0000950170-24-093329 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income

Note 19. Accumulated Other Comprehensive Income

The amounts reclassified from accumulated other comprehensive income (“AOCI”) to the unaudited consolidated statements of operations were as follows (in thousands):


		Amounts Reclassified from AOCI
		13-Week Period Ended
AOCI Component	Statement of Income Classification	June 30, 2024		June 25, 2023
Losses on available-for-sale securities	Other expense, net	$	—	$	95
	Total before tax	$	—		95
	Tax benefit	$	—		(26	)
	Net of tax	$	—	$	69


		Amounts Reclassified from AOCI
		26-Week Period Ended
AOCI Component	Statement of Income Classification	June 30, 2024			June 25, 2023
Losses on available-for-sale securities	Other expense, net	$	(1	)	$	129
	Total before tax		(1	)		129
	Tax benefit		—			(32	)
	Net of tax	$	(1	)	$	97

The gross amount and related tax (expense) benefit recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):


	13-Weeks Ended
	June 30, 2024							June 25, 2023
	Before Tax		Tax			After Tax		Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain		134	$	(33	)	$	101	$	128	$	(35	)	$	93
Amounts reclassified for realized losses to earnings		—		—			—		95		(26	)		69
Total other comprehensive income	$	134	$	(33	)	$	101	$	223	$	(61	)	$	162


	26-Weeks Ended
	June 30, 2024									June 25, 2023
	Before Tax			Tax			After Tax			Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain	$	278		$	(68	)	$	210		$	645	$	(159	)	$	486
Amounts reclassified for realized losses to earnings		(1	)		-			(1	)		129		(32	)		97
Total other comprehensive income	$	277		$	(68	)	$	209		$	774	$	(191	)	$	583

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report. Other than the adoption of the new accounting pronouncements and standards as further described below, there have been no material changes to the Company’s significant accounting policies during the 26-week period ended June 30, 2024. Recently Adopted Accounting Pronouncements The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 26-week period ended June 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt the standard for the year ended December 29, 2024 and will thus include any additional disclosures, if necessary, in its Annual Report on Form 10-K for the current fiscal year. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report. Other than the adoption of the new accounting pronouncements and standards as further described below, there have been no material changes to the Company’s significant accounting policies during the 26-week period ended June 30, 2024.

Recently Adopted Accounting Pronouncements

The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 26-week period ended June 30, 2024.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective

for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt the standard for the year ended December 29, 2024 and will thus include any additional disclosures, if necessary, in its Annual Report on Form 10-K for the current fiscal year.

In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements.

Allowance for Credit Losses - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	$ (401)	$ (777)
Reductions (provisions) charged to operating results	(230)	236
Account write-off	0	140
Allowance for credit losses,Ending balance	(631)	(401)
Trade Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	(266)	(550)
Reductions (provisions) charged to operating results	(248)	284
Account write-off	0	0
Allowance for credit losses,Ending balance	(514)	(266)
Prepaid Expenses and other Current Assets [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	(135)	(227)
Reductions (provisions) charged to operating results	18	(48)
Account write-off		140
Allowance for credit losses,Ending balance	$ (117)	$ (135)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Vital Farms, Inc.
Entity Central Index Key	0001579733
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	VITL
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39411
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0496985
Entity Address, Address Line One	3601 South Congress Avenue
Entity Address, Address Line Two	Suite C100
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78704
City Area Code	877
Local Phone Number	455-3063
Entity Common Stock, Shares Outstanding		43,098,946

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Employee-related costs	$	8,725	$	9,131
Promotions and customer deductions		6,896		6,982
Distribution fees and freight		2,187		2,876
Marketing and broker commissions		2,613		3,627
Purchases of inventory		1,654		525
Professional fees		1,650		1,066
Other		2,203		11
Accrued liabilities	$	25,928	$	24,218

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Allowance for Credit Loss [Abstract]
Allowance for credit losses	$ 631	$ 401	$ 777

Commitments and Contingencies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term supply contracts costs	$ 200,000
Contract cost paid	4,300
Contract cost payable	$ 1,300

Leases - Summary of Operating and Finance Leases Future Undiscounted Cash Flows (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Operating leases 2024	$ 2,879
Operating leases 2025	3,234
Operating leases 2026	3,018
Operating leases 2027	0
Total lease payments	9,131
Less imputed interest	(659)
Total present value of lease liabilities	8,472
Finance leases 2024	2,203
Finance leases 2025	4,442
Finance leases 2026	4,474
Finance leases 2027	3,685
Total lease payments	14,804
Less imputed interest	(1,591)
Total present value of lease liabilities	$ 13,213

Goodwill and Other Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Assets

Goodwill and other assets consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Goodwill	$	3,858	$	3,858
Software development costs		1,544		—
Other non-current assets		72		46
Goodwill and other assets	$	5,474	$	3,904

As of June 30, 2024, the Company has capitalized costs of $1,544 relating to development of internal-use software. This software has been developed by third-party and internal labor and has passed the preliminary project stage prior to capitalization. Amortization of the internal-use software development costs will begin once the software is placed in service.

Goodwill and Other Assets - Schedule of Goodwill and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,858	$ 3,858
Software development costs	1,544	0
Other non-current assets	72	46
Goodwill and other assets	$ 5,474	$ 3,904

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Financial Instruments

Note 4. Derivative Financial Instruments

The Company enters into derivative instruments to mitigate the impact of commodity price volatility. Such instruments may include call options on commodity price contracts. Realized and unrealized gains and losses on the Company’s commodity derivatives not designated as hedging instruments are recorded in other expense, net. The Company recognizes all derivative instruments as either assets or liabilities.

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:


	Metric	June 30, 2024		December 31, 2023
Commodity:
Corn	Bushels (in thousands)		860		2,351
Soybean Meal	Tons		9		25

For the 13-week periods ended June 30, 2024 and June 25, 2023, the pre-tax amount of commodity contract derivative losses recognized in other expense, net was $87 and $402, respectively. For the 26-week periods ended June 30, 2024 and June 25, 2023, the pre-tax amount of commodity contract derivative losses recognized in other expense, net in the unaudited condensed consolidated statements of operations was $387 and $1,817, respectively.

The fair value and location of all outstanding derivative financial instruments are included in “Fair Value Measurements” in Note 5 below.

Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jan. 01, 2024

Jul. 31, 2020

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

$ 0

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

18,626,788

18,595,298

Employee Stock Option

Unrecognized stock-based compensation expense

$ 1,796

Expected weighted-average period of recognition

$ 240

$ 257

$ 1,900

$ 1,272

1 year 5 months 15 days

Stock options - vest year

3 years

Stock options - date of grant and expire

10 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

2,773,253

5,123,860

RSUs

Unrecognized stock-based compensation expense

$ 10,156

Expected weighted-average period of recognition

$ 677

$ 1,258

$ 3,580

2,913

Vested

^[1]

(243,018)

2 years 3 months 10 days

Stock options - vest year

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

695,152

675,029

PSUs

Unrecognized stock-based compensation expense

$ 8,861

Expected weighted-average period of recognition

$ 0

Vested

2 years 5 months 26 days

Stock options - vest year

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

244,522

PSUs | Maximum

Percentage of number of shares earned

200.00%

PSUs | Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Percentage of number of shares earned

0.00%

2020 Equity Incentive Plan | Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Maximum number of shares issuable

8,595,871

Percentage of outstanding common stock

4.00%

Share-based compensation award, description

Initially, the maximum number of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors.

Number of shares available for future grants

12,367,778

Number of new shares issued

1,667,385

2020 Employee Stock Purchase Plan | Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Maximum number of shares issuable

900,000

Percentage of outstanding common stock

1.00%

Share-based compensation award, description

The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to eligible employees of the Company or, as designated by the Company’s Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Company’s Board of Directors.

Number of new shares issued

416,846

Allowance for Credit Loss [Abstract]

2,546,083

[1]	Includes 64,213 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant to the 2020 Equity Incentive Plan.

Allowance for Credit Losses

6 Months Ended

Jun. 30, 2024

Allowance for Credit Losses

Note 7. Allowance for Credit Losses

As of June 30, 2024 and December 31, 2023, the Company had an allowance for credit losses of $631 and $777, respectively.

The Company recognizes current estimated credit losses (“CECL”) for accounts receivable and other receivables. The CECL for trade receivables are estimated based on the trade receivable aging category, credit risk of specific customers, past collection history, and management’s evaluation of accounts receivable. The Company also has other receivables which are classified within prepaid expenses and other current assets. The CECL for other receivables are estimated based on the other receivables aging category and the probability of default. Provisions for CECL are classified within selling, general and administrative costs

Changes in the allowance for credit losses for the 26-week period ended June 30, 2024 were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)
Reductions (provisions) charged to operating results		284			(48	)		236
Account write-offs		—			140			140
As of March 31, 2024	$	(266	)	$	(135	)	$	(401	)
(Provisions) reductions charged to operating results		(248	)		18			(230	)
Account write-offs		—			—			—
As of June 30, 2024	$	(514	)	$	(117	)	$	(631	)

Nature of the Business and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Note 1. Nature of the Business and Basis of Presentation

Vital Farms, Inc. (the “Company”) was incorporated in Delaware on June 6, 2013 and is headquartered in Austin, Texas. The Company packages, markets and distributes shell eggs, butter and other products. These products are principally sold under the name Vital Farms in addition to other trade names, primarily to retail and foodservice channels in the United States.

The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 and for the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”).

In the opinion of management, the included disclosures are adequate, and the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2024, consolidated results of operations for the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023, and consolidated cash flows for the 26-week periods ended June 30, 2024 and June 25, 2023. Such adjustments are of a normal and recurring nature and certain reclassifications of previously reported amounts have been made to conform to the current year presentation. The condensed consolidated balance sheet as of December 31, 2023 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the audited annual financial statements. The condensed consolidated results of operations for the 13-week and 26-week periods ended June 30, 2024 are not necessarily indicative of the consolidated results of operations that may be expected for the fiscal year ending December 29, 2024.

Fiscal Year: The Company’s fiscal year ends on the last Sunday in December and contains either 52 or 53 weeks. In a 52-week fiscal year, each of the Company’s fiscal quarters consist of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter, making such quarter consist of 14 weeks. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The fiscal quarters ended June 30, 2024 and June 25, 2023 both contain operating results for 13 weeks. The fiscal year ended December 31, 2023 consisted of 53 weeks.

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Note 14. Long-Term Debt

PNC Credit Facility

In October 2017, the Company entered into a credit facility agreement with PNC Bank, National Association (the “PNC Credit Facility”), which was modified at various times between fiscal 2018 and fiscal 2023. Such amendments included (i) amendments to various definitions and covenants, (ii) waiver of a technical default in May 2020, (iii) increased borrowing capacity, (iv) elimination of a term loan and equipment loan, and (v) extension of the maturity date.

The maximum borrowing capacity under the revolving line of credit was $20.0 million, prior to its termination in April 2024 when the Company entered into a syndicated credit agreement with JPMorgan Chase Bank, N.A. and the other lenders party thereto (the “JPMorgan Credit Facility”). Interest on borrowings under the PNC Credit Facility's revolving line of credit, as well as loan advances thereunder, accrued at a rate, at the Company’s election at the time of borrowing, equal to (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York plus 2.00% or (ii) 1.00% plus the alternate base rate, as defined in the PNC Credit Facility.

The PNC Credit Facility was secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the PNC Credit Facility) and required the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The PNC Credit Facility also contained various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens. The PNC Credit Facility also contained other customary covenants, representations and events of default.

JPMorgan Credit Facility

On April 9, 2024, the Company entered into the JPMorgan Credit Facility, which provides for a five-year, $60.0 million revolving credit facility.

The JPMorgan Credit Facility includes a $5.0 million letter of credit sub-limit and an accordion option that would allow the Company to increase the aggregate revolving commitments or add incremental term loans in an aggregate amount not to exceed the greater of (i) $35.0 million and (ii) an amount equal to 100% of consolidated adjusted EBITDA.

Any borrowings under the JPMorgan Credit Facility bear interest, at the Company’s election, at either (i) an adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnight Financing Rate plus 0.10% plus a margin of either 0.75%, 1.00% or 1.25% depending on the Company’s net leverage ratio or (ii) an alternative base rate plus a margin or either 1.75%, 2.00% or 2.25%, depending on the Company’s net leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at either 0.20% or 0.375% per annum depending on the Company’s revolving exposure. Additionally, the Company is required to pay a participation fee on the account of each lender for each outstanding letter of credit at a rate equal to the applicable rate used to determine the interest rate applicable to term benchmark revolving loans.

The JPMorgan Credit Facility is secured by liens on substantially all of the Company’s assets, including certain intellectual property assets and investment securities. It requires the Company to maintain (i) a net leverage ratio of no greater than 3.25 to 1.00, subject to two increases up to 4.00 to 1.00 for a certain period following material acquisitions, and (ii) a fixed charge coverage ratio of no less than 1.35 to 1.00. As a result of the limitations contained in the JPMorgan Credit Facility, certain of the net assets on the Company’s consolidated balance sheet as of June 30, 2024 are restricted in use. The Company’s wholly owned subsidiaries are non-operating and have no restricted net assets within the meaning of Rule 4-08(e)(3) or Rule 12-04 of Regulation S-X. As of June 30, 2024, the Company was in compliance with all covenants under the JPMorgan Credit Facility.

As of June 30, 2024, there were no outstanding amounts under the JPMorgan Credit Facility. During the 13-week periods ended June 30, 2024 and June 25, 2023, the Company recognized no interest expense related to draws on our revolving lines of credit. During the 26-week periods ended June 30, 2024 and June 25, 2023, the Company recognized interest expense related to draws on our revolving lines of credit of $0 and $7, respectively.

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value liabilities transfers, Level 2 to Level 1	$ 0

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:


	June 30, 2024			December 31, 2023
Land	$	4,055		$	552
Land improvements		818			818
Buildings and improvements		30,580			30,532
Vehicles		1,100			1,055
Machinery and equipment		55,618			50,979
Leasehold improvements		491			492
Furniture and fixtures		508			461
Construction in progress		2,682			3,001
		95,852			87,890
Less: Accumulated depreciation and amortization		(27,525	)		(21,051	)
Property, plant and equipment, net	$	68,327		$	66,839

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Property Plant And Equipment [Line Items]
Depreciation and amortization of property, plant and equipment	$ 2,350	$ 1,850	$ 4,647	$ 3,543
Amortization of property, plant and equipment	$ 938	$ 447	$ 1,852	$ 894

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 16,339	$ 6,683	$ 35,362	$ 13,833
Other comprehensive income, before tax:
Unrealized net holding gain	134	128	278	645
Amounts reclassified for realized gains (losses) to earnings	0	95	(1)	129
Available-for-sale debt securities, before tax	134	223	277	774
Other comprehensive income, before tax	134	223	277	774
Income tax benefit (expense) related to items of other comprehensive income	(33)	(61)	(68)	(191)
Other comprehensive income, net of tax	101	162	209	583
Comprehensive income	$ 16,440	$ 6,845	$ 35,571	$ 14,416

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of June 30, 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	19,722	$	9	$	(198	)	$	—	$	19,533
Total	$	19,722	$	9	$	(198	)	$	—	$	19,533

The following table summarizes the Company’s available-for-sale investment securities as of December 31, 2023:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	33,134	$	10	$	(477	)	$	—	$	32,667
Total	$	33,134	$	10	$	(477	)	$	—	$	32,667

Summary of Contractual Maturities of Investment Securities

The amortized cost and fair value of the Company’s investments in available-for-sale securities as of June 30, 2024 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	17,361	$	17,171
Due after one year through five years		2,361		2,362
Total available-for-sale	$	19,722	$	19,533

Schedule of Unrealized Loss Aging for Available-for-sale Securities

The following tables present the Company’s unrealized loss aging for available-for-sale securities by type and length of time the security was in a continuous unrealized loss position as of the periods presented:


	June 30, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	654	$	(2	)	$	17,870	$	(196	)	$	18,524	$	(198	)
Total	$	654	$	(2	)	$	17,870	$	(196	)	$	18,524	$	(198	)


	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)
Total	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Schedule of Components of Lease Cost

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

The components of lease cost, classified within cost of goods sold, selling, general and administrative and interest expense for the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023 are below:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Operating lease cost	$	1,062	$	361	$	1,984	$	722
Finance lease cost – amortization of right-of-use assets		938		447	$	1,852		894
Finance lease cost – interest on lease liabilities		238		125	$	485		257
Short-term lease cost		37		305	$	69		422
Variable lease cost		2,595		2,115	$	5,102		3,678
Variable lease cost – long-term supply contracts		54,429		47,064	$	110,432		90,150
Total lease cost	$	59,299	$	50,417	$	119,924	$	96,123

Summary of Operating and Finance Leases Future Undiscounted Cash Flows

Future undiscounted cash flows are as follows:


	As of June 30, 2024
	Operating Leases			Finance Leases
2024	$	2,879		$	2,203
2025		3,234			4,442
2026		3,018			4,474
2027		—			3,685
Total lease payments		9,131			14,804
Less imputed interest		(659	)		(1,591	)
Total present value of lease liabilities	$	8,472		$	13,213

Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2024 shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock withheld to cover taxes	64,213

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale Amortized Cost	$ 19,722,000	$ 33,134,000
Unrealized Gains	9,000	10,000
Unrealized Losses	(198,000)	(477,000)
Allowance for Credit Losses	0	0
Fair Value	19,533,000	32,667,000
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale Amortized Cost	19,722,000	33,134,000
Unrealized Gains	9,000	10,000
Unrealized Losses	(198,000)	(477,000)
Allowance for Credit Losses	0	0
Fair Value	$ 19,533,000	$ 32,667,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Common Stock - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock for issuance	18,626,788	18,595,298
Employee Stock Option
Class Of Stock [Line Items]
Common stock for issuance	2,773,253	5,123,860
RSUs
Class Of Stock [Line Items]
Common stock for issuance	695,152	675,029
PSUs
Class Of Stock [Line Items]
Common stock for issuance	244,522
Shares Available for Grant \| 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan ("2020 ESPP")
Class Of Stock [Line Items]
Common stock for issuance	14,913,861	12,796,409

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Mar. 26, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 16,339	$ 19,023	$ 6,683	$ 7,150

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Prepaid Expense and Other Assets, Current [Abstract]

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 121,242	$ 97,559
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	101,703	64,498
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	19,539	33,061
Money market
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	101,703	64,498
Money market \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	101,703	64,498
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	19,533	32,667
U.S. corporate bonds and U.S. dollar denominated foreign bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	19,533	32,667
Derivative financial instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	6	394
Derivative financial instruments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 6	$ 394

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets

Note 9. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Prepaid expenses	$	2,568	$	2,357
Other receivables, net		1,956		3,363
Derivative financial instruments		6		394
Prepaid expenses and other current assets, net	$	4,530	$	6,114

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Income Statement [Abstract]
Net revenue	$ 147,388	$ 106,445	$ 295,316	$ 225,616
Cost of goods sold	89,710	68,645	178,742	145,149
Gross profit	57,678	37,800	116,574	80,467
Operating expenses:
Selling, general and administrative	33,336	23,908	60,467	47,853
Shipping and distribution	7,203	5,853	14,799	13,679
Total operating expenses	40,539	29,761	75,266	61,532
Income from operations	17,139	8,039	41,308	18,935
Other income (expense), net:
Interest expense	(257)	(136)	(512)	(275)
Interest income	1,316	450	2,404	790
Other expense, net	(87)	(441)	(364)	(1,866)
Total other income (expense), net	972	(127)	1,528	(1,351)
Net income before income taxes	18,111	7,912	42,836	17,584
Income tax provision	1,772	1,229	7,474	3,751
Net income	$ 16,339	$ 6,683	$ 35,362	$ 13,833
Net income per share:
Basic:	$ 0.38	$ 0.16	$ 0.84	$ 0.34
Diluted:	$ 0.36	$ 0.15	$ 0.79	$ 0.32
Weighted average common shares outstanding:
Basic:	42,500,355	40,948,365	42,148,992	40,861,218
Diluted:	45,248,792	43,292,261	44,600,401	43,359,993

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Net Revenue by Primary Product

The following table summarizes the Company’s net revenue by primary product for the periods presented:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Net Revenue:
Eggs and egg-related products	$	142,941	$	101,785	$	286,701	$	214,575
Butter and butter-related products		4,447		4,660		8,615		11,041
Net Revenue	$	147,388	$	106,445	$	295,316	$	225,616

Summary of Percentage of Net Revenue and Accounts Receivable, Net Due from Significant Customers

The percentage of net revenue from significant customers during the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023 is as follows:


	Net Revenue for the 13-Weeks Ended June 30, 2024	Net Revenue for the 13-Weeks Ended June 25, 2023	Net Revenue for the 26-Weeks Ended June 30, 2024	Net Revenue for the 26-Weeks Ended June 25, 2023
Customer A	23%	25%	24%	25%

As of June 30, 2024 and December 31, 2023, the Company had customers that individually exceeded 10% or more of the Company’s accounts receivable. The percentage of accounts receivable, net due from significant customers as of June 30, 2024 and December 31, 2023 is as follows:


	Accounts Receivable, Net as of June 30, 2024	Accounts Receivable, Net as of December 31, 2023
Customer A	20%	18%
Customer B	13%	12%
Customer C	*	11%
Customer D	11%	11%
* Accounts receivable, net was less than 10%

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are defined below:

•

Level 1 – Quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Assets Measured at Fair Value on a Recurring Basis

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:


	Fair Value Measurements as of June 30, 2024, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	101,703	$	—	$	—	$	101,703
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		19,533		—		19,533
Prepaid expenses and other current assets:
Derivative financial instruments		—		6		—		6
Total assets measured at fair value	$	101,703	$	19,539	$	—	$	121,242


	Fair Value Measurements as of December 31, 2023, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	64,498	$	—	$	—	$	64,498
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		32,667		—		32,667
Derivative financial instruments		—		394		—		394
Total assets measured at fair value	$	64,498	$	33,061	$	—	$	97,559

During the 26-week period ended June 30, 2024, there were no transfers between fair value measurement levels. For additional information on concentrations of credit risk for the Company’s financial instruments, refer to “Investment Securities” in Note 3.

Fair Value of Other Financial Instruments

The carrying values of the Company’s short-term financial instruments not included above, including cash, trade receivables, other receivables and accounts payable, approximate their fair value due to their short-term nature.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Related Party Transactions

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Note 8. Inventories

Inventory consisted of the following as of the periods presented:


	June 30, 2024			December 31, 2023
Eggs and egg-related products	$	19,488		$	25,521
Butter and butter-related products		6,978			1,697
Packaging		3,858			4,988
Pullets		315			289
Other		999			896
Reserve for inventory obsolescence		(190	)		(496	)
Inventories	$	31,448		$	32,895

On a periodic basis, the Company compares the amount of inventory on hand with its latest forecasted requirements to determine whether provisions for excess or obsolete inventory reserves are required.

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Note 21. Related Party Transactions

Sandpebble Builders Preconstruction, Inc.: The Company utilizes Sandpebble Builders Preconstruction, Inc. and Sandpebble South, Inc. (collectively “Sandpebble”) for project management and related services associated with the construction and expansion of the Company’s egg processing facilities, including site selection, project management and related services for the Company’s planned egg packing facility in Seymour, Indiana. The Company’s contract with Sandpebble for services related to the Company’s planned egg packing facility in Seymour, Indiana was awarded after a competitive bidding process. Victor Canseco, the owner and principal of Sandpebble, is the father of Russell Diez-Canseco, the Company’s President and Chief Executive Officer and a member of the Company’s Board of Directors. In connection with the services described above, the Company paid Sandpebble $292 and $139 during the 13-week periods ended June 30, 2024 and June 25, 2023, respectively, and $540 and $255 during the 26-week periods ended June 30, 2024 and June 25, 2023, respectively. Amounts paid to Sandpebble are included in property, plant and equipment, net and selling, general and administrative costs. As of June 30, 2024 and June 25, 2023, amounts owed to Sandpebble were $168 and $1,126, respectively, and are included in accrued liabilities.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-07(2)(c))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Share-Based Payment Arrangement [Abstract]

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	10.00%	16.00%	17.00%	21.00%

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Note 16. Stock-Based Compensation

The Company measures compensation expense for all stock-based awards based on the estimated fair values on the date of the grant. Stock options generally vest ratably over three years from the date of grant, subject to the recipient’s continued service over such period, and expire 10 years from the date of grant. RSUs generally vest ratably over three years from the date of grant, subject to the recipient’s continued service over such period, and contain no other service or performance conditions. PSUs vest at the end of a three-year period based on the achievement of certain Company performance metrics and the recipient’s continued service over such period. The Company’s policy is to recognize stock-based compensation expense on a straight-line basis over the requisite service or vesting period. For awards that are contingent upon performance metrics, the probability of achievement is taken into account in the calculation of the expense to be recognized and modified as needed. Forfeitures for stock options and restricted stock awards, including RSUs and PSUs, are recognized as they occur.

The Company recognized stock-based compensation expense in the condensed consolidated statements of operations for the periods presented:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Cost of goods sold	$	107	$	80	$	154	$	133
Selling, general and administrative expense		2,809		1,366		4,744		3,554
Total	$	2,916	$	1,446	$	4,898	$	3,687

Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2023		3,920,485		$	10.07			$	28,749
Granted		—		$	—
Exercised		(1,091,691	)	$	5.91			$	28,952
Cancelled/Forfeited		(55,541	)	$	22.94			$	154
Outstanding as of June 30, 2024		2,773,253		$	11.45		5.8	$	97,955
Options exercisable as of June 30, 2024		2,008,751		$	11.04		5.4	$	71,781
Options vested and expected to vest as of June 30, 2024		2,773,034		$	11.45		5.8	$	97,955

The fair value of stock options vested during the 13-week periods ended June 30, 2024 and June 25, 2023 was $240 and $257, respectively. The fair value of stock options vested during the 26-week periods ended June 30, 2024 and June 25, 2023 was $1,900 and $1,272, respectively. As of June 30, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $1,796, which is expected to be recognized over a weighted-average period of 1.46 years.

Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity since December 31, 2023:


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		565,376		$	14.24
Granted		407,494		$	20.99
Vested1		(243,018	)	$	14.39
Forfeited		(34,700	)	$	16.61
Unvested as of June 30, 2024		695,152		$	17.92

1 Includes 64,213 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant
to the 2020 Equity Incentive Plan.

The fair value of RSU shares vested during the 13-week periods ended June 30, 2024 and June 25, 2023 was $677 and $1,258, respectively. The fair value of RSU shares vested during the 26-week periods ended June 30, 2024 and June 25, 2023 was $3,580 and $2,913, respectively. As of June 30, 2024, total unrecognized stock-based compensation expense related to the RSUs was $10,156, which is expected to be recognized over a weighted-average period of 2.28 years.

Performance Stock Unit Activity

In fiscal year 2024, the Company granted PSUs to certain of its officers and other employees. These PSUs vest at the end of a three-year period dependent upon the level of achievement of certain Company performance metrics and the recipient’s continued service over such period. The number of shares that can be earned will range from 0% to 200% of the granted PSUs, based upon the Company’s level of achievement of the stated performance metrics. The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable to vest as of June 30, 2024.

The following table summarizes the Company’s PSU activity since December 31, 2023:


	Number of PSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		—
Granted		247,499		$	20.99
Forfeited		(2,977	)	$	20.99
Unvested as of June 30, 2024		244,522		$	20.99

The fair value of PSU shares vested during the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023 was $- as no shares have vested as of such periods. As of June 30, 2024, total unrecognized stock-based compensation expense related to the PSUs was $8,861, which is expected to be recognized over a weighted-average period of 2.49 years.

2020 Equity Incentive Plan: In July 2020, the Company’s Board of Directors adopted the 2020 Equity Incentive Plan (“2020 Incentive Plan”), which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. Initially, the maximum number of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors. As of June 30, 2024, 12,367,778 shares were available for future grants of the Company’s common stock, which includes 1,667,385 shares of stock that were automatically added to the available reserve on January 1, 2024. Awards issued under the 2020 Incentive Plan generally have a three-year ratable vesting period beginning on the date of grant.

Employee Stock Purchase Plan: In July 2020, the Company’s Board of Directors adopted the 2020 ESPP, which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to eligible employees of the Company or, as designated by the Company’s Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Company’s Board of Directors. As of June 30, 2024, 2,546,083 shares of the Company’s common stock were available for future issuance under the 2020 ESPP, which includes 416,846 shares of common stock that were automatically added to the available reserve on January 1, 2024. The Company’s Board of Directors authorizes six-month offering periods, with the most recent beginning on November 16, 2023.

Derivative Financial Instruments - Schedule Of Notional Amounts of Outstanding Derivative Instruments (Details) bu in Thousands	Jun. 30, 2024 T bu	Dec. 31, 2023 T bu
Corn
Derivative [Line Items]
Notional amounts of derivative financial instruments \| bu	860	2,351
Soybean Meal
Derivative [Line Items]
Notional amounts of derivative financial instruments \| T	9	25

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Reserved Shares of Common Stock for Issuance

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:


	June 30, 2024		December 31, 2023
Options to purchase common stock		2,773,253		5,123,860
Restricted stock units (“RSUs”)		695,152		675,029
Performance stock units (“PSUs”)		244,522		—
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan (“2020 ESPP”)		14,913,861		12,796,409
Total		18,626,788		18,595,298

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of the periods presented:


	June 30, 2024			December 31, 2023
Eggs and egg-related products	$	19,488		$	25,521
Butter and butter-related products		6,978			1,697
Packaging		3,858			4,988
Pullets		315			289
Other		999			896
Reserve for inventory obsolescence		(190	)		(496	)
Inventories	$	31,448		$	32,895

Investment Securities - Schedule of Unrealized Loss Aging for Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Fair value, less than 12 months	$ 654	$ 699
Unrealized losses, less than 12 months	(2)	(3)
Fair value, 12 months or longer	17,870	29,247
Unrealized losses, 12 months or longer	(196)	(474)
Fair value, Total	18,524	29,946
Unrealized losses, Total	(198)	(477)
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value, less than 12 months	654	699
Unrealized losses, less than 12 months	(2)	(3)
Fair value, 12 months or longer	17,870	29,247
Unrealized losses, 12 months or longer	(196)	(474)
Fair value, Total	18,524	29,946
Unrealized losses, Total	$ (198)	$ (477)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 17. Income Taxes

The Company’s effective tax rate for the 13-week periods ended June 30, 2024 and June 25, 2023 was approximately 10% and 16%, respectively. The Company's effective tax rate for the 26-week periods ended June 30, 2024 and June 25, 2023 was approximately 17% and 21%, respectively. The Company’s effective tax rate for the 13-week and 26-week periods ended June 30, 2024 differs from the statutory rate due primarily to discrete tax benefits related to the exercise of non-qualified stock options and the vesting of restricted stock units.

For interim periods, the Company's income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items. The Company’s estimated annual effective tax rate differs from the federal statutory rate of 21% due to state taxes, permanent differences related to incentive stock options and the impact of compensation deduction limitations under Internal Revenue Code Section 162(m).

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Numerator:
Net income	$ 16,339	$ 6,683	$ 35,362	$ 13,833
Denominator:
Weighted average common shares outstanding — basic	42,500,355	40,948,365	42,148,992	40,861,218
Weighted average effect of potentially dilutive securities:
Weighted average common shares outstanding — diluted	45,248,792	43,292,261	44,600,401	43,359,993
Net income (loss) per share attributable to Vital Farms, Inc. stockholders
Basic	$ 0.38	$ 0.16	$ 0.84	$ 0.34
Diluted	$ 0.36	$ 0.15	$ 0.79	$ 0.32
Employee Stock Option
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	2,139,855	2,227,020	2,044,539	2,324,262
RSUs
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	389,866	106,478	317,531	160,193
Employee Stock Purchase Plan
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	11,676	10,398	17,941	14,320
PSUs
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	207,040		71,398

Investment Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Security Position	Jun. 25, 2023 USD ($)	Jun. 30, 2024 USD ($) Security Position	Jun. 25, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Proceeds from the sale of available-for-sale securities	$ 0	$ 1,907,000	$ 0	$ 1,907,000
Unrealized Losses	$ 198,000		$ 198,000		$ 477,000
Unrealized Loss Position greater than 12 months \| Position	30		30
Allowance for Credit Losses	$ 0		$ 0		$ 0
Maximum
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	$ 25,000		$ 25,000
AFS Securities
Schedule Of Available For Sale Securities [Line Items]
Number of Securities Issuances for unrealized losses \| Security	31		31

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-Based Compensation - Summary of PSU Activity (Details) - PSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested as of December 31, 2023	0
Granted	247,499
Forfeited	(2,977)
Unvested as of June 30, 2024	244,522
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 20.99
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	20.99
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.99

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Note 20. Commitments and Contingencies

Supplier Contracts: The Company purchases its egg inventories under long-term supply contracts with farms. Purchase commitments contained in these arrangements are variable and dependent on the quantity of eggs produced by the farms. Accordingly, there are no estimable future purchase commitments associated with these supplier contracts and there are no minimum payments associated with these long-term supply contracts. The Company records the total cost of eggs into inventory and they are expensed to cost of goods sold when the associated eggs are sold to customers and are also reported as part of the Company’s variable lease cost.

The Company has entered into agreements with certain qualifying suppliers to provide a one-time payment of up to $200,000, for the purpose of funding costs associated with farm start up. As of June 30, 2024, the Company has executed 31 such agreements, 2 of which were in fiscal year 2023. The payment of these incremental costs is contingent upon the achievement of certain milestones and is to be made no later than 90 days prior to the pullet placement date specified in each supplier agreement. Upon the achievement of such milestones, the Company recognizes an operating ROU asset and lease liability as a cost of obtaining the embedded lease within the supplier contract, which is included in “Leases” in Note 11. As of June 30, 2024, $4.3 million has been paid out and $1.3 million remains to be paid.

Indemnification Agreements: In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and its executive officers that will

require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of June 30, 2024, the Company has not incurred any material costs as a result of such indemnification agreements.

Litigation: The Company is subject to various claims and contingencies that are in the scope of ordinary and routine litigation incidental to its business, including those related to regulation, litigation, business transactions, employee-related matters and taxes, among others. When the Company becomes aware of a claim or potential claim, the likelihood of any loss or exposure is assessed. Based on these assessments and estimates, the Company may establish reserves, as appropriate. These assessments and estimates are based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from the Company’s assessments and estimates.

On May 20, 2021, the Company and certain of its current and former officers were named as defendants in a class action complaint captioned Nicholas A. Usler et al. v. Vital Farms, Inc. et al. in the United States District Court for the Western District of Texas (the “District Court”). The plaintiffs alleged false advertising claims on behalf of themselves and a putative class of alleged consumers of the Company’s eggs. The named officers of the Company were subsequently dismissed as defendants in this matter. On July 9, 2024, a U.S. Magistrate Judge issued both an order and report and recommendation, for review and adoption by the District Court. Collectively, the order and the report and recommendation (i) denied the plaintiffs’ motion for class certification, (ii) excluded the testimony and report of the plaintiffs’ damages expert and (iii) granted summary judgment for the Company with respect to two plaintiffs and three of the plaintiffs’ state claims. The plaintiffs have filed objections to the order and report and recommendation, and the matter is ongoing. The Company believes the claims are without merit and is vigorously defending itself in this matter. Given the uncertainty of the litigation, the stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company is unable to reasonably estimate the possible loss or range of loss, if any, that may result from the claim.

Although the Company maintains insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions and caps on amounts recoverable. Even if the Company believes a claim is covered by insurance, insurers may dispute the Company's entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount of the Company's recovery. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company records a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 95,852	$ 87,890
Less: Accumulated depreciation and amortization	(27,525)	(21,051)
Property, plant and equipment, net	68,327	66,839
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	4,055	552
Land improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	818	818
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,580	30,532
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,100	1,055
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	55,618	50,979
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	491	492
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	508	461
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,682	$ 3,001

Related Party Transactions - Additional Information (Details) - Sandpebble Builders Preconstruction, Inc - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Related Party Transaction [Line Items]
Expense paid to related party	$ 292	$ 139	$ 540	$ 255
Amounts owed to related party	$ 168	$ 1,126	$ 168	$ 1,126

Accumulated Other Comprehensive Income - Schedule of Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Mar. 26, 2023	Jun. 30, 2024	Jun. 25, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized net holding gain, Before Tax	$ 134		$ 128		$ 278	$ 645
Unrealized net holding gain, Tax	(33)		(35)		(68)	(159)
Unrealized net holding gain, After Tax	101		93		210	486
Amounts reclassified from accumulated other comprehensive loss to earnings	0		95		(1)	129
Amounts reclassified for realized losses to earnings	0		(26)		0	(32)
Net of tax	0		69		(1)	97
Other Comprehensive Income (Loss), Tax, Total	(33)		(61)		(68)	(191)
Other comprehensive income, net of tax	101	$ 108	162	$ 421	209	583
Other comprehensive income, before tax	134		223		277	774
Available-for-Sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 0		$ 95		$ (1)	$ 129

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Notional Amounts of Outstanding Derivative Instruments

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:


	Metric	June 30, 2024		December 31, 2023
Commodity:
Corn	Bushels (in thousands)		860		2,351
Soybean Meal	Tons		9		25

Net Income Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Note 18. Net Income Per Share

Basic and diluted net income per share attributable to Vital Farms, Inc. common stockholders were calculated as follows:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Numerator:
Net income	$	16,339	$	6,683	$	35,362	$	13,833
Denominator:
Weighted average common shares outstanding — basic		42,500,355		40,948,365		42,148,992		40,861,218
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		2,139,855		2,227,020		2,044,539		2,324,262
Effect of potentially dilutive RSUs		389,866		106,478		317,531		160,193
Effect of potentially dilutive PSUs		207,040		—		71,398		—
Effect of potentially dilutive common stock issuable pursuant to the ESPP		11,676		10,398		17,941		14,320
Weighted average common shares outstanding — diluted		45,248,792		43,292,261		44,600,401		43,359,993
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.38	$	0.16	$	0.84	$	0.34
Diluted	$	0.36	$	0.15	$	0.79	$	0.32

The Company excluded the following shares of common stock, outstanding at each period end, from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Options to purchase common stock		1,933		36,865		1,401		21,629
Unvested RSUs		602		12,286		1,411		40,078
Unvested PSUs		525		-		174		-
		3,060		49,151		2,986		61,707

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Note 13. Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Employee-related costs	$	8,725	$	9,131
Promotions and customer deductions		6,896		6,982
Distribution fees and freight		2,187		2,876
Marketing and broker commissions		2,613		3,627
Purchases of inventory		1,654		525
Professional fees		1,650		1,066
Other		2,203		11
Accrued liabilities	$	25,928	$	24,218

Net Income Per Share - Schedule of Excluded Common Shares Including at Anti-dilutive Effect (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,060	49,151	2,986	61,707
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,933	36,865	1,401	21,629
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	602	12,286	1,411	40,078
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	525		174

Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 0	$ 95	$ (1)	$ 129
Tax (expense) benefit	0	(26)	0	(32)
Net of tax	0	69	(1)	97
Gains (Losses) on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 0	$ 95	$ (1)	$ 129

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Common Stock

6 Months Ended

Jun. 30, 2024

Common Stock

Note 15. Common Stock

As of June 30, 2024, the Company’s amended and restated certificate of incorporation authorized the Company to issue 310,000,000 shares of common stock, par value $0.0001 per share, of which 42,971,988 shares were issued and outstanding.

The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock, if any. Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Holders of the Company’s common stock are entitled to receive dividends as may be declared by the Company’s Board of Directors, if any, subject to the preferential dividend rights of preferred stock, if any. No cash dividends were declared or paid during the periods presented.

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:


	June 30, 2024		December 31, 2023
Options to purchase common stock		2,773,253		5,123,860
Restricted stock units (“RSUs”)		695,152		675,029
Performance stock units (“PSUs”)		244,522		—
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan (“2020 ESPP”)		14,913,861		12,796,409
Total		18,626,788		18,595,298

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Property, Plant and Equipment [Abstract]

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 25, 2022	$ 158,332	$ 4	$ 155,716	$ 4,159	$ (1,547)
Beginning Balance, Shares at Dec. 25, 2022		40,746,990
Vesting of restricted stock units, Shares		127,595
Shares withheld for tax liability on vested restricted stock units, Shares		(35,535)
Stock-based compensation expense	1,627		1,627
Other comprehensive income loss, net	421				421
Net income	7,150			7,150
Ending Balance at Mar. 26, 2023	167,530	$ 4	157,343	11,309	(1,126)
Ending Balance, Shares at Mar. 26, 2023		40,839,050
Beginning Balance at Dec. 25, 2022	158,332	$ 4	155,716	4,159	(1,547)
Beginning Balance, Shares at Dec. 25, 2022		40,746,990
Other comprehensive income loss, net	583
Ending Balance at Jun. 25, 2023	176,044	$ 4	159,012	17,992	(964)
Ending Balance, Shares at Jun. 25, 2023		41,232,667
Beginning Balance at Mar. 26, 2023	167,530	$ 4	157,343	11,309	(1,126)
Beginning Balance, Shares at Mar. 26, 2023		40,839,050
Exercise of stock options	110		110
Exercise of stock options, Shares		307,500
Vesting of restricted stock units, Shares		79,030
Shares withheld for tax liability on vested restricted stock units	(636)		(636)
Shares withheld for tax liability on vested restricted stock units, Shares		(3,924)
Stock Issued During Period, Shares, Employee Stock Purchase Plans		11,011
Stock Issued During Period, Value, Employee Stock Purchase Plan	135		135
Stock-based compensation expense	2,060		2,060
Other comprehensive income loss, net	162				162
Net income	6,683			6,683
Ending Balance at Jun. 25, 2023	176,044	$ 4	159,012	17,992	(964)
Ending Balance, Shares at Jun. 25, 2023		41,232,667
Beginning Balance at Dec. 31, 2023	$ 192,677	$ 4	163,325	29,725	(377)
Beginning Balance, Shares at Dec. 31, 2023	41,684,649	41,684,649
Exercise of stock options	$ 824		824
Exercise of stock options, Shares		180,086
Vesting of restricted stock units, Shares		201,702
Shares withheld for tax liability on vested restricted stock units	(1,310)		(1,310)
Shares withheld for tax liability on vested restricted stock units, Shares		(62,781)
Stock-based compensation expense	1,982		1,982
Other comprehensive income loss, net	108				108
Net income	19,023			19,023
Ending Balance at Mar. 31, 2024	213,304	$ 4	164,821	48,748	(269)
Ending Balance, Shares at Mar. 31, 2024		42,003,656
Beginning Balance at Dec. 31, 2023	$ 192,677	$ 4	163,325	29,725	(377)
Beginning Balance, Shares at Dec. 31, 2023	41,684,649	41,684,649
Exercise of stock options, Shares	1,091,691
Other comprehensive income loss, net	$ 209
Ending Balance at Jun. 30, 2024	$ 238,421	$ 4	173,498	65,087	(168)
Ending Balance, Shares at Jun. 30, 2024	42,971,988	42,971,988
Beginning Balance at Mar. 31, 2024	$ 213,304	$ 4	164,821	48,748	(269)
Beginning Balance, Shares at Mar. 31, 2024		42,003,656
Exercise of stock options	5,624		5,624
Exercise of stock options, Shares		911,605
Vesting of restricted stock units, Shares		41,316
Shares withheld for tax liability on vested restricted stock units	(41)		(41)
Shares withheld for tax liability on vested restricted stock units, Shares		(1,432)
Stock Issued During Period, Shares, Employee Stock Purchase Plans		16,843
Stock Issued During Period, Value, Employee Stock Purchase Plan	178		178
Stock-based compensation expense	2,916		2,916
Other comprehensive income loss, net	101				101
Net income	16,339			16,339
Ending Balance at Jun. 30, 2024	$ 238,421	$ 4	$ 173,498	$ 65,087	$ (168)
Ending Balance, Shares at Jun. 30, 2024	42,971,988	42,971,988

Goodwill and Other Assets - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Software development costs	$ 1,544	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, net of allowance for credit losses	$ 514	$ 550
Prepaid expenses and other current assets, net of allowance for credit losses	$ 117	$ 227
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	310,000,000	310,000,000
Common stock, shares issued	42,971,988	41,684,649
Common stock, shares outstanding	42,971,988	41,684,649

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment

Note 10. Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:


	June 30, 2024			December 31, 2023
Land	$	4,055		$	552
Land improvements		818			818
Buildings and improvements		30,580			30,532
Vehicles		1,100			1,055
Machinery and equipment		55,618			50,979
Leasehold improvements		491			492
Furniture and fixtures		508			461
Construction in progress		2,682			3,001
		95,852			87,890
Less: Accumulated depreciation and amortization		(27,525	)		(21,051	)
Property, plant and equipment, net	$	68,327		$	66,839

During the 13-week periods ended June 30, 2024 and June 25, 2023, depreciation of property, plant and equipment was approximately $2,350 and $1,850, respectively. During the 26-week periods ended June 30, 2024 and June 25, 2023, depreciation of property, plant and equipment was approximately $4,647 and $3,543, respectively. During the 13-week periods ended June 30, 2024 and June 25, 2023, amortization of property, plant and equipment was approximately $938 and $447, respectively. During the 26-week periods ended June 30, 2024 and June 25, 2023, amortization of property, plant and equipment was approximately $1,852 and $894, respectively. Refer to Note 11 “Leases” below for further information.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 6. Revenue Recognition

The following table summarizes the Company’s net revenue by primary product for the periods presented:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Net Revenue:
Eggs and egg-related products	$	142,941	$	101,785	$	286,701	$	214,575
Butter and butter-related products		4,447		4,660		8,615		11,041
Net Revenue	$	147,388	$	106,445	$	295,316	$	225,616

Net revenue is primarily generated from the sale of eggs and butter. The Company’s product offerings include shell eggs, hard-boiled eggs, liquid whole eggs and stick butter. The Company’s previous convenient breakfast product line (including egg bites and egg-based breakfast bars) was discontinued in 2022, and the Company’s ghee and spreadable tub butter product offerings were discontinued during the fiscal year ended December 31, 2023. The revenues related to the discontinued product lines were immaterial for the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023.

During the 13-week periods ended June 30, 2024 and June 25, 2023 and 26-week periods ended June 30, 2024 and June 25, 2023, the Company had a customer that individually exceeded 10% or more of the Company’s net revenue. The percentage of net revenue from significant customers during the 13-week and 26-week periods ended June 30, 2024 and June 25, 2023 is as follows:


	Net Revenue for the 13-Weeks Ended June 30, 2024	Net Revenue for the 13-Weeks Ended June 25, 2023	Net Revenue for the 26-Weeks Ended June 30, 2024	Net Revenue for the 26-Weeks Ended June 25, 2023
Customer A	23%	25%	24%	25%


	Accounts Receivable, Net as of June 30, 2024	Accounts Receivable, Net as of December 31, 2023
Customer A	20%	18%
Customer B	13%	12%
Customer C	*	11%
Customer D	11%	11%
* Accounts receivable, net was less than 10%

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 133,173	$ 84,149
Investment securities, available-for-sale	19,533	32,667
Accounts receivable, net of allowance for credit losses of $514 and $550 as of June 30, 2024 and December 31, 2023, respectively	42,863	39,699
Inventories	31,448	32,895
Prepaid expenses and other current assets, net of allowance for credit losses of $117 and $227 as of June 30, 2024 and December 31, 2023, respectively	4,530	6,114
Income taxes receivable	2,663	0
Total current assets	234,210	195,524
Property, plant and equipment, net	68,327	66,839
Operating lease right-of-use assets	12,478	8,911
Goodwill and other assets	5,474	3,904
Total assets	320,489	275,178
Current liabilities:
Accounts payable	33,358	33,485
Accrued liabilities	25,928	24,218
Operating lease liabilities, current	4,085	3,057
Finance lease liabilities, current	3,620	3,255
Income taxes payable	0	1,206
Total current liabilities	66,991	65,221
Operating lease liabilities, non-current	4,387	5,771
Finance lease liabilities, non-current	9,593	10,481
Other liabilities	1,097	1,028
Total liabilities	82,068	82,501
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 42,971,988 and 41,684,649 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	4	4
Additional paid-in capital	173,498	163,325
Retained earnings	65,087	29,725
Accumulated other comprehensive loss	(168)	(377)
Total stockholders’ equity	238,421	192,677
Total liabilities and stockholders' equity	$ 320,489	$ 275,178

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Apr. 09, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Revolving Line of Credit
Debt Instrument [Line Items]
Proceeds from borrowing under revolving line of credit					$ 0	$ 7,500
Repayment of revolving line of credit					0	7,500
Interest expense		$ 0		$ 0	$ 0	$ 7
PNC Bank, National Association \| Revolving Line of Credit \| Sixth Amendment
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			$ 20,000
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			2.00%
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.00%
PNC Bank, National Association \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms					The PNC Credit Facility was secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the PNC Credit Facility) and required the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The PNC Credit Facility also contained various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens.
JP Morgan Chase Bank NA \| Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 60,000
JPMorgan Credit Facility
Debt Instrument [Line Items]
Debt instrument face amount	$ 35,000
Percentage of debt instrument face amount	100.00%
Outstanding Debt		$ 0			$ 0
Letter of credit sub-limit	$ 5,000
Revolving credit facility interest rate description	Any borrowings under the JPMorgan Credit Facility bear interest, at the Company’s election, at either (i) an adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnight Financing Rate plus 0.10% plus a margin of either 0.75%, 1.00% or 1.25% depending on the Company’s net leverage ratio or (ii) an alternative base rate plus a margin or either 1.75%, 2.00% or 2.25%, depending on the Company’s net leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at either 0.20% or 0.375% per annum depending on the Company’s revolving exposure.
Leverage ratio	3.25%
Increase in leverage ratio	4.00%
Minimum fixed charge coverage ratio	1.35%
JPMorgan Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.10%

Investment Securities - Summary of Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within one year Amortized Cost	$ 17,361
Due after one year through five years Amortized Cost	2,361
Total available-for-sale Amortized Cost	19,722	$ 33,134
Due within one year Fair Value	17,171
Due after one year through five years Fair Value	2,362
Total available-for-sale Fair Value	$ 19,533	$ 32,667

Revenue Recognition - Summary of Net Revenue by Primary Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Disaggregation Of Revenue [Line Items]
Net revenue	$ 147,388	$ 106,445	$ 295,316	$ 225,616
Eggs and Egg Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	142,941	101,785	286,701	214,575
Butter and Butter Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	$ 4,447	$ 4,660	$ 8,615	$ 11,041

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 22
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs

6 Months Ended

Jun. 30, 2024

$ / shares

Unvested as of December 31, 2023 | shares

565,376

Granted | shares

407,494

Vested | shares

(243,018)

^[1]

Forfeited | shares

(34,700)

Unvested as of June 30, 2024 | shares

695,152

Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares

$ 14.24

Weighted-Average Grant Date Fair Value, Granted | $ / shares

20.99

Weighted-Average Grant Date Fair Value, Vested | $ / shares

14.39

^[1]

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares

16.61

Weighted-Average Grant Date Fair Value, Ending balance | $ / shares

$ 17.92

[1]	Includes 64,213 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant to the 2020 Equity Incentive Plan.

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Accumulated Other Comprehensive Income

The amounts reclassified from accumulated other comprehensive income (“AOCI”) to the unaudited consolidated statements of operations were as follows (in thousands):


		Amounts Reclassified from AOCI
		13-Week Period Ended
AOCI Component	Statement of Income Classification	June 30, 2024		June 25, 2023
Losses on available-for-sale securities	Other expense, net	$	—	$	95
	Total before tax	$	—		95
	Tax benefit	$	—		(26	)
	Net of tax	$	—	$	69


		Amounts Reclassified from AOCI
		26-Week Period Ended
AOCI Component	Statement of Income Classification	June 30, 2024			June 25, 2023
Losses on available-for-sale securities	Other expense, net	$	(1	)	$	129
	Total before tax		(1	)		129
	Tax benefit		—			(32	)
	Net of tax	$	(1	)	$	97

Schedule of Component of Other Comprehensive Income

The gross amount and related tax (expense) benefit recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):


	13-Weeks Ended
	June 30, 2024							June 25, 2023
	Before Tax		Tax			After Tax		Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain		134	$	(33	)	$	101	$	128	$	(35	)	$	93
Amounts reclassified for realized losses to earnings		—		—			—		95		(26	)		69
Total other comprehensive income	$	134	$	(33	)	$	101	$	223	$	(61	)	$	162


	26-Weeks Ended
	June 30, 2024									June 25, 2023
	Before Tax			Tax			After Tax			Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain	$	278		$	(68	)	$	210		$	645	$	(159	)	$	486
Amounts reclassified for realized losses to earnings		(1	)		-			(1	)		129		(32	)		97
Total other comprehensive income	$	277		$	(68	)	$	209		$	774	$	(191	)	$	583

Investment Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 3. Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of June 30, 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	19,722	$	9	$	(198	)	$	—	$	19,533
Total	$	19,722	$	9	$	(198	)	$	—	$	19,533

The following table summarizes the Company’s available-for-sale investment securities as of December 31, 2023:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	33,134	$	10	$	(477	)	$	—	$	32,667
Total	$	33,134	$	10	$	(477	)	$	—	$	32,667

Proceeds from the sale of available-for-sale securities were $0 for the 13-week and 26-week periods ended June 30, 2024 and $1,907 for the 13-week and 26-week periods ended June 25, 2023.

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of the Company’s investments in available-for-sale securities as of June 30, 2024 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	17,361	$	17,171
Due after one year through five years		2,361		2,362
Total available-for-sale	$	19,722	$	19,533


	June 30, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	654	$	(2	)	$	17,870	$	(196	)	$	18,524	$	(198	)
Total	$	654	$	(2	)	$	17,870	$	(196	)	$	18,524	$	(198	)


	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)
Total	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)

As of June 30, 2024, there were 31 diversified issuances in the Company's securities portfolio in an unrealized loss position, with credit ratings ranging from BBB- to AA-. As of June 30, 2024, there are no individual bonds with unrealized losses exceeding $25, and 30 issuances have been in a loss position greater than 12 months.

The decline in fair value has resulted primarily from rising interest rates over the last 12 months, and the Company does not believe there has been any significant decline in the creditworthiness of the issuers. The Company also does not believe it is likely that a significant number of bonds will be called early, and it does not have current liquidity needs that would necessitate a sale of any material investments prior to maturity. Therefore, the Company has not recorded an allowance for credit losses on the investment securities as of June 30, 2024.

The fair value and location of all investment securities are included in “Fair Value Measurements” in Note 5 below.

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Trading Arrangements

During the 13-week period ended June 30, 2024, certain of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, as set forth in the table below:


			Type of Trading Arrangement
Name and Position	Action	Adoption/ Termination Date	Rule 10b5-1*	Non-Rule 10b5-1**	Total Shares of Common Stock to be Sold		Total Shares of Common Stock to be Purchased	Expiration Date
Kathryn McKeon, Chief Marketing Officer	Adoption	May 28, 2024	X			47,164		February 28, 2025
Peter Pappas, Chief Sales Officer	Adoption	June 14, 2024	X			99,526		June 15, 2025

* Contract, instructions, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

Kathryn Mckeon

Trading Arrangements, by Individual

Name

Kathryn McKeon

Title

Chief Marketing Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 28, 2024

Arrangement Duration

276 days

Aggregate Available

47,164

Trade Arrangement Expiration Date

February 28, 2025

Peter Pappas

Trading Arrangements, by Individual

Name

Peter Pappas

Title

Chief Sales Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 14, 2024

Arrangement Duration

366 days

Aggregate Available

99,526

Trade Arrangement Expiration Date

June 15, 2025

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning balance	3,920,485
Number of Options, Granted	0
Number of Options, Exercised	(1,091,691)
Number of Options, Cancelled	(55,541)
Number of Options, Ending balance	2,773,253
Number of Options, Options exercisable as of June 30, 2024	2,008,751
Number of Options, Options vested and expected to vest as of June 30, 2024	2,773,034
Weighted-Average Exercise Price, Beginning balance	$ 10.07
Weighted-Average Exercise Price, Options Granted	0
Weighted-Average Exercise Price, Options Exercised	5.91
Weighted-Average Exercise Price, Options Cancelled	22.94
Weighted-Average Exercise Price, Ending balance	11.45
Weighted-Average Exercise Price, Options exercisable as of June 30, 2024	11.04
Weighted-Average Exercise Price, Options vested and expected to vest as of June 30, 2024	$ 11.45
Weighted Average Remaining Contractual Life (Years), Balance	5 years 9 months 18 days
Weighted Average Remaining Contractual Life (Years), Options exercisable as of June 30, 2024	5 years 4 months 24 days
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest as of June 30, 2024	5 years 9 months 18 days
Aggregate Intrinsic Value, Beginning balance	$ 28,749
Aggregate Intrinsic Value, Exercised	28,952
Aggregate Intrinsic Value, Cancelled	154
Aggregate Intrinsic Value, Ending balance	97,955
Aggregate Intrinsic Value, Options exercisable as of June 30, 2024	71,781
Aggregate Intrinsic Value, Options vested and expected to vest as of June 30, 2024	$ 97,955

Goodwill and Other Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Assets

Note 12. Goodwill and Other Assets

Goodwill and other assets consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Goodwill	$	3,858	$	3,858
Software development costs		1,544		—
Other non-current assets		72		46
Goodwill and other assets	$	5,474	$	3,904

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Recognized Stock - Based Compensation Expense

The Company recognized stock-based compensation expense in the condensed consolidated statements of operations for the periods presented:


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Cost of goods sold	$	107	$	80	$	154	$	133
Selling, general and administrative expense		2,809		1,366		4,744		3,554
Total	$	2,916	$	1,446	$	4,898	$	3,687

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2023:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2023		3,920,485		$	10.07			$	28,749
Granted		—		$	—
Exercised		(1,091,691	)	$	5.91			$	28,952
Cancelled/Forfeited		(55,541	)	$	22.94			$	154
Outstanding as of June 30, 2024		2,773,253		$	11.45		5.8	$	97,955
Options exercisable as of June 30, 2024		2,008,751		$	11.04		5.4	$	71,781
Options vested and expected to vest as of June 30, 2024		2,773,034		$	11.45		5.8	$	97,955

Summary of RSU Activity

The following table summarizes the Company’s RSU activity since December 31, 2023:


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		565,376		$	14.24
Granted		407,494		$	20.99
Vested1		(243,018	)	$	14.39
Forfeited		(34,700	)	$	16.61
Unvested as of June 30, 2024		695,152		$	17.92

1 Includes 64,213 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant
to the 2020 Equity Incentive Plan.

Summary of PSU activity

The following table summarizes the Company’s PSU activity since December 31, 2023:


	Number of PSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		—
Granted		247,499		$	20.99
Forfeited		(2,977	)	$	20.99
Unvested as of June 30, 2024		244,522		$	20.99

Nature of the Business and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jun. 06, 2013

Common Stock - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, shares authorized	310,000,000	310,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	42,971,988	41,684,649
Common stock, shares outstanding	42,971,988	41,684,649
Common stock voting rights	Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders.
Common stock dividend declared or paid	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Cash flows from operating activities:
Net income	$ 35,362	$ 13,833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,647	3,543
Reduction in the carrying amount of right-of-use assets	3,510	1,588
Amortization of available-for-sale debt securities	76	230
Amortization of debt issuance costs	19	0
Stock-based compensation expense	4,898	3,687
Deferred taxes	0	767
Unrealized loss on derivative instruments	346	847
Other	(132)	524
Net change in operating assets and liabilities	(8,644)	(6,108)
Net cash provided by operating activities	40,082	18,911
Cash flows from investing activities:
Purchases of property, plant and equipment	(6,914)	(4,292)
Purchases and settlements of derivative instruments	(669)	(662)
Sales of available-for-sale debt securities	0	1,907
Maturities and call redemptions of available-for-sale debt securities	13,335	18,453
Proceeds from the sale of property, plant and equipment	1	1,054
Return of investment in variable interest entity	0	552
Net cash provided by investing activities	5,753	17,012
Cash flows from financing activities:
Proceeds from exercise of stock options	6,448	110
Proceeds from issuance of common stock under employee stock purchase plan	178	135
Payment of tax withholding obligation on vested RSU shares	(1,351)	(636)
Principal payments under finance lease obligations	(1,672)	(773)
Payment of financing costs	(414)	0
Net cash provided by (used in) financing activities	3,189	(1,164)
Net increase in cash and cash equivalents	49,024	34,759
Cash and cash equivalents at beginning of the period	84,149	12,914
Cash and cash equivalents at end of the period	133,173	47,673
Supplemental disclosure of cash flow information:
Cash paid for interest	512	268
Cash paid for income taxes	11,344	1,070
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	150	1,266
Revolving Line of Credit
Cash flows from financing activities:
Proceeds from borrowing under revolving line of credit	0	7,500
Repayment of revolving line of credit	$ 0	$ (7,500)

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 26-week period ended June 30, 2024.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt the standard for the year ended December 29, 2024 and will thus include any additional disclosures, if necessary, in its Annual Report on Form 10-K for the current fiscal year. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements.

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Reserve for inventory obsolescence	$ (190)	$ (496)
Inventories	31,448	32,895
Eggs and Egg Related Products
Inventory [Line Items]
Inventory gross	19,488	25,521
Butter and Butter Related Products
Inventory [Line Items]
Inventory gross	6,978	1,697
Packaging
Inventory [Line Items]
Inventory gross	3,858	4,988
Pullets
Inventory [Line Items]
Inventory gross	315	289
Other
Inventory [Line Items]
Inventory gross	$ 999	$ 896

Revenue Recognition - Summary of Percentage of Accounts Receivable, Net Due from Significant Customers (Details) - Customer Concentration Risk - Accounts Receivable	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	20.00%	18.00%
Customer B
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	13.00%	12.00%
Customer C
Disaggregation Of Revenue [Line Items]
Concentration risk percentage		11.00%
Customer D
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	11.00%	11.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 11. Leases

Operating lease cost is recognized on a straight-line basis over the lease term and finance lease cost is recognized as amortization expense for the right-of-use (“ROU”) assets and interest expense associated with the finance lease liabilities.


	13-Weeks Ended				26-Weeks Ended
	June 30, 2024		June 25, 2023		June 30, 2024		June 25, 2023
Operating lease cost	$	1,062	$	361	$	1,984	$	722
Finance lease cost – amortization of right-of-use assets		938		447	$	1,852		894
Finance lease cost – interest on lease liabilities		238		125	$	485		257
Short-term lease cost		37		305	$	69		422
Variable lease cost		2,595		2,115	$	5,102		3,678
Variable lease cost – long-term supply contracts		54,429		47,064	$	110,432		90,150
Total lease cost	$	59,299	$	50,417	$	119,924	$	96,123

Future undiscounted cash flows are as follows:


	As of June 30, 2024
	Operating Leases			Finance Leases
2024	$	2,879		$	2,203
2025		3,234			4,442
2026		3,018			4,474
2027		—			3,685
Total lease payments		9,131			14,804
Less imputed interest		(659	)		(1,591	)
Total present value of lease liabilities	$	8,472		$	13,213

During the 26-week periods ended June 30, 2024 and June 25, 2023, ROU assets obtained in exchange for new finance lease obligations were $1,173 and $4, respectively. During the 26-week periods ended June 30, 2024 and June 25, 2023, ROU assets obtained in exchange for new operating lease obligations were $5,228 and $0, respectively.

Revenue Recognition - Summary of Percentage of Net Revenue from Significant Customers (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Customer Concentration Risk \| Net Revenue \| Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	23.00%	25.00%	24.00%	25.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following as of the periods presented:


	June 30, 2024		December 31, 2023
Prepaid expenses	$	2,568	$	2,357
Other receivables, net		1,956		3,363
Derivative financial instruments		6		394
Prepaid expenses and other current assets, net	$	4,530	$	6,114

Prepaid Expenses and Other Current Assets - Schedule of prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,568	$ 2,357
Other receivables, net	1,956	3,363
Derivative financial instruments	6	394
Prepaid expenses and other current assets, net	$ 4,530	$ 6,114

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Leases [Abstract]
ROU assets obtained in exchange for new finance lease obligations	$ 1,173	$ 4
ROU assets obtained in exchange for new operating lease obligations	$ 5,228	$ 0

Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Allowance for Credit Loss [Abstract]

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses for the 26-week period ended June 30, 2024 were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)
Reductions (provisions) charged to operating results		284			(48	)		236
Account write-offs		—			140			140
As of March 31, 2024	$	(266	)	$	(135	)	$	(401	)
(Provisions) reductions charged to operating results		(248	)		18			(230	)
Account write-offs		—			—			—
As of June 30, 2024	$	(514	)	$	(117	)	$	(631	)

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee-related costs	$ 8,725	$ 9,131
Promotions and customer deductions	6,896	6,982
Distribution fees and freight	2,187	2,876
Marketing and broker commissions	2,613	3,627
Purchases of inventory	1,654	525
Professional fees	1,650	1,066
Other	2,203	11
Accrued liabilities	$ 25,928	$ 24,218

Stock-Based Compensation -Summary of Recognized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,916	$ 1,446	$ 4,898	$ 3,687
Cost of Goods Sold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	107	80	154	133
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,809	$ 1,366	$ 4,744	$ 3,554

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.