0000950170-24-056285 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, net of allowance for credit losses	$ 266	$ 550
Prepaid expenses and other current assets, net of allowance for credit losses	$ 135	$ 227
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	310,000,000	310,000,000
Common stock, shares issued	42,003,656	41,684,649
Common stock, shares outstanding	42,003,656	41,684,649

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

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

•

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

•

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

•

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

Assets Measured at Fair Value on a Recurring Basis

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

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


	Fair Value Measurements as of March 31, 2024, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	92,104	$	—	$	—	$	92,104
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		23,724		—		23,724
Prepaid expenses and other current assets:
Derivative financial instruments		—		93		—		93
Total assets measured at fair value	$	92,104	$	23,817	$	—	$	115,921


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

During the 13-week period ended March 31, 2024, there were no transfers between fair value measurement levels. For additional information on concentrations of credit risk for the Company’s financial instruments, refer to “Investment Securities” in Note 3.

Fair Value of Other Financial Instruments

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

- Definition

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

+ References + Details

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

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 10. Leases

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

The components of lease cost, classified within cost of goods sold, selling, general and administrative and interest expense for the 13-week periods ended March 31, 2024 and March 26, 2023 are below:


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Operating lease cost	$	922	$	361
Finance lease cost – amortization of right-of-use assets		914		447
Finance lease cost – interest on lease liabilities		246		132
Short-term lease cost		32		117
Variable lease cost		2,507		1,563
Variable lease cost – long-term supply contracts		25,340		43,086
Total lease cost	$	29,961	$	45,706

Future undiscounted cash flows are as follows:


	As of March 31, 2024
	Operating Leases			Finance Leases
2024	$	4,227		$	3,238
2025		3,234			4,356
2026		3,018			4,387
2027		—			3,611
2028		—			—
Thereafter		—			—
Total lease payments		10,479			15,592
Less imputed interest		(796	)		(1,792	)
Total present value of lease liabilities	$	9,683		$	13,800

During the 13-week periods ended March 31, 2024 and March 26, 2023, ROU assets obtained in exchange for new finance lease obligations were $907 and $4, respectively. During the 13-week periods ended March 31, 2024 and March 26, 2023, ROU assets obtained in exchange for new operating lease obligations were $2,489 and $0, respectively.

Leases - Summary of Operating and Finance Leases Future Undiscounted Cash Flows (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating leases 2024	$ 4,227
Operating leases 2025	3,234
Operating leases 2026	3,018
Operating leases 2027	0
Operating leases 2028	0
Operating leases Thereafter	0
Total lease payments	10,479
Less imputed interest	(796)
Total present value of lease liabilities	9,683
Finance leases 2024	3,238
Finance leases 2025	4,356
Finance leases 2026	4,387
Finance leases 2027	3,611
Finance leases 2028	0
Finance leases Thereafter	0
Total lease payments	15,592
Less imputed interest	(1,792)
Total present value of lease liabilities	$ 13,800

Revenue Recognition - Summary of Percentage of Net Revenue from Significant Customers (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Customer Concentration Risk \| Net Revenue \| Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	24.00%	25.00%

- Definition

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

+ References + Details

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Reserve for inventory obsolescence	$ (446)	$ (496)
Inventories	30,813	32,895
Eggs and Egg Related Products
Inventory [Line Items]
Inventory gross	21,346	25,521
Butter and Butter Related Products
Inventory [Line Items]
Inventory gross	5,084	1,697
Packaging
Inventory [Line Items]
Inventory gross	3,672	4,988
Pullets
Inventory [Line Items]
Inventory gross	221	289
Other
Inventory [Line Items]
Inventory gross	$ 936	$ 896

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee-related costs	$ 4,788	$ 9,131
Promotions and customer deductions	6,858	6,982
Distribution fees and freight	3,087	2,876
Marketing and broker commissions	3,113	3,627
Purchases of inventory	2,000	525
Professional fees	2,108	1,066
Other	326	11
Accrued liabilities	$ 22,280	$ 24,218

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 19. Related Party Transactions

Sandpebble Builders Preconstruction, Inc.: The Company utilizes Sandpebble Builders Preconstruction, Inc. and Sandpebble South, Inc. (collectively “Sandpebble”) for project management and related services associated with the construction and expansion of the Company’s egg processing facilities, including site selection, project management and related services for the Company’s potential future egg packing facility. The Company’s contract with Sandpebble for services related to the Company’s next egg packing facility was awarded after a competitive bidding process. Victor Canseco, the owner and principal of Sandpebble, is the father of Russell Diez-Canseco, the Company’s President and Chief Executive Officer and a member of the Company’s Board of Directors. In connection with the services described above, the Company paid Sandpebble $248 and $116 during the 13-week periods ended March 31, 2024 and March 26, 2023, respectively. Amounts paid to Sandpebble are included in property, plant and equipment, net and selling, general and administrative costs. As of March 31, 2024 and March 26, 2023, amounts owed to Sandpebble were $313 and $373, respectively, and are included in accrued liabilities.

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

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

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

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

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

+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 90,493	$ 87,890
Less: Accumulated depreciation and amortization	(24,262)	(21,051)
Property, plant and equipment, net	66,231	66,839
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	552	552
Land improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	818	818
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,532	30,532
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,055	1,055
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	54,355	50,979
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	491	492
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	479	461
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,211	$ 3,001

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Net Revenue by Primary Product

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Net Revenue:
Eggs and egg-related products	$	143,761	$	112,790
Butter and butter-related products		4,168		6,382
Net Revenue	$	147,929	$	119,172

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

The percentage of net revenue from significant customers during the 13-week periods ended March 31, 2024 and March 26, 2023 is as follows:


	Net Revenue for the 13-Weeks Ended March 31, 2024	Net Revenue for the 13-Weeks Ended March 26, 2023
Customer A	24%	25%
Customer B	*	*
Customer C	*	*
Customer D	*	*
* Revenue was less than 10%

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


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

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Notional Amounts of Outstanding Derivative Instruments

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


	Metric	March 31, 2024		December 31, 2023
Commodity:
Corn	Bushels (in thousands)		1,629		2,351
Soybean Meal	Tons		17		25

Common Stock (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
Options to purchase common stock		3,722,192		5,123,860
Restricted stock units (“RSUs”)		725,611		675,029
Performance stock units (“PSUs”)		240,072		—
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan		14,876,536		12,796,409
Total		19,564,411		18,595,298

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 9. Property, Plant and Equipment

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


	March 31, 2024			December 31, 2023
Land	$	552		$	552
Land improvements		818			818
Buildings and improvements		30,532			30,532
Vehicles		1,055			1,055
Machinery and equipment		54,355			50,979
Leasehold improvements		491			492
Furniture and fixtures		479			461
Construction in progress		2,211			3,001
		90,493			87,890
Less: Accumulated depreciation and amortization		(24,262	)		(21,051	)
Property, plant and equipment, net	$	66,231		$	66,839

During the 13-week periods ended March 31, 2024 and March 26, 2023, depreciation and amortization of property, plant and equipment was approximately $2,297 and $1,693, respectively.

Long-Term Debt - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Apr. 09, 2024	Mar. 31, 2024	Mar. 26, 2023	Sep. 24, 2023	Oct. 31, 2017
Revolving Line of Credit
Debt Instrument [Line Items]
Proceeds from borrowing under revolving line of credit		$ 0	$ 7,500,000
Repayment of revolving line of credit		0	7,500,000
Outstanding Debt		0
Interest expense		0	$ 7,000
PNC Bank, National Association \| Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 10,000,000
PNC Bank, National Association \| Revolving Line of Credit \| Sixth Amendment
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 20,000,000
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		2.00%
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.00%
PNC Bank, National Association \| Term Loan
Debt Instrument [Line Items]
Debt instrument face amount					4,700,000
PNC Bank, National Association \| Equipment Loan
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					$ 1,500,000
PNC Bank, National Association \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms		The PNC Credit Facility was secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the PNC Credit Facility) and required the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The PNC Credit Facility also contained various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens.
Line of credit facility covenant compliance		As of March 31, 2024, the Company was in compliance with all covenants under the PNC Credit Facility.
PNC Bank, National Association \| Credit Facility \| Eleventh Amendment
Debt Instrument [Line Items]
Maturity of long term debt				Apr. 02, 2025
PNC Bank, National Association \| Credit Facility \| Term Loan And Equipment Loan
Debt Instrument [Line Items]
Debt instrument eliminated				2021-04
JP Morgan Chase Bank NA \| Revolving Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 60,000,000
JPMorgan Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument face amount	$ 35,000,000
Percentage of debt instrument face amount	100.00%
Letter of credit sub-limit	$ 5,000,000
Revolving credit facility interest rate description	Any borrowings under the JPMorgan Credit Facility bear interest, at the Company’s election, at either (i) an adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnight Financing Rate plus 0.10% plus a margin of either 0.75%, 1.00% or 1.25% depending on the Company’s net leverage ratio, or (ii) an alternative base rate plus a margin or either 1.75%, 2.00% or 2.25%, depending on the Company’s net leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at either 0.20% or 0.375% per annum depending on the Company’s revolving exposure.
Leverage ratio	3.25%
Increase in leverage ratio	4.00%
Minimum fixed charge coverage ratio	1.35%
JPMorgan Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.10%

Net Income Per Share - Schedule of Excluded Common Shares Including at Anti-dilutive Effect (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	76,121	23,067
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	37,424	22,363
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	17,533	704
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	21,164

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Income Statement [Abstract]
Net revenue	$ 147,929	$ 119,172
Cost of goods sold	89,032	76,504
Gross profit	58,897	42,668
Operating expenses:
Selling, general and administrative	27,132	23,946
Shipping and distribution	7,596	7,826
Total operating expenses	34,728	31,772
Income from operations	24,169	10,896
Other income (expense), net:
Interest expense	(255)	(139)
Interest income	1,088	340
Other expense, net	(277)	(1,425)
Total other income (expense), net	556	(1,224)
Net income before income taxes	24,725	9,672
Income tax provision	5,702	2,522
Net income	$ 19,023	$ 7,150
Net income per share:
Basic:	$ 0.46	$ 0.18
Diluted:	$ 0.43	$ 0.16
Weighted average common shares outstanding:
Basic:	41,792,527	40,764,546
Diluted:	43,845,952	43,398,336

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Recognized Stock - Based Compensation Expense

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Cost of goods sold	$	47	$	53
Selling, general and administrative expense		1,935		2,188
Total	$	1,982	$	2,241

Summary of Stock Option Activity

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


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2023		3,920,485		$	10.07			$	28,749
Granted		—		$	—
Exercised		(180,086	)	$	4.57			$	2,402
Cancelled/Forfeited		(18,207	)	$	22.45			$	3
Outstanding as of March 31, 2024		3,722,192		$	10.27		5.6	$	50,127
Options exercisable as of March 31, 2024		2,895,661		$	9.45		5.1	$	41,438
Options vested and expected to vest as of March 31, 2024		3,722,192		$	10.27		5.6	$	50,127

Summary of RSU Activity

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


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		565,376		$	14.24
Granted		377,352		$	20.99
Vested1		(201,702	)	$	14.39
Forfeited		(15,415	)	$	15.08
Unvested as of March 31, 2024		725,611		$	17.69

1 Includes 62,781 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant
to the 2020 Equity Incentive Plan.

Summary of PSU activity

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


	Number of PSUs		Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		—
Granted		240,072	$	20.99
Unvested as of March 31, 2024		240,072	$	20.99

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value liabilities transfers, Level 2 to Level 1	$ 0

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 6. Revenue Recognition

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Net Revenue:
Eggs and egg-related products	$	143,761	$	112,790
Butter and butter-related products		4,168		6,382
Net Revenue	$	147,929	$	119,172

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

During the 13-week periods ended March 31, 2024 and March 26, 2023, the Company had a customer that individually exceeded 10% or more of the Company’s net revenue. The percentage of net revenue from significant customers during the 13-week periods ended March 31, 2024 and March 26, 2023 is as follows:


	Net Revenue for the 13-Weeks Ended March 31, 2024	Net Revenue for the 13-Weeks Ended March 26, 2023
Customer A	24%	25%
Customer B	*	*
Customer C	*	*
Customer D	*	*
* Revenue was less than 10%


	Accounts Receivable, Net as of March 31, 2024	Accounts Receivable, Net as of December 31, 2023
Customer A	20%	18%
Customer B	12%	12%
Customer C	*	11%
Customer D	12%	11%
* Accounts receivable, net 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 31, 2024			December 31, 2023
Land	$	552		$	552
Land improvements		818			818
Buildings and improvements		30,532			30,532
Vehicles		1,055			1,055
Machinery and equipment		54,355			50,979
Leasehold improvements		491			492
Furniture and fixtures		479			461
Construction in progress		2,211			3,001
		90,493			87,890
Less: Accumulated depreciation and amortization		(24,262	)		(21,051	)
Property, plant and equipment, net	$	66,231		$	66,839

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash flows from operating activities:
Net income	$ 19,023	$ 7,150
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,297	1,693
Reduction in the carrying amount of right-of-use assets	1,673	793
Amortization of available-for-sale debt securities	65	163
Stock-based compensation expense	1,982	2,241
Deferred taxes	0	445
Net realized losses on derivative instruments	300	1,047
Other	(289)	139
Net change in operating assets and liabilities	(1,102)	(8,268)
Net cash provided by operating activities	23,949	5,403
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,324)	(1,802)
Purchases of derivative instruments	(669)	(220)
Maturities and calls of available-for-sale debt securities	9,020	8,935
Proceeds from the sale of property, plant and equipment	0	1,054
Return of investment in variable interest entity	0	552
Net cash provided by investing activities	7,027	8,519
Cash flows from financing activities:
Proceeds from exercise of stock options	824	0
Payment of tax withholding obligation on vested RSU shares	(1,310)	(614)
Principal payments under finance lease obligations	(819)	(384)
Net cash used in financing activities	(1,305)	(998)
Net increase in cash and cash equivalents	29,671	12,924
Cash and cash equivalents at beginning of the period	84,149	12,914
Cash and cash equivalents at end of the period	113,820	25,838
Supplemental disclosure of cash flow information:
Cash paid for interest	255	134
Cash paid for income taxes	0	2
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	623	891
Revolving Line of Credit
Cash flows from financing activities:
Proceeds from borrowing under revolving line of credit	0	7,500
Repayment of revolving line of credit	$ 0	$ (7,500)

Investment Securities - Summary of Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within one year Amortized Cost	$ 19,064
Due after one year through five years Amortized Cost	4,983
Total available-for-sale Amortized Cost	24,047	$ 33,134
Due within one year Fair Value	18,792
Due after one year through five years Fair Value	4,932
Total available-for-sale Fair Value	$ 23,724	$ 32,667

Common Stock

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Common Stock

Note 13. Common Stock

As of March 31, 2024, the Company’s amended and restated certificate of incorporation authorized the Company to issue 310,000,000 shares of common stock, par value $0.0001 per share, of which 42,003,656 shares were issued and outstanding.

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

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


	March 31, 2024		December 31, 2023
Options to purchase common stock		3,722,192		5,123,860
Restricted stock units (“RSUs”)		725,611		675,029
Performance stock units (“PSUs”)		240,072		—
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan		14,876,536		12,796,409
Total		19,564,411		18,595,298

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (g)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 13-week period ended March 31, 2024.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt the standard for the year ended December 29, 2024 and will thus include any additional disclosures, if necessary, in its annual report on Form 10-K for the current fiscal year. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements. In March 2024, the FASB issued ASU No 2024-01, Compensation — Stock Compensation (Topic 718) — Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”) in order to drive consistency across entities in their application of guidance to profits interest and similar types of award grants. ASU 2024-01 seeks to improve consistency through additional examples and illustrations. The guidance is applicable to all entities that account for profits interest awards as compensation to employees or nonemployees and the guidance to be added in paragraph 718-10-15-3 is applicable to all entities that enter into share-based payment transactions. For public business entities ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2024-01 on its consolidated financial statements.

Stock-Based Compensation -Summary of Recognized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,982	$ 2,241
Cost of Goods Sold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	47	53
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,935	$ 2,188

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Note 11. Accrued Liabilities

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


	March 31, 2024		December 31, 2023
Employee-related costs	$	4,788	$	9,131
Promotions and customer deductions		6,858		6,982
Distribution fees and freight		3,087		2,876
Marketing and broker commissions		3,113		3,627
Purchases of inventory		2,000		525
Professional fees		2,108		1,066
Other		326		11
Accrued liabilities	$	22,280	$	24,218

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non Rule 10b51 Arr Modified Flag	false
Rule 10b51 Arr Modified Flag	false

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2024

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

Note 7. Allowance for Credit Losses

As of March 31, 2024 and December 31, 2023, the Company had an allowance for credit losses of $401 and $777, respectively.

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

Changes in the allowance for credit losses for the 13-week period ended March 31, 2024 were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)
Provisions charged to operating results		284			(48	)		236
Account write-offs		—			140			140
As of March 31, 2024	$	(266	)	$	(135	)	$	(401	)

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 14. Stock-Based Compensation

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

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Cost of goods sold	$	47	$	53
Selling, general and administrative expense		1,935		2,188
Total	$	1,982	$	2,241

Stock Option Activity

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


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2023		3,920,485		$	10.07			$	28,749
Granted		—		$	—
Exercised		(180,086	)	$	4.57			$	2,402
Cancelled/Forfeited		(18,207	)	$	22.45			$	3
Outstanding as of March 31, 2024		3,722,192		$	10.27		5.6	$	50,127
Options exercisable as of March 31, 2024		2,895,661		$	9.45		5.1	$	41,438
Options vested and expected to vest as of March 31, 2024		3,722,192		$	10.27		5.6	$	50,127

The fair value of stock options vested during the 13-week periods ended March 31, 2024 and March 26, 2023 was $1,660 and $1,015, respectively. As of March 31, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $2,539, which is expected to be recognized over a weighted-average period of 1.54 years.

Restricted Stock Unit Activity

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


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		565,376		$	14.24
Granted		377,352		$	20.99
Vested1		(201,702	)	$	14.39
Forfeited		(15,415	)	$	15.08
Unvested as of March 31, 2024		725,611		$	17.69

1 Includes 62,781 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant
to the 2020 Equity Incentive Plan.

The fair value of RSU shares vested during the 13-week periods ended March 31, 2024 and March 26, 2023 was $2,903 and $1,655, respectively. As of March 31, 2024, total unrecognized stock-based compensation expense related to the RSUs was $11,919, which is expected to be recognized over a weighted-average period of 2.46 years.

Performance Stock Unit Activity

In fiscal year 2024, the Company granted PSUs to certain of its officers and employees. These PSUs vest at the end of a three-year period dependent upon the level of achievement of certain Company performance metrics and the employee’s continued service over such period. The number of shares that can be earned will range from 0% to 200% of the granted PSUs, based upon the Company’s level of achievement of the stated performance metrics. The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable to vest as of March 31, 2024.

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


	Number of PSUs		Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2023		—
Granted		240,072	$	20.99
Unvested as of March 31, 2024		240,072	$	20.99

The fair value of PSU shares vested during the 13-week periods ended March 31, 2024 and March 26, 2023 was $- as no shares have vested as of such periods. As of March 31, 2024, total unrecognized stock-based compensation expense related to the PSUs was $9,871, which is expected to be recognized over a weighted-average period of 2.74 years.

2020 Equity Incentive Plan: In July 2020, the Company’s Board of Directors adopted the 2020 Equity Incentive Plan (“2020 Incentive Plan”), which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. Initially, the maximum number of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors. As of March 31, 2024, 12,347,296 shares were available for future grants of the Company’s common stock, which includes 1,667,385 shares of stock that were automatically added to the available reserve on January 1, 2024. Awards issued under the 2020 Incentive Plan generally have a three-year ratable vesting period beginning on the date of grant.

Employee Stock Purchase Plan: In July 2020, the Company’s Board of Directors adopted the 2020 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 March 31, 2024, 2,529,240 shares of the Company’s common stock were available for future issuance under the 2020 ESPP, which includes 416,846 shares of common stock that were automatically added to the available reserve on January 1, 2024. The Company’s Board of Directors authorizes six-month offering periods, with the most recent beginning on November 16, 2023.

Revenue Recognition - Summary of Percentage of Accounts Receivable, Net Due from Significant Customers (Details) - Customer Concentration Risk - Accounts Receivable	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Customer A
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	20.00%	18.00%
Customer B
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	12.00%	12.00%
Customer C
Disaggregation Of Revenue [Line Items]
Concentration risk percentage		11.00%
Customer D
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	12.00%	11.00%

- Definition

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

+ References + Details

Common Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, shares authorized	310,000,000	310,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	42,003,656	41,684,649
Common stock, shares outstanding	42,003,656	41,684,649
Common stock voting rights	Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders.
Common stock dividend declared or paid	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income - Schedule of Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized net holding gain, Before Tax	$ 144	$ 517
Unrealized net holding gain, Tax	(35)	(122)
Unrealized net holding gain, After Tax	109	395
Amounts reclassified from accumulated other comprehensive loss to earnings	(1)	34
Amounts reclassified for realized losses to earnings	0	(8)
Net of tax	(1)	26
Other Comprehensive Income (Loss), Tax, Total	35	130
Other comprehensive income, net of tax	108	421
Other comprehensive income, before tax	143	551
Available-for-Sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ (1)	$ 34

Investment Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 3. Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of March 31, 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	24,047	$	6	$	(329	)	$	—	$	23,724
Total	$	24,047	$	6	$	(329	)	$	—	$	23,724

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


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

For the 13-week periods ended March 31, 2024 and March 26, 2023, there were no proceeds from the sale of available-for-sale securities.

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of the Company’s investments in available-for-sale securities as of March 31, 2024 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	19,064	$	18,792
Due after one year through five years		4,983		4,932
Total available-for-sale	$	24,047	$	23,724

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


	March 31, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	2,397	$	(10	)	$	20,315	$	(319	)	$	22,712	$	(329	)
Total	$	2,397	$	(10	)	$	20,315	$	(319	)	$	22,712	$	(329	)


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

As of March 31, 2024, there were 38 diversified issuances in the Company's securities portfolio in an unrealized loss position, with credit ratings ranging from BBB- to AA-. As of March 31, 2024, there are no individual bonds with unrealized losses exceeding $37, and 35 issuances have been in a loss position greater than 12 months.

The decline in fair value has resulted primarily from rising interest rates over the last 12 months, and the Company does not believe there has been any significant decline in the creditworthiness of the issuers. The Company also does not believe it is likely that a significant number of bonds will be called early, and it does not have current liquidity needs that would necessitate a sale of any material investments prior to maturity. Therefore, the Company has not recorded an allowance for credit losses on the investment securities as of March 31, 2024.

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

Nature of the Business and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jun. 06, 2013

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

Common Stock - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock for issuance	19,564,411	18,595,298
Employee Stock Option
Class Of Stock [Line Items]
Common stock for issuance	3,722,192	5,123,860
RSUs
Class Of Stock [Line Items]
Common stock for issuance	725,611	675,029
PSUs
Class Of Stock [Line Items]
Common stock for issuance	240,072
Shares Available for Grant \| 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock for issuance	14,876,536	12,796,409

- Definition

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

+ References

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost, classified within cost of goods sold, selling, general and administrative and interest expense for the 13-week periods ended March 31, 2024 and March 26, 2023 are below:


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Operating lease cost	$	922	$	361
Finance lease cost – amortization of right-of-use assets		914		447
Finance lease cost – interest on lease liabilities		246		132
Short-term lease cost		32		117
Variable lease cost		2,507		1,563
Variable lease cost – long-term supply contracts		25,340		43,086
Total lease cost	$	29,961	$	45,706

Summary of Operating and Finance Leases Future Undiscounted Cash Flows

Future undiscounted cash flows are as follows:


	As of March 31, 2024
	Operating Leases			Finance Leases
2024	$	4,227		$	3,238
2025		3,234			4,356
2026		3,018			4,387
2027		—			3,611
2028		—			—
Thereafter		—			—
Total lease payments		10,479			15,592
Less imputed interest		(796	)		(1,792	)
Total present value of lease liabilities	$	9,683		$	13,800

Investment Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Security Position	Mar. 26, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Proceeds from the sale of available-for-sale securities	$ 0	$ 0
Unrealized Losses	$ 329,000		$ 477,000
Unrealized Loss Position greater than 12 months \| Position	35
Allowance for Credit Losses	$ 0		$ 0
Maximum
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses	$ 37,000
AFS Securities
Schedule Of Available For Sale Securities [Line Items]
Number of Securities Issuances for unrealized losses \| Security	38

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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-Topic 320
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 20. Subsequent Events

Chief Operating Officer Departure

On April 3, 2024, the Company entered into a transition agreement (the “COO Transition Agreement”) with Jason Dale, the Company’s Chief Operating Officer and principal operating officer, pursuant to which Mr. Dale will transition into a non-employee advisory role with the Company. The Company is engaged in a search for a Chief Supply Chain Officer (or similarly titled position) to assume certain of Mr. Dale’s responsibilities.

Pursuant to the COO Transition Agreement, Mr. Dale will serve as Chief Operating Officer and principal operating officer until the earlier to occur of: (i) the start date of the Company’s Chief Supply Chain Officer (or similarly titled position) or (ii) August 31, 2024 (the “Separation Date”). On August 31, 2024, Mr. Dale will transition to a non-employee advisory role through December 31, 2024 (the “Advisory Period”) to ensure a smooth leadership transition. Prior to the Separation Date, Mr. Dale will continue to receive his current base salary and medical benefits; provided, that Mr. Dale performs such job duties for the Company and assists in such transition-related duties as the Company may deem necessary and appropriate. During the Advisory Period, Mr. Dale will receive a monthly retainer of $10,000 and will continue to vest in any equity awards. Upon completion of the Advisory Period, in exchange for a general release of claims in favor of the Company, Mr. Dale will receive severance benefits pursuant to his Second Amended and Restated Employment Agreement, dated as of April 1, 2022, in the form of: (i) 18 months of his annual base salary over the 18-month period following the departure date and (ii) reimbursement of COBRA premiums for a period of up to 12 months.

Principal Accounting Officer Departure

On April 4, 2024, the Company accepted the resignation of Jeffery Dawson, the Company’s Chief Accounting Officer and principal accounting officer, and entered into a transition agreement, pursuant to which Mr. Dawson transitioned his responsibilities and ceased serving as the Company’s Chief Accounting Officer and principal accounting officer effective April 19, 2024.

Thilo Wrede, the Company’s Chief Financial Officer, was designated to serve as the Company’s principal accounting officer following Mr. Dawson’s departure date. The Company has retained a temporary corporate controller and is engaged in a search for a new permanent corporate controller to assume certain of Mr. Dawson’s responsibilities.

New Credit Facility

On April 9, 2024, the Company entered into the JPMorgan Credit Facility, which provides for a five-year, $60.0 million revolving credit facility. The JPMorgan Credit Facility replaced the PNC Credit Facility, which terminated concurrently with the establishment of the JPMorgan Credit Facility.

Please see “Long-Term Debt” at Note 12 for further detail on the JPMorgan Credit Facility.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 15. Income Taxes

The Company’s effective tax rate for the 13-week periods ended March 31, 2024 and March 26, 2023 was approximately 23% and 26%, respectively. The Company’s effective tax rate for the 13-week period ended March 31, 2024 differs from the statutory rate due primarily to discrete tax benefits related to the exercise of non-qualified stock options and the vesting of restricted stock units.

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

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Note 12. Long-Term Debt

In October 2017, the Company entered into a credit facility agreement with PNC Bank, National Association (the “PNC Credit Facility”) that initially included a $4.7 million term a loan, a $10.0 million revolving line of credit and an equipment loan with a maximum borrowing capacity of $1.5 million.

Subsequently, the terms of the PNC Credit Facility were modified at various times between fiscal 2018 and fiscal 2022. Such amendments (i) amended various definitions, (ii) waived a technical default in May 2020 which was triggered by exceeding the capital expenditure limit, (iii) increased borrowing capacity and (iv) extended the maturity date. The Ninth Amendment to the PNC Credit Facility in April 2021 eliminated the term loan and equipment loan. The Tenth Amendment to the PNC Credit Facility in December 2022 modified certain covenants related to commodity hedging, provided consent for the dissolution of immaterial subsidiaries and implemented changes related to the discontinuation of LIBOR. The Eleventh Amendment to the PNC Credit Facility, effective July 26, 2023 extended the maturity date by one year, to April 2, 2025.

The maximum borrowing capacity under the revolving line of credit was $20.0 million as of March 31, 2024. Interest on borrowings under the revolving line of credit, as well as loan advances thereunder, accrued at a rate, at the Company’s election at the time of borrowing, equal to (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York plus 2.00% or (ii) 1.00% plus the alternate base rate, as defined in the PNC Credit Facility. During the 13-week period ended March 26, 2023, the Company borrowed and repaid $7.5 million under the PNC Credit Facility’s revolving line of credit. As of March 31, 2024, there were no outstanding amounts under the PNC Credit Facility’s revolving line of credit.

The PNC Credit Facility was secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the PNC Credit Facility) and required the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The PNC Credit Facility also contained various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens. As a result of the limitations contained in the PNC Credit Facility, certain of the net assets on the Company’s consolidated balance sheet as of March 31, 2024 are restricted in use. The Company’s wholly owned subsidiaries are non-operating and have no restricted net assets within the meaning of Rule 4-08(e)(3) or Rule 12-04 of Regulation S-X. The PNC Credit Facility also contained other customary covenants, representations and events of default. As of March 31, 2024, the Company was in compliance with all covenants under the PNC Credit Facility.

During the 13-week periods ended March 31, 2024 and March 26, 2023, the Company recognized interest expense related to draws on the revolving line of credit of $0 and $7, respectively.

On April 9, 2024, the Company entered into a syndicated credit agreement with JPMorgan Chase Bank, N.A. and the other lenders party thereto (the “JPMorgan Credit Facility”), which provides for a five-year, $60.0 million revolving credit facility. The JPMorgan Credit Facility replaced the PNC Credit Facility, which terminated concurrently with the establishment of the JPMorgan Credit Facility.

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

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

The JPMorgan Credit Facility is secured by liens on substantially all of the Company’s assets, including certain intellectual property assets and investment securities. It requires the Company to maintain (i) a net leverage ratio of no greater than 3.25 to 1.00, subject to two increases up to 4.00 to 1.00 for a certain period following material acquisitions, and (ii) a fixed charge coverage ratio of no less than 1.35 to 1.00.

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Leases [Abstract]
ROU assets obtained in exchange for new finance lease obligations	$ 907	$ 4
ROU assets obtained in exchange for new operating lease obligations	$ 2,489	$ 0

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 4. Derivative Financial Instruments

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

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


	Metric	March 31, 2024		December 31, 2023
Commodity:
Corn	Bushels (in thousands)		1,629		2,351
Soybean Meal	Tons		17		25

For the 13-week periods ended March 31, 2024 and March 26, 2023, the pre-tax amount of commodity contract derivative losses recognized in other expense, net was $300 and $1,415, respectively.

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

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2024	Mar. 26, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	23.00%	26.00%

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

1 Months Ended

3 Months Ended

Jan. 01, 2024

Jul. 31, 2020

Mar. 31, 2024

Mar. 26, 2023

Dec. 31, 2023

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

Common stock for issuance

19,564,411

18,595,298

Employee Stock Option

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

Unrecognized stock-based compensation expense

$ 2,539

Fair value of shares vested

$ 1,660

$ 1,015

Expected weighted-average period of recognition

1 year 6 months 14 days

Stock options - vest year

3 years

Stock options - date of grant and expire

10 years

Common stock for issuance

3,722,192

5,123,860

RSUs

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

Unrecognized stock-based compensation expense

$ 11,919

Fair value of shares vested

$ 2,903

1,655

Vested

^[1]

(201,702)

Expected weighted-average period of recognition

2 years 5 months 15 days

Stock options - vest year

3 years

Common stock for issuance

725,611

675,029

PSUs

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

Unrecognized stock-based compensation expense

$ 9,871

Fair value of shares vested

$ 0

Vested

Expected weighted-average period of recognition

2 years 8 months 26 days

Stock options - vest year

3 years

Common stock for issuance

240,072

PSUs | Maximum

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

Percentage of number of shares earned

200.00%

PSUs | Minimum

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

Percentage of number of shares earned

0.00%

2020 Equity Incentive Plan | Common Stock

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

Maximum number of shares issuable

8,595,871

Percentage of outstanding common stock

4.00%

Share-based compensation award, description

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

Number of shares available for future grants

12,347,296

Number of new shares issued

1,667,385

2020 Employee Stock Purchase Plan | Common Stock

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

Maximum number of shares issuable

900,000

Percentage of outstanding common stock

1.00%

Share-based compensation award, description

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

Number of new shares issued

416,846

Common stock for issuance

2,529,240

[1]	Includes 62,781 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant to the 2020 Equity Incentive Plan.

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

3 Months Ended

Mar. 31, 2024

$ / shares

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

Unvested as of December 31, 2023 | shares

565,376

Granted | shares

377,352

Vested | shares

(201,702)

^[1]

Forfeited | shares

(15,415)

Unvested as of March 31, 2024 | shares

725,611

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

$ 14.24

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

20.99

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

14.39

^[1]

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

15.08

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

$ 17.69

[1]	Includes 62,781 shares of common stock withheld to cover taxes on the release of vested RSUs, which became available for future grants pursuant to the 2020 Equity Incentive Plan.

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Share

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Numerator:
Net income	$	19,023	$	7,150
Denominator:
Weighted average common shares outstanding — basic		41,792,527		40,764,546
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		1,805,636		2,423,087
Effect of potentially dilutive restricted stock units		241,526		208,947
Effect of potentially dilutive common stock issuable pursuant to the ESPP		6,263		1,756
Weighted average common shares outstanding — diluted		43,845,952		43,398,336
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.46	$	0.18
Diluted	$	0.43	$	0.16

Schedule of Common Shares Excluded from Computation of Diluted Earnings Per Share

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Options to purchase common stock		37,424		22,363
Unvested RSUs		17,533		704
Unvested PSUs		21,164		—
		76,121		23,067

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 March 31, 2024, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	92,104	$	—	$	—	$	92,104
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		23,724		—		23,724
Prepaid expenses and other current assets:
Derivative financial instruments		—		93		—		93
Total assets measured at fair value	$	92,104	$	23,817	$	—	$	115,921


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

Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ (1)	$ 34
Tax (expense) benefit	0	(8)
Net of tax	(1)	26
Gains (Losses) on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ (1)	$ 34

- Definition

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

+ References + Details

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report. Other than the adoption of the new accounting pronouncements and standards as further described below, there have been no material changes to the Company’s significant accounting policies during the 13-week period ended March 31, 2024.

Recently Adopted Accounting Pronouncements

The new accounting pronouncements recently adopted by the Company are described in the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no new accounting pronouncements adopted by the Company during the 13-week period ended March 31, 2024.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt the standard for the year ended December 29, 2024 and will thus include any additional disclosures, if necessary, in its annual report on Form 10-K for the current fiscal year.

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

In March 2024, the FASB issued ASU No 2024-01, Compensation — Stock Compensation (Topic 718) — Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”) in order to drive consistency across entities in their application of guidance to profits interest and similar types of award grants. ASU 2024-01 seeks to improve consistency through additional examples and illustrations. The guidance is applicable to all entities that account for profits interest awards as compensation to employees or nonemployees and the guidance to be added in paragraph 718-10-15-3 is applicable to all entities that enter into share-based payment transactions. For public business entities ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2024-01 on its consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 25, 2022	$ 158,332	$ 4	$ 155,716	$ 4,159	$ (1,547)
Beginning Balance, Shares at Dec. 25, 2022		40,746,990
Vesting of restricted stock units, Shares		127,595
Shares withheld for tax liability on vested restricted stock units, Shares		(35,535)
Stock-based compensation expense	1,627		1,627
Other comprehensive income loss, net	421				421
Net Income (Loss)	7,150			7,150
Ending Balance at Mar. 26, 2023	167,530	$ 4	157,343	11,309	(1,126)
Ending Balance, Shares at Mar. 26, 2023		40,839,050
Beginning Balance at Dec. 31, 2023	$ 192,677	$ 4	163,325	29,725	(377)
Beginning Balance, Shares at Dec. 31, 2023	41,684,649	41,684,649
Exercise of stock options	$ 824		824
Exercise of stock options, Shares	180,086	180,086
Vesting of restricted stock units, Shares		201,702
Shares withheld for tax liability on vested restricted stock units	$ (1,310)		(1,310)
Shares withheld for tax liability on vested restricted stock units, Shares		(62,781)
Stock-based compensation expense	1,982		1,982
Other comprehensive income loss, net	108				108
Net Income (Loss)	19,023			19,023
Ending Balance at Mar. 31, 2024	$ 213,304	$ 4	$ 164,821	$ 48,748	$ (269)
Ending Balance, Shares at Mar. 31, 2024	42,003,656	42,003,656

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 17. Accumulated Other Comprehensive Income

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


		Amounts Reclassified from AOCI
		13-Week Period Ended
AOCI Component	Statement of Income Classification	March 31, 2024			March 26, 2023
Losses on available-for-sale securities	Other expense, net	$	(1	)	$	34
	Total before tax	$	(1	)		34
	Tax benefit	$	—			(8	)
	Net of tax	$	(1	)	$	26

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


	13-Weeks Ended
	March 31, 2024									March 26, 2023
	Before Tax			Tax			After Tax			Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain		144		$	(35	)	$	109		$	517	$	(122	)	$	395
Amounts reclassified for realized losses to earnings		(1	)		—			(1	)		34		(8	)		26
Total other comprehensive income	$	143		$	(35	)	$	108		$	551	$	(130	)	$	421

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18. Commitments and Contingencies

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

The Company has entered into agreements with certain qualifying suppliers to provide a one-time payment of $200,000, for the purpose of funding costs associated with farm start up. As of March 31, 2024, the Company has executed 15 such agreements, 2 of which were in fiscal year 2023. The payment of these incremental costs is contingent upon the achievement of certain milestones and is to be made no later than 90 days prior to the pullet placement date specified in each supplier agreement. Upon the achievement of such milestones, the Company recognizes an operating ROU asset and lease liability as a cost of obtaining the embedded lease within the supplier contract, which is included in “Leases” in Note 10. As of March 31, 2024, $1.2 million has been paid out and $1.8 million remains to be paid.

Indemnification Agreements: In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of March 31, 2024, the Company has not incurred any material costs as a result of such indemnification agreements.

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

On May 20, 2021, the Company and certain of its current and former officers were named as defendants in a class action complaint captioned Nicholas A. Usler et al. v. Vital Farms, Inc. et al. in the United States District Court for the Western District of Texas. The plaintiffs alleged false advertising claims on behalf of themselves and a putative class of alleged consumers of the Company’s eggs. The named officers of the Company were subsequently dismissed as defendants in this matter. In September 2023, the parties engaged in mediation to discuss potential settlement of remaining claims, but no agreement was reached and the lawsuit is ongoing. The Company believes the claims are without merit and is vigorously defending itself in this matter. Given the uncertainty of the litigation, the stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company is unable to reasonably estimate the possible loss or range of loss, if any, that may result from the claim.

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

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of the periods presented:


	March 31, 2024			December 31, 2023
Eggs and egg-related products	$	21,346		$	25,521
Butter and butter-related products		5,084			1,697
Packaging		3,672			4,988
Pullets		221			289
Other		936			896
Reserve for inventory obsolescence		(446	)		(496	)
Inventories	$	30,813		$	32,895

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

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


	March 31, 2024		December 31, 2023
Employee-related costs	$	4,788	$	9,131
Promotions and customer deductions		6,858		6,982
Distribution fees and freight		3,087		2,876
Marketing and broker commissions		3,113		3,627
Purchases of inventory		2,000		525
Professional fees		2,108		1,066
Other		326		11
Accrued liabilities	$	22,280	$	24,218

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,023	$ 7,150
Other comprehensive income, before tax:
Unrealized net holding gain	144	517
Amounts reclassified for realized (losses) gains to earnings	(1)	34
Available-for-sale debt securities, before tax	143	551
Other comprehensive income, before tax	143	551
Income tax expense related to items of other comprehensive income	(35)	(130)
Other comprehensive income, net of tax	108	421
Comprehensive income	$ 19,131	$ 7,571

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of March 31, 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	24,047	$	6	$	(329	)	$	—	$	23,724
Total	$	24,047	$	6	$	(329	)	$	—	$	23,724

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


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

Summary of Contractual Maturities of Investment Securities

The amortized cost and fair value of the Company’s investments in available-for-sale securities as of March 31, 2024 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	19,064	$	18,792
Due after one year through five years		4,983		4,932
Total available-for-sale	$	24,047	$	23,724

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


	March 31, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	2,397	$	(10	)	$	20,315	$	(319	)	$	22,712	$	(329	)
Total	$	2,397	$	(10	)	$	20,315	$	(319	)	$	22,712	$	(329	)


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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 8. Inventories

Inventory consisted of the following as of the periods presented:


	March 31, 2024			December 31, 2023
Eggs and egg-related products	$	21,346		$	25,521
Butter and butter-related products		5,084			1,697
Packaging		3,672			4,988
Pullets		221			289
Other		936			896
Reserve for inventory obsolescence		(446	)		(496	)
Inventories	$	30,813		$	32,895

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

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Leases [Abstract]
Operating lease cost	$ 922	$ 361
Finance lease cost - amortization of right-of-use assets	914	447
Finance lease cost - interest on lease liabilities	246	132
Short-term lease cost	32	117
Variable lease cost	2,507	1,563
Variable lease cost - long-term supply contracts	25,340	43,086
Total lease cost	$ 29,961	$ 45,706

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Property Plant And Equipment [Line Items]
Depreciation and amortization of property, plant and equipment	$ 2,297	$ 1,693

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Numerator:
Net income	$ 19,023	$ 7,150
Denominator:
Weighted average common shares outstanding — basic	41,792,527	40,764,546
Weighted average effect of potentially dilutive securities:
Weighted average common shares outstanding — diluted	43,845,952	43,398,336
Net income (loss) per share attributable to Vital Farms, Inc. stockholders
Basic	$ 0.46	$ 0.18
Diluted	$ 0.43	$ 0.16
Employee Stock Option
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	1,805,636	2,423,087
RSUs
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	241,526	208,947
Employee Stock Purchase Plan
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	6,263	1,756

Stock-Based Compensation - Summary of PSU Activity (Details) - PSUs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested as of December 31, 2023	0
Granted	240,072
Unvested as of March 31, 2024	240,072
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 20.99
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.99

- Definition

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

+ References

+ Details

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

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


		Amounts Reclassified from AOCI
		13-Week Period Ended
AOCI Component	Statement of Income Classification	March 31, 2024			March 26, 2023
Losses on available-for-sale securities	Other expense, net	$	(1	)	$	34
	Total before tax	$	(1	)		34
	Tax benefit	$	—			(8	)
	Net of tax	$	(1	)	$	26

Schedule of Component of Other Comprehensive Income

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


	13-Weeks Ended
	March 31, 2024									March 26, 2023
	Before Tax			Tax			After Tax			Before Tax		Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain		144		$	(35	)	$	109		$	517	$	(122	)	$	395
Amounts reclassified for realized losses to earnings		(1	)		—			(1	)		34		(8	)		26
Total other comprehensive income	$	143		$	(35	)	$	108		$	551	$	(130	)	$	421

Nature of the Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Note 1. Nature of the Business and Basis of Presentation

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

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

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

Fiscal Year: The Company’s fiscal year ends on the last Sunday in December and contains either 52 or 53 weeks. In a 52-week fiscal year, each of the Company’s fiscal quarters consist of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter, making such quarter consist of 14 weeks. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The fiscal quarters ended March 31, 2024 and March 26, 2023 both contain operating results for 13 weeks. The fiscal year ended December 31, 2023 consisted of 53 weeks.

Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Note 16. Net Income Per Share

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


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Numerator:
Net income	$	19,023	$	7,150
Denominator:
Weighted average common shares outstanding — basic		41,792,527		40,764,546
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		1,805,636		2,423,087
Effect of potentially dilutive restricted stock units		241,526		208,947
Effect of potentially dilutive common stock issuable pursuant to the ESPP		6,263		1,756
Weighted average common shares outstanding — diluted		43,845,952		43,398,336
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.46	$	0.18
Diluted	$	0.43	$	0.16


	13-Weeks Ended
	March 31, 2024		March 26, 2023
Options to purchase common stock		37,424		22,363
Unvested RSUs		17,533		704
Unvested PSUs		21,164		—
		76,121		23,067

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Vital Farms, Inc.
Entity Central Index Key	0001579733
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	VITL
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39411
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0496985
Entity Address, Address Line One	3601 South Congress Avenue
Entity Address, Address Line Two	Suite C100
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78704
City Area Code	877
Local Phone Number	455-3063
Entity Common Stock, Shares Outstanding		42,176,860

Derivative Financial Instruments - Schedule Of Notional Amounts of Outstanding Derivative Instruments (Details) bu in Thousands, Bushels in Thousands	Mar. 31, 2024 T bu	Dec. 31, 2023 T Bushels
Corn
Derivative [Line Items]
Notional amounts of derivative financial instruments	1,629	2,351
Soybean Meal
Derivative [Line Items]
Notional amounts of derivative financial instruments	17	25

Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 09, 2024
Subsequent Event [Line Items]
Monthly payment	$ 10,000
Restated Employment Agreement Description	18 months of his annual base salary over the 18-month period following the departure date
Subsequent Event \| Revolving Line of Credit \| JP Morgan Chase Bank NA
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		$ 60,000

Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 24, 2023 shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock withheld to cover taxes	62,781

- Definition

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

+ References

+ Details

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term supply contracts costs	$ 200,000
Contract cost paid	1,200
Contract cost payable	$ 1,800

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax amount of derivative losses	$ (300)	$ (1,047)
Commodity Contract [Member] \| Non designated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax amount of derivative losses	$ 300	$ 1,415

Related Party Transactions - Additional Information (Details) - Sandpebble Builders Preconstruction, Inc - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Related Party Transaction [Line Items]
Expense paid to related party	$ 248	$ 116
Amounts owed to related party	$ 313	$ 373

Revenue Recognition - Summary of Net Revenue by Primary Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Disaggregation Of Revenue [Line Items]
Net revenue	$ 147,929	$ 119,172
Eggs and Egg Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	143,761	112,790
Butter and Butter Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	$ 4,168	$ 6,382

- Definition

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

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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

+ Details

Investment Securities - Schedule of Unrealized Loss Aging for Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Fair value, less than 12 months	$ 2,397	$ 699
Unrealized losses, less than 12 months	(10)	(3)
Fair value, 12 months or longer	20,315	29,247
Unrealized losses, 12 months or longer	(319)	(474)
Fair value, Total	22,712	29,946
Unrealized losses, Total	(329)	(477)
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value, less than 12 months	2,397	699
Unrealized losses, less than 12 months	(10)	(3)
Fair value, 12 months or longer	20,315	29,247
Unrealized losses, 12 months or longer	(319)	(474)
Fair value, Total	22,712	29,946
Unrealized losses, Total	$ (329)	$ (477)

- Definition

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

+ References

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning balance \| shares	3,920,485
Number of Options, Granted \| shares	0
Number of Options, Exercised \| shares	(180,086)
Number of Options, Cancelled \| shares	(18,207)
Number of Options, Ending balance \| shares	3,722,192
Number of Options, Options exercisable as of March 31, 2024 \| shares	2,895,661
Number of Options, Options vested and expected to vest as of March 31, 2024 \| shares	3,722,192
Weighted-Average Exercise Price, Beginning balance \| $ / shares	$ 10.07
Weighted-Average Exercise Price, Options Granted \| $ / shares	0
Weighted-Average Exercise Price, Options Exercised \| $ / shares	4.57
Weighted-Average Exercise Price, Options Cancelled \| $ / shares	22.45
Weighted-Average Exercise Price, Ending balance \| $ / shares	10.27
Weighted-Average Exercise Price, Options exercisable as of March 31, 2024 \| $ / shares	9.45
Weighted-Average Exercise Price, Options vested and expected to vest as of March 31, 2024 \| $ / shares	$ 10.27
Weighted Average Remaining Contractual Life (Years), Balance	5 years 7 months 6 days
Weighted Average Remaining Contractual Life (Years), Options exercisable as of March 31, 2024	5 years 1 month 6 days
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest as of March 31, 2024	5 years 7 months 6 days
Aggregate Intrinsic Value, Beginning balance \| $	$ 28,749
Aggregate Intrinsic Value, Exercised \| $	2,402
Aggregate Intrinsic Value, Cancelled \| $	3
Aggregate Intrinsic Value, Ending balance \| $	50,127
Aggregate Intrinsic Value, Options exercisable as of March 31, 2024 \| $	41,438
Aggregate Intrinsic Value, Options vested and expected to vest as of March 31, 2024 \| $	$ 50,127

Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale Amortized Cost	$ 24,047,000	$ 33,134,000
Unrealized Gains	6,000	10,000
Unrealized Losses	(329,000)	(477,000)
Allowance for Credit Losses	0	0
Fair Value	23,724,000	32,667,000
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale Amortized Cost	24,047,000	33,134,000
Unrealized Gains	6,000	10,000
Unrealized Losses	(329,000)	(477,000)
Allowance for Credit Losses	0	0
Fair Value	$ 23,724,000	$ 32,667,000

- Definition

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

+ References

+ Details

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Allowance for Credit Loss [Abstract]

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses for the 13-week period ended March 31, 2024 were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)
Provisions charged to operating results		284			(48	)		236
Account write-offs		—			140			140
As of March 31, 2024	$	(266	)	$	(135	)	$	(401	)

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 115,921	$ 97,559
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	92,104	64,498
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,817	33,061
Money market
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	92,104	64,498
Money market \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	92,104	64,498
U.S. corporate bonds and U.S. dollar denominated foreign bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,724	32,667
U.S. corporate bonds and U.S. dollar denominated foreign bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	23,724	32,667
U.S. Treasury
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value		394
U.S. Treasury \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value		$ 394
Derivative financial instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	93
Derivative financial instruments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 93

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 113,820	$ 84,149
Investment securities, available-for-sale	23,724	32,667
Accounts receivable, net of allowance for credit losses of $266 and $550 as of March 31, 2024 and December 31, 2023, respectively	43,637	39,699
Inventories	30,813	32,895
Prepaid expenses and other current assets, net of allowance for credit losses of $135 and $227 as of March 31, 2024 and December 31, 2023, respectively	6,176	6,114
Total current assets	218,170	195,524
Property, plant and equipment, net	66,231	66,839
Operating lease right-of-use assets	10,842	8,911
Goodwill and other assets	4,915	3,904
Total assets	300,158	275,178
Current liabilities:
Accounts payable	33,119	33,485
Accrued liabilities	22,280	24,218
Operating lease liabilities, current	4,582	3,057
Finance lease liabilities, current	3,479	3,255
Income taxes payable	6,908	1,206
Total current liabilities	70,368	65,221
Operating lease liabilities, non-current	5,101	5,771
Finance lease liabilities, non-current	10,321	10,481
Other liabilities	1,064	1,028
Total liabilities	86,854	82,501
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 42,003,656 and 41,684,649 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	4	4
Additional paid-in capital	164,821	163,325
Retained earnings	48,748	29,725
Accumulated other comprehensive loss	(269)	(377)
Total stockholders’ equity	213,304	192,677
Total liabilities and stockholders' equity	$ 300,158	$ 275,178