Westrock Coffee Co

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

WEST$8.79-2.2%Stored close · as of Nov 9, 2026

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18. Segment Information

Note 18. Segment Information

Ourtwo operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Segment Adjusted EBITDA, which is a segment performance measure. We define Segment Adjusted EBITDA as net (loss) income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of transaction, restructuring and integrations costs, impairment charges, changes in fair value of warrant liabilities, non-cash mark-to-market adjustments, certain non-capitalizable costs necessary to place the Conway Facility into commercial production, certain recurring operating costs related to the scale-up of operations of the Conway Facility, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, and other similar or infrequent items (although we may not have had such charges in the periods presented).

The Company’s Chief Executive Officer, it’s chief operating decision maker (“CODM”), reviews Segment Adjusted EBITDA for the purpose of making operating decisions, assessing financial performance, and deciding how to allocate resources. Segment Adjusted EBITDA is used by the CODM to review operating trends and to monitor budget-to-actual variances in order to make key operating decisions.

Selected financial data, including a reconciliation of total reportable segments’ Segment Adjusted EBITDA to loss before income taxes and equity in earnings from unconsolidated entities, is presented below for the periods indicated:


· · Three Months Ended September 30, 2025
· · · Sustainable ·
· · Beverage · · Sourcing & · ·
(Thousands) · · Solutions · · Traceability · · Total
Net sales(1)	$263,029	$91,796	$354,825

Segment Adjusted EBITDA	20,422	5,755	26,177
Less:
Interest expense			14,023
Depreciation and amortization			13,898
Transaction, restructuring and integration expense			3,029
Equity-based compensation			3,629
Conway extract and ready-to-drink facility pre-production costs			5,246
Conway extract and ready-to-drink facility scale up operating costs			3,018
Mark-to-market adjustments			2,531
(Gain) loss on disposal of property, plant and equipment			8
Other			2,457
Loss before income taxes and equity in earnings from unconsolidated entities			$(21,662)

Total assets	1,038,389	139,623	1,178,012

(1)	Excludes $1.5 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


· · Three Months Ended September 30, 2024
· · · Sustainable ·
· · Beverage · · Sourcing & · ·
(Thousands) · · Solutions · · Traceability · · Total
Net sales(1)	$164,010	$56,850	$220,860

Segment Adjusted EBITDA	11,752	2,475	14,227
Less:
Interest expense			6,889
Depreciation and amortization			7,680
Transaction, restructuring and integration expense			2,538
Change in fair value of warrant liabilities			(5,481)
Equity-based compensation			3,028
Impairment charges			1,165
Conway extract and ready-to-drink facility pre-production costs			7,937
Conway extract and ready-to-drink facility scale up operating costs			3,958
Mark-to-market adjustments			470
(Gain) loss on disposal of property, plant and equipment			(8)
Other			191
Loss before income taxes and equity in earnings from unconsolidated entities			$(14,140)

Total assets	973,085	104,029	1,077,114

(1)	Excludes $3.3 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


· · Nine Months Ended September 30, 2025
· · · Sustainable ·
· · Beverage · · Sourcing & · ·
(Thousands) · · Solutions · · Traceability · · Total
Net sales(1)	$635,922	$213,558	$849,480

Segment Adjusted EBITDA	49,675	10,998	60,673
Less:
Interest expense			39,741
Depreciation and amortization			40,669
Transaction, restructuring and integration expense			7,297
Equity-based compensation			11,709
Conway extract and ready-to-drink facility pre-production costs			18,766
Conway extract and ready-to-drink facility scale up operating costs			13,953
Mark-to-market adjustments			(983)
(Gain) loss on disposal of property, plant and equipment			15
Other			1,998
Loss before income taxes and equity in earnings from unconsolidated entities			$(72,492)

Total assets	1,038,389	139,623	1,178,012

(1)	Excludes $7.9 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.


· · Nine Months Ended September 30, 2024
· · · Sustainable ·
· · Beverage · · Sourcing & · ·
(Thousands) · · Solutions · · Traceability · · Total
Net sales(1)	$485,322	$136,427	$621,749

Segment Adjusted EBITDA	35,797	3,236	39,033
Less:
Interest expense			21,921
Depreciation and amortization			23,196
Transaction, restructuring and integration expense			9,901
Change in fair value of warrant liabilities			(7,134)
Equity-based compensation			8,508
Impairment charges			1,996
Conway extract and ready-to-drink facility pre-production costs			30,115
Conway extract and ready-to-drink facility scale up operating costs			5,188
Mark-to-market adjustments			(2,692)
(Gain) loss on disposal of property, plant and equipment			965
Other			1,361
Loss before income taxes and equity in earnings from unconsolidated entities			$(54,292)

Total assets	973,085	104,029	1,077,114

(1)	Excludes $6.8 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment.

Significant segment expense for our reportable segments is presented below for the periods indicated:


· · · Three Months Ended September 30, 2025
· · · Sustainable
· · Beverage · · Sourcing &
(Thousands) · · Solutions · · Traceability
Net Sales	$263,029	$91,796
Less:
Costs of sales	214,306	85,079
Employee related(1)	16,438	1,956
Information technology	1,826	n/a
Advertising & marketing	424	n/a
Professional fees	2,587	n/a
Corporate insurance	1,929	n/a
Freight	3,071	n/a
Other segment expense(2)	2,026	(994)
Segment Adjusted EBITDA	$20,422	$5,755

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses.

(2)	Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses.


· · · Three Months Ended September 30, 2024
· · · Sustainable
· · Beverage · · Sourcing &
(Thousands) · · Solutions · · Traceability
Net Sales	$164,010	$56,850
Less:
Costs of sales	126,896	51,543
Employee related(1)	11,081	2,146
Information technology	1,499	n/a
Advertising & marketing	863	n/a
Professional fees	2,697	n/a
Corporate insurance	1,714	n/a
Freight	3,388	n/a
Other segment expense(2)	4,120	686
Segment Adjusted EBITDA	$11,752	$2,475

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses.

(2)	Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses.


· · · Nine Months Ended September 30, 2025
· · · Sustainable
· · Beverage · · Sourcing &
(Thousands) · · Solutions · · Traceability
Net Sales	$635,922	$213,558
Less:
Costs of sales	509,311	196,883
Employee related(1)	42,326	5,654
Information technology	5,536	n/a
Advertising & marketing	1,877	n/a
Professional fees	7,109	n/a
Corporate insurance	4,862	n/a
Freight	9,071	n/a
Other segment expense(2)	6,155	23
Segment Adjusted EBITDA	$49,675	$10,998

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses.

(2)	Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses.


· · · Nine Months Ended September 30, 2024
· · · Sustainable
· · Beverage · · Sourcing &
(Thousands) · · Solutions · · Traceability
Net Sales	$485,322	$136,427
Less:
Costs of sales	369,282	125,219
Employee related(1)	35,017	5,472
Information technology	4,314	n/a
Advertising & marketing	2,960	n/a
Professional fees	7,520	n/a
Corporate insurance	5,807	n/a
Freight	11,138	n/a
Other segment expense(2)	13,487	2,500
Segment Adjusted EBITDA	$35,797	$3,236

(1)	Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses.

(2)	Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses.

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