Westrock Coffee Company Reports Fourth Quarter and Full Year 2025 Results and Updates 2026 Outlook

LITTLE ROCK, Ark., March 10, 2026 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2025 and updates its outlook for 2026. Full Year 2025 Highlights1 Consolidated Results Net sales were $1.2 billion, an increase of 39.8% Gross profit was $150.8 million, a decrease of 2.0% Net loss was $90.4 million, compared to a net loss of $80.3 million in the prior year period Consolidated Adjusted EBITDA2 was $69.7 million and included $15.3 million of scale-up costs associated with our Conway Facility, compared to Consolidated Adjusted EBITDA of $47.2 million and $12.8 million of scale-up costs in the prior year period Segment Results Beverage Solutions Net sales were $908.4 million, an increase of 37.8% Segment Adjusted EBITDA3 was $68.5 million, an increase of 27.7% Sustainable Sourcing & Traceability (“SS&T”) Net sales were $280.5 million, an increase of 46.6% Segment Adjusted EBITDA3 was $16.5 million compared to $6.4 million for the prior year period Commenting on our results, Scott T. Ford, CEO and Co-founder stated, "As we turn the page on 2025, we are pleased with the progress made toward becoming the premiere integrated, strategic supplier to the pre-eminent global coffee, tea and energy beverage brands, as evidenced by our record results. With the build-out and commercialization of our Conway extracts and ready-to-drink facility in our rearview mirror, our focus shifts to driving volume, optimizing our product mix and maximizing margin across our platform.” Fourth Quarter Highlights1 Consolidated Results Net sales were $339.5 million, an increase of 48.3% Gross profit was $38.9 million, an increase of 2.3% Net loss was $22.6 million, compared to a net loss of $24.6 million in the prior year period Consolidated Adjusted EBITDA2 was $23.0 million and included $1.4 million of scale-up costs associated with our Conway Facility, compared to Consolidated Adjusted EBITDA of $13.3 million and $7.6 million of scale-up costs in the prior year period Segment Results Beverage Solutions Net sales were $272.5 million, an increase of 56.6% Segment Adjusted EBITDA3 was $18.8 million, an increase of 5.4% SS&T Net sales were $66.9 million, an increase of 21.9% Segment Adjusted EBITDA3 was $5.5 million compared to $3.1 million for the prior year period ________________________ 1 Unless otherwise indicated, all comparisons are to the prior year period. 2 Consolidated Adjusted EBITDA is a non-GAAP financial measure. The definition of Consolidated Adjusted EBITDA is included under the section titled “Non-GAAP Financial Measures” and a reconciliation of Consolidated Adjusted EBITDA to the most directly comparable GAAP measure is provided in the tables that accompany this release. 3 Segment Adjusted EBITDA is a segment performance measure, which is required by U.S. GAAP to be disclosed in accordance with FASB Accounting Standards Codification 280, Segment Reporting. Segment Adjusted EBITDA is defined consistently with Consolidated Adjusted EBITDA, except that it excludes scale-up costs related to our Conway Facility. Financial Outlook The Company is updating its 2026 outlook for its Consolidated Adjusted EBITDA, which represents growth of 29% to 44% over our full year 2025 results. These estimates incorporate projected customer demand in light of recently announced industry consolidation and the current expectations regarding end-consumer demand for ready-to-drink glass and can volumes. The updated 2026 outlook supersedes any previously disclosed guidance provided by the Company and investors should not rely on any previously disclosed financial guidance. The guidance presented is an estimate of what the Company believes is realizable as of the date of this release and excludes any impacts of future acquisitions or capital markets activities. As such, actual results may vary from this guidance and the variations may be material. Management will provide additional details regarding the 2026 outlook on its earnings call to be held today. Consolidated Guidance 2026 (Millions) Low High Consolidated Adjusted EBITDA $ 90.0 $ 100.0 The Company is not readily able to provide a reconciliation of forecasted Consolidated Adjusted EBITDA to forecasted GAAP net income (loss) without unreasonable effort because certain items that impact such figure are uncertain or outside the Company’s control and cannot be reasonably predicted. Such items include the impact of non-cash gains or losses resulting from market-to-market adjustments, among others. Conference Call Details Westrock Coffee will host a conference call and webcast at 4:30 p.m. ET today to discuss this release. To participate in the live earnings call and question and answer session, please register HERE and dial-in information will be provided directly to you. The live audio webcast will be accessible in the “Events and Presentations” section of the Company’s Investor Relations website at https://investors.westrockcoffee.com. An archived replay of the webcast will be available shortly after the live event has concluded and will be available for a minimum of 14 days. About Westrock Coffee Westrock Coffee is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries around the world. With offices in 10 countries, the Company sources coffee and tea from numerous countries of origin. Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, our 2026 financial outlook, the plans, objectives, expectations, and intentions of Westrock Coffee, and other statements that are not historical facts. These statements are based on information available to Westrock Coffee as of the date hereof and Westrock Coffee is not under any duty to update any of the forward-looking statements after the date of this communication to conform these statements to actual results. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the management of Westrock Coffee as of the date hereof and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and should not be relied on by an investor, or others, as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Westrock Coffee. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, changes in domestic and foreign business, market, financial, political, and legal conditions; our inability to secure an adequate supply of key raw materials, including green coffee and tea, or a disruption in our supply chain, including from tariffs or trade restrictions or global conflicts (including the ongoing conflicts in Europe, the Middle East and Latin America); risks relating to the uncertainty of the projected financial information with respect to Westrock Coffee; risks related to the rollout of Westrock Coffee's business and the timing of expected business milestones; the effects of competition and industry consolidation on Westrock Coffee's business; the ability of Westrock Coffee to issue equity or equity-linked securities or obtain, refinance or extend the maturities of debt financing in the future; Westrock Coffee’s future level of indebtedness, which may reduce funds available for other business purposes and reduce the Company’s operational flexibility; Westrock Coffee’s inability to comply with the financial covenants in our credit agreement; the risk that Westrock Coffee fails to attract, motivate or retain qualified personnel; the risk that Westrock Coffee fails to fully realize the potential benefits of acquisitions or joint ventures or has difficulty successfully integrating acquired companies; the loss of significant customers or delays in bringing their products to market; litigation or legal disputes, which could lead us to incur significant liabilities and costs or harm our reputation; the risk of incurring additional costs if Westrock Coffee no longer qualifies as an emerging growth company (as defined in the JOBS Act); and those factors discussed in Westrock Coffee’s Annual Report on Form 10-K, which was filed with the United States Securities and Exchange Commission (the “SEC”) on March 12, 2025, in Part I, Item 1A “Risk Factors” and other documents Westrock Coffee has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Westrock Coffee does not presently know, or that Westrock Coffee currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, the forward-looking statements reflect Westrock Coffee's expectations, plans, or forecasts of future events and views as of the date of this communication. Westrock Coffee anticipates that subsequent events and developments will cause Westrock Coffee's assessments to change. However, while Westrock Coffee may elect to update these forward-looking statements at some point in the future, Westrock Coffee specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as a representation of Westrock Coffee's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Contacts Media: [email protected] Investor Contact: [email protected] Westrock Coffee Company Consolidated Balance Sheets (Unaudited) (Thousands, except par value) December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 49,875 $ 26,151 Restricted cash 21,164 9,413 Accounts receivable, net of allowance for credit losses of $2,750 and $3,995, respectively 94,099 99,566 Inventories 199,802 163,323 Derivative assets 15,049 19,746 Prepaid expenses and other current assets 16,370 15,444 Total current assets 396,359 333,643 Property, plant and equipment, net 483,606 467,011 Goodwill 116,111 116,111 Intangible assets, net 107,141 114,879 Operating lease right-of-use assets 60,310 63,380 Other long-term assets 12,451 6,756 Total Assets $ 1,175,978 $ 1,101,780 LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY Current maturities of long-term debt $ 19,281 $ 14,057 Short-term debt 82,640 54,659 Accounts payable 91,175 84,255 Supply chain finance program 96,594 78,838 Derivative liabilities 28,600 11,966 Accrued expenses and other current liabilities 95,340 34,095 Total current liabilities 413,630 277,870 Long-term debt, net 360,703 325,880 Convertible notes payable - related party, net 60,839 49,706 Deferred income taxes 10,160 14,954 Operating lease liabilities 58,146 60,692 Other long-term liabilities 865 1,346 Total liabilities 904,343 730,448 Commitments and contingencies Series A Convertible Preferred Shares, $0.01 par value, 24,000 shares authorized, 23,511 shares and 23,511 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively, $11.50 liquidation value 273,503 273,850 Shareholders' Equity Preferred stock, $0.01 par value, 26,000 shares authorized, no shares issued and outstanding — — Common stock, $0.01 par value, 300,000 shares authorized, 96,866 shares and 94,221 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 969 942 Additional paid-in-capital 544,567 519,878 Accumulated deficit (534,370 ) (442,922 ) Accumulated other comprehensive income (loss) (13,034 ) 19,584 Total shareholders' equity (deficit) (1,868 ) 97,482 Total Liabilities, Convertible Preferred Shares and Shareholders' Equity $ 1,175,978 $ 1,101,780 Westrock Coffee Company Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, Year Ended December 31, (Thousands, except per share data) 2025 2024 2025 2024 Net sales $ 339,472 $ 228,977 $ 1,188,952 $ 850,726 Costs of sales 300,578 190,965 1,038,188 696,952 Gross profit 38,894 38,012 150,764 153,774 Selling, general and administrative expense 44,198 42,955 185,469 185,137 Transaction, restructuring and integration expense 2,178 3,896 9,475 13,797 Impairment charges — 3,690 — 5,686 Loss (gain) on disposal of property, plant and equipment 1,263 (2,687 ) 1,278 (1,722 ) Total operating expenses 47,639 47,854 196,222 202,898 Loss from operations (8,745 ) (9,842 ) (45,458 ) (49,124 ) Other (income) expense Interest expense 16,006 11,935 55,747 33,856 Change in fair value of warrant liabilities — 119 — (7,015 ) Other, net (125 ) 190 (4,087 ) 413 Loss before income taxes and equity in earnings from unconsolidated entities (24,626 ) (22,086 ) (97,118 ) (76,378 ) Income tax expense (benefit) (3,084 ) 2,474 (1,748 ) 3,728 Equity in (earnings) loss from unconsolidated entities 1,019 47 (4,925 ) 192 Net loss $ (22,561 ) $ (24,607 ) $ (90,445 ) $ (80,298 ) Amortization of Series A Convertible Preferred Shares 87 87 347 349 Net loss attributable to common shareholders $ (22,474 ) $ (24,520 ) $ (90,098 ) $ (79,949 ) Loss per common share: Basic $ (0.23 ) $ (0.26 ) $ (0.94 ) $ (0.89 ) Diluted $ (0.23 ) $ (0.26 ) $ (0.94 ) $ (0.89 ) Weighted-average number of shares outstanding: Basic 96,848 94,188 95,351 89,795 Diluted 96,848 94,188 95,351 89,795 Westrock Coffee Company Consolidated Statements of Cash Flows (Unaudited) Year Ended December 31, (Thousands) 2025 2024 Cash flows from operating activities: Net loss $ (90,445 ) $ (80,298 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 55,836 34,745 Impairment charges — 5,686 Equity-based compensation 14,552 11,608 Provision for credit losses 1,890 2,316 Amortization of deferred financing fees included in interest expense 4,638 3,224 Write-off of unamortized deferred financing fees 137 — (Gain) loss on disposal of property, plant and equipment 1,278 (1,722 ) Gain on de-consolidation of Rwanda Trading Company (2,291 ) — Mark-to-market adjustments 629 (4,622 ) Change in fair value of warrant liabilities — (7,015 ) Foreign currency transactions (141 ) 598 Deferred income tax expense (benefit) (3,088 ) 3,287 Other (3,347 ) 1,257 Change in operating assets and liabilities: Accounts receivable (6,960 ) (2,766 ) Inventories (46,903 ) (6,558 ) Derivative assets and liabilities (6,010 ) 16,383 Prepaid expense and other assets 3,349 1,983 Accounts payable 34,454 5,693 Accrued liabilities and other 23,408 2,958 Net cash used in operating activities (19,014 ) (13,243 ) Cash flows from investing activities: Additions to property, plant and equipment (88,800 ) (159,625 ) Additions to intangible assets (174 ) (173 ) Proceeds from sale of equity method investments and non-marketable securities 500 — Acquisition of equity method investments and non-marketable securities, inclusive of cash contributed (2,952 ) — Proceeds from sale of property, plant and equipment 462 13,875 Proceeds from deferred purchase price of sold trade receivables 8,788 — Net cash used in investing activities (82,176 ) (145,923 ) Cash flows from financing activities: Payments on debt (126,487 ) (181,242 ) Proceeds from debt 185,853 278,141 Payments on supply chain financing program (181,513 ) (163,869 ) Proceeds from supply chain financing program 199,269 164,631 Proceeds from convertible notes payable 18,500 22,000 Proceeds from convertible notes payable - related party 11,500 50,000 Payment of debt issuance costs (4,016 ) (3,329 ) Payment of convertible notes payable issuance costs (1,175 ) (511 ) Net proceeds from (repayments of) repurchase agreements 11,209 (7,706 ) Net change in unremitted cash collections from servicing factored receivables 13,756 — Proceeds from exercise of stock options — 12 Proceeds from issuance of common stock 12,097 635 Payment of equity issuance costs (181 ) (10 ) Payment for taxes for net share settlement of equity awards (2,098 ) (2,122 ) Net cash provided by financing activities 136,714 156,630 Effect of exchange rate changes on cash (49 ) 260 Net increase (decrease) in cash and cash equivalents and restricted cash 35,475 (2,276 ) Cash and cash equivalents and restricted cash at beginning of period 35,564 37,840 Cash and cash equivalents and restricted cash at end of period $ 71,039 $ 35,564 The total cash and cash equivalents and restricted cash at December 31, 2025 and 2024 is as follows: (Thousands) December 31, 2025 December 31, 2024 Cash and cash equivalents $ 49,875 $ 26,151 Restricted cash 21,164 9,413 Total $ 71,039 $ 35,564 Westrock Coffee Company Summary of Segment Results (Unaudited) Three Months Ended December 31, Year Ended December 31, (Thousands) 2025 2024 2025 2024 Beverage Solutions Net sales $ 272,527 $ 174,061 $ 908,449 $ 659,383 Segment Adjusted EBITDA1 18,806 17,842 68,481 53,639 Sustainable Sourcing & Traceability Net sales2 $ 66,945 $ 54,916 $ 280,503 $ 191,343 Segment Adjusted EBITDA1 5,525 3,130 16,523 6,366 _____________________________ 1 - Segment Adjusted EBITDA is a segment performance measure, which is required by U.S. GAAP to be disclosed in accordance with FASB Accounting Standards Codification 280, Segment Reporting. Segment Adjusted EBITDA is defined consistently with Consolidated Adjusted EBITDA, except that it excludes scale-up costs related to our Conway Facility. Refer to the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for additional information regarding our segments and a reconciliation of Segment Adjusted EBITDA to loss before income taxes and equity in earnings from unconsolidated entities. 2 - Net of intersegment revenues. Westrock Coffee Company Calculation of Beverage Solutions Credit Agreement Secured Net Leverage Ratio (Unaudited) (Thousands, except leverage ratio) Trailing Twelve-Months Beverage Solutions Segment Adjusted EBITDA $ 68,481 Permissible credit agreement adjustments1 6,668 Trailing Twelve-Months Credit Agreement Adjusted EBITDA $ 75,149 End of period: Term loan facility $ 145,469 Delayed draw term loan facility 45,313 Revolving credit facility 145,000 Letters of credit outstanding 1,980 Secured debt 337,762 Beverage Solutions unrestricted cash and cash equivalents (48,232 ) Secured net debt $ 289,530 Beverage Solutions Credit Agreement secured net leverage ratio 3.85x _____________________________ 1 – Primarily consists of $4.2 million of pro forma run-rate impact of cost savings initiatives, as permitted by the Credit Agreement. The Company is required to maintain compliance with, among other things, a secured net leverage ratio under the terms of its credit agreement (the “Credit Agreement”) among the Company, Westrock Beverage Solutions, LLC, as the borrower, Wells Fargo Bank, N.A., as administrative agent, collateral agent, and swingline lender, Wells Fargo Securities, LLC, as sustainability structuring agent, and each issuing bank and lender party thereto. The secured net leverage ratio is calculated as secured net debt divided by Adjusted EBITDA for the trailing twelve-month period, each as defined in the Credit Agreement, and is applicable only to our Beverage Solutions segment. Management believes that our secured net leverage ratio provides useful information to investors and other users of our financial data regarding the Company’s compliance with its material financial covenants. Failure to comply with the covenants in the Credit Agreement or make payments when due could result in an event of default, which, if not cured or waived, could accelerate our repayment obligations under the Credit Agreement and could result in a default and acceleration under other agreements containing cross-default provisions. Under these circumstances, we might not have sufficient funds or other resources to satisfy all of our obligations. As of the date of this press release, the Company is in compliance with its financial covenants. Westrock Coffee Company Reconciliation of Net (Loss) Income to Non-GAAP Consolidated Adjusted EBITDA (Unaudited) Three Months Ended Year Ended December 31, December 31, (Thousands) 2025 2024 2025 2024 Net loss $ (22,561 ) $ (24,607 ) $ (90,445 ) $ (80,298 ) Interest expense 16,006 11,935 55,747 33,856 Income tax expense (benefit) (3,084 ) 2,474 (1,748 ) 3,728 Depreciation and amortization 15,167 11,549 55,836 34,745 EBITDA 5,528 1,351 19,390 (7,969 ) Transaction, restructuring and integration expense 2,178 3,896 9,475 13,797 Change in fair value of warrant liabilities — 119 — (7,015 ) Equity-based compensation 2,843 3,100 14,552 11,608 Impairment charges — 3,690 — 5,686 Conway extract and ready-to-drink facility pre-production costs 5,959 5,429 24,725 35,544 Mark-to-market adjustments 1,612 (1,930 ) 629 (4,622 ) Loss (gain) on disposal of property, plant and equipment 1,263 (2,687 ) 1,278 (1,722 ) Other 3,573 366 (373 ) 1,873 Consolidated Adjusted EBITDA $ 22,956 $ 13,334 $ 69,676 $ 47,180 Non-GAAP Financial Measures We refer to EBITDA and Consolidated Adjusted EBITDA in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net (loss) income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA and Consolidated Adjusted EBITDA are important non-GAAP supplemental measures of operating performance as they contribute to a meaningful evaluation of the Company’s future operating performance and comparisons to the Company’s past operating performance. The Company believes that providing these non-GAAP financial measures helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance. We define “EBITDA” as net (loss) income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Consolidated Adjusted EBITDA” as EBITDA before equity-based compensation expense and the impact, which may be recurring in nature, of transaction, restructuring and integration related costs, impairment charges, changes in the fair value of warrant liabilities, non-cash mark-to-market adjustments, certain non-capitalizable costs necessary to place the Conway extract and ready-to-drink facility into commercial production, 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). We believe EBITDA and Consolidated Adjusted EBITDA are important supplemental measures to net (loss) income because they provide additional information to evaluate our operating performance on an unleveraged basis. Since EBITDA and Consolidated Adjusted EBITDA are not measures calculated in accordance with GAAP, they should be viewed in addition to, and not be considered as alternatives for, net (loss) income determined in accordance with GAAP. Further, our computations of EBITDA and Consolidated Adjusted EBITDA may not be comparable to that reported by other companies that define EBITDA and Consolidated Adjusted EBITDA differently than we do. Westrock Coffee Company 2025 Outlook Versus Actual Results (Unaudited) Below is a summary of the Company’s performance for the year ended December 31, 2025 compared to the outlook provided in the November 6, 2025 earnings release. 2025 2025 Outlook (Millions) Actual Low High Consolidated Adjusted EBITDA $ 69.7 $ 60.0 $ 65.0 Segment Adjusted EBITDA Beverage Solutions $ 68.5 $ 63.0 $ 68.0 SS&T 16.5 14.0 16.0 December 31, 2025 Actual Outlook Beverage Solutions Credit Agreement secured net leverage ratio 3.85x 4.50x Source: Westrock Coffee Company