Karat Packaging Q1 2022 revenue $105.4M (+39% YoY); net income doubles to $7.9M

Karat Packaging Inc.

2022-Q1 EPS reported $0.34 revenue$105,413,000

Record quarterly net sales $105.4M, up 39.3% YoY; gross margin 32.5% (+390 bps).
Net income $7.9M vs $3.1M; diluted EPS $0.34 vs $0.12; adjusted EPS $0.36.
Adjusted EBITDA $13.0M (+90.3%); margin 12.3% (+330 bps).
Q2 guidance: net sales $116M-$118M; FY2022 guidance $445M-$449M; gross margin 31-32%.
Post-Q1: JV to build 180k sq ft Taiwan factory for compostable products; added 140k sq ft warehouse.

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