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Lifeway Foods Inc. (LWAY+0.18%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $186,820,000 for 2024, an increase of 16.7% compared to the previous year. The increase was primarily driven by higher volumes of branded drinkable kefir.
Cost of goods sold for the year was $135,400,000, representing 72.5% of net sales, compared to 71.9% in 2023. The increase was due to higher milk pricing and other input costs.
Lifeway reported a gross profit of $48,574,000 for 2024, down from $42,441,000 in 2023, with the decrease attributed to increased input costs.
Selling expenses increased to $14,743,000 from $11,776,000, primarily due to investments in marketing activities.
General and administrative expenses rose to $19,439,000 from $13,130,000, largely due to legal and professional fees related to stockholder actions and an unsolicited purchase proposal.
Net income for 2024 was $9,025,000, down from $11,367,000 in 2023. The effective income tax rate increased to 35.4% from 31.7% in the previous year.
Cash provided by operating activities was $12,962,000, while cash used in investing and financing activities was $6,682,000 and $2,750,000, respectively.
Lifeway had $16,728,000 in cash and cash equivalents as of December 31, 2024, and no outstanding borrowings under its revolving credit facility.
The filing also discusses the company's distribution strategy, including expansion into South Africa and the UAE, as well as product innovations such as lactose-free labeling.
The company continues to focus on maintaining its position as a leading producer of kefir and expanding its product offerings in the probiotic market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifeway Foods Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.