Buda Juice, Inc. (NYSE American: BUDA | NYSE Texas: BUDA) (“Buda Juice” or the “Company”), creator and pioneer of the Ultra Fresh™ category in the supermarket fresh produce department, today reported its financial results for the third quarter ended September 30, 2026.

Financial Summary:

 

 

Three Months Ended September 30,

$ in millions

 

2026

2025

% Change

Revenue

 

$5.2

$3.2

64%

Gross Profit

 

$2.1

$1.4

51%

Gross Margin

 

40.8%

44.5%

(367) bps

Income Before Taxes

 

$1.1

$0.9

28%

Net Income

 

$0.9

$0.9

(2%)

Adj. EBITDA (non-GAAP)

 

$1.3

$1.0

35%

Percentage changes are calculated using unrounded figures. Adjusted EBITDA is a non-GAAP financial measure reconciled to net income below.

Third Quarter 2026 Operational Highlights:

  • Strong Same-Store Performance: Same-store sales in the Company’s core beverage business increased 23% year-over-year.

  • Store Expansion: Completed the first full quarter of Buda Fresh™ distribution in 246 Walmart stores across nine states, bringing the Company’s retail footprint to approximately 600 stores.

  • Expanded Product Portfolio: Completed the first full quarter of the refrigerated dressings business acquired in May 2026, expanding the Company’s presence in fresh and refrigerated grocery categories.

  • Improving Profitability: Gross margin improved 417 basis points from the second quarter to 40.8%, while operating expenses declined to 21.7% of revenue from 26.8% in the second quarter.

  • Manufacturing Expansion: Progressed installation of additional production lines at the Dallas facility, with refrigerated dressings production expected to begin transitioning in-house during the first quarter of 2027.

  • Strong Balance Sheet: Ended the quarter with $19.3 million in cash, no outstanding debt and an undrawn $3.0 million revolving credit facility.

Management Commentary

Horatio Lonsdale-Hands, Co-Founder and Chief Executive Officer of Buda Juice, commented: “Third quarter revenue grew 64% to a record $5.2 million, reflecting the continued strength of our business and growing consumer demand for our Ultra Fresh products. When we reported second quarter results in August, we indicated that sales during the first six weeks of the third quarter were up more than 40%. We finished the quarter with 64% growth.

“What is particularly encouraging is what is driving this growth. Same-store sales in our core beverage business increased 23%, our expansion into 246 Walmart stores is introducing Buda Fresh to new consumers, and our refrigerated dressings business is broadening our product portfolio. At the heart of our success are our products. We believe their exceptional taste, freshness and quality, combined with compelling everyday value, are helping bring genuinely fresh beverages to a much broader consumer audience.

“We are equally encouraged by our continued profitability. Gross margin increased 417 basis points from the second quarter to 40.8%, pre-tax income increased 28% year-over-year, net income was $0.9 million and adjusted EBITDA grew 35% to $1.3 million. We are continuing to invest in production capacity, product innovation and our Fresh35°™ cold-chain infrastructure to support further retail expansion. Bringing refrigerated dressings production in-house during the first quarter of 2027 is another important step toward improving efficiency and supporting future growth.

“With $19.3 million in cash, no outstanding debt and a profitable operating business, we believe we are well positioned to continue building Buda Juice into a leading national Ultra Fresh beverage and refrigerated foods company. I would like to thank our entire Buda Juice team for their dedication and hard work. Their commitment to quality and operational excellence continues to drive our success.”

Third Quarter 2026 Financial Results

Revenue for the third quarter of 2026 increased 64% to a record $5.2 million, as compared to $3.2 million in the same year-ago quarter. This increase reflects 23% same-store sales growth in the Company’s core beverage business.

Gross profit increased 51% to $2.1 million, or 40.8% of revenue, in the third quarter of 2026, as compared to $1.4 million, or 44.5% of revenue, in the same year-ago quarter. Gross margin improved 417 basis points sequentially from the second quarter of 2026, reflecting the normalization of certain produce costs and operational efficiencies. The year-over-year change in gross margin primarily reflects interim third-party co-packing costs associated with the Company’s refrigerated dressings business and increased diesel fuel costs. The Company expects to begin transitioning dressings production in-house at its Dallas facility during the first quarter of 2027.

Operating expenses totaled $1.1 million, or 21.7% of revenue, in the third quarter of 2026, as compared to $0.5 million, or 17.0% of revenue, in the same year-ago quarter. The increase primarily reflects costs associated with operating as a public company and non-cash stock-based compensation, as well as higher distribution costs. As a percentage of revenue, operating expenses improved approximately 510 basis points sequentially from the second quarter of 2026.

Income before income taxes for the third quarter of 2026 increased 28% to $1.1 million. Net income was $0.9 million, or $0.07 per diluted share, essentially flat as compared to net income of $0.9 million in the same year-ago quarter. The comparison reflects higher corporate income taxes following the Company’s conversion to a C corporation effective January 1, 2026.

Adjusted EBITDA, a non-GAAP measure, increased 35% to $1.3 million for the third quarter of 2026, as compared to $1.0 million in the same year-ago quarter.

Cash flow from operations was approximately $0.7 million for the third quarter.

Cash and cash equivalents as of September 30, 2026, totaled $19.3 million, as compared to $18.8 million as of June 30, 2026, and $1.8 million as of December 31, 2025. The increase from year-end was primarily driven by the net proceeds of the Company’s January 2026 initial public offering. As of September 30, 2026, the Company had no outstanding debt, and its $3.0 million revolving credit facility remained undrawn.

Conference Call

Management will host an investor conference call at 4:30 p.m. Eastern time today, Thursday, November 12, 2026, to discuss the Company’s third quarter 2026 financial results, provide a corporate update and conclude with Q&A from telephone participants. To participate, please use the following information:

Q3 2026 Earnings Conference Call

Date: Thursday, November 12, 2026

Time: 4:30 p.m. Eastern time

U.S. Dial-in: 1-833-461-5787

International Dial-in: 1-585-542-9983

Conference ID: 192 866 579

Webcast: BUDA Q3 FY2026 Earnings Conference Call

Please join at least five minutes before the start of the call to ensure timely participation.

The conference call will be broadcast live and available for replay via the webcast link above, as well as on the Investor Relations section of the Company’s website at https://budajuice.com/investors.

About Buda Juice

Buda Juice (NYSE American: BUDA | NYSE Texas: BUDA) is the creator and pioneer of the Ultra Fresh™ category, delivering freshly crafted citrus juices, lemonades, wellness shots and dressings to grocery retailers through its proprietary Fresh35°™ continuous cold-chain platform.

The Company provides retailers with a turnkey alternative to pasteurized beverages and in-store juicing, offering Ultra Fresh, clean-label products with exceptional taste and quality. Its growing portfolio also includes refrigerated dressings.

For more information, visit https://budajuice.com.

Use of Non-GAAP Financial Measures

This press release includes the following non-GAAP measure: adjusted EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income. The Company defines adjusted EBITDA as net income before interest (income), net, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation and transaction-related and other non-recurring items. The Company believes this non-GAAP measure, when considered together with the corresponding GAAP measure, provides useful information to investors and management regarding financial and business trends relating to the Company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the Company’s business as determined in accordance with GAAP. In addition, the Company’s non-GAAP measure may be calculated differently than similarly titled measures used by other companies and is therefore not necessarily comparable. Therefore, investors should consider this non-GAAP measure in addition to, and not as a substitute for or superior to, measures of financial performance in accordance with GAAP. For a reconciliation of adjusted EBITDA to net income, its most directly comparable GAAP measure, please see the reconciliation table below.

US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

(in thousands)
 

 

Three Months Ended September 30,

 

2026

2025

Net income

$ 866

$ 881

Depreciation and amortization

68

62

Interest (income), net

(139)

(9)

Income tax expense

274

10

Stock-based compensation

237

—

Transaction-related

—

22

Adjusted EBITDA (Non-GAAP)

$ 1,306

$ 966

Forward-Looking Statements

This press release contains certain “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure investors that such expectations will turn out to be correct, and the Company cautions that actual results may differ materially from anticipated results. Additional factors are discussed in the Company’s public filings with the Securities and Exchange Commission, available for review at www.sec.gov.

Buda Juice, Inc.

Condensed Balance Sheets

(Unaudited)

(In thousands)
 

 

As of

 

September 30,

2026

December 31,

2025

 

(Unaudited)

 

ASSETS

Current assets

Cash and cash equivalents

$ 19,277

$ 1,840

Accounts receivable

1,480

386

Accounts receivable – related party

790

—

Inventory

721

348

Prepaid expenses and other current assets

335

645

Total current assets

22,603

3,219

 

 

 

Property and equipment, net of accumulated depreciation of $2,283 and $2,096, respectively

1,730

976

Operating lease right-of-use asset

666

775

Total assets

$ 24,999

$ 4,970

 

 

 

LIABILITIES AND STOCKHOLDERS’ AND MEMBERS’ EQUITY

Current liabilities:

Accounts payable

$ 777

$ 289

Accounts payable – related party

326

—

Other current liabilities

205

161

Operating lease liability, current portion

148

135

Total current liabilities

1,456

585

 

 

 

Operating lease liability, net of current portion

534

647

Deferred income tax liability

118

—

Total long-term liabilities

652

647

Total liabilities

2,108

1,232

 

 

 

Stockholders’ and Members’ Equity

Members’ equity

—

2,554

Preferred stock, $0.001 par value; 10,000 shares authorized; 0 shares issued; 0 shares outstanding

—

—

Common stock, $0.001 par value; 90,000 shares authorized; 13,067 shares issued; 12,590 shares outstanding

13

—

Additional paid-in capital

23,548

—

Less: Treasury stock, $0.001 par value – 477 shares issued, 0 shares outstanding

(3,578)

—

Retained earnings

2,908

1,184

Total stockholders’ and members’ equity

22,891

3,738

Total liabilities and stockholders’ and members’ equity

$ 24,999

$ 4,970

Buda Juice, Inc.

Condensed Statements of Operations

(Unaudited)

(In thousands, except per share data)
 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2026

2025

 

2026

2025

Net sales

$ 5,207

$ 3,167

 

$ 13,223

$ 9,714

Cost of goods sold

3,083

1,759

 

8,062

5,301

Gross profit

2,124

1,408

 

5,161

4,413

 

 

 

 

 

 

Operating expenses:

Delivery and handling expense

203

140

 

485

413

Selling, general and administrative expense

925

398

 

2,643

1,183

Total operating expenses

1,128

538

 

3,128

1,596

 

 

 

 

 

 

Income from operations

996

870

 

2,033

2,817

 

 

 

 

 

 

Other income

5

12

 

28

34

Interest income, net

139

9

 

425

35

Net income before income tax

1,140

891

 

2,486

2,886

Income tax expense

274

10

 

762

28

Net income

$ 866

$ 881

 

$ 1,724

$ 2,858

 

 

 

 

 

 

Net income per share – Basic

$ 0.07

—

 

$ 0.14

—

Weighted average shares outstanding – Basic

12,570

—

 

12,477

—

Net income per share – Diluted

$ 0.07

—

 

$ 0.14

—

Weighted average shares outstanding – Diluted

12,570

—

 

12,477

—

Per share data is not presented for periods prior to the Company’s conversion from a limited liability company to a C corporation effective January 1, 2026.

Buda Juice, Inc.

Condensed Statements of Cash Flows

(Unaudited)

(In thousands)
 

 

Nine Months Ended

September 30,

 

2026

2025

Cash flows from operating activities

Net income

$ 1,724

$ 2,858

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

187

218

Amortization of right to use asset

110

93

Stock-based compensation

450

—

Deferred income taxes

118

—

 

 

 

Changes in assets and liabilities:

Accounts receivable

(1,884)

(3)

Inventory

(273)

(38)

Prepaid expenses and other current assets

461

(343)

Accounts payable and other current liabilities

856

(24)

Payments on operating lease obligations

(99)

(94)

Net cash provided by operating activities

1,650

2,667

 

 

 

Cash flows from investing activities

Capital spending of property and equipment

(940)

(310)

Acquisition of related party asset group

(100)

—

Net cash used for investing activities

(1,040)

(310)

 

 

 

Cash flows from financing activities

Proceeds from initial public offering

23,000

—

Payments of underwriting discounts and offering costs

(2,423)

—

Redemption of common stock

(3,750)

—

Cash distributed to owners

—

(2,182)

Net cash provided by (used in) financing activities

16,827

(2,182)

 

 

 

Net change in cash and cash equivalents

17,437

175

Cash and cash equivalents at beginning of period

1,840

1,887

Cash and cash equivalents at end of period

$ 19,277

$ 2,062

 

 

 

Supplemental disclosures of cash flow information:

Cash paid for interest

$ —

$ —

Cash paid for taxes

$ 495

$ —

Supplemental disclosure of noncash activities:

Prepaid services acquired with common stock

$ 175

$ —

 

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