Exceeding Revenue Expectations
Vital Farms surpassed their financial guidance for 2024, achieving over $600 million in net revenue, ahead of initial expectations. They are on track to meet a $1 billion sales target by 2027.
Expansion of Farm Network
The company added over 125 new family farms, increasing their farm count to more than 425. This expansion is expected to increase egg sourcing capacity by over 40%.
Improved Brand Metrics
Brand awareness increased to 26%, household penetration grew by 20% to just over 14 million homes, and the buy rate increased by 12% year-over-year.
Strong Financial Performance
Net income for 2024 was $53.4 million, up from $25.6 million last year. Adjusted EBITDA grew by 79.2% to $86.7 million, with a margin increase of 405 basis points.
Butter Segment Growth
The butter business saw sales increase by 11% in 2024, with a nearly doubling of quarterly sales in Q4.