← Karat Packaging Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Net income | $16.7m |
$22.4m
+34.62%
|
$25.8m
+15.14%
|
$33.2m
+28.42%
|
$30.8m
-7.10%
|
$32.7m
+5.97%
|
$51.6m
+57.93%
|
|
| Depreciation and amortization (including $1,214 and $1,213 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | $8.6m | $10.0m | $10.4m | $10.8m | $10.7m | $10.9m | $20.5m | |
| Amortization of loan fees (including $62 associated with variable interest entity for both the year ended December 31, 2025 and 2024) | $12k | $18k | $40k | $81k | $92k | $125k | — | |
| Amortization of operating right-of-use assets | — | $0 | $3.8m | $5.0m | $7.6m | $10.2m | — | |
| Deferred income taxes | $3.9m | ($483k) | ($478k) | ($959k) | ($3.8m) | $2.3m | $2.3m | |
| Stock-based compensation | $0 | $2.0m | $2.0m | $770k | $2.1m | $1.2m | $1.2m | |
| Impairment of operating right-of-use asset | — | — | — | $0 | $2.0m | $0 | — | |
| Accounts receivable (including $4 and $32 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | ($2.9m) | ($8.9m) | $1.9m | $2.9m | $559k | ($9.8m) | ($4.3m) | |
| Adjustments to inventory reserve | $321k | $68k | $6k | ($399k) | $290k | $70k | — | |
| Write-off of inventories | — | $1.4m | $3.5m | $3.9m | $1.5m | $917k | — | |
| Inventories | ($13.8m) | ($9.4m) | ($16.2m) | ($3.8m) | ($942k) | ($11.9m) | ($1.7m) | |
| Accounts payable (including $53 and $47 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | $1.0m | ($1.6m) | $89k | $696k | ($260k) | $7.8m | $389k | |
| Accrued interest on certificates of deposit (including $0 and $50 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | $0 | ($155k) | ($50k) | $0 | — | |
| Accrued expenses (including $46 and $102 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | $1.1m | $2.9m | $1.6m | $1.6m | $3.0m | ($95k) | — | |
| Deferred revenue | — | — | — | ($330k) | ($281k) | ($29k) | — | |
| Prepaid expenses and other current assets (including $255 and $23 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | ($3.4m) | $1.4m | ($1.5m) | ($466k) | $2.8m | ($1.3m) | — | |
| Other liabilities (including $66 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | $300k | $300k | $149k | $574k | ($45k) | $98k | — | |
| Net cash provided by operating activities | $14.5m |
$8.7m
-40.34%
|
$29.5m
+239.60%
|
$53.4m
+81.11%
|
$48.0m
-10.11%
|
$33.8m
-29.53%
|
$26.7m
-21.02%
|
|
| (Gain) loss, net, on disposal of property and equipment | $15.3m | $5.0m | $9.9m | $10.5m | $759k | ($493k) | — | |
| Purchases of property and equipment | ($29.5m) | ($4.2m) | ($2.7m) | ($2.8m) | ($934k) | ($756k) | ($5.5m) | |
| Proceeds from disposal of property and equipment | $24k | $0 | $77k | $841k | $134k | $1.5m | — | |
| Deposits paid for property and equipment | ($6.9m) | ($8.2m) | ($12.1m) | ($6.3m) | ($3.1m) | ($3.7m) | — | |
| Transfers from deposits to property and equipment | $15.3m | $5.0m | $9.9m | $10.5m | $3.7m | $3.8m | — | |
| Non-cash purchases of property and equipment | $29.5m | $4.2m | $196k | $148k | $122k | $962k | — | |
| Non-cash disposal of property and equipment | $15.3m | $5.0m | $9.9m | $10.5m | $0 | $480k | — | |
| Purchases of short-term investments (including $7,982 and $18,078 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | $0 | ($49.2m) | ($50.8m) | ($16.3m) | — | |
| Redemption of short-term investments (including $19,110 and $7,000 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | $0 | $23.0m | $48.9m | $44.6m | — | |
| Net cash provided by (used in) investing activities | ($37.4m) | ($13.3m) | ($17.8m) | ($30.2m) | ($5.9m) | $25.4m | ($2.2m) | |
| Adjustments to allowance for bad debt | $149k | $0 | $1.0m | ($711k) | $468k | $168k | — | |
| Payments on long-term debt (including $12,717 and $1,122 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | ($7.4m) | ($39.3m) | ($21.6m) | ($1.0m) | ($1.1m) | ($12.7m) | — | |
| Proceeds from exercise of common stock options | $0 | $100k | $51k | $123k | $725k | $300k | — | |
| Repurchases of common stock | ($248k) | $0 | — | — | $0 | ($3.0m) | — | |
| Dividends paid to shareholders | ($606k) | $0 | ($7.0m) | ($20.9m) | ($31.0m) | ($36.1m) | ($35.1m) | |
| Net cash used in financing activities | $22.4m |
$10.6m
-52.62%
|
($2.1m)
-119.47%
|
($16.2m)
-680.78%
|
($33.6m)
-107.91%
|
($52.9m)
-57.41%
|
($39.4m)
+25.62%
|
|
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| Government grant income (including $33 and $187 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | — | $0 | ($360k) | ($70k) | — | |
| Other non-current assets (including $35 and $20 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | ($72k) | ($316k) | $109k | $1.4m | ($79k) | $15k | — | |
| Related party payable | ($72k) | ($3.0m) | $2.9m | $366k | ($2.2m) | $1.5m | — | |
| Income taxes payable (including $0 and 3 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | $15k | $44k | ($85k) | $0 | $65k | ($65k) | — | |
| Operating lease liabilities | — | $0 | ($3.8m) | ($4.6m) | ($6.7m) | ($10.3m) | — | |
| Purchases of publicly-traded equity securities | — | — | — | $0 | $29k | ($451k) | — | |
| Proceeds from disposal of publicly-traded equity securities | — | — | — | — | $0 | $503k | — | |
| Payments for lender fees | — | — | $0 | ($61k) | $0 | ($147k) | — | |
| Proceeds from line of credit | $6.5m | $1.5m | $21.1m | $0 | $0 | $4.5m | — | |
| Repayments on line of credit | $0 | ($34.6m) | ($21.1m) | $0 | $0 | ($4.5m) | — | |
| Payment of Global Wells membership interest tax withholding (including $362 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | $0 | ($1.1m) | $0 | $0 | ($377k) | — | |
| Payment of Global Wells noncontrolling membership interest redemption (including $0 and $2,010 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | — | $0 | ($2.3m) | $0 | — | |
| Refund of Global Wells members' tax withholding payments (including $0 and $120 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | — | — | — | $0 | $120k | $0 | — | |
| Payment of Global Wells noncontrolling membership interest redemption gain tax withholding | — | — | — | — | $0 | ($879k) | — | |
| Net increase in cash and cash equivalents | ($354k) | $6.0m | $9.6m | $7.0m | $8.5m | $6.3m | — | |
| Beginning of period | $448k | $6.5m | $16.0m | $23.1m | $31.6m | $37.9m | — | |
| Non-cash excise tax on share repurchases | — | — | — | — | $0 | $12k | — | |
| Cash paid for income taxes | $2.5m | $4.8m | $8.3m | $11.8m | $11.0m | $9.1m | — | |
| Cash paid for interest | $3.9m | $2.9m | $2.0m | $2.0m | $2.0m | $1.9m | — |