$WEST

Westrock Coffee Co

CIK:0001806347|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 305,658	$ 280,859	$ 614,483	$ 494,655
Costs of sales	267,910	239,464	530,967	424,187
Gross profit	37,748	41,395	83,516	70,468
Selling, general and administrative expense	35,973	53,931	73,819	94,275
Transaction, restructuring and integration expense	3,168	2,477	6,836	4,268
Loss (gain) on disposal of property, plant and equipment	(43)		1,053	7
Total operating expenses	39,098	56,408	81,708	98,550
Income (loss) from operations	(1,350)	(15,013)	1,808	(28,082)
Interest expense	12,990	13,119	26,517	25,718
Other, net	(117)	(2,692)	(606)	(2,970)
Loss before income taxes and equity in earnings from unconsolidated entities	(14,223)	(25,440)	(24,103)	(50,830)
Income tax expense (benefit)	(400)	(370)	1,564	1,458
Equity in (earnings) loss from unconsolidated entities	(166)	(3,507)	(3,477)	(3,507)
Net loss	(13,657)	(21,563)	(22,190)	(48,781)
Amortization (accretion) of Series A Convertible Preferred Shares	87	86	173	172
Net loss attributable to common shareholders	$ (13,570)	$ (21,477)	$ (22,017)	$ (48,609)
(Loss) earnings per common share:
Basic (in dollars per share)	$ (0.14)	$ (0.23)	$ (0.23)	$ (0.51)
Diluted (in dollars per share)	$ (0.14)	$ (0.23)	$ (0.23)	$ (0.51)
Weighted-average number of shares outstanding:
Basic (in shares)	97,579	94,661	97,298	94,480
Diluted (in shares)	97,579	94,661	97,298	94,480

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (22,190)	$ (48,781)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	33,668	26,771
Equity-based compensation	3,296	8,080
Provision for credit losses	716	(22)
Amortization of deferred financing fees included in interest expense	2,488	1,755
Write-off of unamortized deferred financing fees	168	137
Loss on disposal of property, plant and equipment	1,053	7
Gain on de-consolidation of Rwanda Trading Company		(2,291)
Mark-to-market adjustments	(4,517)	(3,514)
Foreign currency transactions		(141)
Deferred income tax expense (benefit)	1,316	1,458
Equity in (earnings) loss from unconsolidated entities	(3,477)	(3,507)
Other	522	769
Change in operating assets and liabilities:
Accounts receivable	8,720	12,154
Inventories	34,544	(43,345)
Derivative assets and liabilities	(38,038)	(8,388)
Prepaid expense and other assets	5,828	1,520
Accounts payable	(21,505)	10,931
Accrued liabilities and other	12,306	17,334
Net cash provided by (used in) operating activities	14,898	(29,073)
Cash flows from investing activities:
Additions to property, plant and equipment	(13,605)	(61,826)
Additions to intangible assets	(49)	(40)
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	361	316
Proceeds from deferred purchase price of sold trade receivables	7,964
Net cash used in investing activities	(5,329)	(64,002)
Cash flows from financing activities:
Payments on debt	(75,616)	(46,799)
Proceeds from debt	60,344	131,373
Payments on supply chain financing program	(96,804)	(79,847)
Proceeds from supply chain financing program	97,742	99,309
Payment of debt issuance costs	(1,736)	(2,354)
Net proceeds from (repayments of) repurchase agreements	(7,285)	9,769
Net change in unremitted cash collections from servicing factored receivables	(7,918)
Payment for taxes for net share settlement of equity awards	(956)	(1,564)
Net cash (used in) provided by financing activities	(32,229)	109,887
Effect of exchange rate changes on cash	(4)	(52)
Net increase (decrease) in cash and cash equivalents and restricted cash	(22,664)	16,760
Cash and cash equivalents and restricted cash at beginning of period	71,039	35,564
Cash and cash equivalents and restricted cash at end of period	48,375	52,324
Supplemental non-cash investing and financing activities:
Property, plant and equipment acquired but not yet paid	6,307	10,259
Amounts obtained as beneficial interest in sold trade receivables	$ 7,603	$ 1,842

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 38,233	$ 49,875
Restricted cash	10,142	21,164
Accounts receivable, net of allowance for credit losses of $3,217 and $2,750, respectively	76,699	94,099
Inventories	167,522	199,802
Derivative assets	24,446	15,049
Prepaid expenses and other current assets	13,275	16,370
Total current assets	330,317	396,359
Property, plant and equipment, net	459,232	483,606
Goodwill	116,111	116,111
Intangible assets, net	103,268	107,141
Operating lease right-of-use assets	61,438	60,310
Other long-term assets	15,482	12,451
Total Assets	1,085,848	1,175,978
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current maturities of long-term debt	22,594	19,281
Short-term debt	55,810	82,640
Accounts payable	68,185	91,175
Supply chain finance program	97,532	96,594
Derivative liabilities	7,440	28,600
Accrued expenses and other current liabilities	90,192	95,340
Total current liabilities	341,753	413,630
Long-term debt, net	365,466	356,788
Convertible notes payable - related party, net	64,839	64,754
Deferred income taxes	11,492	10,160
Operating lease liabilities	59,375	58,146
Other long-term liabilities	866	865
Total liabilities	843,791	904,343
Commitments and contingencies (Note 18)
Shareholders' Equity (Deficit)
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, 97,627 shares and 96,866 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	976	969
Additional paid-in-capital	547,073	544,567
Accumulated deficit	(556,560)	(534,370)
Accumulated other comprehensive income (loss)	(22,762)	(13,034)
Total shareholders' equity (deficit)	(31,273)	(1,868)
Total Liabilities, Convertible Preferred Shares and Shareholders' Equity (Deficit)	1,085,848	1,175,978
Series A Redeemable Common Equivalent Preferred Shares
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Series A Convertible Preferred Shares, $0.01 par value, 24,000 shares authorized, 23,511 shares and 23,511 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively, $11.50 liquidation value	$ 273,330	$ 273,503