SUJA earnings analysis
What we found in SUJA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Suja delivered Q2 net sales of $83.855 million, up 11.6% year over year, with adjusted EBITDA up 50.0% to $14.648 million, led by 61.2% growth and substantial margin improvement in Emerging Brands. GAAP results deteriorated sharply to a $(27.798) million net loss, primarily due to $25.077 million of IPO transaction costs and a $2.273 million debt-extinguishment loss; gross margin also declined 70 basis points to 46.7%. The IPO reduced Credit Agreement debt by $142.6 million to $164.9 million, but management expects Q2 velocity weakness and competitive pricing/promotions to remain headwinds in Q3.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew 11.6% year over year
- Q2 net sales rose $8.691 million, or 11.6% year over year, to $83.855 million; however, revenue was down $107.058 million sequentially from the implied Q1 level of $107.058 million (six-month sales of $190.913 million less Q2 sales of $83.855 million).
- Emerging Brands sharply improved
- Emerging Brands sales grew 61.2% to $3.028 million and gross margin expanded to 44.1% from 16.3%, aided by a 41% reduction in average cost of sales per selling unit.
- Underlying EBITDA and margin expanded
- Adjusted EBITDA increased $4.884 million, or 50.0%, to $14.648 million, and adjusted EBITDA margin expanded to 17.5% from 13.0%.
- IPO materially reduced debt
- IPO proceeds funded repayment of $101.3 million of term-loan principal and $40.0 million of revolver borrowings; total Credit Agreement debt fell to $164.9 million at June 29, 2026 from $307.5 million at December 29, 2025.
- Lower debt reduced interest expense
- Interest expense declined $2.068 million, or 27.6%, to $5.423 million following IPO-funded debt repayment.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- IPO charges drove a steep GAAP loss
- GAAP net loss widened to $(27.798) million from $(5.658) million, producing a $(20.543) million operating loss versus $1.866 million of operating income. The decline included $25.077 million of IPO transaction costs and a $2.273 million loss on debt extinguishment.
- Core gross margin compressed
- Gross margin contracted 70 basis points year over year to 46.7% from 47.4%; Suja Core margin fell to 47.5% from 49.1% because of unfavorable absorption timing plus higher input and logistics costs.
- Management flags Q3 demand pressure
- Management said Q2 velocity declined for Nielsen-tracked customers representing less than half of sales and expects the headwind to persist in Q3 2026. It also expects competitor price reductions and promotion to affect Q3 results.
- Cash conversion and investment needs worsened
- Six-month operating cash flow was negative $(5.150) million versus negative $(3.041) million a year earlier, while investing cash use rose to $(13.921) million from $(6.409) million, primarily for property and equipment purchases.
- TRA could constrain future cash flow
- The company estimates aggregate tax-receivable-agreement payments over 35 years could reach approximately $147.2 million plus approximately $25.4 million related to pre-IPO tax attributes; annual aggregate payments could range from $0.0 million to $11.9 million.
- No updated risk factors; rate exposure remains
- No risk-factor amendments were provided in Item 1A; the filing instead incorporates by reference the Prospectus risk factors. Remaining debt was $164.9 million and a 100-basis-point rate change would affect interest expense by approximately $1.6 million over 12 months.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.14
- Gross margin
- 46.7%
- Operating margin
- -24.5%
- Segment
- Suja Core revenue: $81.915 million, up $7.337 million (9.8%) year over year.
- Segment
- Emerging Brands revenue: $3.028 million, up $1.150 million (61.2%) year over year.
- Segment
- Intersegment elimination: $(1.088) million, versus $(1.292) million a year ago.
What they said about what is next.
The 10-Q contains no quantitative revenue or EPS outlook. Management said velocity declined in Q2 for Nielsen-tracked customers representing less than half of net sales and expects this headwind to persist in Q3 2026; it also expects competitor price cuts and promotional activity to affect Q3 results. The revenue and adjusted-EBITDA guidance changes disclosed in the contemporaneous earnings release are not quantified in this 10-Q.
The filing reads about the same as the one before it.
What came before.
- 10-Q · June 9, 2026
- Suja Life, Inc. reported strong Q1 2026 results with revenues of $107.1 million, a 22.5% increase year-over-year, and EPS of $0.20, exceeding estimates. The company's Emerging Brands segment demonstrated significant…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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