BUDA JUICE, INC.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 14, 2026
BUDA$6.550.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-023043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038347
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 38 previous paragraphs and 38 current paragraphs.
20 unchanged; 12 reworded; 6 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Net Sales: Net sales increased $941, or 26.4%, to $4,508 thousand from $3,567 for the three months ended June 30, 2026 and 2025. The core beverage business continued same store organic growth, supplemented by partial quarter contributions from two initiatives launched during the quarter: the distribution of Buda Fresh into Wal-Mart across 9 states and a small, cash-funded asset acquisition in freshly prepared dressings. For the six months ended June 30, 2026 and 2025, the Company reported net sales of approximately $8,016 and $6,547, respectively (amounts in thousands).
Current report
Gross Profit: Gross profit margin was 36.6% and 46.7% for the three months ended June 30, 2026 and 2025, respectively. This decrease was driven by higher inbound freight costs resulting from diesel-price volatility, interim third-party co-packing arrangement supporting our new dressings business, as well as from elevated produce costs carried over from the first quarter, which have returned to normalized levels. For the six months ended June 30, 2026 and 2025, gross profit margin was 37.9% and 45.9%, respectively. This decrease was mostly driven by the aforementioned factors.
Current report
*Selling, General and Administrative Expenses:*Selling, general, and administrative expense increased by $677 thousand, or 179.1%, to $1,055 thousand for the three months ended June 30, 2026, from $378 thousand for the three months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, selling, general and administrative expense was $1,718 thousand and $785 thousand, respectively, an increase of $933 thousand, or 118.9%. These increases are mostly due to the additional expenses required as a public company, as well as stock-based compensation, none of which were present on a comparable basis during the prior-year period.
Current report
Interest income: Interest income was $149 thousand for the three months ended June 30, 2026, an increase of $136 thousand from the three months ended June 30, 2025. Interest income was $286 thousand for the six months ended June 30, 2026, an increase of 260 thousand from the six months ended June 30, 2025. These increases are a result of an increased investable cash balance as a result of the IPO in January 2026.
Current report
Net cash provided by operating activities for the six months ended June 30, 2026, was approximately $940 thousand compared to cash provided of $1,833 thousand for the same period in 2025, a decrease of $893 thousand, or 48.7%. Operating cash flow during the quarter was impacted by a one-time increase in accounts receivable following the transition of a large customer from a 1% discount for payment within 10 days to standard net 30 payment terms. Additionally, net income for the six months ended June 30, 2026 and 2025 was approximately $858 thousand and $1,977 thousand, respectively, a decrease of $1,119. This was a result of the aforementioned temporary gross margin impacts as well as public company, stock-based compensation and income tax expenses which were not present on a comparable basis during the prior-year period.
Current report
Net cash used in investing activities for the six months ended June 30, 2026, was $788 thousand as compared to $270 thousand for the six months ended June 30, 2025. The increase is primarily a result of the investments being made in the dressings business, which included the acquisition of the dressing business and inventory as well as the related manufacturing upgrades to transition that business to in-house production.
Removed paragraphs (6)
Previous report
Net Sales: Net sales increased $528 thousand, or 17.7%, to $3,508 thousand for the three months ended March 31, 2026, from $2,980 thousand for the three months ended March 31, 2025. The increase was mainly driven by an increase in sales by our primary customer.
Previous report
Gross Profit: Gross profit margin was 39.5% and 44.9% for the three months ended March 31, 2026 and 2025, respectively. The decrease in gross profit margin was primarily driven by an increase in produce costs, specifically limes. In February 2026, lime costs spiked significantly following disruptions in western Mexico that interrupted normal supply routes. This resulted in the cost of limes to temporarily, but dramatically, increase throughout the remainder of the quarter. Conversely, our labor costs, as a percentage of revenue, improved by more than 1.5 percentage points year over year, helping to offset some of the increase in produce costs.
Previous report
*Selling, General and Administrative Expenses:*Selling, general, and administrative expense increased by $256 thousand, or 62.9%, to $663 thousand for the three months ended March 31, 2026, from $407 thousand for the three months ended March 31, 2025. The increase in selling, general and administrative expense was primarily driven by an increase in administrative personnel expenses, insurance, accounting and other professional fees as a result of the Company’s initial public offering in January 2026.
Previous report
Interest income: Interest income was $137 thousand for the three months ended March 31, 2026, an increase of $124 thousand from the three months ended March 31, 2025. The increase is a result of the Company’s IPO, and underwriter over-allotment option exercise in January 2026 with net proceeds of $20,652. This was partially offset by the shareholder redemption as part of the IPO transaction in the amount of $3,750 thousand to bring the total net proceeds from all IPO related transactions to $16,902 thousand, thereby increasing the Company’s investable cash and therefore an increase in interest income.
Previous report
Net cash provided by operating activities for the three months ended March 31, 2026, was approximately $1,305 compared to cash provided of $904 thousand for the same period in 2025. Net income for the three months ended March 31, 2026 and 2025 was approximately $388 thousand and $807 thousand, respectively. During the three months ended March 31, 2026, operating activities were impacted by approximately $269 thousand of additional general and administrative expenses, mainly due to the public company related expenses not incurred in prior years, including salaries and wages. In addition, the Company recognized $359 thousand of federal income tax expense provision as a result of the conversion from a LLC to a C-Corporation in preparation of the IPO. However, these additional operating outflows were partially offset by the increase of $124 thousand in interest income as a result of the increase in investable cash balances which resulted from the Company’s net IPO proceeds of $16,902 thousand.
Previous report
Net cash used in investing activities for the three months ended March 31, 2026, was $218 thousand as compared to $139 thousand for the three months ended March 31, 2025. This increase of $79 thousand was a direct result of continued capital spending in the Dallas manufacturing facility in order to facilitate increase sales and continual improvement on overall operations.
Reworded paragraphs (12)
Previous wording
Results of Operations for the Three Months Ended March 31, 2026, and 2025
Current wording
Results of Operations for the Three and Six Months Ended June 30, 2026, and 2025
Previous wording
The following table summarizes our results of operations for the three months ended March 31, 2026 and 2025, respectively:
Current wording
The following table summarizes our results of operations for the three and six months ended June 30, 2026 and 2025, respectively:
Previous wording
For the three months ended March 31, 2026 and 2025, the Company reported net income of approximately $388 thousand and $807 thousand, respectively. The change in net income between the three months ended March 31, 2026 and 2025 reflects strong revenue growth offset by increased costs of produce, primarily citrus, as well as an increase in general and administrative costs associated with the Company’s initial public offering in January 2026. Additionally, the Company recognized an increase of $124 thousand in interest income as a result of an increase in cash balances after the IPO, though offset with an increase in income tax expense of $350 thousand after conversion from a LLC to a C-Corporation.
Current wording
For the three months ended June 30, 2026 and 2025, the Company reported net income of approximately $470 and $1,170, respectively. For the six months ended June 30, 2026 and 2025, the Company reported net income of approximately $858 and $1,977, respectively (amounts in thousands).
Previous wording
Delivery and Handling Expense: Delivery and handling expense was essentially flat, with a small increase of 1.3%, to $130 for the three months ended March 31, 2026.
Current wording
Delivery and Handling Expense: Delivery and handling expense was essentially flat, with a small increase of $7 thousand, or 4.8%, to $152 thousand for the three months ended June 30, 2026 from $145 thousand for the three months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, delivery and handling expense was $282 thousand and $273 thousand, respectively, an increase of $9 thousand, or 3.3%.
Previous wording
Other income: Other income was $17 thousand for the three months ended March 31, 2026, an immaterial increase of $17 from the three months ended March 31, 2025.
Current wording
Other income: Other income was $6 thousand for the three months ended June 30, 2026, an immaterial decrease of $16 from the three months ended June 30, 2025. Other income was $23 thousand for the six months ended June 30, 2026, an immaterial increase of $1 from the six months ended June 30, 2025.
Previous wording
Income Taxes: The Company is a Subchapter C corporation for U.S. federal and state income tax purposes. Amounts recognized as income taxes are presented within “income tax expense” in the accompanying statements of operations. The Company recognized income tax expense of $359 thousand and $9 thousand for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 was 46.76%, compared to 1.07% for the same period in 2025. The increase in the effective tax rate was primarily attributable to the discrete recognition of deferred tax expense upon the Company’s conversion to a C-corporation on January 1, 2026. The Company did not record a valuation allowance as of March 31, 2026 due to its cumulative income position.
Current wording
Income Taxes: The Company is a Subchapter C corporation for U.S. federal and state income tax purposes. Amounts recognized as income taxes are presented within “income tax expense” in the accompanying statements of operations. The Company recognized income tax expense of $488 and $18 for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate for the six months ended June 30, 2026 was 36.23%, compared to 0.90% for the same period in 2025. The increase in the effective tax rate was primarily attributable to the discrete recognition of deferred tax expense upon the Company’s conversion to a C-corporation on January 1, 2026. The Company did not record a valuation allowance as of June 30, 2026 due to its cumulative income position. Prior to the Conversion on January 1, 2026, the Predecessor was treated as a partnership and was subject only to the Texas margin tax.
Previous wording
In the past few years, we have financed our operations primarily through cash generated from our business operations and proceeds on borrowings through our credit facilities. We had $19,828 thousand and $1,840 thousand of cash and cash equivalents as of March 31, 2026 and December 31, 2025, respectively.
Current wording
In the past few years, we have financed our operations primarily through cash generated from our business operations and proceeds on borrowings through our credit facilities. We had $18,819 thousand and $1,840 thousand of cash and cash equivalents as of June 30, 2026 and December 31, 2025, respectively.
Previous wording
As of March 31, 2026, we had working capital of approximately $19,942 thousand as compared to working capital of $2,634 thousand as of December 31, 2025, an increase of $17,308 thousand. The increase is a result of the Company’s IPO, and underwriter over-allotment option exercise in January 2026 with net proceeds of $20,652 thousand. This was partially offset by the shareholder redemption as part of the IPO transaction in the amount of $3,750 thousand to bring the total net proceeds from all IPO related transactions to $16,902 thousand.
Current wording
As of June 30, 2026, we had working capital of approximately $20,143 thousand as compared to working capital of $2,634 thousand as of December 31, 2025, an increase of $17,509 thousand.
Previous wording
Our short-term cash requirements primarily include working capital needs to support inventory build, payroll, marketing, and other operating expenses, as well as approximately $139 thousand of lease obligations due within the next 12 months. We expect to fund these requirements with cash on hand, cash generated from operations, and borrowings under our credit facility, if needed.
Current wording
Our short-term cash requirements primarily include working capital needs to support inventory build, payroll, marketing, and other operating expenses, as well as approximately $144 thousand of lease obligations due within the next 12 months. We expect to fund these requirements with cash on hand, cash generated from operations, and borrowings under our credit facility, if needed.
Previous wording
Our long-term cash requirements include approximately $610 thousand in lease obligations due beyond 12 months, along with anticipated capital expenditures to support our planned regional production facilities. These facilities will represent material investments and are expected to be funded through a combination of operating cash flows and proceeds from the initial public offering in January 2026. We may also pursue additional equity or debt financing in order to acquire or invest in complementary business, products, and/or new IT infrastructure. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all.
Current wording
Our long-term cash requirements include approximately $573 thousand in lease obligations due beyond 12 months, along with anticipated capital expenditures to support our planned regional production facilities. These facilities will represent material investments and are expected to be funded through a combination of operating cash flows and proceeds from the initial public offering in January 2026. We may also pursue additional equity or debt financing in order to acquire or invest in complementary business, products, and/or new IT infrastructure. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all.
Previous wording
As of March 31, 2026, we were party to non-cancellable operating lease agreements related to our production facility and office space. Future minimum lease payments under this agreement total approximately $886 thousand, with $191 thousand due within the next 12 months and $695 thousand due thereafter through July 2030. These commitments represent a significant use of cash and we expect to fund them through a combination of existing cash balances and cash flows from operations.
Current wording
As of June 30, 2026, we were party to non-cancellable operating lease agreements related to our production facility and office space. Future minimum lease payments under this agreement total approximately $839 thousand, with $193 thousand due within the next 12 months and $646 thousand due thereafter through July 2030. These commitments represent a significant use of cash and we expect to fund them through a combination of existing cash balances and cash flows from operations.
Previous wording
Net cash received in financing activities during the three months ended March 31, 2026, was $16,901 thousand as compared to a net cash used amount of $1,438 thousand for the three months ended March 31, 2025. The Company’s IPO related transactions in January 2026 resulted in net cash proceeds of $16,902 thousand. However, during the three months ended March 31, 2025, the Company paid member distributions related to member tax pass-through liabilities in the amount of $1,438 thousand.
Current wording
Net cash received in financing activities during the six months ended June 30, 2026, was $16,827 thousand as compared to a net cash used amount of $1,748 thousand for the six months ended June 30, 2025. The Company’s IPO related transactions in January 2026 resulted in net cash proceeds of $16,827 thousand. However, during the six months ended June 30, 2025, the Company paid member distributions related to member tax pass-through liabilities in the amount of $1,748 thousand.