0001564590-21-055449 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 26, 2021	Nov. 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 26, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-26
Entity Registrant Name	Vital Farms, Inc.
Entity Central Index Key	0001579733
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-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		40,305,246

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Current assets:
Cash and cash equivalents	$ 27,844	$ 29,544
Investment securities	69,805	68,357
Accounts receivable, net	22,302	20,934
Inventories	14,578	12,902
Income taxes receivable	1,339	1,554
Prepaid expenses and other current assets	4,784	3,965
Total current assets	140,652	137,256
Property, plant and equipment, net	42,169	30,118
Goodwill	3,858	3,858
Deposits	256	142
Total assets	186,935	171,374
Current liabilities:
Accounts payable	17,368	15,489
Accrued liabilities	14,465	9,845
Lease obligation, current	447	471
Contingent consideration, current	35	109
Total current liabilities	32,315	25,914
Lease obligation, net of current portion		327
Contingent consideration, non-current		18
Deferred tax liabilities, net	849	2,537
Other liability, non-current	191	192
Total liabilities	33,355	28,988
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of September 26, 2021 (unaudited) and December 27, 2020; 40,302,470 and 39,444,040 shares issued and outstanding as of September 26, 2021 (unaudited) and December 27, 2020, respectively	5	5
Treasury stock, at cost, zero and 5,494,918 common shares as of September 26, 2021 (unaudited) and December 27, 2020, respectively (Note 11)		(16,276)
Additional paid-in capital	146,983	144,311
Retained earnings	6,395	14,039
Accumulated other comprehensive loss	(100)	(31)
Total stockholders’ equity attributable to Vital Farms, Inc. stockholders	153,283	142,048
Noncontrolling interests	122	163
Total stockholders’ equity	153,405	142,211
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	186,935	171,374
Variable Interest Entity, Primary Beneficiary
Current liabilities:
Redeemable noncontrolling interest	$ 175	$ 175

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 26, 2021	Dec. 27, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	310,000,000	310,000,000
Common stock, shares issued	40,302,470	39,444,040
Common stock, shares outstanding	40,302,470	39,444,040
Treasury stock, common shares	0	5,494,918

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Income Statement [Abstract]
Net revenue	$ 64,627	$ 53,367	$ 183,496	$ 160,287
Cost of goods sold	44,788	35,017	120,394	103,384
Gross profit	19,839	18,350	63,102	56,903
Operating expenses:
Selling, general and administrative	15,326	12,185	42,053	31,832
Shipping and distribution	6,318	3,752	16,755	10,693
Total operating expenses	21,644	15,937	58,808	42,525
(Loss) income from operations	(1,805)	2,413	4,294	14,378
Other (expense) income, net:
Interest expense	(11)	(110)	(42)	(365)
Other income (expense), net	3	(21)	300	(182)
Total other (expense) income, net	(8)	(131)	258	(547)
Net (loss) income before income taxes	(1,813)	2,282	4,552	13,831
(Benefit) provision for income taxes	(486)	620	(1,485)	4,300
Net (loss) income	(1,327)	1,662	6,037	9,531
Less: Net loss attributable to noncontrolling interests	(6)	(15)	(41)	(54)
Net (loss) income attributable to Vital Farms, Inc. common stockholders	$ (1,321)	$ 1,677	$ 6,078	$ 9,585
Net (loss) income per share attributable to Vital Farms, Inc. stockholders:
Basic:	$ (0.03)	$ 0.05	$ 0.15	$ 0.33
Diluted:	$ (0.03)	$ 0.04	$ 0.14	$ 0.29
Weighted average common shares outstanding:
Basic:	40,196,410	34,044,994	39,910,063	28,664,914
Diluted:	40,196,410	39,111,018	43,380,711	33,275,902

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (1,327)	$ 1,662	$ 6,037	$ 9,531
Other comprehensive loss
Unrealized holding loss on available-for-sale securities, net of tax	(21)		(69)
Total comprehensive (loss) income	$ (1,348)	$ 1,662	$ 5,968	$ 9,531

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering	Redeemable Convertible Preferred Stock	Common Stock	Common Stock Initial Public Offering	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Initial Public Offering	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders' Equity Attributable to Vital Farms, Inc. Stockholders	Total Stockholders' Equity Attributable to Vital Farms, Inc. Stockholders Initial Public Offering	Noncontrolling Interests
Beginning balance at Dec. 29, 2019	$ 8,638			$ 3		$ (16,276)	$ 19,593		$ 5,239		$ 8,559		$ 79
Beginning balance, shares at Dec. 29, 2019			8,192,876
Beginning balance at Dec. 29, 2019			$ 23,036
Beginning balance, shares at Dec. 29, 2019				31,429,898		(5,494,918)
Exercise of stock options	10						10				10
Exercise of stock options, Shares				7,588
Stock-based compensation expense	448						448				448
Net loss attributable to non- controlling interests - stockholders	(11)												(11)
Net income attributable to Vital Farms, Inc.	1,945								1,945		1,945
Ending balance at Mar. 29, 2020	11,030			$ 3		$ (16,276)	20,051		7,184		10,962		68
Ending balance, shares at Mar. 29, 2020			8,192,876
Ending balance at Mar. 29, 2020			$ 23,036
Ending balance, shares at Mar. 29, 2020				31,437,486		(5,494,918)
Beginning balance at Dec. 29, 2019	8,638			$ 3		$ (16,276)	19,593		5,239		8,559		79
Beginning balance, shares at Dec. 29, 2019			8,192,876
Beginning balance at Dec. 29, 2019			$ 23,036
Beginning balance, shares at Dec. 29, 2019				31,429,898		(5,494,918)
Net loss attributable to non- controlling interests - stockholders	(54)
Net income attributable to Vital Farms, Inc.	9,585
Ending balance at Sep. 27, 2020	141,844			$ 5		$ (16,276)	143,265		14,825		141,819		25
Ending balance, shares at Sep. 27, 2020				44,927,079		(5,494,918)
Beginning balance at Mar. 29, 2020	11,030			$ 3		$ (16,276)	20,051		7,184		10,962		68
Beginning balance, shares at Mar. 29, 2020			8,192,876
Beginning balance at Mar. 29, 2020			$ 23,036
Beginning balance, shares at Mar. 29, 2020				31,437,486		(5,494,918)
Exercise of stock options	160						160				160
Exercise of stock options, Shares				49,200
Exercise of warrant	282						282				282
Exercise of warrant, Shares				196,800
Stock-based compensation expense	296						296				296
Net loss attributable to non- controlling interests - stockholders	(28)												(28)
Net income attributable to Vital Farms, Inc.	5,964								5,964		5,964
Ending balance at Jun. 28, 2020	17,704			$ 3		$ (16,276)	20,789		13,148		17,664		40
Ending balance, shares at Jun. 28, 2020			8,192,876
Ending balance at Jun. 28, 2020			$ 23,036
Ending balance, shares at Jun. 28, 2020				31,683,486		(5,494,918)
Issuance of common stock, net of issuance costs		$ 98,671			$ 1			$ 98,670				$ 98,671
Issuance of common stock, net of issuance costs, Shares					5,040,323
Issuance of common stock upon conversion of preferred stock	23,036			$ 1			23,035				23,036
Issuance of common stock upon conversion of preferred stock, Shares			(8,192,876)	8,192,876
Issuance of common stock upon conversion of preferred stock			$ (23,036)
Exercise of stock options	34						34				34
Exercise of stock options, Shares				10,394
Stock-based compensation expense	737						737				737
Net loss attributable to non- controlling interests - stockholders	(15)												(15)
Net income attributable to Vital Farms, Inc.	1,677								1,677		1,677
Ending balance at Sep. 27, 2020	141,844			$ 5		$ (16,276)	143,265		14,825		141,819		25
Ending balance, shares at Sep. 27, 2020				44,927,079		(5,494,918)
Beginning balance at Dec. 27, 2020	142,211			$ 5		$ (16,276)	144,311		14,039	$ (31)	142,048		163
Beginning balance, shares at Dec. 27, 2020				44,938,958		(5,494,918)
Exercise of stock options	525						525				525
Exercise of stock options, Shares				300,266
Stock-based compensation expense	853						853				853
Net loss attributable to non- controlling interests - stockholders	(11)												(11)
Other comprehensive loss, net	(22)									(22)	(22)
Net income attributable to Vital Farms, Inc.	3,491								3,491		3,491
Ending balance at Mar. 28, 2021	147,047			$ 5		$ (16,276)	145,689		17,530	(53)	146,895		152
Ending balance, shares at Mar. 28, 2021				45,239,224		(5,494,918)
Beginning balance at Dec. 27, 2020	$ 142,211			$ 5		$ (16,276)	144,311		14,039	(31)	142,048		163
Beginning balance, shares at Dec. 27, 2020				44,938,958		(5,494,918)
Exercise of stock options, Shares	843,430
Net loss attributable to non- controlling interests - stockholders	$ (41)
Net income attributable to Vital Farms, Inc.	6,078
Ending balance at Sep. 26, 2021	153,405			$ 5			146,983		6,395	(100)	153,283		122
Ending balance, shares at Sep. 26, 2021				40,302,470
Beginning balance at Mar. 28, 2021	147,047			$ 5		$ (16,276)	145,689		17,530	(53)	146,895		152
Beginning balance, shares at Mar. 28, 2021				45,239,224		(5,494,918)
Exercise of stock options	978						978				978
Exercise of stock options, Shares				393,922
Vested restricted stock, Shares				15,000
Stock-based compensation expense	1,141						1,141				1,141
Net loss attributable to non- controlling interests - stockholders	(24)												(24)
Other comprehensive loss, net	(26)									(26)	(26)
Net income attributable to Vital Farms, Inc.	3,907								3,907		3,907
Ending balance at Jun. 27, 2021	153,023			$ 5		$ (16,276)	147,808		21,437	(79)	152,895		128
Ending balance, shares at Jun. 27, 2021				45,648,146		(5,494,918)
Exercise of stock options	532						532				532
Exercise of stock options, Shares				149,242
Stock-based compensation expense	1,198						1,198				1,198
Net loss attributable to non- controlling interests - stockholders	(6)												(6)
Retirement of treasury stock						$ 16,276	(2,555)		(13,721)
Retirement of treasury stock, Shares				(5,494,918)		5,494,918
Other comprehensive loss, net	(21)									(21)	(21)
Net income attributable to Vital Farms, Inc.	(1,321)								(1,321)		(1,321)
Ending balance at Sep. 26, 2021	$ 153,405			$ 5			$ 146,983		$ 6,395	$ (100)	$ 153,283		$ 122
Ending balance, shares at Sep. 26, 2021				40,302,470

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 27, 2020 USD ($)
Initial Public Offering
Issuance of common stock, issuance costs	$ 12,215

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Cash flows provided by operating activities:
Net income	$ 6,037	$ 9,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,526	1,568
Non-cash interest expense		5
Bad debt expense (recovery)	65	(63)
Inventory provisions	186	155
Change in fair value of contingent consideration	34	(342)
Stock-based compensation expense	3,192	1,481
Loss on disposal of property, plant and equipment	108	259
Deferred taxes	(1,688)	1,382
Non-cash interest income	(190)	(14)
Changes in operating assets and liabilities:
Accounts receivable	(1,433)	(1,380)
Inventories	(1,862)	1,063
Income taxes receivable	214	1,293
Income taxes payable		364
Prepaid expenses and other current assets	(818)	(1,970)
Deposits and other assets	(114)	11
Accounts payable	1,385	2,207
Accrued liabilities and other liabilities	4,626	(507)
Net cash provided by operating activities	12,268	15,043
Cash flows used in investing activities:
Purchases of property, plant and equipment	(14,192)	(6,728)
Purchases of available-for-sale debt securities	(43,363)
Sales, maturities, and call redemptions of available-for-sale debt securities	42,029
Repayment of notes receivable provided to related parties		846
Net cash used in investing activities	(15,526)	(5,882)
Cash flows provided by financing activities:
Proceeds from issuance of common stock pursuant to the initial public offering, net of issuance costs		99,671
Proceeds from borrowings under term loan		5,000
Proceeds from borrowings under equipment loan		1,461
Proceeds from Paycheck Protection Program loan		2,593
Repayment of revolving line of credit		(1,325)
Repayment of equipment loan		(2,015)
Repayment of term loan		(618)
Repayment of Paycheck Protection Program loan		(2,593)
Payment of contingent consideration	(126)	(140)
Principal payments under finance lease obligation	(351)	(335)
Proceeds from exercise of stock options	2,035	203
Proceeds from exercise of warrant		282
Net cash provided by financing activities	1,558	102,184
Net (decrease) increase in cash and cash equivalents	(1,700)	111,345
Cash and cash equivalents at beginning of the period	29,544	1,274
Cash and cash equivalents at end of the period	27,844	112,619
Supplemental disclosure of cash flow information:
Cash paid for interest	38	358
Cash paid for income taxes	4	1,150
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$ 494	$ 331

Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 26, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Vital Farms, Inc. (“Vital Farms”) was incorporated in Delaware on June 6, 2013 and is headquartered in Austin, Texas. Vital Farms packages, markets and distributes pasture-raised shell eggs, pasture-raised butter and other products. These products are sold under the trade names Vital Farms, Alfresco Farms, Lucky Ladies and RedHill Farms, primarily to retail and foodservice channels in the United States.

Vital Farms Missouri, LLC, Backyard Eggs, LLC, Barn Door Farms, LLC and Sagebrush Foodservice, LLC are all wholly owned subsidiaries of Vital Farms (collectively referred to with Vital Farms as the “Company”). All significant intercompany transactions and balances have been eliminated in the Vital Farms unaudited condensed consolidated financial statements.

The accompanying unaudited condensed consolidated financial statements as of September 26, 2021 and for the 13-week and 39-week periods ended September 26, 2021 and September 27, 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The accompanying unaudited condensed consolidated financial statements include the accounts of Vital Farms, its subsidiaries and a variable interest entity (“VIE”) in which Vital Farms has a variable interest and is the primary beneficiary. The noncontrolling interest attributable to the VIE is presented as a component separate from stockholders’ equity in the unaudited condensed consolidated balance sheets. 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 on our Annual Report on Form 10-K and the notes thereto for the fiscal year ended December 27, 2020.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the included disclosures are adequate and the accompanying unaudited condensed consolidated financial statements contain all adjustments which are necessary for a fair presentation of the Company’s consolidated financial position as of September 26, 2021, consolidated results of operations for the 13-week and 39-week periods ended September 26, 2021 and September 27, 2020, and consolidated cash flows for the 39-week periods ended September 26, 2021 and September 27, 2020. Such adjustments are of a normal and recurring nature. The condensed consolidated results of operations for the 13-week and 39-week periods ended September 26, 2021 are not necessarily indicative of the consolidated results of operations that may be expected for the fiscal year ending December 26, 2021.

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 quarters ended September 26, 2021 and September 27, 2020 both contain operating results for 13 weeks.

Impact of COVID-19 Pandemic: Due to the ongoing COVID-19 pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on the Company’s business. The Company does not currently anticipate that the COVID-19 pandemic will have a material impact on the timelines for the Company’s product development and expansion efforts. However, the extent to which the COVID-19 pandemic impacts the Company’s business, product development and expansion efforts, corporate development objectives and the value of and market for the Company’s common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic; new or re-imposed travel restrictions, quarantines, social distancing and business closure requirements in the United States; and the effectiveness of actions taken globally to contain and treat the disease, including vaccination efforts. The overall disruption of global supply chains and distribution systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects.

Forward Stock Split: In July 2020, the board of directors and the stockholders of the Company approved a 2.46-for-1 forward stock split of the Company’s outstanding common stock and preferred stock, which was effected on July 22, 2020. Stockholders entitled to fractional shares as a result of the forward stock split received a cash payment in lieu of receiving fractional shares. All common stock, preferred stock, and per share information has been retroactively adjusted to give effect to this forward stock split for all periods presented. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately increased and the respective per share value and exercise prices, if applicable, were proportionately decreased in accordance with the terms of the agreements governing such securities. There were no changes in the par values of the Company’s common stock and preferred stock as a result of the forward stock split.

Initial Public Offering: In August 2020, the Company completed its initial public offering (“IPO”) of 10,699,573 shares of common stock at an offering price of $22.00 per share. The Company offered 5,040,323 shares of common stock and the selling stockholders identified in the Prospectus offered an additional 5,659,250 shares of common stock, including the underwriter’s option to purchase up to an additional 1,395,596 shares of common stock from the selling stockholders. The Company received gross proceeds of approximately $110,887 before deducting underwriting discounts, commissions and offering related transaction costs; the Company did not receive any proceeds from the sale of shares by the selling stockholders. Upon the closing of the IPO in August 2020, all of the then-outstanding shares of preferred stock automatically converted into 8,192,876 shares of common stock on a one-for-one basis. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. The condensed consolidated financial statements as of September 26, 2021, including share and per share amounts, include the effects of the IPO.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 26, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 27, 2020, and the notes thereto, which are included in our Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies during the 39-week period ended September 26, 2021.

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 27, 2020, and the notes thereto, which are included in our Annual Report on Form 10-K. Except as described below, there have been no new accounting pronouncements adopted by the Company during the 39-week period ended September 26, 2021.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted ASU 2020-04 on March 12, 2020 and the adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and also issued subsequent amendments to the initial guidance, ASU 2017-13, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01, ASU 2019-10, ASU 2020-02, and ASU 2020-05 (collectively, “Topic 842”). The guidance in Topic 842 supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the unaudited condensed consolidated statement of operations. An entity may adopt the guidance either (1) retrospectively to each prior reporting period presented in the financial statements with a cumulative-effect adjustment recognized at the beginning of the earliest comparative period presented or (2) retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. The Company expects to adopt Topic 842 retrospectively at the beginning of the period of adoption, December 27, 2021, through a cumulative-effect adjustment, and will not apply the new standard to comparative periods presented. The new standard provides a number of practical expedients. Upon adoption, the Company expects to elect all of the practical expedients available. The Company is currently evaluating the impact of its pending adoption of Topic 842 on its consolidated financial statements. It is anticipated that the primary impact of the adoption of Topic 842 will be the recording of a right-of-use asset and lease liability of similar amount on the Company’s condensed consolidated balance sheet.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and also issued subsequent amendments to the initial guidance, ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, and ASU 2020-03 (collectively, “Topic 326”), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Topic 326 requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. For non-public companies, Topic 326 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company expects to adopt Topic 326 on December 26, 2022. Although the Company is currently evaluating the impact of its pending adoption of Topic 326, the Company does not expect it to have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which intends to simplify the guidance by removing certain exceptions to the general principles and clarifying or amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company expects to adopt ASU 2019-12 on December 26, 2022. Although the Company is currently evaluating the impact of the adoption of ASU 2019-12, the Company does not expect it to have a material impact on its consolidated financial statements.

Investment Securities

9 Months Ended

Sep. 26, 2021

Investments Debt And Equity Securities [Abstract]

Investment Securities

3. Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of September 26, 2021, which were purchased in October 2020:

	Amortized Cost		Unrealized Losses			Fair Value
U.S. Corporate Bonds and U.S. Dollar Denominated Foreign Bonds	$	64,758	$	(128	)	$	64,630
Commercial Paper		3,999		—			3,999
U.S. Treasury		1,178		(2	)		1,176
Total	$	69,935	$	(130	)	$	69,805

The following table summarizes the Company’s available-for-sale investment securities as of December 27, 2020:

	Amortized Cost		Unrealized Losses			Fair Value
U.S. Corporate Bonds and U.S. Dollar Denominated Foreign Bonds	$	58,671	$	(41	)	$	58,630
Commercial Paper		6,697		—			6,697
U.S. Treasury		3,030		—			3,030
Total	$	68,398	$	(41	)	$	68,357

In October 2020, the Company purchased available-for-sale debt securities of approximately $68,336. During the 13-weeks ended September 26, 2021 there were purchases of $15,712, sales and maturities of $13,359 with no realized gains or losses and call redemptions of $1,598 with realized losses of $2. During the 39-weeks ended September 26, 2021 there were purchases of $43,294, sales and maturities of $37,203 with realized losses of $1, and call redemptions of $4,826 with realized losses of $11.

The securities incurred unrealized losses of $7 and related tax benefit of $3 for the 13-weeks ended September 26, 2021. The securities incurred unrealized losses of $69 and related tax benefit of $17 for the 39-weeks ended September 26, 2021.

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. Contractual maturities of investment securities as of September 26, 2021 are as follows:

	Amortized Cost		Fair Value
Due within one year	$	28,825	$	28,824
Due in 1-5 years		41,110		40,981
Total available-for-sale	$	69,935	$	69,805

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 September 26, 2021, Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Corporate Bonds and U.S. Denominated Foreign Bonds	$	—	$	64,630	$	—	$	64,630
Commercial Paper		—		3,999		—		3,999
Money Market		23,104		—		—		23,104
U.S. Treasury		—		1,176		—		1,176
Total assets measured at fair value	$	23,104	$	69,805	$	—	$	92,909

	Fair Value Measurements as of December 27, 2020, Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Corporate Bonds and U.S. Denominated Foreign Bonds	$	—	$	58,630	$	—	$	58,630
Commercial Paper		—		6,697		—		6,697
Money Market		25,469		—		—		25,469
U.S. Treasury		—		3,030		—		3,030
Total assets measured at fair value	$	25,469	$	68,357	$	—	$	93,826

Revenue Recognition

9 Months Ended

Sep. 26, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

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

	13-Weeks Ended				39-Weeks Ended
	September 26, 2021		September 27, 2020		September 26, 2021		September 27, 2020
Net Revenue:
Egg and egg-related products	$	58,999	$	49,299	$	169,767	$	147,738
Butter and butter-related products		5,628		4,068		13,729		12,549
Net Revenue	$	64,627	$	53,367	$	183,496	$	160,287

Net revenue is primarily generated from the sale of eggs and butter. The Company’s product offerings include pasture-raised shell eggs, pasture-raised hard-boiled eggs, liquid whole eggs, egg bites and pasture-raised butter. In August 2021, the Company added spreadable tub butter and egg-based breakfast bars to its product offering.

As of September 26, 2021 and December 27, 2020, the Company had customers that individually represented 10% or more of the Company’s accounts receivable, net, and during the 13-week and 39-week periods ended September 26, 2021 and September 27, 2020, the Company had customers that individually exceeded 10% or more of the Company’s net revenue. The percentage of net revenue from these significant customers during the 13-week and 39-week periods ended September 26, 2021 and September 27, 2020 is as follows:

	Net Revenue for the 13-Weeks Ended September 26, 2021	Net Revenue for the 13-Weeks Ended September 27, 2020	Net Revenue for the 39-Weeks Ended September 26, 2021	Net Revenue for the 39-Weeks Ended September 27, 2020
Customer A	20%	*	13%	18%
Customer B	11%	24%	20%	16%
Customer C	11%	13%	10%	12%
Customer D	14%	13%	12%	14%

*Revenue was less than 10%.

The increase in net revenue for Customer A for the 13-week period ended September 26, 2021 compared to the 13-week period ended September 27, 2020 is due to a shift in the Company’s distribution channels away from Customer B in the 13-week period. The decrease in net revenue for Customer A for the 39-week period ended September 26, 2021 compared to the 39-week period ended September 27, 2020 is due to a shift in the Company’s distribution channels to Customer B prior to the middle of the 13-week period ended September 26, 2021, when, as noted above, there was a shift back to Customer A. The decrease in net revenue for Customer C for the 13-week and 39-week periods ended September 26, 2021 compared to the same periods in the prior year is due to COVID-19 related pantry-loading that has not recurred at similar levels, offset by increased net revenue with other customers and new distribution channels in the current periods. The increase in net revenue for Customer D for the 13-week period ended September 26, 2021 compared to the 13-week period ended September 27, 2020 is due to new distribution gains in the current period. The decrease in net revenue for Customer D for the 39-week period ended September 26, 2021 compared to the same period in the prior year is due to COVID-19 related pantry-loading that has not recurred at similar levels.

The percentage of accounts receivable, net due from these significant customers as of September 26, 2021 and December 27, 2020 is as follows:

	Accounts Receivable, Net as of September 26, 2021	Accounts Receivable, Net as of December 27, 2020
Customer A	29%	*
Customer B	*	20%
Customer C	*	*
Customer D	12%	15%

*Accounts receivable was less than 10%.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Accounts Receivable

9 Months Ended

Sep. 26, 2021

Receivables [Abstract]

Accounts Receivable

5. Accounts Receivable

Accounts receivable, net, was $22,302 and $20,934 as of September 26, 2021 and December 27, 2020, respectively.

As of September 26, 2021 and December 27, 2020, the Company recorded an allowance for doubtful accounts of $261 and $196, respectively. Changes in the allowance for doubtful accounts were as follows:

	Allowance for doubtful accounts
As of December 27, 2020	$	(196	)
Provisions Charged to Operating Results		28
Account Write-off and Recoveries		17
As of March 27, 2021		(151	)
Provisions Charged to Operating Results		(41	)
Account Write-off and Recoveries		63
As of June 27, 2021		(129	)
Provisions Charged to Operating Results		(162	)
Account Write-off and Recoveries		30
As of September 26, 2021	$	(261	)

Inventories

9 Months Ended

Sep. 26, 2021

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventory consisted of the following as of the periods presented:

	September 26, 2021		December 27, 2020
Eggs and egg-related products	$	6,661	$	6,407
Butter and butter-related products		4,645		3,347
Packaging		1,962		1,997
Other		1,310		1,151
	$	14,578	$	12,902

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

Property, Plant and Equipment

9 Months Ended

Sep. 26, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

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

	September 26, 2021			December 27, 2020
Land	$	525		$	525
Buildings and improvements		14,214			14,297
Vehicles		650			551
Machinery and equipment		14,477			12,473
Leasehold improvements		830			973
Furniture and fixtures		503			447
Construction in progress		18,878			6,654
		50,077			35,920
Less: Accumulated depreciation and amortization		(7,908	)		(5,802	)
Property, plant and equipment, net	$	42,169		$	30,118

During the 13-week periods ended September 26, 2021 and September 27, 2020, depreciation and amortization of property, plant and equipment was approximately $907 and $614, respectively. During the 39-week periods ended September 26, 2021 and September 27, 2020, depreciation and amortization of property, plant and equipment was approximately $2,526 and $1,568, respectively.

As of September 26, 2021 and December 27, 2020, machinery and equipment that was leased under capital leases and included in property, plant and equipment, net in the unaudited condensed consolidated balance sheets was approximately $955 and $1,193, respectively.

Accrued Liabilities

9 Months Ended

Sep. 26, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

8. Accrued Liabilities

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

	September 26, 2021		December 27, 2020
Accrued promotions and expired product chargebacks	$	3,565	$	2,724
Accrued grower payments		67		34
Accrued employee related costs		2,897		3,718
Accrued offering costs		—		123
Accrued distribution fees and freight		2,152		436
Accrued accounting and legal fees		498		238
Accrued marketing and commissions		1,707		739
Accrued property, plant and equipment		1,976		502
Other		1,603		1,331
Accrued liabilities	$	14,465	$	9,845

Capital Leases

9 Months Ended

Sep. 26, 2021

Debt Disclosure [Abstract]

Capital Leases

9. Capital Leases

Future principal payments for capital lease payments as of September 26, 2021 are as follows:

For 39-Week Period End
2021 (remaining thirteen weeks)		120
2022		327
Total	$	447

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 26, 2021

Equity [Abstract]

Redeemable Convertible Preferred Stock

10. Redeemable Convertible Preferred Stock

Upon the closing of the IPO in August 2020, all of the then-outstanding shares of preferred stock automatically converted into 8,192,876 shares of common stock on a one-for-one basis. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding.

Common Stock and Common Stock Warrant

9 Months Ended

Sep. 26, 2021

Equity [Abstract]

Common Stock and Common Stock Warrant

11. Common Stock and Common Stock Warrant

Common Stock: As of September 26, 2021, 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 40,302,470 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. 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. No cash dividends had been 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:

	September 26, 2021		December 27, 2020
Options to purchase common stock		5,133,709		5,815,684
Restricted stock units		107,680		45,000
Shares available for grant under the 2020 Employee Stock Purchase Plan		1,294,440		900,000
Shares available for grant under the 2020 Incentive Plan		8,683,759		7,615,143
Total		15,219,588		14,375,827

Common Stock Warrant: In June 2015, the Company issued a warrant to the guarantor of a line of credit agreement that was entered in 2015 and matured and was repaid in full in 2017. The guarantor was also the Company’s Chief Executive Officer. The warrant provided for the purchase of a total of 196,800 shares of the Company’s common stock at an exercise price of $1.43 per share. The warrant was scheduled to expire on the earlier of June 12, 2020 or the completion of the IPO. At the time of issuance, the Company classified the warrant as equity in its unaudited condensed consolidated balance sheets. On June 9, 2020, the guarantor exercised the warrant to purchase 196,800 shares of the Company’s common stock resulting in net proceeds of approximately $282.

Treasury Stock: In August 2021, the Company retired an aggregate of 5,494,918 shares of its common stock held in treasury. Upon retirement, the shares were redesignated as authorized but unissued shares of the Company’s common stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 26, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

Stock Option Activity

The following table summarizes the Company’s stock option activity since December 27, 2020:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 27, 2020		5,815,684		$	6.87		6.7	$	112,762
Granted		557,337		$	24.14
Exercised		(843,430	)	$	2.37			$	17,599
Cancelled		(395,882	)	$	11.49
Outstanding as of September 26, 2021		5,133,709		$	9.10		6.8	$	54,144
Options exercisable as of September 26, 2021		2,623,519		$	4.49		5.3	$	36,607
Options vested and expected to vest as of September 26, 2021		5,120,566		$	9.12		6.8	$	53,953

The fair value of shares vested during the 13-week periods ended September 26, 2021 and September 27, 2020 was $1,968 and $984, respectively. The fair value of shares vested during the 39-week periods ended September 26, 2021 and September 27, 2020 was $2,880 and $1,442, respectively.

Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit (“RSU”) activity since December 27, 2020:

	Number of RSUs			Weighted- Average Exercise Price
Unvested as of December 27, 2020		45,000		$	37.61
Granted		79,489			23.77
Vested		(15,000	)		37.61
Forfeited		(1,809	)		25.78
Unvested as of September 26, 2021		107,680		$	27.59

The Company measures compensation expense for all stock-based awards based on the estimated fair values on the date of the grant. The fair value of stock options granted was estimated using the Black-Scholes option-pricing valuation model. The fair value of RSUs is determined using the closing stock price of our common stock on the date of grant. The Company records stock-based compensation expense in selling, general and administrative expenses and cost of goods sold. During the 13-week periods ended September 26, 2021 and September 27, 2020, the Company recognized stock-based compensation expense of $1,198 and $737, respectively. During the 13-week period ended September 26, 2021, $37 of stock-based compensation expense was recognized in cost of goods sold. During the 39-week periods ended September 26, 2021 and September 27, 2020, the Company recognized stock-based compensation expense of $3,192 and $1,481, respectively. During the 39-week periods ended September 26, 2021 $102 of stock-based compensation expense was recognized in cost of goods sold. No stock-based compensation was recognized in cost of goods sold in the 13-week and 39-week periods ended September 27, 2020.

As of September 26, 2021, total unrecognized stock-based compensation expense related to unvested stock options and RSUs was $12,323, which is expected to be recognized over a weighted-average period of 2.8 years.

2020 Equity Incentive Plan: In July 2020, the Company’s board of directors adopted its 2020 Equity Incentive Plan (“2020 Incentive Plan”), which was subsequently approved by its 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 September 26, 2021, 8,683,759 shares were available for future grants of the

Company’s common stock. 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 Employee Stock Purchase Plan (“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 September 26, 2021, 1,294,440 shares of the Company’s common stock were available for future issuance. The Company’s board of directors may from time to time grant or provide for the grant to eligible employees of options to purchase common stock under the 2020 ESPP during a specific offering period. As of September 26, 2021, no offerings have been approved.

Income Taxes

9 Months Ended

Sep. 26, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company’s effective tax rate for both 13-week periods ended September 26, 2021 and September 27, 2020 was approximately 27%. The Company’s effective tax rate for the 39-week periods ended September 26, 2021 and September 27, 2020 was approximately (33)% and 31%, respectively. In the 13-week and 39-week periods ended September 26, 2021 there were favorable tax benefits related to the exercise of non-qualified stock options.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Net (Loss) Income Per Share

9 Months Ended

Sep. 26, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

14. Net (Loss) Income Per Share

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

	13-Weeks Ended
	September 26, 2021			September 27, 2020
Numerator:
Net (loss) income	$	(1,327	)	$	1,662
Less: Net loss attributable to noncontrolling interests		(6	)		(15	)
Net (loss) income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	(1,321	)	$	1,677
Denominator:
Weighted average common shares outstanding — basic		40,196,410			34,044,994
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		—			5,066,024
Effect of potentially dilutive restricted stock units		—			—
Effect of potentially dilutive common stock warrants		—			—
Effect of potentially dilutive redeemable convertible preferred stock		—			—
Weighted average common shares outstanding — diluted		40,196,410			39,111,018
Net (loss) income per share attributable to Vital Farms, Inc. stockholders
Basic	$	(0.03	)	$	0.05
Diluted	$	(0.03	)	$	0.04

	39-Weeks Ended
	September 26, 2021			September 27, 2020
Numerator:
Net income	$	6,037		$	9,531
Less: Net loss attributable to noncontrolling interests		(41	)		(54	)
Net income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	6,078		$	9,585
Denominator:
Weighted average common shares outstanding — basic		39,910,063			28,664,914
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		3,468,937			4,482,401
Effect of potentially dilutive restricted stock units		1,711			—
Effect of potentially dilutive common stock warrants		—			128,587
Effect of potentially dilutive redeemable convertible preferred stock		—			—
Weighted average common shares outstanding — diluted		43,380,711			33,275,902
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.15		$	0.33
Diluted	$	0.14		$	0.29

For the 13-week periods ended September 26, 2021 and September 27, 2020, options to purchase 0 shares of common stock and 45,000 shares of common stock, respectively, were excluded from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders because including them would have been antidilutive. For the 39-week periods ended September 26, 2021 and September 27, 2020, options to purchase 195,126 shares of common stock and 881,969 shares of common stock, respectively, were excluded from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders because including them would have been antidilutive.

Commitments and Contingencies

9 Months Ended

Sep. 26, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

Operating Leases: As of September 26, 2021, the Company was leasing 9,082 square feet of office space and parking spaces in Austin, Texas. The lease expires in April 2026. The Company has the option to extend the lease agreement for successive periods of up to five years. The monthly lease payments, which include base rent charges of $19, are subject to periodic rent increases through April 2026.

As of September 26, 2021, the Company was leasing approximately 92,000 square feet of warehouse space in Springfield, Missouri for 10,000 rentable pallet spaces under an operating lease expiring in September 2023. The monthly lease payments, which include base rent charges of $79, are subject to periodic rent increases through September 2023.

The Company recognizes rent expense on a straight-line basis over the respective lease period and has recorded deferred rent for rent expense incurred but not yet paid. During the 13-week periods ended September 26, 2021 and September 27, 2020, the Company recognized rent expense, including associated common area maintenance charges, of $113 and $109, respectively. During the 39-week periods ended September 26, 2021 and September 27, 2020, the Company recognized rent expense, including associated common area maintenance charges, of $378 and $331, respectively.

As of September 26, 2021, future minimum lease payments under noncancelable operating leases are as follows:

2021 (remaining thirteen weeks)		366
2022		1,476
2023		1,254
2024		471
Thereafter		454
Total	$	4,021

Supplier Contracts: The Company purchases its egg inventories under long-term supply contracts with farms. Purchase commitments contained in these arrangements are variable dependent upon the quantity of eggs produced by the farms. Accordingly, there are no estimable future purchase commitments associated with these supplier contracts. In addition, substantially all the Company’s long-term supply contracts with farms contain components that meet the definition of embedded leases within the scope of Topic 840, Leases. These arrangements convey to the Company the right to control implicitly identified property, plant and equipment as it takes substantially all the utility generated by these assets over the term of the arrangements at a variable price. As total purchase commitments contained in these arrangements are variable, the amounts attributable to the lease components are contingent rentals; there are no minimum lease payments associated with these long-term supply contracts. As the classification and timing of recognition of costs attributable to the eggs and embedded cost of the lease rentals are identical, the Company does not allocate the total purchase cost of eggs between the cost of the eggs and the embedded cost of the lease rentals or distinguish between them in its accounting records. The Company records the total purchase costs of eggs, which includes costs associated with the eggs and the corresponding costs of embedded lease rentals from the same arrangement, into inventory. These costs are expensed to cost of goods sold when the associated eggs are sold to customers. During the 13-week periods ended September 26, 2021 and September 27, 2020, the Company recognized total costs associated with its long-term supply contracts with farms of $27,863 and $22,341, respectively. During the 39-week periods ended September 26, 2021 and September 27, 2020, the Company recognized total costs associated with its long-term supply contracts with farms of $75,271 and $65,030, respectively.

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 September 26, 2021, the Company has not incurred any material costs as a result of such indemnifications.

Litigation: The Company is subject to various claims and contingencies which 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. 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. The liability recorded includes probable and estimable legal costs incurred to date and future legal costs to the point in the legal matter where the Company believes a conclusion to the matter will be reached. 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.

Related Party Transactions

9 Months Ended

Sep. 26, 2021

Related Party Transactions

16. Related Party Transactions

Guarantor Warrant: The Company’s executive chairman and former Chief Executive Officer (the “Guarantor”) guaranteed the Company’s obligations under a line of credit agreement that was entered into in 2015 and that matured and was repaid in full in 2017. The Company issued a warrant to purchase 196,800 shares of the Company’s common stock at an exercise price of $1.43 to the Guarantor in exchange for his guaranty. See Note 11, “Common Stock and Common Stock Warrant.” The warrant expired on the earlier of June 12, 2020 or the completion of the IPO. In June 2020, the Guarantor exercised the warrant to purchase 196,800 shares of the Company’s common stock resulting in net proceeds of approximately $282.

Ovabrite, Inc.: Ovabrite is a related party because its founders are stockholders of the Company, with the majority stockholder in Ovabrite also serving as the Company’s executive chairman and member of the Company’s board of directors. Since Ovabrite’s incorporation in November 2016, the Company is deemed to have had a variable interest in Ovabrite, and Ovabrite is deemed to have been a VIE, of which the Company is the primary beneficiary. Accordingly, the Company has consolidated the results of Ovabrite since November 2016. All significant intercompany transactions between the Company and Ovabrite have been eliminated in consolidation. The Ovabrite entity is immaterial as of the 13-weeks ended September 26, 2021.

Note Receivable from Related Parties: In February 2019, the Company issued promissory notes in the aggregate amount of $4,000 to its founder and a former member of the board of directors that is currently a board observer, both of whom are also stockholders of the Company. The promissory notes bear monthly interest at LIBOR plus 2.0% and mature on the earlier of August 7, 2022 or the date of closing of a liquidity transaction which is defined as a merger, consolidation or sale of the Company’s assets or such time as the notes would be prohibited by the Sarbanes-Oxley Act (“Promissory Note Maturity Date”). All unpaid principal and accrued and unpaid interest are due on the Promissory Note Maturity Date. The borrower may prepay all or any portion of the promissory note at any time without premium or penalty. In November 2019, $3,200 of the promissory notes were repaid.

In August 2020, the remaining $800 of the promissory notes were repaid. During the 13-week periods ended September 26, 2021 and September 27, 2020, the Company recorded interest income of $0 and $10, respectively, in connection with the promissory notes. During the 39-week periods ended September 26, 2021 and September 27, 2020, the company recorded interest income of $0 and $24, respectively, in connection with the promissory notes.

Sandpebble Builders Preconstruction, Inc.: The Company utilizes Sandpebble Builders Preconstruction, Inc. (“Sandpebble”) for project management and related services associated with the construction and expansion of Egg Central Station. The owner and principal of Sandpebble is the father of an executive of the Company. In connection with the services described above, the Company paid Sandpebble $142 and $178 during the 13-week periods ended September 26, 2021 and September 27, 2020, respectively and $766, and $541 during the 39-week periods ended September 26, 2021 and September 27, 2020, respectively. As of September 26, 2021, the Company owed Sandpebble approximately $150 for work performed through that date. Amounts paid to Sandpebble are included in property, plant and equipment, net, accounts payable and accrued liabilities in the unaudited condensed consolidated balance sheets.

Whole Foods Market, Inc: A member of the Company’s board of directors is an executive vice president and senior advisor at Whole Foods Market Inc. (“Whole Foods”). The Company serves the majority of its natural channel retail customers through food distributors, such as US Foods Inc. and United Natural Foods, Inc. who purchase, store, sell and deliver products to Whole Foods. While the Company cannot precisely determine its specific revenue attributable to Whole Foods, it is a significant customer.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 26, 2021

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements / Recently Issued Accounting Pronouncements Not Yet Adopted

Investment Securities (Tables)

9 Months Ended

Sep. 26, 2021

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 September 26, 2021, which were purchased in October 2020:

	Amortized Cost		Unrealized Losses			Fair Value
U.S. Corporate Bonds and U.S. Dollar Denominated Foreign Bonds	$	64,758	$	(128	)	$	64,630
Commercial Paper		3,999		—			3,999
U.S. Treasury		1,178		(2	)		1,176
Total	$	69,935	$	(130	)	$	69,805

The following table summarizes the Company’s available-for-sale investment securities as of December 27, 2020:

	Amortized Cost		Unrealized Losses			Fair Value
U.S. Corporate Bonds and U.S. Dollar Denominated Foreign Bonds	$	58,671	$	(41	)	$	58,630
Commercial Paper		6,697		—			6,697
U.S. Treasury		3,030		—			3,030
Total	$	68,398	$	(41	)	$	68,357

Summary of Contractual Maturities of Investment Securities

Contractual maturities of investment securities as of September 26, 2021 are as follows:

	Amortized Cost		Fair Value
Due within one year	$	28,825	$	28,824
Due in 1-5 years		41,110		40,981
Total available-for-sale	$	69,935	$	69,805

Schedule of Financial Assets Measured at Fair Value

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 September 26, 2021, Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Corporate Bonds and U.S. Denominated Foreign Bonds	$	—	$	64,630	$	—	$	64,630
Commercial Paper		—		3,999		—		3,999
Money Market		23,104		—		—		23,104
U.S. Treasury		—		1,176		—		1,176
Total assets measured at fair value	$	23,104	$	69,805	$	—	$	92,909

	Fair Value Measurements as of December 27, 2020, Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Corporate Bonds and U.S. Denominated Foreign Bonds	$	—	$	58,630	$	—	$	58,630
Commercial Paper		—		6,697		—		6,697
Money Market		25,469		—		—		25,469
U.S. Treasury		—		3,030		—		3,030
Total assets measured at fair value	$	25,469	$	68,357	$	—	$	93,826

Revenue Recognition (Tables)

9 Months Ended

Sep. 26, 2021

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				39-Weeks Ended
	September 26, 2021		September 27, 2020		September 26, 2021		September 27, 2020
Net Revenue:
Egg and egg-related products	$	58,999	$	49,299	$	169,767	$	147,738
Butter and butter-related products		5,628		4,068		13,729		12,549
Net Revenue	$	64,627	$	53,367	$	183,496	$	160,287

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

The percentage of net revenue from these significant customers during the 13-week and 39-week periods ended September 26, 2021 and September 27, 2020 is as follows:

	Net Revenue for the 13-Weeks Ended September 26, 2021	Net Revenue for the 13-Weeks Ended September 27, 2020	Net Revenue for the 39-Weeks Ended September 26, 2021	Net Revenue for the 39-Weeks Ended September 27, 2020
Customer A	20%	*	13%	18%
Customer B	11%	24%	20%	16%
Customer C	11%	13%	10%	12%
Customer D	14%	13%	12%	14%

*Revenue was less than 10%.

The percentage of accounts receivable, net due from these significant customers as of September 26, 2021 and December 27, 2020 is as follows:

	Accounts Receivable, Net as of September 26, 2021	Accounts Receivable, Net as of December 27, 2020
Customer A	29%	*
Customer B	*	20%
Customer C	*	*
Customer D	12%	15%

*Accounts receivable was less than 10%.

Accounts Receivable (Tables)

9 Months Ended

Sep. 26, 2021

Receivables [Abstract]

Schedule of Changes in Allowance for Doubtful Accounts Receivable

Changes in the allowance for doubtful accounts were as follows:

	Allowance for doubtful accounts
As of December 27, 2020	$	(196	)
Provisions Charged to Operating Results		28
Account Write-off and Recoveries		17
As of March 27, 2021		(151	)
Provisions Charged to Operating Results		(41	)
Account Write-off and Recoveries		63
As of June 27, 2021		(129	)
Provisions Charged to Operating Results		(162	)
Account Write-off and Recoveries		30
As of September 26, 2021	$	(261	)

Inventories (Tables)

9 Months Ended

Sep. 26, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of the periods presented:

	September 26, 2021		December 27, 2020
Eggs and egg-related products	$	6,661	$	6,407
Butter and butter-related products		4,645		3,347
Packaging		1,962		1,997
Other		1,310		1,151
	$	14,578	$	12,902

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 26, 2021

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

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

	September 26, 2021			December 27, 2020
Land	$	525		$	525
Buildings and improvements		14,214			14,297
Vehicles		650			551
Machinery and equipment		14,477			12,473
Leasehold improvements		830			973
Furniture and fixtures		503			447
Construction in progress		18,878			6,654
		50,077			35,920
Less: Accumulated depreciation and amortization		(7,908	)		(5,802	)
Property, plant and equipment, net	$	42,169		$	30,118

Accrued Liabilities (Tables)

9 Months Ended

Sep. 26, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Liabilities

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

	September 26, 2021		December 27, 2020
Accrued promotions and expired product chargebacks	$	3,565	$	2,724
Accrued grower payments		67		34
Accrued employee related costs		2,897		3,718
Accrued offering costs		—		123
Accrued distribution fees and freight		2,152		436
Accrued accounting and legal fees		498		238
Accrued marketing and commissions		1,707		739
Accrued property, plant and equipment		1,976		502
Other		1,603		1,331
Accrued liabilities	$	14,465	$	9,845

Capital Leases (Tables)

9 Months Ended

Sep. 26, 2021

Debt Disclosure [Abstract]

Summary of Future Principal Payments for Capital Lease Payments

Future principal payments for capital lease payments as of September 26, 2021 are as follows:

For 39-Week Period End
2021 (remaining thirteen weeks)		120
2022		327
Total	$	447

Common Stock and Common Stock Warrant (Tables)

9 Months Ended

Sep. 26, 2021

Equity [Abstract]

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:

	September 26, 2021		December 27, 2020
Options to purchase common stock		5,133,709		5,815,684
Restricted stock units		107,680		45,000
Shares available for grant under the 2020 Employee Stock Purchase Plan		1,294,440		900,000
Shares available for grant under the 2020 Incentive Plan		8,683,759		7,615,143
Total		15,219,588		14,375,827

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 26, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 27, 2020:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 27, 2020		5,815,684		$	6.87		6.7	$	112,762
Granted		557,337		$	24.14
Exercised		(843,430	)	$	2.37			$	17,599
Cancelled		(395,882	)	$	11.49
Outstanding as of September 26, 2021		5,133,709		$	9.10		6.8	$	54,144
Options exercisable as of September 26, 2021		2,623,519		$	4.49		5.3	$	36,607
Options vested and expected to vest as of September 26, 2021		5,120,566		$	9.12		6.8	$	53,953

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit (“RSU”) activity since December 27, 2020:

	Number of RSUs			Weighted- Average Exercise Price
Unvested as of December 27, 2020		45,000		$	37.61
Granted		79,489			23.77
Vested		(15,000	)		37.61
Forfeited		(1,809	)		25.78
Unvested as of September 26, 2021		107,680		$	27.59

Net (Loss) Income Per Share (Tables)

9 Months Ended

Sep. 26, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

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

	13-Weeks Ended
	September 26, 2021			September 27, 2020
Numerator:
Net (loss) income	$	(1,327	)	$	1,662
Less: Net loss attributable to noncontrolling interests		(6	)		(15	)
Net (loss) income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	(1,321	)	$	1,677
Denominator:
Weighted average common shares outstanding — basic		40,196,410			34,044,994
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		—			5,066,024
Effect of potentially dilutive restricted stock units		—			—
Effect of potentially dilutive common stock warrants		—			—
Effect of potentially dilutive redeemable convertible preferred stock		—			—
Weighted average common shares outstanding — diluted		40,196,410			39,111,018
Net (loss) income per share attributable to Vital Farms, Inc. stockholders
Basic	$	(0.03	)	$	0.05
Diluted	$	(0.03	)	$	0.04

	39-Weeks Ended
	September 26, 2021			September 27, 2020
Numerator:
Net income	$	6,037		$	9,531
Less: Net loss attributable to noncontrolling interests		(41	)		(54	)
Net income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	6,078		$	9,585
Denominator:
Weighted average common shares outstanding — basic		39,910,063			28,664,914
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		3,468,937			4,482,401
Effect of potentially dilutive restricted stock units		1,711			—
Effect of potentially dilutive common stock warrants		—			128,587
Effect of potentially dilutive redeemable convertible preferred stock		—			—
Weighted average common shares outstanding — diluted		43,380,711			33,275,902
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.15		$	0.33
Diluted	$	0.14		$	0.29

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 26, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments Under Noncancelable Operating Leases

As of September 26, 2021, future minimum lease payments under noncancelable operating leases are as follows:

2021 (remaining thirteen weeks)		366
2022		1,476
2023		1,254
2024		471
Thereafter		454
Total	$	4,021

Nature of the Business and Basis of Presentation - Additional Information (Details)		1 Months Ended	9 Months Ended
	Jul. 22, 2020	Aug. 31, 2020 USD ($) $ / shares shares	Sep. 26, 2021 shares	Dec. 27, 2020 shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation			Jun. 06, 2013
Forward stock split			2.46-for-1
Forward stock split conversion ratio	2.46
Common stock, shares issued			40,302,470	39,444,040
Preferred stock, shares outstanding		0
IPO
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued		10,699,573
Share price \| $ / shares		$ 22.00
Common stock, shares issued		5,040,323
Additional common stock shares issued		5,659,250
Gross proceeds from sale of common stock \| $		$ 110,887
Shares issued upon conversion of preferred stock		8,192,876
Preferred stock, shares outstanding		0
IPO \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional common stock shares issued		1,395,596

Summary of Significant Accounting Policies - Additional Information (Details) - ASU 2020-04	Jun. 27, 2021
Summary of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Mar. 12, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

- Definition

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 848
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+ Details

Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 69,935	$ 68,398
Unrealized Losses	(130)	(41)
Investment securities	69,805	68,357
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,999	6,697
Investment securities	3,999	6,697
U.S. Corporate Bonds and U.S. Dollar Denominated Foreign Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	64,758	58,671
Unrealized Losses	(128)	(41)
Investment securities	64,630	58,630
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,178	3,030
Unrealized Losses	(2)
Investment securities	$ 1,176	$ 3,030

Investment Securities - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Sep. 26, 2021	Sep. 26, 2021
Investments Debt And Equity Securities [Abstract]
Available-for-sale debt securities purchased	$ 68,336,000	$ 15,712,000	$ 43,294,000
Proceeds from the sales and maturities of available-for-sale debt securities		13,359,000	37,203,000
Realized gains or losses on sales and maturities		0
Realized losses on sales and maturities			1,000
Proceeds from the call redemptions of available-for-sale debt securities		1,598,000	4,826,000
Realized losses on call redemptions		2,000	11,000
Securities incurred unrealized losses		7,000	69,000
Securities related tax benefit		$ 3,000	$ 17,000

Investment Securities - Summary of Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Investments Debt And Equity Securities [Abstract]
Due within one year Amortized Cost	$ 28,825
Due in 1-5 years Amortized Cost	41,110
Amortized Cost	69,935	$ 68,398
Due within one year Fair Value	28,824
Due in 1-5 years Fair Value	40,981
Total available-for-sale Fair Value	$ 69,805

Investment Securities - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 92,909	$ 93,826
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,104	25,469
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	69,805	68,357
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	64,630	58,630
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	64,630	58,630
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	3,999	6,697
Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	3,999	6,697
Money Market
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,104	25,469
Money Market \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,104	25,469
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	1,176	3,030
U.S. Treasury Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 1,176	$ 3,030

Revenue Recognition - Summary of Net Revenue by Primary Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Disaggregation Of Revenue [Line Items]
Net revenue	$ 64,627	$ 53,367	$ 183,496	$ 160,287
Egg and Egg Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	58,999	49,299	169,767	147,738
Butter and Butter Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	$ 5,628	$ 4,068	$ 13,729	$ 12,549

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Summary of Percentage of Net Revenue from Significant Customers (Details) - Customer Concentration Risk - Net Revenue	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	20.00%		13.00%	18.00%
Customer B
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	11.00%	24.00%	20.00%	16.00%
Customer C
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	11.00%	13.00%	10.00%	12.00%
Customer D
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	14.00%	13.00%	12.00%	14.00%

Revenue Recognition - Summary of Percentage of Accounts Receivable, Net Due from Significant Customers (Details) - Customer Concentration Risk - Accounts Receivable	9 Months Ended	12 Months Ended
	Sep. 26, 2021	Dec. 27, 2020
Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	29.00%
Customer B
Disaggregation Of Revenue [Line Items]
Concentration risk percentage		20.00%
Customer D
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	12.00%	15.00%

Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Jun. 27, 2021	Mar. 28, 2021	Dec. 27, 2020
Receivables [Abstract]
Accounts receivable, net	$ 22,302			$ 20,934
Allowance for doubtful accounts	$ 261	$ 129	$ 151	$ 196

Accounts Receivable - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 26, 2021	Jun. 27, 2021	Mar. 28, 2021
Receivables [Abstract]
Allowance for doubtful accounts, Beginning balance	$ (129)	$ (151)	$ (196)
Provisions Charged to Operating Results	(162)	(41)	28
Account Write-off and Recoveries	30	63	17
Allowance for doubtful accounts, Ending balance	$ (261)	$ (129)	$ (151)

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Inventory [Line Items]
Inventories	$ 14,578	$ 12,902
Eggs and Egg Related Products
Inventory [Line Items]
Inventories	6,661	6,407
Butter and Butter Related Products
Inventory [Line Items]
Inventories	4,645	3,347
Packaging
Inventory [Line Items]
Inventories	1,962	1,997
Other
Inventory [Line Items]
Inventories	$ 1,310	$ 1,151

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 50,077	$ 35,920
Less: Accumulated depreciation and amortization	(7,908)	(5,802)
Property, plant and equipment, net	42,169	30,118
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	525	525
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	14,214	14,297
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	650	551
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	14,477	12,473
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	830	973
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	503	447
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 18,878	$ 6,654

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020
Property Plant And Equipment [Line Items]
Depreciation and amortization of property, plant and equipment	$ 907	$ 614	$ 2,526	$ 1,568
Machinery and Equipment
Property Plant And Equipment [Line Items]
Capital leases included in property, plant and equipment	$ 955		$ 955		$ 1,193

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Payables And Accruals [Abstract]
Accrued promotions and expired product chargebacks	$ 3,565	$ 2,724
Accrued grower payments	67	34
Accrued employee related costs	2,897	3,718
Accrued offering costs		123
Accrued distribution fees and freight	2,152	436
Accrued accounting and legal fees	498	238
Accrued marketing and commissions	1,707	739
Accrued property, plant and equipment	1,976	502
Other	1,603	1,331
Accrued liabilities	$ 14,465	$ 9,845

Capital Leases - Summary of Future Principal Payments for Capital Lease Payments (Details) $ in Thousands	Sep. 26, 2021 USD ($)
Debt Disclosure [Abstract]
2021 (remaining thirteen weeks)	$ 120
2022	327
Total	$ 447

Redeemable Convertible Preferred Stock - Additional Information (Details)	1 Months Ended
	Aug. 31, 2020 shares
Class Of Stock [Line Items]
Preferred stock, shares outstanding	0
IPO
Class Of Stock [Line Items]
Shares issued upon conversion of preferred stock	8,192,876
Preferred stock convertible into common stock conversion ratio	100.00%
Preferred stock, shares outstanding	0

Common Stock and Common Stock Warrant - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 09, 2020	Aug. 31, 2021	Sep. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020
Class Of Stock [Line Items]
Common stock, shares authorized			310,000,000	310,000,000		310,000,000
Common stock, shares issued			40,302,470	40,302,470		39,444,040
Common stock, shares outstanding			40,302,470	40,302,470		39,444,040
Common stock, par value			$ 0.0001	$ 0.0001		$ 0.0001
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
Proceeds from exercise of warrant					$ 282,000
Common Stock
Class Of Stock [Line Items]
Retirement of treasury stock, Shares		5,494,918	(5,494,918)
Guarantor
Class Of Stock [Line Items]
Warrants issued to purchase of common stock shares	196,800
Warrant exercise price per share	$ 1.43
Proceeds from exercise of warrant	$ 282,000

Common Stock and Common Stock Warrant - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Sep. 26, 2021	Dec. 27, 2020
Class Of Stock [Line Items]
Common stock for issuance	15,219,588	14,375,827
2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock for issuance	1,294,440
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock for issuance	5,133,709	5,815,684
Restricted Stock Units
Class Of Stock [Line Items]
Common stock for issuance	107,680	45,000
Shares Available for Grant \| 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock for issuance	1,294,440	900,000
Shares Available for Grant \| 2020 Incentive Plan
Class Of Stock [Line Items]
Common stock for issuance	8,683,759	7,615,143

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 26, 2021 USD ($) $ / shares shares	Dec. 27, 2020 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Beginning balance \| shares	5,815,684
Number of Options, Granted \| shares	557,337
Number of Options, Exercised \| shares	(843,430)
Number of Options, Cancelled \| shares	(395,882)
Number of Options, Ending balance \| shares	5,133,709	5,815,684
Number of Options, Options exercisable as of September 26, 2021 \| shares	2,623,519
Number of Options, Options vested and expected to vest as of September 26, 2021 \| shares	5,120,566
Weighted-Average Exercise Price, Beginning balance \| $ / shares	$ 6.87
Weighted-Average Exercise Price, Options Granted \| $ / shares	24.14
Weighted-Average Exercise Price, Options Exercised \| $ / shares	2.37
Weighted-Average Exercise Price, Options Cancelled \| $ / shares	11.49
Weighted-Average Exercise Price, Ending balance \| $ / shares	9.10	$ 6.87
Weighted-Average Exercise Price, Options exercisable as of September 26, 2021 \| $ / shares	4.49
Weighted-Average Exercise Price, Options vested and expected to vest as of September 26, 2021 \| $ / shares	$ 9.12
Weighted Average Remaining Contractual Life (Years), Balance	6 years 9 months 18 days	6 years 8 months 12 days
Weighted Average Remaining Contractual Life (Years), Options exercisable as of September 26, 2021	5 years 3 months 18 days
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest as of September 26, 2021	6 years 9 months 18 days
Aggregate Intrinsic Value \| $	$ 54,144	$ 112,762
Aggregate Intrinsic Value, Exercised \| $	17,599
Aggregate Intrinsic Value, Options exercisable as of September 26, 2021 \| $	36,607
Aggregate Intrinsic Value, Options vested and expected to vest as of September 26, 2021 \| $	$ 53,953

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of shares vested		$ 1,968	$ 984	$ 2,880	$ 1,442
Stock-based compensation expense		1,198	737	3,192	1,481
Unrecognized stock-based compensation expense related to unvested stock options and RSUs		$ 12,323		$ 12,323
Expected weighted-average period of recognition				2 years 9 months 18 days
Common stock for issuance		15,219,588		15,219,588		14,375,827
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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.
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%
Number of shares available for future grants		8,683,759		8,683,759
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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. As of September 26, 2021, 1,294,440 shares of
Common stock for issuance		1,294,440		1,294,440
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%
Cost of goods sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 37	$ 0	$ 102	$ 0

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 26, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs, Beginning balance \| shares	45,000
Number of RSUs, Granted \| shares	79,489
Number of RSUs, Vested \| shares	(15,000)
Number of RSUs, Forfeited \| shares	(1,809)
Number of RSUs, Ending balance \| shares	107,680
Weighted-Average Exercise Price, Beginning balance \| $ / shares	$ 37.61
Weighted-Average Exercise Price, Granted \| $ / shares	23.77
Weighted-Average Exercise Price, Vested \| $ / shares	37.61
Weighted-Average Exercise Price, Forfeited \| $ / shares	25.78
Weighted-Average Exercise Price, Ending balance \| $ / shares	$ 27.59

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	27.00%	27.00%	(33.00%)	31.00%

Net (Loss) Income Per Share - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2021	Jun. 27, 2021	Mar. 28, 2021	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Sep. 26, 2021	Sep. 27, 2020
Numerator:
Net (loss) income	$ (1,327)			$ 1,662			$ 6,037	$ 9,531
Less: Net loss attributable to noncontrolling interests	(6)	$ (24)	$ (11)	(15)	$ (28)	$ (11)	(41)	(54)
Net (loss) income attributable to Vital Farms, Inc. common stockholders	$ (1,321)	$ 3,907	$ 3,491	$ 1,677	$ 5,964	$ 1,945	$ 6,078	$ 9,585
Denominator:
Weighted average common shares outstanding — basic	40,196,410			34,044,994			39,910,063	28,664,914
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive common stock warrants								128,587
Weighted average common shares outstanding — diluted	40,196,410			39,111,018			43,380,711	33,275,902
Net (loss) income per share attributable to Vital Farms, Inc. stockholders:
Basic	$ (0.03)			$ 0.05			$ 0.15	$ 0.33
Diluted	$ (0.03)			$ 0.04			$ 0.14	$ 0.29
Options to Purchase Common Stock
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock				5,066,024			3,468,937	4,482,401
Restricted Stock Units
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock							1,711

Net (Loss) Income Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	0	45,000	195,126	881,969

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021 USD ($) ft²	Sep. 27, 2020 USD ($)	Sep. 26, 2021 USD ($) ft²	Sep. 27, 2020 USD ($)
Commitments And Contingencies [Line Items]
Rent expense	$ 113	$ 109	$ 378	$ 331
Long-term supply contracts costs	$ 27,863	$ 22,341	$ 75,271	$ 65,030
Austin, Texas
Commitments And Contingencies [Line Items]
Area of office space leased \| ft²	9,082		9,082
Lease expiration period			2026-04
Lease options to extend period			5 years
Base rent charges			$ 19
Springfield, Missouri
Commitments And Contingencies [Line Items]
Area of office space leased \| ft²	10,000		10,000
Base rent charges			$ 79
Operating lease expiration date			Sep. 30, 2023
Springfield, Missouri \| Warehouse Space
Commitments And Contingencies [Line Items]
Area of office space leased \| ft²	92,000		92,000

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Sep. 26, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining thirteen weeks)	$ 366
2022	1,476
2023	1,254
2024	471
Thereafter	454
Total	$ 4,021

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended
	Jun. 09, 2020	Aug. 31, 2020	Nov. 30, 2019	Feb. 28, 2019	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Related Party Transaction [Line Items]
Proceeds from exercise of warrant								$ 282
Promissory notes repaid		$ 800						846
Interest income with promissory notes					$ 0	$ 10	$ 0	24
Sandpebble Builders Preconstruction, Inc
Related Party Transaction [Line Items]
Paid to related party					142	$ 178	766	$ 541
Owed to related party					$ 150		$ 150
Note Receivable \| Founder and Former Board of Directors
Related Party Transaction [Line Items]
Promissory notes issued				$ 4,000
Promissory maturity date				Aug. 07, 2022
Promissory notes repaid			$ 3,200
LIBOR \| Note Receivable \| Founder and Former Board of Directors
Related Party Transaction [Line Items]
Promissory notes interest rate				2.00%
Guarantor
Related Party Transaction [Line Items]
Warrants issued to purchase of common stock shares	196,800
Warrant exercise price per share	$ 1.43
Proceeds from exercise of warrant	$ 282