Freshpet (FRPT) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0001611647
Entity Registrant Name	Freshpet INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1884894
Entity Address, Address Line One	400 Plaza Drive, 1st Floor
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	520-4000
Title of 12(b) Security	Common Stock
Trading Symbol	FRPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,020,070

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 240,310	$ 72,788
Short-term investments	19,891	0
Accounts receivable, net of allowance for doubtful accounts	48,235	34,780
Inventories, net	64,334	35,574
Prepaid expenses	8,395	5,834
Other current assets	2,314	1,349
Total Current Assets	383,479	150,325
Property, plant and equipment, net	719,444	583,922
Deposits on equipment	3,821	4,100
Operating lease right of use assets	5,516	6,537
Equity method investment	26,180	25,856
Other assets	27,057	13,670
Total Assets	1,165,497	784,410
CURRENT LIABILITIES:
Accounts payable	37,046	42,612
Accrued expenses	19,576	14,950
Current operating lease liabilities	1,478	1,384
Current portion of long-term debt	72,872	0
Total Current Liabilities	130,972	58,946
Long term operating lease liabilities	4,588	5,710
Total Liabilities	135,560	64,656
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 47,838 issued and 47,824 outstanding on September 30, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021	48	43
Additional paid-in capital	1,321,299	955,710
Accumulated deficit	(292,200)	(235,623)
Accumulated other comprehensive income (loss)	1,046	(120)
Treasury stock, at cost — 14 shares on September 30, 2022 and on December 31, 2021	(256)	(256)
Total Stockholders' Equity	1,029,937	719,754
Total Liabilities and Stockholders' Equity	$ 1,165,497	$ 784,410

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000	200,000
Common stock, issued (in shares)	47,838	43,449
Common stock, outstanding (in shares)	47,824	43,435
Treasury Stock, Shares (in shares)	14	14

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NET SALES	[1]	$ 151,333	$ 107,590	$ 429,511	$ 309,620
COST OF GOODS SOLD		106,788	66,065	289,187	188,689
GROSS PROFIT		44,545	41,525	140,324	120,931
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES		60,449	42,365	190,241	137,955
LOSS FROM OPERATIONS		(15,904)	(840)	(49,917)	(17,024)
OTHER (EXPENSES)/INCOME:
Other (Expenses)/Income, net		256	2	492	(5)
Interest Expense		(1,817)	(677)	(4,060)	(2,232)
Nonoperating Income (Expense), Total		(1,561)	(675)	(3,568)	(2,237)
LOSS BEFORE INCOME TAXES		(17,465)	(1,515)	(53,485)	(19,261)
INCOME TAX EXPENSE		41	16	123	48
LOSS ON EQUITY METHOD INVESTMENT		943	539	2,969	1,124
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS		(18,449)	(2,070)	(56,577)	(20,433)
OTHER COMPREHENSIVE (LOSS) INCOME:
Change in foreign currency translation		(592)	4	895	173
Unrealized gain on available for sale investments		271	0	271	0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)		(321)	4	1,166	173
TOTAL COMPREHENSIVE LOSS		$ (18,770)	$ (2,066)	$ (55,411)	$ (20,260)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in dollars per share)		$ (0.39)	$ (0.05)	$ (1.24)	$ (0.48)
-DILUTED (in dollars per share)		$ (0.39)	$ (0.05)	$ (1.24)	$ (0.48)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in shares)		47,856	43,373	45,545	42,774
-DILUTED (in shares)		47,856	43,373	45,545	42,774
[1]Online sales associated with each class of retailer are included within their respective total.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2020	40,732				14
Balances at Dec. 31, 2020	$ 41	$ 600,388	$ (205,924)	$ (80)	$ (256)	$ 394,169
Exercise of options to purchase common stock (in shares)	203
Exercise of options to purchase common stock	$ 0	2,048				2,048
Vesting of restricted stock units (in shares)	54				0
Vesting of restricted stock units	$ 0	(3,198)	0	0	$ 0	(3,198)
Share-based compensation expense		18,587				18,587
Shares issued in primary offering, net of issuance costs (in shares)	2,415				0
Shares issued in primary offering, net of issuance costs	$ (2)	(332,170)	0	0	$ 0	(332,172)
Unrealized gain on available for sale investments						0
Foreign currency translation				173		173
Net loss			(20,433)			(20,433)
Shares issued in primary offering, net of issuance costs	$ 2	332,170	0	0	$ 0	332,172
Balances (in shares) at Sep. 30, 2021	43,404				14
Balances at Sep. 30, 2021	$ 43	949,995	(226,357)	93	$ (256)	723,518
Balances (in shares) at Jun. 30, 2021	43,373				14
Balances at Jun. 30, 2021	$ 43	944,222	(224,287)	89	$ (256)	719,811
Exercise of options to purchase common stock (in shares)	29
Exercise of options to purchase common stock	$ 0	308				308
Vesting of restricted stock units (in shares)	2				0
Vesting of restricted stock units	$ 0	(281)	0	0	$ 0	(281)
Share-based compensation expense		5,746				5,746
Shares issued in primary offering, net of issuance costs	0	0	0	0	0	0
Unrealized gain on available for sale investments						0
Foreign currency translation				4		4
Net loss			(2,070)			(2,070)
Shares issued in primary offering, net of issuance costs	$ 0	0	0	0	$ 0	0
Balances (in shares) at Sep. 30, 2021	43,404				14
Balances at Sep. 30, 2021	$ 43	949,995	(226,357)	93	$ (256)	723,518
Balances (in shares) at Dec. 31, 2021	43,449				14
Balances at Dec. 31, 2021	$ 43	955,710	(235,623)	(120)	$ (256)	719,754
Exercise of options to purchase common stock (in shares)	34
Exercise of options to purchase common stock	$ 0	329				329
Vesting of restricted stock units (in shares)	35				0
Vesting of restricted stock units	$ 1	(1,279)	0	0	$ 0	(1,278)
Share-based compensation expense		19,260				19,260
Issuance of partner warrants	$ 0	9,775	0	0	$ 0	9,775
Shares issued in primary offering, net of issuance costs (in shares)	4,320				0
Shares issued in primary offering, net of issuance costs	$ (4)	(337,504)	0	0	$ 0	(337,508)
Unrealized gain on available for sale investments	0	0	0	271	0	271
Foreign currency translation				895		895
Net loss			(56,577)			(56,577)
Shares issued in primary offering, net of issuance costs	$ 4	337,504	0	0	$ 0	337,508
Balances (in shares) at Sep. 30, 2022	47,838				14
Balances at Sep. 30, 2022	$ 48	1,321,299	(292,200)	1,046	$ (256)	1,029,937
Balances (in shares) at Jun. 30, 2022	47,834				14
Balances at Jun. 30, 2022	$ 48	1,305,260	(273,751)	1,367	$ (256)	1,032,668
Exercise of options to purchase common stock (in shares)	2
Exercise of options to purchase common stock	$ 0	0				0
Vesting of restricted stock units (in shares)	2				0
Vesting of restricted stock units	$ 0	(66)	0	0	$ 0	(66)
Share-based compensation expense		6,671				6,671
Issuance of partner warrants	$ 0	9,775	0	0	$ 0	9,775
Shares issued in primary offering, net of issuance costs (in shares)	0				0
Shares issued in primary offering, net of issuance costs	$ 0	(341)	0	0	$ 0	(341)
Unrealized gain on available for sale investments	0	0	0	271	0	271
Foreign currency translation				(592)		(592)
Net loss			(18,449)			(18,449)
Shares issued in primary offering, net of issuance costs	$ 0	341	0	0	$ 0	341
Balances (in shares) at Sep. 30, 2022	47,838				14
Balances at Sep. 30, 2022	$ 48	$ 1,321,299	$ (292,200)	$ 1,046	$ (256)	$ 1,029,937

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (56,577)	$ (20,433)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Provision for loss (gains) on accounts receivable	(23)	15
Loss on disposal of equipment	203	284
Share-based compensation	20,409	18,516
Inventory obsolescence	3,455	249
Depreciation and amortization	24,422	22,489
Amortization of deferred financing costs and loan discount	596	1,013
Change in operating lease right of use asset	1,021	992
Loss on equity method investment	2,969	1,124
Changes in operating assets and liabilities:
Accounts receivable	(22,403)	(13,794)
Inventories	(32,215)	(10,435)
Prepaid expenses and other current assets	1,074	(1,140)
Other assets	(1,639)	(5,520)
Accounts payable	1,430	5,057
Accrued expenses	4,626	(781)
Other lease liabilities	(1,028)	(971)
Net cash flows used in operating activities	(53,680)	(3,335)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(19,840)	0
Investments in equity method investment	(3,293)	0
Acquisitions of property, plant and equipment, software and deposits on equipment	(167,437)	(220,835)
Net cash flows used in investing activities	(190,570)	(220,835)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares issued in primary offering, net of issuance cost	337,508	332,172
Proceeds from exercise of options to purchase common stock	329	2,048
Tax withholdings related to net shares settlements of restricted stock units	(1,279)	(3,198)
Proceeds from borrowings under Credit Facility	78,000	0
Repayment of borrowings under Credit Facility	(2,786)	0
Fees paid in connection with financing agreements	0	(3,263)
Net cash flows provided by financing activities	411,772	327,759
NET CHANGE IN CASH AND CASH EQUIVALENTS	167,522	103,589
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72,788	67,247
CASH AND CASH EQUIVALENTS, END OF PERIOD	240,310	170,836
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	3,152	1,288
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable	15,486	2,599
Issuance of partner warrants	$ 9,775	$ 0

Note 1 - Nature of the Business

Note 1 - Nature of the Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1 Nature of the Business Basis of Presentation September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 2021 three nine September 30, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021 Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. On March 10, 2022, not not 20%. not Variable interest entities Estimates and Uncertainties Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of September 30, 2022 1 2 Cash Equivalents three 2 may not Short-Term Investments three 2 may not Trade accounts receivable may Implementation Costs of Cloud Computing Arrangement September 30, 2022 December 31, 2021, first 2022. Debt Issuance Cost first 2021, February 19, 2021, ( The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. Net Sales Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Grocery, Mass and Club $ 132,757 $ 91,148 $ 375,847 $ 259,227 Pet Specialty and Natural 18,576 16,442 53,664 50,393 Net Sales (a) $ 151,333 $ 107,590 $ 429,511 $ 309,620 (a) Recently Adopted Accounting Standards The Company did not September 30, 2022.

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 2 September 30, December 31, 2022 2021 Raw Materials and Work in Process $ 17,593 $ 13,339 Packaging Components Material 6,562 2,823 Finished Goods 40,322 19,704 64,477 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 64,334 $ 35,574

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 3 September 30, December 31, 2022 2021 Refrigeration Equipment $ 132,233 $ 122,063 Machinery and Equipment 162,863 140,471 Building, Land, and Improvements 167,463 150,927 Furniture and Office Equipment 9,340 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 382,043 273,880 855,260 697,504 Less: Accumulated Depreciation (135,816 ) (113,582 ) Property, plant and equipment, net $ 719,444 $ 583,922 Depreciation expense related to property, plant and equipment totaled $8,485 and $24,264 for the three nine September 30, 2022 three nine September 30, 2022 Depreciation expense related to property, plant and equipment totaled $7,389 and $21,571 for the three nine September 30, 2021 three nine September 30, 2021

Note 4 - Accrued Expenses

Note 4 - Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 4 September 30, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 5,822 $ 6,934 Accrued Chiller Cost 2,889 2,050 Accrued Customer Consideration 1,278 828 Accrued Freight 2,225 1,547 Accrued Production Expenses 4,529 1,862 Accrued Corporate and Marketing Expenses 1,631 1,081 Other Accrued Expenses 1,202 648 Accrued Expenses $ 19,576 $ 14,950

Note 5 - Debt

Note 5 - Debt	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 On February 19, 2021, April 17, 2020. The Credit Facility matures on February 19, 2026 one August 19, 2023, August 19, 2022, 1/28th August 19, 2023, 1/28th February 19, 2026. As of September 30, 2022 may not September 30, 2022, not not In connection with entering into the Sixth Amendment, the Company incurred $3,166 of debt issuance cost, which is capitalized on the balance sheet and amortized over the life of the facility, and wrote off $485 of fees incurred from the prior credit facilities. As of September 30, 2022 On April 29, 2022,

Note 6 - Leases

Note 6 - Leases	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 6 We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two five five not not not Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows: Weighted-average remaining lease term 3.82 Weighted-average discount rate 6.15 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of September 30, 2022 Operating Lease Obligations As of September 30, 2022 2022 (a) $ 443 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 6,542 Less: Imputed interest (476 ) Present value of lease liabilities $ 6,066 (a) Excluding the nine September 30, 2022 A summary of rent expense for the three nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost $ 438 $ 444 $ 1,314 $ 1,335 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: Three Months Ended Nine Months Ended September 30, September 30, Operating cash flow information: 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 443 $ 440 $ 1,321 $ 1,313

Note 7 - Warrants

Note 7 - Warrants	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Warrant Disclosure [Text Block]	Note 7 In connection with an agreement with one third 2022 718 September 30, 2022, During the three nine September 30, 2022, three nine September 30, 2022 Warrants Assumptions Fair value of the warrants at September 30, 2022, 3 no The Company used the following assumptions for its warrants: Expected Volatility Exercise Price of Warrants Granted Risk-Free Interest Rate Expected Dividend Yield not zero A summary of warrants assumptions as of September 30, 2022 As of September 30, 2022 Exercise price of warrants granted $ 0.01 Expected volatility 52.5% Expected terms in years 0.0 Risk-free interest rate 3.9% Expected dividend yield 0.0% Total amortization associated with partner warrants for the three nine September 30, 2022

Note 8 - Equity Incentive Plans

Note 8 - Equity Incentive Plans	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 8 Total compensation cost for share-based payments recognized for the three nine September 30, 2022 three nine September 30, 2021 nine September 30, 2022, nine September 30, 2022, nine September 30, 2022,

Note 9 - Earnings Per Share Att

Note 9 - Earnings Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 9 Basic net earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Service Period Stock Options 1,269 1,275 1,259 1,298 Restricted Stock Units 149 160 147 173 Performance Stock Options 944 886 944 886 Total 2,362 2,321 2,350 2,357 For the three nine September 30, 2022 2021,

Note 10 - Concentrations

Note 10 - Concentrations	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 10 Concentration of Credit Risk may

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 11 We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. None On April 8, 2022, 2018 On July 5, 2022, September 30, 2022, Based on information currently available and advice of counsel, we do not may

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12 As of September 30, 2022, not 5. not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of the Business [Policy Text Block]	Nature of the Business
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 2021 three nine September 30, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021
Equity Method Investments [Policy Text Block]	Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. On March 10, 2022, not not 20%. not
Consolidation, Policy [Policy Text Block]	Variable interest entities
Use of Estimates, Policy [Policy Text Block]	Estimates and Uncertainties
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of September 30, 2022 1 2
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents three 2 may not
Investment, Policy [Policy Text Block]	Short-Term Investments three 2 may not
Receivable [Policy Text Block]	Trade accounts receivable may
Implementation Costs of Cloud Computing Arrangement Policy [Policy Text Block]	Implementation Costs of Cloud Computing Arrangement September 30, 2022 December 31, 2021, first 2022.
Debt Issuance Cost [Policy Text Block]	Debt Issuance Cost first 2021, February 19, 2021, ( The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan.
Revenue from Contract with Customer [Policy Text Block]	Net Sales Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Grocery, Mass and Club $ 132,757 $ 91,148 $ 375,847 $ 259,227 Pet Specialty and Natural 18,576 16,442 53,664 50,393 Net Sales (a) $ 151,333 $ 107,590 $ 429,511 $ 309,620 (a)
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards The Company did not September 30, 2022.

Note 1 - Nature of the Busine_2

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Grocery, Mass and Club $ 132,757 $ 91,148 $ 375,847 $ 259,227 Pet Specialty and Natural 18,576 16,442 53,664 50,393 Net Sales (a) $ 151,333 $ 107,590 $ 429,511 $ 309,620

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2022 2021 Raw Materials and Work in Process $ 17,593 $ 13,339 Packaging Components Material 6,562 2,823 Finished Goods 40,322 19,704 64,477 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 64,334 $ 35,574

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, December 31, 2022 2021 Refrigeration Equipment $ 132,233 $ 122,063 Machinery and Equipment 162,863 140,471 Building, Land, and Improvements 167,463 150,927 Furniture and Office Equipment 9,340 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 382,043 273,880 855,260 697,504 Less: Accumulated Depreciation (135,816 ) (113,582 ) Property, plant and equipment, net $ 719,444 $ 583,922

Note 4 - Accrued Expenses (Tabl

Note 4 - Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 5,822 $ 6,934 Accrued Chiller Cost 2,889 2,050 Accrued Customer Consideration 1,278 828 Accrued Freight 2,225 1,547 Accrued Production Expenses 4,529 1,862 Accrued Corporate and Marketing Expenses 1,631 1,081 Other Accrued Expenses 1,202 648 Accrued Expenses $ 19,576 $ 14,950

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Weighted-average remaining lease term 3.82 Weighted-average discount rate 6.15 % Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost $ 438 $ 444 $ 1,314 $ 1,335 Three Months Ended Nine Months Ended September 30, September 30, Operating cash flow information: 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 443 $ 440 $ 1,321 $ 1,313
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Lease Obligations As of September 30, 2022 2022 (a) $ 443 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 6,542 Less: Imputed interest (476 ) Present value of lease liabilities $ 6,066

Note 7 - Warrants (Tables)

Note 7 - Warrants (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	As of September 30, 2022 Exercise price of warrants granted $ 0.01 Expected volatility 52.5% Expected terms in years 0.0 Risk-free interest rate 3.9% Expected dividend yield 0.0%

Note 9 - Earnings Per Share A_2

Note 9 - Earnings Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Service Period Stock Options 1,269 1,275 1,259 1,298 Restricted Stock Units 149 160 147 173 Performance Stock Options 944 886 944 886 Total 2,362 2,321 2,350 2,357

Note 1 - Nature of the Busine_3

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 10, 2022	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Payments to Acquire Equity Method Investments			$ 3,293	$ 0
Equity Method Investments			26,180		$ 25,856
Implementation Costs			9,138		$ 7,380
Credit Facility [Member]
Debt Issuance Costs, Net, Total			3,166
Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Issuance Costs, Net, Total		$ 3,263
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total		2,797
Amortization of Debt Issuance Costs		$ 485	$ 485
Privately Held Company, Not Primary Beneficiary [Member]
Equity Method Investment, Ownership Percentage	19%
Equity Method Investments	$ 31,200,000
Privately Held Company, Not Primary Beneficiary [Member]
Payments to Acquire Equity Method Investments	$ 3,300,000

Note 1 - Nature of the Busine_4

Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Sales	[1]	$ 151,333	$ 107,590	$ 429,511	$ 309,620
Grocery (including Online), Mass and Club [Member]
Net Sales		132,757	91,148	375,847	259,227
Pet Specialty and Natural [Member]
Net Sales		$ 18,576	$ 16,442	$ 53,664	$ 50,393
[1]Online sales associated with each class of retailer are included within their respective total.

Note 2 - Inventories - Summary

Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Raw Materials and Work in Process	$ 17,593	$ 13,339
Packaging Components Material	6,562	2,823
Finished Goods	40,322	19,704
Inventory, Gross, Total	64,477	35,866
Reserve for Obsolete Inventory	(143)	(292)
Inventories, net	$ 64,334	$ 35,574

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Depletion and Amortization, Total	$ 8,485	$ 7,389	$ 24,264	$ 21,571
Cost of Sales [Member]
Depreciation, Depletion and Amortization, Total	$ 5,159	$ 4,075	$ 14,208	$ 11,896

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 855,260	$ 697,504
Less: Accumulated Depreciation	(135,816)	(113,582)
Property, plant and equipment, net	719,444	583,922
Refrigeration Equipment [Member]
Property, plant and equipment, gross	132,233	122,063
Machinery and Equipment [Member]
Property, plant and equipment, gross	162,863	140,471
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	167,463	150,927
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	9,340	8,844
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 382,043	$ 273,880

Note 4 - Accrued Expenses - Sum

Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Compensation and Employee Related Costs	$ 5,822	$ 6,934
Accrued Chiller Cost	2,889	2,050
Accrued Customer Consideration	1,278	828
Accrued Freight	2,225	1,547
Accrued Production Expenses	4,529	1,862
Accrued Corporate and Marketing Expenses	1,631	1,081
Other Accrued Expenses	1,202	648
Accrued Expenses	$ 19,576	$ 14,950

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 17, 2020	Nov. 04, 2022	Mar. 31, 2021	Sep. 30, 2022	Apr. 29, 2022	Feb. 19, 2021
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 350,000
Long-Term Debt, Total				$ 75,214
Debt Issuance Costs, Net, Total				3,166
Credit Facility [Member] | Other Assets [Member]
Debt Issuance Costs, Net, Total				$ 2,342	$ 235
Credit Facility [Member] | Other Current Assets [Member]
Debt Issuance Costs, Net, Total					$ 99
Credit Facility [Member] | Subsequent Event [Member]
Repayments of Debt		$ 75,214
Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Commitment Fee Percentage				0.30%
Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage				0.50%
Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%
Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 35,000					50,000
Debt Issuance Costs, Net, Total			$ 3,263
Credit Facility [Member] | Draw Term Loan [Member]
Long-Term Debt, Total	$ 130,000					$ 300,000
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total			2,797
Amortization of Debt Issuance Costs			$ 485	$ 485

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual)	Sep. 30, 2022
Lessee, Operating Lease, Renewal Term (Year)	5 years
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	2 years
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	5 years

Note 6 - Leases - Lease Cost (D

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted-average remaining lease term (Year)	3 years 9 months 25 days		3 years 9 months 25 days
Weighted-average discount rate	6.15%		6.15%
Operating lease cost	$ 438	$ 444	$ 1,314	$ 1,335
Cash paid for amounts included in the measurement of lease liabilities	$ 443	$ 440	$ 1,321	$ 1,313

Note 6 - Leases - Maturities of

Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022 (a)	$ 443	[1]
2023	1,802
2024	1,511
2025	1,210
2026 and beyond	1,576
Total lease payments	6,542
Less: Imputed interest	(476)
Present value of lease liabilities	$ 6,066
[1]Excluding the three months ended March 31, 2022.

Note 7 - Warrants (Details Text

Note 7 - Warrants (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Class Of Warrant Or Right, Issued During Period (in shares) | shares	194	194
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Class of Warrant or Right, Exercised During Period (in shares) | shares	194	194
Class of Warrant or Right, Granted During the Period, Fair Value Per Share (in dollars per share) | $ / shares	$ 50.32	$ 50.32
Amortization of Warrants	$ 1,150	$ 1,150
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.01	0.01
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0	0
Current Prepaid Expenses [Member]
Warrants and Rights Outstanding	$ 4,600	$ 4,600
Other Current Assets [Member]
Warrants and Rights Outstanding	$ 4,026	$ 4,026

Note 7 - Warrants - Valuation T

Note 7 - Warrants - Valuation Techniques (Details)	Sep. 30, 2022
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.01
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	52.5
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	0
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	3.9
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0

Note 8 - Equity Incentive Pla_2

Note 8 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expense	$ 6,671	$ 5,746	$ 19,260	$ 18,587
Performance Based Restricted Stock Units [Member]
Unrecognized Compensation Costs, Performance Based Awards (in shares)	35		35
Service Period Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			81
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 85.01
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)			57

Note 9 - Earnings Per Share A_3

Note 9 - Earnings Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities (in shares)	2,362	2,321	2,350	2,357
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,269	1,275	1,259	1,298
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	149	160	147	173
Performance Stock Options [Member]
Antidilutive Securities (in shares)	944	886	944	886

Note 10 - Concentrations (Detai

Note 10 - Concentrations (Details Textual) $ in Thousands	Sep. 30, 2022 USD ($)
Maximum [Member]
Cash, FDIC Insured Amount	$ 250

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Apr. 08, 2022	Sep. 30, 2022	Dec. 31, 2021
Other Assets, Noncurrent		$ 27,057	$ 13,670
Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply Complaint [Member]
Loss Contingency, Damages Sought, Value	$ 8,300
Other Assets, Noncurrent		$ 8,971

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) $ in Thousands	1 Months Ended
	Nov. 04, 2022 USD ($)
Credit Facility [Member] | Subsequent Event [Member]
Repayments of Debt	$ 75,214