Quarterly ResultMay 6, 2026, 06:52 AM
Utz Brands Q1 Net Loss $(1.7)M; Sales $361.3M; Goodwill at Risk
AI Summary
Utz Brands reported a net loss of $(1.7) million for the first quarter of 2026, a significant decline from a net income of $7.5 million in the prior year period, despite a 2.6% increase in net sales to $361.3 million. The company also disclosed that its goodwill is at risk of impairment due to a decrease in share price and market capitalization below book value. Additionally, Utz Brands authorized a $50 million share repurchase program and is proceeding with the sale of certain assets and the closure of a manufacturing facility.
Key Highlights
- Q1 2026 net loss attributable to controlling interest was $(1.7)M, down from $7.5M income YoY.
- Net sales increased 2.6% to $361.3M for Q1 2026, up from $352.1M YoY.
- Basic loss per Class A Common stock was $(0.02) for Q1 2026.
- Goodwill is at risk of impairment; market cap below book value.
- Board authorized a $50M share repurchase program on February 10, 2026.
- Cash and cash equivalents decreased to $73.7M from $120.4M since December 28, 2025.
- Assets held for sale total $10.4M; Grand Rapids facility closure by H1 2027.
- Purchase commitments rose to $126.5M, with $7.6M in gains for Q1 2026.