Q3 2026 (three months ended September 28, 2026), with nine-month
Filed Nov 10, 2026Suja Life Q3 2026 net sales rose 3.3% to $76.4 million, net loss narrowed 43% to $8.3 million, Adjusted EBITDA rose to $10.5 million; FY2026 outlook updated
Net sales grew 3.3% and Adjusted EBITDA margin rose to 13.8% from 1.3%, with the net loss narrowing 43%. Gross margin fell 230 basis points to 43.9% (from 46.3%), gross profit declined 2.2%, and the company updated its full-year outlook citing macroeconomic conditions and grocery softness.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, Q3 2026 (three months)GAAP | $76.4M | – | +3.3% |
| Cost of sales, Q3 2026 (three months)GAAP | −$42.87M | – | – |
| Gross profit, Q3 2026 (three months)GAAP | $33.5M | – | -2.2% |
| Gross profit margin, Q3 2026 (three months)GAAP | 43.9% | – | – |
| Selling, general and administrative expenses (operating expenses line), Q3 2026 (three months)GAAP | $36.5 million, 47.8% of net sales (table: $(36,484) thousand) | – | 820 basis points of leverage as a percentage of net sales |
| Income (loss) from operations, Q3 2026 (three months)GAAP | −$2.98M | – | – |
| Other income (expense), net, Q3 2026 (three months)GAAP | −$155K | – | – |
| Loss on debt extinguishment, Q3 2026 (three months)GAAP | −$1.83M | – | – |
| Interest expense, Q3 2026 (three months)GAAP | −$3.25M | – | – |
| Loss before taxes, Q3 2026 (three months)GAAP | −$8.22M | – | – |
| Provision for (benefit from) income taxes, Q3 2026 (three months)GAAP | −$84K | – | – |
| Net loss, Q3 2026 (three months)GAAP | −$8.30M | – | improved 43% |
| Net loss margin, Q3 2026 (three months)GAAP | (10.9)% | – | – |
| Net loss attributable to Suja Life, Inc., Q3 2026 (three months)GAAP | −$5.25M | – | – |
| Net loss per Class A common share, basic and diluted, Q3 2026 (three months)GAAP | $(0.22) | – | – |
| Net loss per Class A common share, basic and diluted, period from May 8, 2026 to September 28, 2026GAAP | $(0.36) | – | – |
| EBITDA, Q3 2026 (three months)non-GAAP | $2.10M | – | – |
| EBITDA margin, Q3 2026 (three months)non-GAAP | 2.8% | – | – |
| Adjusted EBITDA, Q3 2026 (three months)non-GAAP | $10,545 thousand (printed in text as $10.5 million) | – | increased $9.6 million |
| Adjusted EBITDA margin, Q3 2026 (three months)non-GAAP | 13.8% | – | – |
| Net sales, nine months 2026GAAP | $267.3M | – | – |
| Cost of sales, nine months 2026GAAP | −$140.5M | – | – |
| Gross profit, nine months 2026GAAP | $126.8M | – | – |
| Operating expenses, nine months 2026GAAP | −$109.0M | – | – |
| Transaction costs, nine months 2026GAAP | −$25.08M | – | – |
| Income (loss) from operations, nine months 2026GAAP | −$7.25M | – | – |
| Interest expense, nine months 2026GAAP | −$16.15M | – | – |
| Net loss, nine months 2026GAAP | −$28.37M | – | – |
| Net loss margin, nine months 2026GAAP | (10.6)% | – | – |
| EBITDA, nine months 2026non-GAAP | $10.27M | – | – |
| EBITDA margin, nine months 2026non-GAAP | 3.8% | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | $50.22M | – | – |
| Adjusted EBITDA margin, nine months 2026non-GAAP | 18.8% | – | – |
| Net cash used in operating activities, nine months 2026GAAP | −$1.67M | – | – |
| Purchase of property and equipment (cash flow line), nine months 2026GAAP | −$18.56M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Suja CoreGrowth in cold-pressed juice, led by Refreshers, and continued growth in wellness shot multipacks, partially offset by softer single-serve shots and higher trade investment, according to the company. Segment net sales include intersegment sales eliminated in consolidation. | $74.8M | – | +3.0% |
| Emerging BrandsThe company said new distribution built more slowly than expected amid slower growth in the better-for-you soda category. | $2.7M | – | +3.0% |
FY2026 (fiscal year ending December 28, 2026), updated November 10, 2026 outlook
- RevenueNet sales of $351.0 million to $354.0 million, growth of 7.5% to 8.4% versus $326.6 million in fiscal 2025
- Tax rateBase tax rate of 26.1%
- NoteImplied fourth-quarter net sales of $83.7 million to $86.7 million (company-stated implication)
- NoteAdjusted EBITDA (non-GAAP) of $68.0 million to $70.0 million, growth of 67.9% to 72.8% versus $40.5 million in fiscal 2025
- NoteImplied fourth-quarter Adjusted EBITDA of $17.8 million to $19.8 million (company-stated implication)
- NoteInterest expense of approximately $18.0 million for the fiscal year, consistent with the expectation given in connection with the August 2026 refinancing
- NoteCompany is unable to provide a reconciliation of forward-looking Adjusted EBITDA to net loss without unreasonable effort
Capital returns
- No share repurchases or dividends are printed for the periods reported.
- Distributions of $(1,810) thousand are printed for the nine months ended September 29, 2025 only; no distributions are printed for the nine months ended September 28, 2026.
- Payments for settlement of incentive units of $(13,102) thousand are printed in financing activities for the nine months ended September 28, 2026.
What drove it
- Company explanation for net sales growth: volume gains across key products and new distribution, partially offset by higher trade investment in response to increased competitive promotional activity.
- Company states net sales benefited from the timing of approximately $2.0 million of shipments that had been expected in the fourth quarter.
- Company explanation for lower gross margin: higher promotional investment in a more competitive environment, unfavorable fixed-cost absorption from lower production volumes, and higher inbound freight and packaging costs.
- Company explanation for SG&A leverage (47.8% of net sales versus 56.0%): lapping one-time launch investment in Emerging Brands in the prior year period, partially offset by higher transportation costs and the costs of operating as a public company.
- Net loss included $6.7 million of one-time items, including a loss on debt extinguishment of $1.8 million and restructuring costs of $1.5 million, according to the filing.
- Adjusted EBITDA reconciliation includes non-recurring costs of $2,172 thousand, stock-based compensation of $1,725 thousand, a regulatory write-off of $965 thousand, and a loss on remeasurement of TRA of $270 thousand in Q3 2026.
- Company states that owning its production gives more control over costs and supply in navigating inflationary pressures such as fuel, packaging and other inputs.
Concerns
- Gross profit fell 2.2% to $33.5 million while net sales rose 3.3%, and gross margin declined from 46.3% to 43.9%.
- Emerging Brands grew only 3.0% to $2.7 million, which the company attributes to new distribution building more slowly than expected.
- The company updated its FY2026 outlook, citing current macroeconomic conditions and continued softness in the grocery channel.
- Company acknowledges continued pressure in grocery and higher trade investment in response to competitive promotional activity.
- Nine-month operating loss of $(7,248) thousand compares with operating income of $2,214 thousand in the prior-year nine months, and nine-month net loss widened to $(28,369) thousand from $(21,078) thousand.
- Nine-month net cash used in operating activities was $(1,666) thousand versus $(400) thousand, and purchases of property and equipment rose to $(18,563) thousand from $(10,558) thousand.
- Q3 2026 net sales benefited from approximately $2.0 million of shipments the company had expected in the fourth quarter, so part of the Q3 growth is timing-related according to the company.
What to watch
- Whether fourth-quarter net sales land within the implied range of $83.7 million to $86.7 million, given that about $2.0 million of expected fourth-quarter shipments were recognized in Q3.
- Whether Adjusted EBITDA reaches the $68.0 million to $70.0 million outlook range and the implied fourth-quarter range of $17.8 million to $19.8 million.
- Gross margin trajectory versus the 43.9% reported in Q3 2026, given the company's cited promotional, fixed-cost absorption, freight and packaging pressures.
- Emerging Brands ramp in distribution, which the company says built more slowly than expected.
- Realization of the reduced borrowing spread under the August 2026 credit agreement and interest expense of approximately $18.0 million for the fiscal year.
- Trade investment levels and competitive promotional activity in grocery, as the company references them as ongoing pressures.
- Cash generation: nine-month operating cash flow was negative and capital expenditures increased year over year.
Balance sheet and cash flow
- As of September 28, 2026, cash was $15.5 million, compared with $31.0 million as of December 29, 2025 (year-end comparison, not a prior-year quarter).
- Total debt was $163.0 million as of September 28, 2026, compared with $303.9 million as of December 29, 2025, prior to the completion of the IPO (company-stated comparison).
- Balance sheet figures printed: total assets $410,891 thousand (September 28, 2026) versus $428,113 thousand (December 29, 2025); total liabilities $228,549 thousand versus $395,543 thousand; total partners'/stockholders' equity $182,342 thousand versus $32,570 thousand.
- Long-term debt, net was $158,846 thousand (September 28, 2026) versus $301,157 thousand (December 29, 2025); short-term debt was $4,125 thousand versus $2,740 thousand.
- Nine-month cash flow: net cash used in operating activities $(1,666) thousand; net cash used in investing activities $(19,445) thousand; net cash provided by financing activities $5,599 thousand.
- Nine-month financing activity printed: proceeds from the IPO, net of underwriting discounts and offering expenses, $164,829 thousand; term loan proceeds $165,000 thousand; term loan repayments $(267,540) thousand; revolver repayments $(40,000) thousand; prepayment premium on debt extinguishment $(2,318) thousand.
- Cash paid for interest was $19,129 thousand for the nine months ended September 28, 2026, versus $21,825 thousand for the nine months ended September 29, 2025.
- Debt refinancing: on August 20, 2026 the company entered into an Amended and Restated Credit Agreement with an applicable rate of Term SOFR plus 1.75%, 2.00%, or 2.25% per annum based on the consolidated net leverage ratio. The company states the refinancing did not add debt and delivers a notable reduction in its borrowing spread.
Analysis
Suja Life reported third-quarter 2026 net sales of $76.4 million, up 3.3% from $74.0 million, with Suja Core growing 3.0% to $74.8 million and Emerging Brands growing 3.0% to $2.7 million. The company attributes the top-line growth primarily to volume gains across key products and new distribution, partly offset by higher trade investment in response to competitive promotional activity. It also states that about $2.0 million of shipments expected in the fourth quarter were recognized in the third quarter, so part of the reported growth reflects timing.
Profitability presents a mixed picture. Gross profit declined 2.2% to $33.5 million, and gross margin fell from 46.3% to 43.9%. The company links this to higher promotional investment, unfavorable fixed-cost absorption from lower production volumes, and higher inbound freight and packaging costs. Operating expenses (SG&A) fell to $36.5 million, or 47.8% of net sales, from $41.4 million, or 56.0%. The company attributes this to lapping one-time launch investment in Emerging Brands in the prior year, partly offset by higher transportation costs and public company costs. Loss from operations was $(2,985) thousand, compared with $(7,143) thousand a year earlier.
Net loss narrowed 43% to $8.3 million, or (10.9)% of net sales, from $14.6 million, or (19.8)%. The filing states that the net loss included $6.7 million of one-time items, including a $1.8 million loss on debt extinguishment and $1.5 million of restructuring costs. Adjusted EBITDA, a non-GAAP measure, rose to $10.5 million, or 13.8% of net sales, from $1.0 million, or 1.3%. GAAP net loss per Class A share was $(0.22) for the quarter.
On capital and balance sheet, cash was $15.5 million and total debt was $163.0 million as of September 28, 2026, against $31.0 million of cash and $303.9 million of total debt at December 29, 2025, before the IPO. The company completed an Amended and Restated Credit Agreement on August 20, 2026 with pricing of Term SOFR plus 1.75% to 2.25%, which it describes as a notable reduction in borrowing spread without adding debt. Nine-month operating cash flow was $(1,666) thousand and capital expenditures were $(18,563) thousand, both weaker than the prior-year nine-month figures. No share repurchases or dividends are printed for the periods reported.
The company updated its FY2026 outlook, which it attributes primarily to current macroeconomic conditions and continued softness in the grocery channel. Net sales are now guided to $351.0 million to $354.0 million, implying fourth-quarter net sales of $83.7 million to $86.7 million, and Adjusted EBITDA to $68.0 million to $70.0 million, implying fourth-quarter Adjusted EBITDA of $17.8 million to $19.8 million. The filing does not include the prior outlook, so this read does not state whether the guidance was raised, lowered or held. Investors should weigh the strong nine-month Adjusted EBITDA margin of 18.8% against the Q3 gross margin decline and the cited grocery and promotional pressures.
Management, verbatim
We continued to gain share of natural healthy beverage in the third quarter while most of the category's largest players lost share.
Maria Stipp, Chief Executive Officer
With only about 11% of U.S. households buying our brands today, we see significant room to grow over the long term.
Maria Stipp, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year and prior-quarter figures for Q3 net sales and Suja Core and Emerging Brands segment dollar amounts are not printed as dollar figures for the prior year (only growth rates are printed for segments).
- Year-over-year percentage change for nine-month net sales, gross profit and operating expenses is not printed.
- Basis-point change in gross margin for Q3 2026 is not printed (only the two margin levels 43.9% and 46.3%).
- Year-over-year percentage change for Q3 cost of sales and loss from operations is not printed.
- Sequential (quarter-over-quarter) comparisons are not printed.
- Prior-quarter (Q2 2026) figures are not printed.
- Prior guidance for FY2026 was not provided, so no guidance comparison is made.
- Free cash flow is not printed; only net cash used in operating activities and purchases of property and equipment appear for the nine months.
- Operating cash flow and capital expenditures for the three months ended September 28, 2026 are not printed.
- Total debt and cash comparisons are against December 29, 2025 (year-end), not a prior-year period; no prior-year September balance is printed.
- Share repurchases and dividends for the periods reported are not printed.
- Segment operating income or segment profitability is not printed.
- Net loss attributable to noncontrolling interests and the TRA-related figures are reported only for certain periods.
- Market reaction and consensus estimates are not present in the filing and are not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.