reform Act of 1995, that are based on our current assumptions, expectations and projections about future performance and events and relate to, among other matters, our future financial performance, our business strategy, industry and market trend ...