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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Information

Summary of selected financial data related to our segments


		Year Ended December 31, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	659,383		$	191,343		$	850,726

Segment Adjusted EBITDA			53,639			6,366			60,005
Less:
Interest expense									33,856
Depreciation and amortization									34,745
Transaction, restructuring and integration expense									13,797
Change in fair value of warrant liabilities									(7,015)
Equity-based compensation									11,608
Impairment charges									5,686
Conway extract and ready-to-drink facility pre-production costs									35,544
Conway extract and ready-to-drink facility scale up operating costs									12,825
Mark-to-market adjustments									(4,622)
(Gain) loss on disposal of property, plant and equipment									(1,722)
Other									1,681
Loss before income taxes and equity in earnings from unconsolidated entities								$	(76,378)

Capital expenditures		$	159,391		$	234		$	159,625
Total assets			1,004,126			97,654			1,101,780

(1)	Excludes $11.1 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


		Year Ended December 31, 2023
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	722,865		$	141,849		$	864,714

Segment Adjusted EBITDA			41,624			3,457			45,081
Less:
Interest expense									29,157
Depreciation and amortization									26,584
Transaction, restructuring and integration expense									14,557
Change in fair value of warrant liabilities									(10,207)
Management and consulting fees (S&D acquisition)									556
Equity-based compensation									8,708
Conway extract and ready-to-drink facility pre-production costs									11,698
Mark-to-market adjustments									(104)
(Gain) loss on disposal of property, plant and equipment									1,153
Other									3,804
Loss before income taxes and equity in earnings from unconsolidated entities								$	(40,825)

Capital expenditures		$	164,474		$	137		$	164,611
Total assets			891,170			80,344			971,514

(1)	Excludes $5.1 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


		Year Ended December 31, 2022
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	685,303		$	182,569		$	867,872

Segment Adjusted EBITDA			53,951			6,102			60,053
Less:
Interest expense									35,497
Depreciation and amortization									24,210
Transaction, restructuring and integration expense									13,169
Change in fair value of warrant liabilities									29,675
Management and consulting fees (S&D acquisition)									3,868
Equity-based compensation									2,631
Mark-to-market adjustments									3,502
(Gain) loss on disposal of property, plant and equipment									935
Other									1,916
Loss before income taxes and equity in earnings from unconsolidated entities								$	(55,350)

Capital expenditures		$	63,158		$	103		$	63,261
Total assets			658,814			87,399			746,213

(1)	Excludes $25.0 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.

Summary of net sales information by geographic area


			Year ended December 31, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	659,383		$	191,343
Less:
Cost of sales			502,194			174,274
Employee related⁽¹⁾			45,227			7,363
Information technology			5,692			n/a
Advertising & marketing			3,949			n/a
Professional fees			10,698			n/a
Corporate insurance			7,197			n/a
Freight			14,492			n/a
Other segment expense⁽²⁾			16,295			3,340
Segment Adjusted EBITDA		$	53,639		$	6,366


			Year ended December 31, 2023
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	722,865		$	141,849
Less:
Cost of sales			582,528			127,994
Employee related⁽¹⁾			36,296			6,285
Information technology			4,351			n/a
Advertising & marketing			5,562			n/a
Professional fees			8,413			n/a
Corporate insurance			5,020			n/a
Freight			17,846			n/a
Other segment expense⁽²⁾			21,225			4,113
Segment Adjusted EBITDA		$	41,624		$	3,457


			Year ended December 31, 2022
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	685,303		$	182,569
Less:
Cost of sales			533,331			166,994
Employee related⁽¹⁾			36,927			6,215
Information technology			3,065			n/a
Advertising & marketing			4,957			n/a
Professional fees			8,015			n/a
Corporate insurance			4,244			n/a
Freight			21,432			n/a
Other segment expense⁽²⁾			19,381			3,258
Segment Adjusted EBITDA		$	53,951		$	6,102

1 - Employee related costs are costs reported within selling, general and administrative expense in our Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses.

2 – Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses.