Positive Adjusted EBITDA
Farmer Brothers reported its third consecutive quarter of positive adjusted EBITDA at $1.7 million, marking an increase of approximately $1.5 million compared to the third quarter of last year.
Improved Gross Margins
Gross margins in the third quarter were 42.1%, a year-over-year increase of 200 basis points from 40.1% in the third quarter of last year.
Successful Cost Management
The company achieved continued improvement in its cost structure, with selling and G&A expenses decreasing and rightsizing initiatives leading to $1.9 million lower operating expenses when adjusted for net asset sales.
Launch of Sum>One Coffee Roasters
The official launch of Sum>One Coffee Roasters marked the completion of the company's brand pyramid and coffee SKU rationalization initiatives.
Positive Operating Cash Flow
The company reported positive cash flow from operating activities at $1.3 million, an increase of $3.6 million compared to the same period last year.