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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Information

Summary of selected financial data related to our segments


		Three Months Ended June 30, 2025
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	208,814		$	72,045		$	280,859

Segment Adjusted EBITDA			19,670			3,315			22,985
Less:
Interest expense									13,119
Depreciation and amortization									15,016
Transaction, restructuring and integration expense									2,477
Equity-based compensation									4,750
Conway extract and ready-to-drink facility pre-production costs									9,072
Conway extract and ready-to-drink facility scale up operating costs									7,647
Mark-to-market adjustments									(1,441)
Other									(2,215)
Loss before income taxes and equity in earnings from unconsolidated entities								$	(25,440)

Total assets			1,027,048			130,429			1,157,477

(1)	Excludes $2.6 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


		Three Months Ended June 30, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	163,253		$	45,136		$	208,389

Segment Adjusted EBITDA			13,245			419			13,664
Less:
Interest expense									7,453
Depreciation and amortization									7,968
Transaction, restructuring and integration expense									4,399
Change in fair value of warrant liabilities									(1,612)
Equity-based compensation									3,025
Impairment charges									831
Conway extract and ready-to-drink facility pre-production costs									12,382
Conway extract and ready-to-drink facility scale up operating costs									1,230
Mark-to-market adjustments									(1,522)
(Gain) loss on disposal of property, plant and equipment									971
Other									886
Loss before income taxes and equity in earnings from unconsolidated entities								$	(22,347)

Total assets			965,250			91,123			1,056,373

(1)	Excludes $1.6 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


		Six Months Ended June 30, 2025
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	372,893		$	121,762		$	494,655

Segment Adjusted EBITDA			29,253			5,243			34,496
Less:
Interest expense									25,718
Depreciation and amortization									26,771
Transaction, restructuring and integration expense									4,268
Equity-based compensation									8,080
Conway extract and ready-to-drink facility pre-production costs									13,520
Conway extract and ready-to-drink facility scale up operating costs									10,935
Mark-to-market adjustments									(3,514)
(Gain) loss on disposal of property, plant and equipment									7
Other									(459)
Loss before income taxes and equity in earnings from unconsolidated entities								$	(50,830)

Total assets			1,027,048			130,429			1,157,477

(1)	Excludes $6.5 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


		Six Months Ended June 30, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability			Total
Net sales⁽¹⁾		$	321,312		$	79,577		$	400,889

Segment Adjusted EBITDA			24,045			761			24,806
Less:
Interest expense									15,032
Depreciation and amortization									15,516
Transaction, restructuring and integration expense									7,363
Change in fair value of warrant liabilities									(1,653)
Equity-based compensation									5,481
Impairment charges									831
Conway extract and ready-to-drink facility pre-production costs									22,178
Conway extract and ready-to-drink facility scale up operating costs									1,230
Mark-to-market adjustments									(3,162)
(Gain) loss on disposal of property, plant and equipment									973
Other									1,169
Loss before income taxes and equity in earnings from unconsolidated entities								$	(40,152)

Total assets			965,250			91,123			1,056,373

(1)	Excludes $3.5 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


			Three Months Ended June 30, 2025
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	208,814		$	72,045
Less:
Costs of sales			163,565			66,378
Employee related⁽¹⁾			14,082			1,909
Information technology			1,675			n/a
Advertising & marketing			737			n/a
Professional fees			2,429			n/a
Corporate insurance			1,338			n/a
Freight			2,992			n/a
Other segment expense⁽²⁾			2,326			443
Segment Adjusted EBITDA		$	19,670		$	3,315

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed 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.


			Three Months Ended June 30, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	163,253		$	45,136
Less:
Costs of sales			121,899			41,870
Employee related⁽¹⁾			12,012			1,776
Information technology			1,441			n/a
Advertising & marketing			1,421			n/a
Professional fees			2,272			n/a
Corporate insurance			2,002			n/a
Freight			4,273			n/a
Other segment expense⁽²⁾			4,688			1,071
Segment Adjusted EBITDA		$	13,245		$	419

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed 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.


			Six Months Ended June 30, 2025
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	372,893		$	121,762
Less:
Costs of sales			295,005			111,804
Employee related⁽¹⁾			25,888			3,698
Information technology			3,710			n/a
Advertising & marketing			1,453			n/a
Professional fees			4,522			n/a
Corporate insurance			2,933			n/a
Freight			6,000			n/a
Other segment expense⁽²⁾			4,129			1,017
Segment Adjusted EBITDA		$	29,253		$	5,243

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed 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.


			Six Months Ended June 30, 2024
					Sustainable
		Beverage			Sourcing &
(Thousands)		Solutions			Traceability
Net Sales		$	321,312		$	79,577
Less:
Costs of sales			242,386			73,676
Employee related⁽¹⁾			23,936			3,326
Information technology			2,815			n/a
Advertising & marketing			2,097			n/a
Professional fees			4,823			n/a
Corporate insurance			4,093			n/a
Freight			7,750			n/a
Other segment expense⁽²⁾			9,367			1,814
Segment Adjusted EBITDA		$	24,045		$	761

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed 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.