Karat Q4 net income $4.5M, down from $6.0M; full-year net sales $423M (+16.1%)

Karat Packaging Inc.

Q4 net sales $92.7M (+1.5% YoY); gross margin 32.0% (+100 bps) despite $1.7M inventory write-off.
Full-year 2022 net income $25.8M vs $22.4M (incl. $5M debt forgiveness); adjusted EBITDA $45.6M.
2023 outlook: net sales expected high single-digit growth; gross margin target 32%-33%.
Adding warehouses in Chicago and Houston; scaling back CA manufacturing; expanding sales team ~35%.
Eco-friendly product sales in Q4 up 24% YoY; new chain contracts expected to benefit H2 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Karat Packaging Inc. reported fourth quarter and year ended December 31, 2022 results: revenue $92.7 million, net income $4.5 million, EPS $0.23 per diluted share.

Period: fourth quarter and year ended December 31, 2022
Revenue: $92.7 million
Net income: $4.5 million
EPS: $0.23 per diluted share
Result: reported results

Exact text from the filing

products and related items, today announced financial results for its fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Highlights • Net sales of $92.7 million, up 1.5 percent from the prior-year quarter. • Gross profit of $29.7 million, negatively impacted by an out-of-period inventory write-off of $1.7 million, up 4.8 percent from the

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Source: SEC EDGAR

accession 0001628280-23-008295

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