Lifeway Foods, Inc.

Listed Company

LWAYCIK 0000814586NasdaqNon-AcceleratedSmaller ReportingDairy ProductsIllinoisFY ends Dec 31

Period

FY 2025

Revenue

$212.50M

Net Income

$13.86M

Total Assets

$105.61M

Equity

$85.82M

Shares Out

15.15M

Op. Cash Flow

$10.95M

Business

Lifeway Foods, Inc. produces and markets cultured dairy and probiotic-based food products, and is the largest commercial kefir producer in the United States. Its main offerings include drinkable kefir (including ProBugs), European-style soft cheeses, cream and other dairy byproducts, drinkable yogurt, butter, and private-label products sold under Lifeway, Fresh Made and GlenOaks Farms brands. The company operates as a single reportable business segment focused on producing and selling cultured dairy products using common processes and materials. Lifeway primarily serves the U.S. market and also sells internationally via co-packers, distributors, brokers, and through retail-direct, distributor, and direct-store-delivery channels.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	212	187	160	142	119
Cost of goods sold	151	135	115	112	88
Depreciation expense	3	3	3	2	3
Total cost of goods sold	154	138	118	115	90
Gross profit	58	49	42	27	29
Selling expenses	20	15	12	11	11
General and administrative	22	19	13	13	12
Amortization expense	540,000	540,000	540,000	540,000	122,000
Total operating expenses	42	35	25	24	23
Income from operations	16	14	17	2	6
Interest expense	−77,000	−105,000	−384,000	—	—
Fair value loss on investment	−95,000	0	—	—	—
Gain on sale of investment	3	0	—	—	—
Gain (loss) on sale of property and equipment	0	−8,000	—	—	—
Other income	279,000	230,000	4,000	0	−62,000
Total other income (expense)	4	117,000	−346,000	−508,000	−264,000
Income before provision for income taxes	20	14	17	2	6
Provision for income taxes	6	5	5	917,000	2
Net income	14	9	11	924,000	3
Basic (per share)	0.91	0.61	0.77	0.06	0.21
Diluted (per share)	0.89	0.6	0.75	0.06	0.21
Basic (shares)	15	15	15	15	16
Diluted (shares)	16	15	15	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6	17	13	4	9
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,730 and $1,590 at December 31, 2025 and 2024, respectively	17	15	14	11	10
Inventories, net	12	9	9	10	8
Prepaid expenses and other current assets	3	2	2	1	1
Refundable income taxes	325,000	631,000	0	44,000	344,000
Total current assets	37	44	38	27	29
Property, plant and equipment, net	48	27	23	21	20
Operating lease right-of use asset	465,000	118,000	192,000	174,000	216,000
Goodwill	12	12	12	12	12
Intangible assets, net	6	6	7	7	8
Other assets	2	2	2	2	2
Total assets	106	91	82	69	71
Accounts payable	11	10	10	8	7
Accrued expenses	5	5	5	4	4
Total current liabilities	17	16	17	13	12
Operating lease liabilities	360,000	70,000	118,000	104,000	85,000
Deferred income taxes, net	3	3	3	3	3
Total liabilities	20	19	21	21	22
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, no par value; 2,500 shares authorized; none issued	0	0	0	0	0
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,232 and 15,100 shares outstanding at 2025 and 2024	7	7	7	7	7
Treasury stock, at cost	−13	−14	−17	−17	−13
Paid-in capital	4	5	5	4	3
Retained earnings	89	75	66	54	54
Total stockholders equity	86	72	60	48	49
Total liabilities and stockholders equity	106	91	82	69	71

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	3	3	3	3
Stock-based compensation	2	2	1	1	1
Non-cash interest expense	19,000	17,000	6,000	6,000	11,000
(Gain) loss on sale of equipment	−115,000	8,000	—	—	—
Fair value loss on investment	96,000	0	—	—	—
Deferred income taxes	−270,000	61,000	−28,000	−172,000	257,000
Accounts receivable	−1	−2	−2	−1	−2
Inventories	−3	426,000	527,000	−1	−1
Prepaid expenses and other current assets	151,000	−125,000	−574,000	−191,000	−91,000
Refundable income taxes	306,000	−631,000	44,000	300,000	−313,000
Accounts payable	238,000	156,000	2	2	1
Accrued expenses	−2	217,000	1	434,000	504,000
Accrued income taxes	218,000	−474,000	474,000	−725,000	72,000
Net cash provided by operating activities	11	13	17	4	6
Purchases of property and equipment	−27	−7	−4	−3	−2
Proceeds from sale of equipment	115,000	15,000	41,000	—	—
Proceeds from sale of investments	5	0	—	—	—
Net cash used in investing activities	−22	−7	−4	−4	−7
Repayment of note payable	0	−3	−1	−750,000	−500,000
Payment of deferred financing costs	−65,000	0	—	—	—
Net cash used in financing activities	−65,000	−3	−4	−5	3
Net (decrease) increase in cash and cash equivalents	−11	4	9	−5	1
Cash paid for income taxes, net of (refunds)	6	6	5	1	2
Cash paid for interest	58,000	98,000	415,000	247,000	102,000
Accrued purchase of property and equipment	774,000	407,000	137,000	424,000	—
Right-of-use assets obtained in exchange for lease obligations	426,000	0	94,000	—	—

Filings

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