0000950170-24-027602 | 10-K | XBRL Viewer

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401(k) Savings Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
401(k) Saving Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the company	$ 1,185	$ 861	$ 651

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of the periods presented:


	December 31, 2023			December 25, 2022
Eggs and egg-related products	$	25,521		$	13,675
Butter and butter-related products		1,697			5,718
Packaging		4,988			5,452
Pullets		289			981
Other		896			1,121
Reserve for inventory obsolescence		(496	)		(98	)
Inventories	$	32,895		$	26,849

Stock-Based Compensation - Summary of Assumptions, Fair Values and Intrinsic Values of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value at grant date	$ 15
Fair value of shares vested	$ 3,160	$ 3,245	$ 2,694
Intrinsic value of stock options exercised	9,091	1,827	20,343
Proceeds from stock options exercised	$ 776	$ 568	$ 2,776
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Expected stock price volatility, minimum	27.80%	27.60%	28.50%
Expected stock price volatility, maximum	29.20%	28.60%	29.40%
Risk-free interest rate, minimum	3.63%	1.64%	0.57%
Risk-free interest rate, maximum	4.45%	4.16%	1.36%
Expected dividend yield	0.00%	0.00%	0.00%
Weighted average fair value at grant date	$ 5.33	$ 3.97	$ 7.31
Minimum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)			6 years
Maximum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)			6 years 6 months

Leases - Summary of 0perating and Finance Leases Future Undiscounted to Leases (Details)	Dec. 31, 2023 USD ($)
Leases [Abstract]
Operating leases 2024	$ 3,579,000
Operating leases 2025	3,170,000
Operating leases 2026	3,017,000
Operating leases 2027	0
Operating lease, 2028	0
Operating leases Thereafter	0
Total lease payments	9,766,000
Less imputed interest	(938,000)
Total present value of lease liabilities	8,828,000
Finance leases 2024	4,103,000
Finance leases 2025	4,103,000
Finance leases 2026	4,095,000
Finance leases 2027	3,332,000
FinanceLease, 2028	0
Finance leases Thereafter	0
Total lease payments	15,633,000
Less imputed interest	(1,897,000)
Total present value of lease liabilities	$ 13,736,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 25,566	$ 1,230	$ 2,382
Other comprehensive income (loss), before tax:
Unrealized net holding gain (loss)	1,371	(1,745)	(385)
Amounts reclassified for realized losses to earnings	182	96	55
Available-for-sale debt securities, before tax	1,553	(1,649)	(330)
Other comprehensive income (loss), before tax	1,553	(1,649)	(330)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(383)	383	80
Other comprehensive income (loss), net of tax	1,170	(1,266)	(250)
Comprehensive income (loss)	26,736	(36)	2,132
Less: Comprehensive loss attributable to noncontrolling interests	0	(21)	(47)
Comprehensive income (loss) attributable to Vital Farms, Inc. common stockholders	$ 26,736	$ (15)	$ 2,179

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:


	Fair Value Measurements as of December 31, 2023, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	64,498	$	—	$	—	$	64,498
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		32,667		—		32,667
Prepaid expenses and other current assets:
Derivative financial instruments		—		394		—		394
Total assets measured at fair value	$	64,498	$	33,061	$	—	$	97,559


	Fair Value Measurements as of December 25, 2022, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	6,740	$	—	$	—	$	6,740
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		64,662		—		64,662
U.S. Treasury		—		1,152		—		1,152
Total assets measured at fair value	$	6,740	$	65,814	$	—	$	72,554

During the fiscal year ended December 31, 2023, there were no transfers between fair value measurement levels. For additional information on concentrations of credit risk for the Company’s financial instruments, refer to “Summary of Significant Accounting Policies” in Note 2 and “Investment Securities” in Note 3 above.

Fair Value of Other Financial Instruments

The carrying values of the Company’s short-term financial instruments not included above, including cash, trade receivables, other non-trade receivables included in prepaid expense and other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair value due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning balance	4,634,205
Number of Options, Granted	520,154
Number of Options, Exercised	(737,000)
Number of Options, Cancelled/Forfeited	(496,874)
Number of Options, Ending balance	3,920,485	4,634,205
Number of Options, Options exercisable as of December 31, 2023	2,793,016
Number of Options, Options vested and expected to vest as of December 31, 2023	3,920,485
Weighted-Average Exercise Price, Beginning balance	$ 9.35
Weighted-Average Exercise Price, Options Granted	15
Weighted-Average Exercise Price, Options Exercised	1.05
Weighted-Average Exercise Price, Options Cancelled	21.89
Weighted-Average Exercise Price, Ending balance	10.07	$ 9.35
Weighted-Average Exercise Price, Options exercisable as of December 31, 2023	8.31
Weighted-Average Exercise Price, Options vested and expected to vest as of December 31, 2023	$ 10.07
Weighted Average Remaining Contractual Life (Years), Balance	5 years 9 months 18 days
Weighted Average Remaining Contractual Life (Years), Options exercisable as of December 31, 2023	5 years
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest as of December 31, 2023	5 years 9 months 18 days
Aggregate Intrinsic Value	$ 28,749	$ 38,520
Aggregate Intrinsic Value, Exercised	9,091	$ 1,827	$ 20,343
Aggregate Intrinsic Value, Cancelled	61
Aggregate Intrinsic Value, Options exercisable as of December 31, 2023	25,215
Aggregate Intrinsic Value, Options vested and expected to vest as of December 31, 2023	$ 28,749

Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Deferred tax assets:
Accrued expenses	$ 3,716	$ 2,594
Allowances and other reserves	191	171
Inventory	1,498	963
Net operating loss carryforwards	110	1,503
Charitable contributions	0	230
Stock-based compensation	1,465	1,046
Lease liability	5,558	2,624
Other	467	581
Total deferred tax assets	13,005	9,712
Less: Valuation allowance	(84)	0
Net deferred tax assets	12,921	9,712
Deferred tax liabilities:
Prepaid expenses	490	590
Property and equipment	6,778	6,273
Operating and finance lease right of use assets	5,517	2,589
Intangibles	507	430
Total deferred tax liabilities	13,292	9,882
Net deferred tax liabilities	$ (371)	$ (170)

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Numerator:
Net income	$ 25,566	$ 1,230	$ 2,382
Less: Net loss attributable to noncontrolling interests	0	(21)	(47)
Net income attributable to Vital Farms, Inc. common stockholders	$ 25,566	$ 1,251	$ 2,429
Denominator:
Weighted average common shares outstanding - basic	41,192,544	40,648,592	40,027,278
Weighted Average effect of potentially dilutive securities:
Weighted average common shares outstanding — diluted	43,312,836	43,469,586	43,321,733
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$ 0.62	$ 0.03	$ 0.06
Diluted	$ 0.59	$ 0.03	$ 0.06
Employee Stock Option [Member]
Weighted Average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	1,994,774	2,745,161	3,290,615
Restricted Stock Units
Weighted Average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	107,577	64,455	3,840
Employee Stock Purchase Plan
Weighted Average effect of potentially dilutive securities:
Effect of potentially dilutive stock options	17,941	11,378	0

Stock-Based Compensation -Summary of Recognized Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 25, 2022

Dec. 26, 2021

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based compensation expense

$ 7,417

$ 6,040

$ 4,440

Tax benefit

2,998

970

3,872

Cost of Goods Sold

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based compensation expense

^[1]

260

188

133

Selling, General and Administrative

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based compensation expense

^[2]

$ 7,157

$ 5,852

$ 4,307

[1]	Includes $7, $6 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.
[2]	Includes $97, $57 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates principally include revenue recognition, determination of useful lives for property and equipment, trade spend accruals, goodwill, allowance for credit losses, inventory obsolescence, stock option valuations, accrued liabilities, income taxes and contingencies. Actual results could differ from those estimates.

Concentrations of Credit Risk and Significant Customers

Concentrations of Customers and Risk: A substantial amount of our shell egg processing occurs at our Egg Central Station shell egg processing facility. Any shutdown or period of reduced production at Egg Central Station, which may be caused by regulatory noncompliance or other issues, as well as factors beyond our control, such as natural disaster, weather, fire, power interruption, work stoppage, disease outbreaks or pandemics, equipment failure or delay in raw materials delivery, would significantly disrupt our ability to deliver our products in a timely manner, meet our contractual obligations and operate our business.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, accounts receivable and derivative instruments. The Company maintains deposits with large financial institutions that the Company believes are of high credit quality. At times the Company’s cash and cash equivalents balances with individual banking institutions are in excess of federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents balances.

The Company's customer concentration for the fiscal year ended December 31, 2023 was as follows:


	Net Revenue Year Ended December 31, 2023	Net Revenue Year Ended December 25, 2022	Net Revenue Year Ended December 26, 2021	Accounts Receivable, Net as of December 31, 2023	Accounts Receivable, Net as of December 25, 2022
Customer A	25%	26%	18%	18%	23%
Customer B	*	11%	12%	12%	12%
Customer C	*	*	14%	*	*
Customer D	*	*	10%	*	*
Customer E	*	*	*	11%	13%
Customer F	*	*	*	11%	*

* Denotes percentage less than 10%

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash deposits are all in financial institutions in the United States. As of December 31, 2023 and December 25, 2022, cash and cash equivalents consisted of cash on deposit with balances denominated in U.S. dollars and investments in money market funds.

Investment Securities

Investment Securities: The Company accounts for its investment securities in accordance with ASC 320, Investments-Debt and Equity Securities. The Company considers all of its debt securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next 12 months, as available-for-sale. The Company classifies these securities as current, because the amounts invested are available for current operations. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, recorded in other comprehensive income until the security is settled or sold, except for changes in allowance for expected credit losses, which are reported on a gross basis in other expense.

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method with realized gains and losses on the sale of debt securities and declines in value due to credit-related factors, reclassified out of accumulated other comprehensive income when sold and recorded in other income. Income tax effects related to realized gains and losses on available-for-sale securities are released from accumulated other comprehensive income quarterly with the recognition of the Company’s tax provision. Interest and dividends on securities classified as available-for-sale are recorded in interest income.

Variable Interest Entity

Variable Interest Entity: The Company consolidates all entities where a controlling financial interest exists. The Company has considered its relationship with Ovabrite, Inc. to determine whether the Company has a variable interest in that entity, and if so, whether the Company is the primary beneficiary of the relationship. GAAP requires variable interest entities (“VIEs”) to be consolidated if an entity’s interest in the VIE is a controlling financial interest. Under the variable model, a controlling financial interest is determined based on which entity, if any, has (i) the power to direct the activities of the VIE that most significantly impacts the VIE’s economic performance and (ii) the obligations to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. The consolidation status of a VIE may change as a result of such reassessments. Changes in consolidation status are applied prospectively in accordance with GAAP.

Segment Information

Segment Information: The Company operates and manages its business as one reportable and operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of evaluating financial performance and allocating resources. All of the Company’s long-lived assets and customers are located in the United States.

Fair Value of Financial Instruments

Fair Value of Financial Instruments: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are defined below:

•

Level 1 - Quoted prices in active markets for identical assets or liabilities.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of cash, trade receivables, other non-trade receivables within prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair value due to the short-term nature of these assets and liabilities.

Accounts Receivable

Accounts Receivable: Accounts receivable are stated at amounts due from customers net of any allowance for credit losses. The Company generally does not have collateral for its receivables, but the Company does periodically evaluate the creditworthiness of its customers.

Allowance for Credit Losses

Allowance for Credit Losses: The allowance for expected credit losses related to trade receivables is estimated based on the trade receivable aging category, credit risk of specific customers, past collection history, and management’s evaluation of accounts receivable. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The provision for expected credit losses is charged within selling, general and administrative costs. These losses have been immaterial to date. Subsequent recoveries, if any, are credited to the allowance.

The allowance for expected credit losses related to other non-trade receivables are estimated based on the aging category and the probability of default. Provisions for current estimated credit losses are classified within selling, general and administrative costs.

Inventories

Inventories: Inventories are stated at the lower of cost (determined under the weighted average cost method) or net realizable value. In addition to product cost, inventory costs include expenditures such as in-bound shipping and handling and warehousing costs incurred in bringing the inventory to its existing condition and location. Inventory includes eggs and egg-related products, butter and butter-related products, packaging, feed, laying hens, pullets, and equipment parts. A reduction in the carrying value of an inventory item from cost to net realizable value is recorded in cost of goods sold with the offset to inventory. Any inventory that does not meet the quality control standards of the Company is separated and written down to its net realizable value.

Derivative Financial Instruments

Derivative Financial Instruments: The Company uses derivative instruments as part of its risk management activities to reduce its exposure to commodity price risk. Business operations give rise to certain market exposures, mostly due to changes in commodity prices of corn and soybean meal. Credit risks associated with derivative contracts are not significant, as the Company minimizes counterparty exposure by dealing with creditworthy counterparties and collateralized insurers and by utilizing exchange traded instruments and insurance backed commodity settlement contracts. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company does not hold derivative instruments for trading purposes. Additionally, the Company’s derivative contracts are short-term in duration and do not make use of credit-risk-related contingent features.

Derivatives used to manage commodity price risk are not designated for hedge accounting treatment. Therefore, the changes in fair value of these derivatives are recorded as incurred within other expense, net. Net realized gains and losses on derivative instruments are reported as a reconciling item from net income to cash from operating activities in our consolidated statements of cash flows. Cash flows related to settlements and purchases of derivative instruments are reported as investing activities within the consolidated statements of cash flows.

Property, Plant and Equipment

Property, Plant and Equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. The general range of useful lives of other property, plant and equipment is as follows:



		Estimated Useful Life
Land		N/A
Land improvements		15 to 20 years
Buildings and improvements		15 to 39 years
Vehicles		5 years
Machinery and equipment		2 to 7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of lease term or 5 years

When assets are sold or retired, the cost and related accumulated depreciation or amortization of assets disposed of are removed from the accounts, with any resulting gain or loss recorded in operations in the consolidated statements of income. Normal repairs and maintenance costs are expensed as incurred to operations.

Goodwill

Goodwill: Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually on the first day of the fourth fiscal quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company’s goodwill impairment test is performed at the enterprise level given the single reporting unit.

The Company first assesses qualitative factors to determine whether events or circumstances existed that would lead the Company to conclude that it is more likely than not that the fair value of the reporting unit is below its carrying amount. If the Company determines that it is more likely than not that the fair value of the reporting unit is below the carrying amount based on qualitative factors or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill assessment would be required. In the quantitative evaluation, the fair value of the reporting unit is determined and compared to the carrying value. If the fair value is greater than the carrying value, then the carrying value is deemed to be recoverable and no further action is required. If the fair value estimate is less than the carrying value, goodwill is considered impaired for the amount by which the carrying amount exceeds the reporting unit’s fair value and a charge is reported as impairment of goodwill in the consolidated statements of income. To date, the Company has not recorded any impairment charges associated with its goodwill.

Leases

Leases: The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. Under ASC 842, Leases (“Topic 842”), a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company has made an accounting policy election not to recognize right-of-use (“ROU”) assets and lease liabilities for leases with a term of 12 months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease. The Company’s recognized ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date, which are reduced by any lease incentives.

Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the Consumer Price Index measured by the U.S. Bureau of Labor Statistics). Subsequent index changes and other periodic market-rate adjustments to base rent are recorded as variable lease expense during the period in which they are incurred. Residual value guarantees or payments for terminating the lease are included in the lease payments only when it is probable they will be incurred.

The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets: The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate the carrying value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects and the effects of obsolescence, demand, competition and other economic factors. The Company did not recognize an impairment loss during the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021.

Noncontrolling Interest

Noncontrolling Interest: The Company recognizes noncontrolling interest related to VIEs, in which the Company is the primary beneficiary, as equity in the consolidated financial statements separate from the parent entity’s equity. The amount of net income or loss attributable to noncontrolling interests is included in consolidated net income on the face of the consolidated statements of income. Changes in the parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. In addition, when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary will be initially measured at fair value and the difference between the carrying value and fair value of the retained interest will be recorded as a gain or loss. Affiliate equity interests where the Company has certain rights to demand settlement are presented at their current redemption values, as redeemable noncontrolling interest in the consolidated balance sheet. Because these transactions take place between entities under common control, any gains or losses attributable to these transactions are required to be included within additional paid-in-capital on the consolidated balance sheets.

Income Taxes

Income Taxes: Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements. In estimating future tax consequences, the Company considers all expected future events other than enactment of changes in tax laws or rates. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized.

The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit can be recognized. Assessing an uncertain tax position begins with the initial determination of the sustainability of the position and is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed. Additionally, the Company must accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws.

The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2023 and December 25, 2022 the Company had accrued interest and penalties related to uncertain tax positions of $171 and $85.

Net Income (Loss) per Share Attributable to Vital Farms, Inc. Common Stockholders

Net Income per Share Attributable to Vital Farms, Inc. Common Stockholders: The Company applies the two-class method to compute basic and diluted net income per share attributable to the Company’s common stockholders when shares meet the definition of participating securities. The two-class method determines net income per share for each class of the Company’s common stock and preferred stock according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between the Company’s common stock and preferred stock based upon their respective rights to share in the earnings as if all income for the period had been distributed. During periods of loss, there is no allocation required under the two-class method since the preferred stock does not have a contractual obligation to share in the Company’s losses.

Basic net income per share attributable to the Company’s stockholders is computed by dividing net income by the weighted-average number of shares outstanding during the period without consideration of potentially dilutive common stock. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares of the Company’s common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per common share attributable to the Company’s common stockholders is the same as basic net loss, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Revenue Recognition

Revenue Recognition: The Company generates revenue primarily through sales of products to its customers, which include natural channel retailers, mainstream channel retailers and foodservice customers. The Company sells its products to customers on a purchase-order basis.

Revenue is recognized when control of the product is transferred to the customer and the related performance obligation is satisfied, which typically occurs upon delivery of the product to the customer, for an amount that reflects the net consideration the Company expects to receive in exchange for delivering the product. The Company offers sales incentives through various programs to customers and allow deductions from its customers, which may include credits or discounts to customers in the event that products do not conform to customer specifications or expire at a customer’s site. The cost associated with promotions and chargebacks is estimated and recorded as a reduction in revenue and is recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of this cost therefore requires management judgment regarding the volume of promotional offers that will be redeemed. Differences between estimated cost and actual redemptions are recognized as a change in management estimate in a subsequent period.

In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short-term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due.

Treasury Stock

Treasury Stock: The Company records treasury stock activities under the cost method whereby the cost of the acquired stock is recorded as treasury stock. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value from the Company’s common stock and to reflect any excess of cost over par value as a reduction to additional paid-in capital (to the extent created by previous issuances of the shares).

Shipping and Distribution

Shipping and Distribution: The Company’s shipping and distribution costs include costs incurred with third-party carriers to transport products to customers and salaries and overhead costs related to activities to prepare the Company’s products for shipment. Shipping and distribution costs were $27,344, $30,104, and $24,979 during the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, respectively. Freight-in costs are included within cost of goods sold and were $4,823, $9,610, and $7,623 during the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

Stock-Based Compensation

Stock-Based Compensation: The Company measures all stock-based awards granted to employees and directors based on the estimated fair value on the date of the grant and recognizes compensation expense for those awards, over the requisite service period, which is generally the vesting period of the respective award. Stock options generally vest ratably over three years from the date of grant and expire 10 years from the date of grant. Restricted stock awards generally vest ratably over three years from the date of grant and contain no other service or performance conditions. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service or vesting period. Forfeitures for stock options and restricted stock awards are recognized as they occur. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing valuation model, which requires inputs based on certain subjective assumptions, including the fair market value of the Company’s common stock, expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company’s expected dividend yield. The Company classifies stock-based compensation expense in its consolidated statements of income in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Advertising and Promotion Expenses

Advertising and Promotion Expenses: Advertising and promotion expenses consist primarily of production costs and the costs to communicate the advertisements to promote and market the Company’s products. Production costs such as idea development, artwork, audio and video crews and other upfront development costs are expensed the first time the associated advertising campaign is launched or aired. The costs to communicate the advertisements such as airtime and distribution costs are expensed as incurred. During the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the Company incurred advertising and promotion expenses of approximately $23,625, $13,301, and $11,469, respectively.

Emerging Growth Company Status

Emerging Growth Company Status: The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised financial accounting standards until such time as those standards apply to private companies.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and also issued subsequent amendments to the initial guidance, ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, ASU 2020-03 and ASU 2022-02 (collectively, “Topic 326”), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Topic 326 requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The Company adopted ASU 2016-13 on December 26, 2022. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. There was no impact on the Company’s consolidated financial statements at adoption.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which intends to simplify the guidance by removing certain exceptions to the general principles and clarifying or amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASU 2019-12 during fiscal year 2022 and there was no material impact on the Company’s consolidated financial statements for the fiscal years ended December 25, 2022 and December 31, 2023.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”) in order to improve stockholders’ understanding of an entity’s business activities through enhanced disclosures around reportable segments. ASU 2023-07 will require incremental and more detailed disclosure regarding segment expenses on both an annual and interim basis. For public companies ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning January 1, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-07 on its consolidated financial statements.

In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects to adopt the standard for the fiscal year beginning December 30, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023-09 on its consolidated financial statements.

Income Taxes - Additional Information (Details) - State $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Net operating loss carryforwards	$ 0.4
Net operating loss carryforwards expiration year	2035

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax amount of derivative losses	$ (2,711)	$ 0	$ 0
Commodity Contract [Member] \| Non designated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax amount of derivative losses	$ 2,435	$ 0	$ 0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Recognized Stock - Based Compensation Expense

The Company recognized stock-based compensation expense and the related tax benefit as follows for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Cost of goods sold1	$	260	$	188	$	133
Selling, general and administrative expense2		7,157		5,852		4,307
Total	$	7,417	$	6,040	$	4,440

Tax benefit	$	2,998	$	970	$	3,872

Includes $7, $6 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

Includes $97, $57 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 25, 2022:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 25, 2022		4,634,205		$	9.35			$	38,520
Granted		520,154		$	15.00
Exercised		(737,000	)	$	1.05			$	9,091
Cancelled/Forfeited		(496,874	)	$	21.89			$	61
Outstanding as of December 31, 2023		3,920,485		$	10.07		5.8	$	28,749
Options exercisable as of December 31, 2023		2,793,016		$	8.31		5.0	$	25,215
Options vested and expected to vest as of December 31, 2023		3,920,485		$	10.07		5.8	$	28,749

Summary of Assumptions, Fair Values and Intrinsic Values of Stock Options

The Company estimates the fair value of stock options on the date of grant using a Black-Scholes option-pricing valuation model, which uses the expected option term, stock price volatility, and the risk-free interest rate. The expected option term assumption reflects the period for which the Company believes the option will remain outstanding. The Company elected to use the simplified method to determine the expected option term, for all periods presented, which is the average of the option’s vesting and contractual term. The Company’s computation of expected volatility is based on the historical volatility of selected comparable publicly traded companies over a period equal to the expected term of the option. The risk-free interest rate reflects the U.S. Treasury yield curve for a similar instrument with the same expected term in effect at the time of the grant.

The following table summarizes the valuation model assumptions, fair values and intrinsic values of stock options during the fiscal years indicated:


	December 31, 2023		December 25, 2022		December 26, 2021
Expected term (in years)	6.0		6.0		6.0 - 6.5
Expected stock price volatility	27.8% - 29.2%		27.6% - 28.6%		28.5% - 29.4%
Risk-free interest rate	3.63% - 4.45%		1.64% - 4.16%		0.57% - 1.36%
Expected dividend yield	0%		0%		0%
Weighted average fair value at grant date	$	5.33	$	3.97	$	7.31
Fair value of stock options vested	$	3,160	$	3,245	$	2,694
Intrinsic value of stock options exercised	$	9,091	$	1,827	$	20,343
Proceeds from stock options exercised	$	776	$	568	$	2,776

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock units ("RSU") activity since December 25, 2022:


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 25, 2022		505,504		$	13.58
Granted		350,497		$	15.04
Vested1		(217,347	)	$	14.03
Forfeited		(73,278	)	$	14.10
Unvested as of December 31, 2023		565,376		$	14.24

Shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Equity Incentive Plan

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
Allowance for doubtful accounts	$ 777,000	$ 699,000	$ 269,000	$ 196,000
Impairment of long-lived assets	0	0	0
Accrued interest or penalties on uncertain tax position	171	85,000
Shipping and distribution costs	27,344,000	30,104,000	24,979,000
Cost of goods sold	309,531,000	252,606,000	178,002,000
Marketing and advertising expense	23,625,000	13,301,000	11,469,000
Right-of-use asset	8,911,000	1,895,000
Lease liability	$ 8,828,000
Employee Stock Option
Summary Of Significant Accounting Policies [Line Items]
Stock options - vest year	3 years
Stock options - date of grant and expire	10 years
Restricted Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock options - vest year	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Term of Contract	7 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Term of Contract	1 year
Freight
Summary Of Significant Accounting Policies [Line Items]
Cost of goods sold	$ 4,823,000	$ 9,610,000	$ 7,623,000

Income Taxes - Reconciliation of Federal Statutory Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Income Tax Disclosure [Abstract]
Provision at statutory rate of 21%	$ 6,762	$ 594	$ 74
State income taxes	1,117	51	(416)
Stock-based compensation	(1,636)	225	(2,846)
Non-deductible costs	574	279	12
Charitable deduction	(95)	(634)	(88)
Change in deferred tax asset valuation allowance	84	(774)	774
Revisions to prior year	4	212	0
Changes in uncertain tax positions	58	347	0
Tax credits	(238)	0	0
Other, net	5	33	462
Provision (benefit) for income taxes	$ 6,635	$ 1,601	$ (2,028)

Investment Securities - Summary of Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Investments, Debt and Equity Securities [Abstract]
Due within one year Amortized Cost	$ 23,478
Due in 1-5 years Amortized Cost	9,656
Amortized Cost	33,134	$ 67,834
Due within one year Fair Value	23,157
Due in 1-5 years Fair Value	9,510
Total available-for-sale Fair Value	$ 32,667	$ 65,814

Income Taxes - Schedule of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Income Tax Disclosure [Abstract]
Valuation allowance as of beginning of year	$ 0	$ 774
Increases recorded to income tax provision	84	0
Decreases recorded as benefit to income tax provision	0	(774)
Valuation allowance as of end of year	$ 84	$ 0

Leases - Summary of Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Operating cash outflows - payments on operating leases	$ 1,759	$ 1,477
Operating cash outflows - interest payments on finance leases	740	87
Financing cash outflows - principal payments on finance leases	$ 2,246	$ 554

Related Party Transactions - Additional Information (Details) - Sandpebble Builders Preconstruction, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Related Party Transaction [Line Items]
Expense paid to related party	$ 631	$ 962	$ 1,037
Amounts owed to related party	$ 0	$ 51

Net Income Per Share - Schedule of Excluded Common Shares Including at Anti-dilutive Effects (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	23,791	73,340	23,744
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	15,429	27,954	4,817
Unvested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,362	45,386	18,927

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Net Revenue by Primary Product

The following table summarizes the Company’s net revenue by primary product for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Net Revenue:
Eggs and egg-related products	$	449,045	$	339,214	$	239,967
Butter and butter-related products		22,812		22,836		20,934
Net Revenue	$	471,857	$	362,050	$	260,901

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value liabilities transfers, Level 2 to Level 1	$ 0

Derivative Financial Instruments - Schedule Of Notional Amounts of Outstanding Derivative Instruments (Details) bu in Thousands	Dec. 31, 2023 T bu	Dec. 25, 2022 T bu
Corn
Derivative [Line Items]
Notional amounts of derivative financial instruments \| bu	2,351	0
Soybean Meal
Derivative [Line Items]
Notional amounts of derivative financial instruments \| T	25	0

Investment Securities - Schedule of Proceeds, Gross Realized Gains and Losses from the Sale of Available-for-sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 2,895	$ 0	$ 1,436
Gross realized gains	0	9	0
Gross realized losses	(183)	(105)	(55)
Net realized losses	$ (183)	$ (96)	$ (55)

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

6. Revenue Recognition

The following table summarizes the Company’s net revenue by primary product for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Net Revenue:
Eggs and egg-related products	$	449,045	$	339,214	$	239,967
Butter and butter-related products		22,812		22,836		20,934
Net Revenue	$	471,857	$	362,050	$	260,901

Net revenue is primarily generated from the sale of eggs and butter. The Company’s product offerings include shell eggs, hard-boiled eggs, liquid whole eggs, and stick butter. The Company’s previous convenient breakfast product line (including egg bites and egg-based breakfast bars) was discontinued in 2022, and the Company’s ghee and spreadable tub butter offerings were discontinued during the fiscal year ended December 31, 2023. The revenues related to the discontinued product lines were immaterial.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:


	December 31, 2023		December 25, 2022
Options to purchase common stock		3,920,485		4,634,205
Restricted stock units		565,376		505,504
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan		13,313,326		11,503,459
Total		17,799,187		16,643,168

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

13. Long-Term Debt

In October 2017, the Company entered into a credit facility agreement with PNC Bank, National Association (the “Credit Facility”) that initially included a $4.7 million term a loan, a $10.0 million revolving line of credit and an equipment loan with a maximum borrowing capacity of $1.5 million.

Subsequently, the terms of the Credit Facility were modified at various times between fiscal 2018 and fiscal 2023. Such amendments (i) amended various definitions, (ii) waived a technical default in May 2020 which was triggered by exceeding the capital expenditure limit, (iii) increased borrowing capacity and (iv) extended the maturity date. The Ninth Amendment to the Credit Facility in April 2021 eliminated the term loan and equipment loan. The Tenth Amendment to the Credit Facility in December 2022 modified certain covenants related to commodity hedging, consented to the dissolution of immaterial subsidiaries and implemented changes related to the discontinuation of LIBOR. The Eleventh Amendment to the Credit Facility, effective July 26, 2023 extended the maturity date by one year, from April 2, 2024 to April 2, 2025.

The maximum borrowing capacity under the revolving line of credit is currently $20.0 million. Interest on borrowings under the revolving line of credit, as well as loan advances thereunder, accrues at a rate, at the Company’s election at the time of borrowing, equal to (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York plus 2.00% or (ii) 1.00% plus the alternate base rate, as defined in the Credit Facility. During the fiscal year ended December 31, 2023, the Company borrowed and repaid $7.5 million under the revolving line of credit. As of December 31, 2023, there were no outstanding amounts under the revolving line of credit.

The Credit Facility is secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the Credit Facility) and requires the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The Credit Facility also contains various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens. As a result of the limitations contained in the Credit Facility, certain of the net assets on the Company’s consolidated balance sheet as of December 31, 2023 are restricted in use. The Company’s wholly owned subsidiaries are non-operating and have no restricted net assets within the meaning of Rule 4-08(e)(3) or Rule 12-04 of Regulation S-X. The Credit Facility also contains other customary covenants, representations and events of default. As of December 31, 2023, the Company was in compliance with all covenants under the Credit Facility.

During the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the Company recognized interest expense related to draws on the revolving line of credit of $7, $0, and $52, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 25,566	$ 1,251	$ 2,429

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Land improvements \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	15 years
Land improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	20 years
Buildings and Improvements \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	15 years
Buildings and Improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	39 years
Vehicles
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 years
Machinery and Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	2 years
Machinery and Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	7 years
Furniture and Fixtures
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful lives	Lesser of lease term or 5 years

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of December 31, 2023:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	33,134	$	10	$	(477	)	$	—	$	32,667
Total	$	33,134	$	10	$	(477	)	$	—	$	32,667

The following table summarizes the Company’s available-for-sale investment securities as of December 25, 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	66,658	$	4	$	(2,000	)	$	—	$	64,662
U.S. Treasury		1,176		—		(24	)		—		1,152
Total	$	67,834	$	4	$	(2,024	)	$	—	$	65,814

Schedule of Proceeds, Gross Realized Gains and Losses from the Sale of Available-for-sale Securities

The following table presents the Company’s proceeds, gross realized gains and losses from the sale of available-for-sale securities for the periods presented:


	Fiscal Year Ended
	December 31, 2023			December 25, 2022			December 26, 2021
Proceeds	$	2,895		$	—		$	1,436

Gross realized gains		—			9			—
Gross realized losses		(183	)		(105	)		(55	)
Net realized losses	$	(183	)	$	(96	)	$	(55	)

Summary of Contractual Maturities of Investment Securities

The amortized cost and fair value of the Company’s investments in available-for-sale securities as of December 31, 2023 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	23,478	$	23,157
Due after one year through five years		9,656		9,510
Total available-for-sale	$	33,134	$	32,667

Schedule of Unrealized Loss Aging for Available-for-sale Securities

The following tables present the Company’s unrealized loss aging for available-for-sale securities by type and length of time the security was in a continuous unrealized loss position as of the periods presented:


	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)
Total	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)


	December 25, 2022
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	31,657	$	(888	)	$	32,406	$	(1,112	)	$	64,063	$	(2,000	)
U.S. Treasury		—		—			1,176		(24	)		1,176		(24	)
Total	$	31,657	$	(888	)	$	33,582	$	(1,136	)	$	65,239	$	(2,024	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Leases - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Operating leases	$ 8,583	$ 0
Finance leases	$ 7,390	$ 8,931

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 arrangement modified	false
Non-Rule 10b5-1 arrangement modified	false

Accumulated Other Comprehensive Income (Loss) - Schedule of Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized net holding gain (loss), Before Tax	$ 1,371	$ (1,745)	$ (385)
Unrealized net holding gain (loss), Tax	(338)	405	93
Unrealized net holding gain (loss), After Tax	1,033	(1,340)	(292)
Amounts reclassified from accumulated other comprehensive loss to earnings	182	96	55
Amounts reclassified for realized losses to earnings	(45)	(22)	(13)
Net of tax	137	74	42
Income tax (expense) benefit related to items of other comprehensive income (loss)	(383)	383	80
Other comprehensive income (loss), net of tax	1,170	(1,266)	(250)
Other comprehensive income (loss), before tax	1,553	(1,649)	(330)
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 182	$ 96	$ 55

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company's customer concentration for the fiscal year ended December 31, 2023 was as follows:


	Net Revenue Year Ended December 31, 2023	Net Revenue Year Ended December 25, 2022	Net Revenue Year Ended December 26, 2021	Accounts Receivable, Net as of December 31, 2023	Accounts Receivable, Net as of December 25, 2022
Customer A	25%	26%	18%	18%	23%
Customer B	*	11%	12%	12%	12%
Customer C	*	*	14%	*	*
Customer D	*	*	10%	*	*
Customer E	*	*	*	11%	13%
Customer F	*	*	*	11%	*

* Denotes percentage less than 10%

•

Level 1 - Quoted prices in active markets for identical assets or liabilities.

•



		Estimated Useful Life
Land		N/A
Land improvements		15 to 20 years
Buildings and improvements		15 to 39 years
Vehicles		5 years
Machinery and equipment		2 to 7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of lease term or 5 years

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

For the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the provision for income taxes consisted of the following:


	December 31, 2023			December 25, 2022			December 26, 2021
Current:
Federal	$	5,136		$	384		$	225
State		1,678			539			282
Deferred:
Federal		28			803			(2,164	)
State		(207	)		(125	)		(371	)
Provision (benefit) for income taxes	$	6,635		$	1,601		$	(2,028	)

The Company’s income before income taxes is entirely derived from domestic sources for all periods presented. The reconciliation of the federal statutory income tax provision to the Company’s effective income tax provision is as follows:


	December 31, 2023			December 25, 2022			December 26, 2021
Provision at statutory rate of 21%	$	6,762		$	594		$	74
State income taxes		1,117			51			(416	)
Stock-based compensation		(1,636	)		225			(2,846	)
Non-deductible costs		574			279			12
Charitable deduction		(95	)		634			(88	)
Change in deferred tax asset valuation allowance		84			(774	)		774
Revisions to prior year		4			212			—
Changes in uncertain tax positions		58			347			—
Tax credits		(238	)		—			—
Other, net		5			33			462
Provision (benefit) for income taxes	$	6,635		$	1,601		$	(2,028	)

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2023 and December 25, 2022 were comprised of the following:


	3	December 31, 2023			December 25, 2022
Deferred tax assets:
Accrued expenses		$	3,716		$	2,594
Allowances and other reserves			191			171
Inventory			1,498			963
Net operating loss carryforwards			110			1,503
Charitable contributions			—			230
Stock-based compensation			1,465			1,046
Lease liability			5,558			2,624
Other			467			581
Total deferred tax assets			13,005			9,712
Less: Valuation allowance			(84	)		—
Net deferred tax assets		$	12,921		$	9,712
Deferred tax liabilities:
Prepaid expenses		$	490		$	590
Property and equipment			6,778			6,273
Operating and finance lease right of use assets			5,517			2,589
Intangibles			507			430
Total deferred tax liabilities		$	13,292		$	9,882
Net deferred tax liabilities		$	(371	)	$	(170	)

A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered, including the Company’s current and past performance, the market environments in which the Company operates, the utilization of past tax credits, the length of carry back and carry forward periods and tax planning strategies that might be implemented. Management considered the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment.

The activity in the Company’s deferred tax asset valuation allowance for the fiscal years ended December 31, 2023 and December 25, 2022 was as follows:


	December 31, 2023		December 25, 2022
Valuation allowance as of beginning of year	$	—	$	774
Increases recorded to income tax provision		84		—
Decreases recorded as benefit to income tax provision		—		(774	)
Valuation allowance as of end of year	$	84	$	—

As of December 31, 2023, the Company had unrecognized tax benefits, which represent the aggregate tax effect of the differences between tax return positions and the benefits recognized in the Company’s financial statements. At December 31, 2023, all of the unrecognized tax benefits, if recognized, would affect the Company’s annual effective tax rate. The unrecognized tax benefits are long-term in nature and the Company does not anticipate the balance of the unrecognized tax benefits to change materially in the next 12 months.

The following table reflects changes in gross unrecognized tax benefits:


	December 31, 2023			December 25, 2022
Gross tax contingencies as of beginning of year	$	511		$	219
Increase in gross tax contingencies		165			320
Decrease in gross tax contingencies		(22	)		(28	)
Gross tax contingencies as of end of year	$	654		$	511

As of December 31, 2023, the Company had state net operating loss carryforwards of $0.4 million which begin to expire in funding re2035.

The Company files a U.S. federal income tax return, as well as income tax returns in various states. Tax years 2020 and forward remain open to examination by the tax jurisdictions to which the Company is subject, with certain state taxing jurisdictions being open back to 2017.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Customers Information

The Company's customer concentration for the fiscal year ended December 31, 2023 was as follows:


	Net Revenue Year Ended December 31, 2023	Net Revenue Year Ended December 25, 2022	Net Revenue Year Ended December 26, 2021	Accounts Receivable, Net as of December 31, 2023	Accounts Receivable, Net as of December 25, 2022
Customer A	25%	26%	18%	18%	23%
Customer B	*	11%	12%	12%	12%
Customer C	*	*	14%	*	*
Customer D	*	*	10%	*	*
Customer E	*	*	*	11%	13%
Customer F	*	*	*	11%	*

* Denotes percentage less than 10%

Schedule of Useful Lives of Property Plant and Equipment

The general range of useful lives of other property, plant and equipment is as follows:



		Estimated Useful Life
Land		N/A
Land improvements		15 to 20 years
Buildings and improvements		15 to 39 years
Vehicles		5 years
Machinery and equipment		2 to 7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of lease term or 5 years

Long-Term Debt - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Oct. 31, 2017
Debt Instrument [Line Items]
Interest expense	$ 7,000	$ 0	$ 52,000
Revolving Line of Credit
Debt Instrument [Line Items]
Repayments of Long-Term Lines of Credit	7,500,000	$ 0	$ 0
Outstanding debt	0
PNC Bank, National Association \| Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity				$ 10,000,000
PNC Bank, National Association \| Revolving Line of Credit \| Sixth Amendment
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 20,000,000
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
PNC Bank, National Association \| Revolving Line of Credit \| Tenth Amendment \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.00%
PNC Bank, National Association \| Term Loan
Debt Instrument [Line Items]
Debt instrument face amount				4,700,000
PNC Bank, National Association \| Equipment Loan
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity				$ 1,500,000
PNC Bank, National Association \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms	The Credit Facility is secured by all of the Company’s assets (other than real property and certain other property excluded pursuant to the terms of the Credit Facility) and requires the Company to maintain three financial covenants: a fixed charge coverage ratio, a leverage ratio and a minimum tangible net worth requirement. The Credit Facility also contains various covenants relating to limitations on indebtedness, acquisitions, mergers, consolidations and the sale of properties and liens.
Line of credit facility covenant compliance	As of December 31, 2023, the Company was in compliance with all covenants under the Credit Facility.
PNC Bank, National Association \| Credit Facility \| Eleventh Amendment [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Apr. 02, 2025
PNC Bank, National Association \| Credit Facility \| Term Loan And Equipment Loan
Debt Instrument [Line Items]
Debt instrument eliminated	2021-04

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Income Tax Disclosure [Abstract]
Gross tax contingencies as of beginning of year	$ 511	$ 219
Increase in gross tax contingencies	165	320
Decrease in gross tax contingencies	(22)	(28)
Gross tax contingencies as of end of year	$ 654	$ 511

Product Exit Costs (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Summary of Activity Related to Exit of Breakfast Products

The following table summarizes the activity related to the exit of the Company’s convenient breakfast products during the periods presented:


		For the Fiscal Year Ended December 31, 2023
Description	Statement of Income Classification	Beginning Liability Balance		Charges Incurred		Amounts Paid or Settled			Amounts Released as Unutilized		Ending Liability Balance
Asset write-downs	Cost of goods sold	$	119	$	—	$	(74	)	$	—	$	45
Total		$	119	$	—	$	(74	)	$	—	$	45


		For the Fiscal Year Ended December 25, 2022
Description	Statement of Income Classification	Charges Incurred		Amounts Paid or Settled			Amounts Released as Unutilized			Ending Liability Balance
Contract terminations	Selling, general and administrative	$	1,126	$	(1,126	)	$	—		$	—
Inventory obsolescence	Cost of goods sold		749		(749	)		—			—
Customer allowances	Net revenue		146		(111	)		(35	)		—
Asset write-downs	Cost of goods sold		119		—			—			119
Co-manufacturer charges	Cost of goods sold		135		(135	)		—			—
Asset disposals	Selling, general and administrative		66		(66	)		—			—
Total		$	2,341	$	(2,187	)	$	(35	)	$	119

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

8. Inventories

Inventory consisted of the following as of the periods presented:


	December 31, 2023			December 25, 2022
Eggs and egg-related products	$	25,521		$	13,675
Butter and butter-related products		1,697			5,718
Packaging		4,988			5,452
Pullets		289			981
Other		896			1,121
Reserve for inventory obsolescence		(496	)		(98	)
Inventories	$	32,895		$	26,849

On a periodic basis, the Company compares the amount of inventory on hand with its latest forecasted requirements to determine whether charges for excess or obsolete inventory reserves are required.

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units

12 Months Ended

Dec. 31, 2023

$ / shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of RSUs, beginning balance | shares

505,504

Number of RSUs, Granted | shares

350,497

Number of RSUs, Vested | shares

(217,347)

^[1]

Number of RSUs, forfeited | shares

(73,278)

Number of RSUs, Ending balance | shares

565,376

Weighted-Average Grant Date Fair Value, beginning balance | $ / shares

$ 13.58

Weighted-Average Grant Date Fair Value, Granted | $ / shares

15.04

Weighted-Average Grant Date Fair Value, Vested | $ / shares

14.03

^[1]

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares

14.1

Weighted-Average Grant Date Fair Value, ending balance | $ / shares

$ 14.24

[1]	Shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Equity Incentive Plan

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:


	December 31, 2023		December 25, 2022
Employee-related costs	$	9,131	$	7,453
Promotions and customer deductions		6,982		4,414
Distribution fees and freight		2,876		2,351
Marketing and broker commissions		3,627		1,598
Purchases of inventory		525		1,349
Professional fees		1,066		761
Other		11		551
Accrued liabilities	$	24,218	$	18,477

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 97,559	$ 72,554
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	64,498	6,740
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	33,061	65,814
Money market
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	64,498	6,740
Money market \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	64,498	6,740
US Corporate Bonds and US Denominated Foreign Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	32,667	64,662
US Corporate Bonds and US Denominated Foreign Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	32,667	64,662
US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value		1,152
US Treasury Securities [Member] \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value		$ 1,152
Derivative financial instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	394
Derivative financial instruments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets measured at fair value	$ 394

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Payables and Accruals [Abstract]
Employee-related costs	$ 9,131	$ 7,453
Promotions and customer deductions	6,982	4,414
Distribution fees and freight	2,876	2,351
Marketing and broker commissions	3,627	1,598
Purchases of inventory	525	1,349
Professional fees	1,066	761
Other	11	551
Accrued liabilities	$ 24,218	$ 18,477

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Current assets:
Cash and cash equivalents	$ 84,149	$ 12,914
Investment securities available-for-sale	32,667	65,814
Accounts Receivable, net of allowance for credit losses of 550 and 699 as of December 31, 2023 and December 25, 2022, respectively	39,699	38,895
Inventories	32,895	26,849
Prepaid expenses and other current assets	6,114	5,142
Total current assets	195,524	149,614
Property, plant and equipment, net	66,839	59,155
Operating lease right-of-use assets	8,911	1,895
Goodwill and other assets	3,904	4,002
Total assets	275,178	214,666
Current liabilities:
Accounts payable	33,485	25,972
Accrued liabilities	24,218	18,477
Operating lease liabilities, current	3,057	1,208
Finance lease liabilities, current	3,255	1,570
Income taxes payable	1,206	425
Total current liabilities	65,221	47,652
Operating lease liabilities, non-current	5,771	892
Finance lease liabilities, non-current	10,481	7,023
Other liability, non-current	1,028	767
Total liabilities	82,501	56,334
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of December 31, 2023 and December 25, 2022; no shares issued and outstanding as of December 31, 2023 and December 25, 2022, respectively	0	0
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of December 31, 2023 and December 25, 2022; 41,684,649 and 40,746,990 shares issued and outstanding as of December 31, 2023 and December 25, 2022, respectively	4	4
Additional paid-in capital	163,325	155,716
Retained earnings	29,725	4,159
Accumulated other comprehensive loss	(377)	(1,547)
Total stockholders’ equity	192,677	158,332
Total liabilities and stockholders' equity	$ 275,178	$ 214,666

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9. Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:


	December 31, 2023			December 25, 2022
Land	$	552		$	552
Land improvements		818			835
Buildings and improvements		30,532			29,667
Vehicles		1,055			894
Machinery and equipment		50,979			34,978
Leasehold improvements		492			919
Furniture and fixtures		461			685
Construction in progress		3,001			3,312
		87,890			71,842
Less: Accumulated depreciation and amortization		(21,051	)		(12,687	)
Property, plant and equipment, net	$	66,839		$	59,155

During the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, depreciation and amortization of property, plant and equipment was approximately $7,925, $5,441, and $3,540, respectively.

Common Stock - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2023	Dec. 26, 2021	Dec. 25, 2022
Class Of Stock [Line Items]
Common stock, shares authorized		310,000,000		310,000,000
Common stock, par value		$ 0.0001		$ 0.0001
Common stock, shares issued		41,684,649		40,746,990
Common stock, shares outstanding		41,684,649		40,746,990
Common stock voting rights		Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders
Common stock dividend declared or paid		$ 0
Treasury Stock
Class Of Stock [Line Items]
Retirement of treasury stock, Shares	5,494,918		5,494,918

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 87,890	$ 71,842
Less: Accumulated depreciation and amortization	(21,051)	(12,687)
Property, plant and equipment, net	66,839	59,155
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	552	552
Land improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	818	835
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,532	29,667
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,055	894
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	50,979	34,978
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	492	919
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	461	685
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 3,001	$ 3,312

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Long-term supply contracts costs	$ 200,000

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Current:
Federal	$ 5,136	$ 384	$ 225
State	1,678	539	282
Deferred:
Federal	28	803	(2,164)
State	(207)	(125)	(371)
Provision (benefit) for income taxes	$ 6,635	$ 1,601	$ (2,028)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

The Company recognized stock-based compensation expense and the related tax benefit as follows for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Cost of goods sold1	$	260	$	188	$	133
Selling, general and administrative expense2		7,157		5,852		4,307
Total	$	7,417	$	6,040	$	4,440

Tax benefit	$	2,998	$	970	$	3,872

Includes $7, $6 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

Includes $97, $57 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

Stock Option Activity

The following table summarizes the Company’s stock option activity since December 25, 2022:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 25, 2022		4,634,205		$	9.35			$	38,520
Granted		520,154		$	15.00
Exercised		(737,000	)	$	1.05			$	9,091
Cancelled/Forfeited		(496,874	)	$	21.89			$	61
Outstanding as of December 31, 2023		3,920,485		$	10.07		5.8	$	28,749
Options exercisable as of December 31, 2023		2,793,016		$	8.31		5.0	$	25,215
Options vested and expected to vest as of December 31, 2023		3,920,485		$	10.07		5.8	$	28,749

The following table summarizes the valuation model assumptions, fair values and intrinsic values of stock options during the fiscal years indicated:


	December 31, 2023		December 25, 2022		December 26, 2021
Expected term (in years)	6.0		6.0		6.0 - 6.5
Expected stock price volatility	27.8% - 29.2%		27.6% - 28.6%		28.5% - 29.4%
Risk-free interest rate	3.63% - 4.45%		1.64% - 4.16%		0.57% - 1.36%
Expected dividend yield	0%		0%		0%
Weighted average fair value at grant date	$	5.33	$	3.97	$	7.31
Fair value of stock options vested	$	3,160	$	3,245	$	2,694
Intrinsic value of stock options exercised	$	9,091	$	1,827	$	20,343
Proceeds from stock options exercised	$	776	$	568	$	2,776

As of December 31, 2023, total unrecognized stock-based compensation expense related to unvested stock options was $3,412, which is expected to be recognized over a weighted-average period of 1.62 years.

Restricted Stock Unit Activity

The following table summarizes the restricted stock units ("RSU") activity since December 25, 2022:


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested as of December 25, 2022		505,504		$	13.58
Granted		350,497		$	15.04
Vested1		(217,347	)	$	14.03
Forfeited		(73,278	)	$	14.10
Unvested as of December 31, 2023		565,376		$	14.24

Shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2020 Equity Incentive Plan

As of December 31, 2023, total unrecognized stock-based compensation expense related to the Company’s unvested RSU activity was $5,220, which is expected to be recognized over a weighted-average period of 1.76 years.

The fair value of RSU shares vested during the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021 was $3,044, $1,549, and $564, respectively.

2020 Equity Incentive Plan: In July 2020, the Board of Directors adopted the Vital Farms, Inc. 2020 Equity Incentive Plan (“2020 Incentive Plan”), which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. Initially, the maximum number of shares of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board of Directors. As of December 31, 2023, 11,200,932 shares were available for future grants of the Company’s common stock, which excludes 1,667,385 shares of common stock that were automatically added to the available reserve on January 1, 2024.

Employee Stock Purchase Plan: In July 2020, the Board of Directors adopted the 2020 Employee Stock Purchase Plan (“2020 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on July 30, 2020. The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to certain eligible employees or, as designated by the Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Board of Directors. As of December 31, 2023, 2,112,394 shares of the Company’s common stock were available for future issuance, which excludes 416,846 shares of common stock that were automatically added to the available reserve on January 1, 2024. The Board of Directors authorizes six-month offering periods, with the most recent beginning on November 16, 2023.

CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interest Variable Interest Entity, Primary Beneficiary	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders' Equity Attributable to Vital Farms, Inc. Stockholders	Noncontrolling Interests
Beginning Balance at Dec. 27, 2020	$ 142,210		$ 5	$ (16,276)	$ 144,311	$ 14,039	$ (31)	$ 142,048	$ 162
Beginning balance at Dec. 27, 2020		$ 175
Beginning balance, Shares at Dec. 27, 2020			44,938,958
Beginning Balance, Shares at Dec. 27, 2020				(5,494,918)
Exercise of stock options	2,803				2,803			2,803
Exercise of stock options, Shares			1,034,929
Vesting of restricted stock units, Shares			15,000
Stock-based compensation expense	4,440				4,440			4,440
Net loss attributable to noncontrolling interests - stockholders	(47)								(47)
Retirement of treasury stock				$ 16,276	(2,554)	(13,722)
Retirement of treasury stock, Shares			(5,494,918)	5,494,918
Other comprehensive loss, net	(250)						(250)	(250)
Net income attributable to Vital Farms, Inc. stockholders	2,429					2,429		2,429
Ending Balance at Dec. 26, 2021	151,585		$ 5		149,000	2,746	(281)	151,470	115
Ending balance at Dec. 26, 2021		175
Ending Balance, Shares at Dec. 26, 2021			40,493,969
Exercise of stock options	685				685			685
Exercise of stock options, Shares			180,835
Vesting of restricted stock units	(9)				(9)			(9)
Vesting of restricted stock units, Shares			51,852
Shares issued under employee stock purchase plan, Shares			20,334
Stock-based compensation expense	6,040				6,040			6,040
Dissolution of noncontrolling interest	67	$ (175)	$ (1)					(1)	68
Net loss attributable to noncontrolling interests - stockholders	(21)					162		162	$ (183)
Other comprehensive loss, net	(1,266)						(1,266)	(1,266)
Net income attributable to Vital Farms, Inc. stockholders	1,251					1,251		1,251
Ending Balance at Dec. 25, 2022	$ 158,332		$ 4		155,716	4,159	(1,547)	158,332
Ending Balance, Shares at Dec. 25, 2022	40,746,990		40,746,990
Exercise of stock options	$ 692				692			692
Exercise of stock options, Shares	737,000		737,000
Vesting of restricted stock units, Shares			217,347
Shares issued under employee stock purchase plan, Shares			25,878
Shares withheld for tax liability on vested restricted stock units			(42,566)
Shares withheld for tax liability on vested restricted stock units	$ (796)				(796)			(796)
Shares issued under employee stock purchase plan	296				296			296
Stock-based compensation expense	7,417				7,417			7,417
Net loss attributable to noncontrolling interests - stockholders	0
Other comprehensive loss, net	1,170						1,170	1,170
Net income attributable to Vital Farms, Inc. stockholders	25,566					25,566		25,566
Ending Balance at Dec. 31, 2023	$ 192,677		$ 4		$ 163,325	$ 29,725	$ (377)	$ 192,677
Ending Balance, Shares at Dec. 31, 2023	41,684,649		41,684,649

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Property Plant And Equipment [Line Items]
Depreciation and amortization of property, plant and equipment	$ 7,925	$ 5,441	$ 3,540

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Income Statement [Abstract]
Net revenue	$ 471,857	$ 362,050	$ 260,901
Cost of goods sold	309,531	252,606	178,002
Gross profit	162,326	109,444	82,899
Operating expenses:
Selling, general and administrative	101,728	77,236	57,868
Shipping and distribution	27,344	30,104	24,979
Total operating expenses	129,072	107,340	82,847
Income from operations	33,254	2,104	52
Interest expense	(782)	(114)	(52)
Interest income	2,542	992	381
Other expense, net	(2,813)	(151)	(27)
Total other income (expense), net	(1,053)	727	302
Net income before income taxes	32,201	2,831	354
Income tax provision (benefit)	6,635	1,601	(2,028)
Net income	25,566	1,230	2,382
Less: Net loss attributable to noncontrolling interests	0	(21)	(47)
Net income attributable to Vital Farms, Inc. common stockholders	$ 25,566	$ 1,251	$ 2,429
Earnings Per Share
Basic:	$ 0.62	$ 0.03	$ 0.06
Diluted:	$ 0.59	$ 0.03	$ 0.06
Weighted average common shares outstanding:
Basic:	41,192,544	40,648,592	40,027,278
Diluted:	43,312,836	43,469,586	43,321,733

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Notional Amounts of Outstanding Derivative Instruments

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:


	Metric	December 31, 2023		December 25, 2022
Commodity:
Corn	Bushels (in thousands)		2,351		—
Soybean Meal	Tons		25		—

Product Exit Costs

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Product Exit Costs

12. Product Exit Costs

During the fiscal year ended December 25, 2022, the Company made the decision to exit its convenient breakfast product category due to a shift in focus to product offerings that are core to the Company’s operations. Charges incurred in connection with these product exits were substantially complete by December 25, 2022, and the Company believes the actual charges as shown below approximate fair value.

During the fiscal year ended December 31, 2023, the Company made the decision to exit its ghee and spreadable tub butter product offerings. Charges incurred in connection with these product exits were immaterial.

As of December 25, 2022, the ending liability balance related to the convenience breakfast category exit was $119. As of December 31, 2023, remaining liabilities of $45 are expected to be settled or released by the end of the 13-week period ending March 31, 2024.

The following table summarizes the activity related to the exit of the Company’s convenient breakfast products during the periods presented:


		For the Fiscal Year Ended December 31, 2023
Description	Statement of Income Classification	Beginning Liability Balance		Charges Incurred		Amounts Paid or Settled			Amounts Released as Unutilized		Ending Liability Balance
Asset write-downs	Cost of goods sold	$	119	$	—	$	(74	)	$	—	$	45
Total		$	119	$	—	$	(74	)	$	—	$	45


		For the Fiscal Year Ended December 25, 2022
Description	Statement of Income Classification	Charges Incurred		Amounts Paid or Settled			Amounts Released as Unutilized			Ending Liability Balance
Contract terminations	Selling, general and administrative	$	1,126	$	(1,126	)	$	—		$	—
Inventory obsolescence	Cost of goods sold		749		(749	)		—			—
Customer allowances	Net revenue		146		(111	)		(35	)		—
Asset write-downs	Cost of goods sold		119		—			—			119
Co-manufacturer charges	Cost of goods sold		135		(135	)		—			—
Asset disposals	Selling, general and administrative		66		(66	)		—			—
Total		$	2,341	$	(2,187	)	$	(35	)	$	119

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) Contract	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of longterm supply contracts \| Contract	2
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Option to extend	The Company’s office lease for its corporate headquarters facility in Austin, Texas includes an option to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term up to five years.
Option to terminate	In addition, certain leases contain termination options, where the rights to terminate are held by the Company, the lessor, or both parties.
Lease- amortization expense \| $	$ 2,565	$ 439	$ 0
Maximum
Lessee, Lease, Description [Line Items]
Term of Contract	7 years
Minimum
Lessee, Lease, Description [Line Items]
Term of Contract	1 year

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Vital Farms, Inc. (the “Company,” “we,” “us” or “our”) was incorporated in Delaware on June 6, 2013 and is headquartered in Austin, Texas. The Company packages, markets and distributes shell eggs, butter and other products. These products are principally sold under the name Vital Farms in addition to other trade names, primarily to retail and foodservice channels in the United States.

Vital Farms of Missouri, LLC is a wholly owned subsidiary of Vital Farms. All significant intercompany transactions and balances have been eliminated in the audited consolidated financial statements.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the included disclosures are adequate, and the accompanying consolidated financial statements contain all adjustments necessary for a fair statement of our consolidated financial position as of December 31, 2023, consolidated results of operations and the consolidated cash flows for the fiscal years ended December 31, 2023, December 25, 2022 and December 26, 2021. Such adjustments are of a normal and recurring nature and certain reclassifications of previously reported amounts have been made to conform to the current year presentation. A reclassification of $1,539 has been made from accounts receivable, net to prepaids and other current assets, net in the consolidated balance sheet as of December 25, 2022 to conform to the current year presentation of our accounts receivable from the Company's network of farms.

Fiscal Year: The Company’s fiscal year ends on the last Sunday in December and contains either 52 or 53 weeks. Therefore, the financial results of certain 53-week fiscal years will not be exactly comparable to the prior and subsequent 52-week fiscal years. The fiscal year ended December 31, 2023 contains operating results for 53 weeks, while the fiscal years ended December 25, 2022, and December 26, 2021 contain operating results for 52 weeks.

Common Stock - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2023	Dec. 25, 2022
Class Of Stock [Line Items]
Common stock for issuance	17,799,187	16,643,168
Employee Stock Option
Class Of Stock [Line Items]
Common stock for issuance	3,920,485	4,634,205
Restricted Stock Units
Class Of Stock [Line Items]
Common stock for issuance	565,376	505,504
Shares Available for Grant \| 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock for issuance	13,313,326	11,503,459

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Allowance for Credit Losses - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	$ (699)	$ (269)	$ (196)
Reductions (provisions) charged to operating results	(512)	(752)	(184)
Account write-offs	434	322	111
Allowance for credit losses,Ending balance	(777)	(699)	(269)
Account receivable member
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	(493)	(269)	(196)
Reductions (provisions) charged to operating results	(364)	(546)	(184)
Account write-offs	307	322	111
Allowance for credit losses,Ending balance	(550)	(493)	(269)
Prepaid expenses and other current assets member
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, Beginning balance	(206)	0	0
Reductions (provisions) charged to operating results	(148)	(206)	0
Account write-offs	127	0	0
Allowance for credit losses,Ending balance	$ (227)	$ (206)	$ 0

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

10. Leases

The Company leases office facilities, warehouses, office equipment and vehicles for delivery of products under lease agreements with initial terms approximating one to five years. The Company's finance leases include leases on a transportation fleet as well as office equipment and its operating leases primarily consist of leases on its buildings, including its corporate headquarters.

In addition, substantially all the Company’s long-term supply contracts with farms contain components that meet the definition of embedded leases within the scope of Topic 842. These arrangements convey to the Company the right to control implicitly identified property, plant and equipment as it takes substantially all the utility generated by these assets over the term of the arrangements at a variable price. The initial term of these supply agreements ranges from one to seven years. Excluding upfront leasing costs discussed below, the total purchase commitments contained in these arrangements are variable and represent rentals; there are no minimum purchase commitments associated with these long-term supply contracts. During December 2023, the Company executed two long-term supply contracts with farms to provide an upfront lease payment to offset farm construction costs, loans and other startup costs. The upfront leasing costs have been classified within our operating lease right-of-use assets on the consolidated balance sheet for the year ended December 31, 2023 and will be amortized to cost of goods sold over the term of the long term supply arrangements.

As the classification and timing of recognition of costs attributable to the eggs and embedded cost of the lease rentals are identical, the Company does not allocate the total purchase cost of eggs between the cost of the eggs and the embedded cost of the lease rentals or distinguish between them in its accounting records. The Company records the total purchase cost of eggs, which includes costs associated with the eggs and the corresponding cost of embedded lease rentals from the same arrangement, into inventory. These costs are expensed to cost of goods sold when the associated eggs are sold to customers and are also reported as part of our variable lease cost.

The Company’s office lease for its corporate headquarters facility in Austin, Texas includes an option to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term up to five years. In addition, certain leases contain termination options, where the rights to terminate are held by the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. As of December 31, 2023, it is not reasonably certain that the Company will exercise the right to extend its office lease and therefore, the Company has not included the extended term in the calculation of its ROU assets or liabilities. The Company’s leases do not contain any material restrictive covenants or residual value guarantees.

Operating lease cost is recognized on a straight-line basis over the lease term and finance lease cost is recognized as amortization expense for ROU assets and interest expense associated with finance lease liabilities. Amortization expense associated with our finance leases during the fiscal years ended December 31, 2023 and December 25, 2022 was $2,565 and $439, respectively, and is recorded within costs of goods sold and selling, general and administrative costs in the consolidated statement of income.

The components of lease cost consisted of the following for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Operating lease cost	$	1,714	$	1,445	$	—
Finance lease cost – amortization of right-of-use assets		2,565		439		—
Finance lease cost – interest on lease liabilities		740		87		28
Short-term lease cost		771		67		—
Variable lease cost		7,533		2,967		—
Variable lease cost – long-term supply contracts		200,050		143,696		—
Total lease cost	$	213,373	$	148,701	$	28

Supplemental balance sheet information related to leases is as follows:


	As of December 31, 2023			As of December 25, 2022
Finance Leases
Machinery and equipment	$	16,321		$	8,931
Less: Accumulated depreciation and amortization		(2,837	)		(272	)
Property, plant and equipment, net	$	13,484		$	8,659


	As of December 31, 2023			As of December 25, 2022
Weighted-average remaining lease term (years)
Operating leases		2.97			2.18
Finance leases		3.83			4.85
Weighted-average discount rate
Operating leases		7.38	%		3.32	%
Finance leases		7.12	%		6.34	%

Future undiscounted cash flows are as follows:


	As of December 31, 2023
	Operating Leases			Finance Leases
2024	$	3,579		$	4,103
2025		3,170			4,103
2026		3,017			4,095
2027		—			3,332
2028		—			—
Thereafter		—			—
Total lease payments		9,766			15,633
Less imputed interest		(938	)		(1,897	)
Total present value of lease liabilities	$	8,828		$	13,736

Supplemental cash flow information related to leases is as follows:

Cash paid for amounts included in measurement of lease liabilities:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022
Operating cash outflows - payments on operating leases	$	1,759	$	1,477
Operating cash outflows - interest payments on finance leases		740		87
Financing cash outflows - principal payments on finance leases		2,246		554

Right-of-use assets obtained in exchange for new lease obligations:


	As of December 31, 2023		As of December 25, 2022
Operating leases	$	8,583	$	—
Finance leases		7,390		8,931

Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock and Common Stock Warrant

15. Common Stock

Common Stock: As of December 31, 2023, the Company’s amended and restated certificate of incorporation authorized the Company to issue 310,000,000 shares of common stock, par value $0.0001 per share, of which 41,684,649 shares were issued and outstanding.

The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock, if any. Each share of the Company’s common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Holders of the Company’s common stock are entitled to receive dividends as may be declared by the Board of Directors, if any, subject to the preferential dividend rights of preferred stock, if any. No cash dividends were declared or paid during the periods presented.

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:


	December 31, 2023		December 25, 2022
Options to purchase common stock		3,920,485		4,634,205
Restricted stock units		565,376		505,504
Shares available for grant under the 2020 Equity Incentive Plan and 2020 Employee Stock Purchase Plan		13,313,326		11,503,459
Total		17,799,187		16,643,168

Treasury Stock: In August 2021, the Company retired an aggregate of 5,494,918 shares of its common stock held in treasury. Upon retirement, the shares were redesignated as authorized but unissued shares of the Company’s common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

For the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the provision for income taxes consisted of the following:


	December 31, 2023			December 25, 2022			December 26, 2021
Current:
Federal	$	5,136		$	384		$	225
State		1,678			539			282
Deferred:
Federal		28			803			(2,164	)
State		(207	)		(125	)		(371	)
Provision (benefit) for income taxes	$	6,635		$	1,601		$	(2,028	)

Reconciliation of Federal Statutory Income Tax Provision


	December 31, 2023			December 25, 2022			December 26, 2021
Provision at statutory rate of 21%	$	6,762		$	594		$	74
State income taxes		1,117			51			(416	)
Stock-based compensation		(1,636	)		225			(2,846	)
Non-deductible costs		574			279			12
Charitable deduction		(95	)		634			(88	)
Change in deferred tax asset valuation allowance		84			(774	)		774
Revisions to prior year		4			212			—
Changes in uncertain tax positions		58			347			—
Tax credits		(238	)		—			—
Other, net		5			33			462
Provision (benefit) for income taxes	$	6,635		$	1,601		$	(2,028	)

Schedule of Deferred Income Tax Assets and Liabilities


	3	December 31, 2023			December 25, 2022
Deferred tax assets:
Accrued expenses		$	3,716		$	2,594
Allowances and other reserves			191			171
Inventory			1,498			963
Net operating loss carryforwards			110			1,503
Charitable contributions			—			230
Stock-based compensation			1,465			1,046
Lease liability			5,558			2,624
Other			467			581
Total deferred tax assets			13,005			9,712
Less: Valuation allowance			(84	)		—
Net deferred tax assets		$	12,921		$	9,712
Deferred tax liabilities:
Prepaid expenses		$	490		$	590
Property and equipment			6,778			6,273
Operating and finance lease right of use assets			5,517			2,589
Intangibles			507			430
Total deferred tax liabilities		$	13,292		$	9,882
Net deferred tax liabilities		$	(371	)	$	(170	)

Schedule of Deferred Tax Asset Valuation Allowance

The activity in the Company’s deferred tax asset valuation allowance for the fiscal years ended December 31, 2023 and December 25, 2022 was as follows:


	December 31, 2023		December 25, 2022
Valuation allowance as of beginning of year	$	—	$	774
Increases recorded to income tax provision		84		—
Decreases recorded as benefit to income tax provision		—		(774	)
Valuation allowance as of end of year	$	84	$	—

Unrecognized Tax Benefits

The following table reflects changes in gross unrecognized tax benefits:


	December 31, 2023			December 25, 2022
Gross tax contingencies as of beginning of year	$	511		$	219
Increase in gross tax contingencies		165			320
Decrease in gross tax contingencies		(22	)		(28	)
Gross tax contingencies as of end of year	$	654		$	511

Revenue Recognition - Summary of Net Revenue by Primary Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Disaggregation Of Revenue [Line Items]
Net revenue	$ 471,857	$ 362,050	$ 260,901
Eggs and Egg Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	449,045	339,214	239,967
Butter and Butter Related Products
Disaggregation Of Revenue [Line Items]
Net revenue	$ 22,812	$ 22,836	$ 20,934

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

7. Allowance for Credit Losses

As of December 31, 2023 and December 25, 2022, the Company had an allowance for credit losses of $777 and $699, respectively.

The Company recognizes current estimated credit losses (“CECL”) for accounts receivable. The CECL for trade receivables are estimated based on the trade receivable aging category, credit risk of specific customers, past collection history, and management’s evaluation of accounts receivable. The Company also has other receivables which are classified within prepaid expenses and other current assets. The CECL for other receivables are estimated based on the other receivables aging category and the probability of default. Provisions for CECL are classified within selling, general and administrative costs.

Changes in the allowance for credit losses for the periods presented were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 27, 2020	$	(196	)	$	—		$	(196	)
Provisions charged to operating results		(184	)		—			(184	)
Account write-offs		111			—			111
As of December 26, 2021	$	(269	)	$	—		$	(269	)
Provisions charged to operating results		(546	)		(206	)		(752	)
Account write-offs		322			—			322
As of December 25, 2022	$	(493	)	$	(206	)	$	(699	)
Provisions charged to operating results		(364	)		(148	)		(512	)
Account write-offs		307			127			434
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)

Product Exit Costs - Summary of Activity Related to Exit of Breakfast Products (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 119
Charges Incurred	0	$ 2,341
Amounts Paid or Settled	(74)	(2,187)
Amounts Released as Unutilized	0	(35)
Restructuring Reserve, Ending Balance	45	119
Net Revenue \| Customer Allowances
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Charges Incurred		146
Amounts Paid or Settled		(111)
Amounts Released as Unutilized		(35)
Restructuring Reserve, Ending Balance		0
Cost of Goods Sold \| Inventory Obsolescence
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Charges Incurred		749
Amounts Paid or Settled		(749)
Amounts Released as Unutilized		0
Restructuring Reserve, Ending Balance		0
Cost of Goods Sold \| Asset Write-downs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	119
Charges Incurred	0	119
Amounts Paid or Settled	(74)	0
Amounts Released as Unutilized	0	0
Restructuring Reserve, Ending Balance	45	119
Cost of Goods Sold \| Co-manufacturer Charges
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Charges Incurred		135
Amounts Paid or Settled		(135)
Amounts Released as Unutilized		0
Restructuring Reserve, Ending Balance		0
Selling, General and Administrative \| Asset Disposals
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	0
Charges Incurred		66
Amounts Paid or Settled		(66)
Amounts Released as Unutilized		0
Restructuring Reserve, Ending Balance		0
Selling, General and Administrative \| Contract Terminations
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 0
Charges Incurred		1,126
Amounts Paid or Settled		(1,126)
Amounts Released as Unutilized		0
Restructuring Reserve, Ending Balance		$ 0

Investment Securities - Schedule of Unrealized Loss Aging for Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 months	$ 699	$ 31,657
Unrealized losses, less than 12 months	(3)	(888)
Fair value, 12 months or longer	29,247	33,582
Unrealized losses, 12 months or longer	(474)	(1,136)
Fair value, Total	29,946	65,239
Unrealized losses, Total	(477)	(2,024)
US Corporate Bonds and US Denominated Foreign Bonds
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 months	699	31,657
Unrealized losses, less than 12 months	(3)	(888)
Fair value, 12 months or longer	29,247	32,406
Unrealized losses, 12 months or longer	(474)	(1,112)
Fair value, Total	29,946	64,063
Unrealized losses, Total	$ (477)	(2,000)
US Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 months		0
Unrealized losses, less than 12 months		0
Fair value, 12 months or longer		1,176
Unrealized losses, 12 months or longer		(24)
Fair value, Total		1,176
Unrealized losses, Total		$ (24)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Leases [Abstract]
Operating lease cost	$ 1,714	$ 1,445	$ 0
Finance lease cost - amortization of right-of-use assets	2,565	439	0
Finance lease cost - interest on lease liabilities	740	87	28
Short-term lease cost	771	67	0
Variable lease cost	7,533	2,967	0
Variable lease cost - long-term supply contracts	200,050	143,696	0
Total lease cost	$ 213,373	$ 148,701	$ 28

Preferred Stock - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 25, 2022
Class Of Stock [Line Items]
Preferred stock, shares outstanding	0	0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:


	Fair Value Measurements as of December 31, 2023, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	64,498	$	—	$	—	$	64,498
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		32,667		—		32,667
Prepaid expenses and other current assets:
Derivative financial instruments		—		394		—		394
Total assets measured at fair value	$	64,498	$	33,061	$	—	$	97,559


	Fair Value Measurements as of December 25, 2022, Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market	$	6,740	$	—	$	—	$	6,740
Investment securities, available-for-sale:
U.S. corporate bonds and U.S. dollar denominated foreign bonds		—		64,662		—		64,662
U.S. Treasury		—		1,152		—		1,152
Total assets measured at fair value	$	6,740	$	65,814	$	—	$	72,554

Investment Securities - Additional Information (Details)	Dec. 31, 2023 USD ($) Security Position	Dec. 25, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Aggregate unrealized losses	$ 0	$ 0
Unrealized Losses	$ 477,000	2,024,000
Unrealized Loss Position greater than 12 months \| Position	46
Maximum
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses	$ 46,000
AFS Securities
Debt Securities, Available-for-Sale [Line Items]
Number of Securities Issuances for unrealized losses \| Security	47
US Corporate Bonds and US Denominated Foreign Bonds
Debt Securities, Available-for-Sale [Line Items]
Aggregate unrealized losses	$ 0	0
Unrealized Losses	$ 477,000	$ 2,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Preferred Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred Stock [Text Block]

14. Preferred Stock

As of December 31, 2023, the Company’s amended and restated certificate of incorporation authorized the Company to issue 10,000,000 shares, par value $0.0001 per share, of preferred stock, in one or more series and with such designation, rights and preferences as may be determined from time to time (collectively, the “preferred stock”) by the Company’s Board of Directors. As of December 31, 2023, there were no shares of preferred stock issued or outstanding.

Income Taxes - Reconciliation of Federal Statutory Income Tax Provision (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision at statutory rate	21.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, net of allowance for credit losses	$ 550	$ 699
Prepaid expenses and other current assets, net of allowance for credit losses	$ 227	$ 206
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	310,000,000	310,000,000
Common stock, shares issued	41,684,649	40,746,990
Common stock, shares outstanding	41,684,649	40,746,990

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 04, 2024	Jun. 25, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Vital Farms, Inc.
Entity Central Index Key	0001579733
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	false
Security 12b Title	Common Stock, - par value $0.0001 per share
Trading Symbol	VITL
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-39411
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0496985
Entity Address, Address Line One	3601 South Congress Avenue
Entity Address, Address Line Two	Suite C100
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78704
City Area Code	877
Local Phone Number	455-3063
Entity Common Stock, Shares Outstanding		41,795,788
Entity Public Float			$ 402,240
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Austin, Texas
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the registrant’s 2024 annual meeting of stockholders, to be filed within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Part III of this Annual Report.
Document Financial Statement Error Correction [Flag]	false

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Allowance for Credit Loss [Abstract]

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses for the periods presented were as follows:


	Accounts Receivable			Prepaid Expenses and other Current Assets			Total
As of December 27, 2020	$	(196	)	$	—		$	(196	)
Provisions charged to operating results		(184	)		—			(184	)
Account write-offs		111			—			111
As of December 26, 2021	$	(269	)	$	—		$	(269	)
Provisions charged to operating results		(546	)		(206	)		(752	)
Account write-offs		322			—			322
As of December 25, 2022	$	(493	)	$	(206	)	$	(699	)
Provisions charged to operating results		(364	)		(148	)		(512	)
Account write-offs		307			127			434
As of December 31, 2023	$	(550	)	$	(227	)	$	(777	)

Stock-Based Compensation -Summary of Recognized Stock-Based Compensation Expense (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 25, 2022

Dec. 26, 2021

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

ESPP expense

$ 7,417

$ 6,040

$ 4,440

Cost of Goods Sold

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

ESPP expense

^[1]

260

188

133

Cost of Goods Sold | Employee Stock Purchase Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

ESPP expense

Selling, General and Administrative

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

ESPP expense

^[2]

7,157

5,852

4,307

Selling, General and Administrative | Employee Stock Purchase Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

ESPP expense

$ 97

$ 57

$ 0

[1]	Includes $7, $6 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.
[2]	Includes $97, $57 and $0 of expense related to the 2020 Employee Stock Purchase Plan as of December 31, 2023, December 25, 2022, and December 26, 2021, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4. Derivative Financial Instruments

The Company enters into derivative instruments to mitigate the impact of commodity price volatility. Such instruments may include call options on commodity price contracts. Realized and unrealized gains and losses on the Company’s commodity derivatives not designated as hedging instruments are recorded in other expense, net. The Company recognizes all derivative instruments as either assets or liabilities.

The following table presents the aggregated outstanding notional amounts related to the Company’s derivative financial instruments for the periods presented:


	Metric	December 31, 2023		December 25, 2022
Commodity:
Corn	Bushels (in thousands)		2,351		—
Soybean Meal	Tons		25		—

For the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the pre-tax amount of commodity contract derivative losses recognized in other expense, net was $2,435, $0, and $0, respectively.

The fair value and location of all outstanding derivative financial instruments are included in “Fair Value Measurements” in Note 5 below.

Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($)	Dec. 31, 2023	Dec. 25, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 33,134,000	$ 67,834,000
Unrealized Gains	10,000	4,000
Unrealized Losses	(477,000)	(2,024,000)
Allowance for Credit Losses	0	0
Fair Value	32,667,000	65,814,000
US Corporate Bonds and US Denominated Foreign Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	33,134,000	66,658,000
Unrealized Gains	10,000	4,000
Unrealized Losses	(477,000)	(2,000,000)
Allowance for Credit Losses	0	0
Fair Value	$ 32,667,000	64,662,000
US Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		1,176,000
Unrealized Gains		0
Unrealized Losses		(24,000)
Allowance for Credit Losses		0
Fair Value		$ 1,152,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

19. Accumulated Other Comprehensive Income (Loss)

The amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) to the statements of income were as follows:


		Amounts Reclassified from AOCI
		Fiscal Year Ended
AOCI Component	Statement of Income Classification	December 31, 2023			December 25, 2022			December 26, 2021
Gains on available-for-sale securities	Other income, net	$	182		$	96		$	55
	Total before tax		182			96			55
	Tax expense		(45	)		(22	)		(13	)
	Net of tax	$	137		$	74		$	42

The gross amount and related tax expense recorded in, and associated with, each component of other comprehensive income (loss) were as follows:


	Fiscal Year Ended
	December 31, 2023							December 25, 2022									December 26, 2021
	Before Tax		Tax			After Tax		Before Tax			Tax			After Tax			Before Tax			Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain (loss)	$	1,371	$	(338	)	$	1,033	$	(1,745	)	$	405		$	(1,340	)	$	(385	)	$	93		$	(292	)
Amounts reclassified for realized losses to earnings		182		(45	)		137		96			(22	)		74			55			(13	)	$	42
Total other comprehensive income (loss)	$	1,553	$	(383	)	$	1,170	$	(1,649	)	$	383		$	(1,266	)	$	(330	)	$	80		$	(250	)

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 01, 2024	Jul. 31, 2020	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock for issuance			17,799,187	16,643,168
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 5,220
Expected weighted-average period of recognition			1 year 9 months 3 days
Common stock for issuance			565,376	505,504
RSU of shares vested			$ 3,044	$ 1,549	$ 564
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 3,412
Expected weighted-average period of recognition			1 year 7 months 13 days
Common stock for issuance			3,920,485	4,634,205
2020 Equity Incentive Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issuable		8,595,871
Percentage of outstanding common stock		4.00%
Share-based compensation award, description			Initially, the maximum number of shares of the Company’s common stock that may be issued under the 2020 Incentive Plan was 8,595,871 shares. The 2020 Incentive Plan provides that the number of shares reserved and available for issuance under the 2020 Incentive Plan will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board of Directors
Number of shares available for future grants			11,200,932
2020 Equity Incentive Plan \| Common Stock \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of new shares issued	1,667,385
2020 Employee Stock Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issuable		900,000
Percentage of outstanding common stock		1.00%
Share-based compensation award, description			The 2020 ESPP authorizes the initial issuance of up to 900,000 shares of the Company’s common stock to certain eligible employees or, as designated by the Board of Directors, employees of a related company. The 2020 ESPP provides that the number of shares reserved and available for issuance under the 2020 ESPP will automatically increase each January 1, beginning on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 and (ii) 900,000, or such lesser number of shares as determined by the Board of Directors.
Common stock for issuance			2,112,394
2020 Employee Stock Purchase Plan \| Common Stock \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of new shares issued	416,846

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Cash flows from operating activities:
Net income	$ 25,566	$ 1,230	$ 2,382
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,925	5,441	3,540
Reduction in the carrying amount of right-of-use assets	4,129	1,840	0
Amortization of available-for-sale debt securities	348	711	1,301
Stock-based compensation expense	7,417	6,040	4,440
Uncertain tax positions	58	405	0
Deferred taxes	(179)	227	(2,536)
Net realized losses on derivative instruments	2,711	0	0
Other	438	184	341
Changes in operating assets and liabilities:
Accounts receivable	(862)	(13,858)	(6,078)
Inventories	(6,443)	(15,574)	1,733
Income taxes receivable	0	199	1,354
Prepaid expenses and other current assets	(1,151)	(131)	426
Deposits and other assets	98	45	(46)
Income taxes payable	782	425	0
Accounts payable	6,671	2,352	6,796
Accrued liabilities	5,157	3,843	4,029
Operating lease liabilities	(1,759)	(1,477)	0
Net cash (used in) provided by operating activities	50,906	(8,098)	17,682
Cash flows from investing activities:
Purchases of property, plant and equipment	(11,538)	(10,468)	(16,711)
Purchases of leasehold improvements	0	(89)	0
Purchases of available-for-sale debt securities	(982)	(33,817)	(51,688)
Purchases of derivative instruments	(1,971)	0	0
Sales of available-for-sale debt securities	2,895	0	1,436
Settlements of derivative instruments	106	0	0
Maturities and call redemptions of available-for-sale debt securities	32,265	34,345	48,523
Proceeds from the sale of property, plant and equipment	1,056	100	0
Return of investment in variable interest entity	552	0	0
Dissolution of equity investment	0	(108)	0
Net cash provided by (used in) investing activities	22,383	(10,037)	(18,440)
Cash flows from financing activities:
Proceeds from exercise of stock options	692	675	2,803
Proceeds from issuance of common stock under employee stock purchase plan	296	0	0
Payment of tax withholding obligation on vested RSU shares	(796)	0	0
Principal payments under finance lease obligations	(2,246)	(554)	(471)
Payment of contingent consideration	0	(38)	(152)
Net cash (used in) provided by financing activities	(2,054)	83	2,180
Net increase (decrease) in cash and cash equivalents	71,235	(18,052)	1,422
Cash and cash equivalents at beginning of the period	12,914	30,966	29,544
Cash and cash equivalents at end of the period	84,149	12,914	30,966
Supplemental disclosure of cash flow information:
Cash paid for interest	775	114	43
Cash paid for income taxes	5,996	99	102
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	187	1,143	1,493
Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from borrowing under revolving line of credit	7,500	0	0
Repayment of revolving line of credit	$ (7,500)	$ 0	$ 0

Investment Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

3. Investment Securities

The following table summarizes the Company’s available-for-sale investment securities as of December 31, 2023:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	33,134	$	10	$	(477	)	$	—	$	32,667
Total	$	33,134	$	10	$	(477	)	$	—	$	32,667

The following table summarizes the Company’s available-for-sale investment securities as of December 25, 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	66,658	$	4	$	(2,000	)	$	—	$	64,662
U.S. Treasury		1,176		—		(24	)		—		1,152
Total	$	67,834	$	4	$	(2,024	)	$	—	$	65,814

The following table presents the Company’s proceeds, gross realized gains and losses from the sale of available-for-sale securities for the periods presented:


	Fiscal Year Ended
	December 31, 2023			December 25, 2022			December 26, 2021
Proceeds	$	2,895		$	—		$	1,436

Gross realized gains		—			9			—
Gross realized losses		(183	)		(105	)		(55	)
Net realized losses	$	(183	)	$	(96	)	$	(55	)

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of the Company’s investments in available-for-sale securities as of December 31, 2023 by contractual maturity are as follows:


	Amortized Cost		Fair Value
Due within one year	$	23,478	$	23,157
Due after one year through five years		9,656		9,510
Total available-for-sale	$	33,134	$	32,667


	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)
Total	$	699	$	(3	)	$	29,247	$	(474	)	$	29,946	$	(477	)


	December 25, 2022
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. corporate bonds and U.S. dollar denominated foreign bonds	$	31,657	$	(888	)	$	32,406	$	(1,112	)	$	64,063	$	(2,000	)
U.S. Treasury		—		—			1,176		(24	)		1,176		(24	)
Total	$	31,657	$	(888	)	$	33,582	$	(1,136	)	$	65,239	$	(2,024	)

As of the fiscal year ended December 31, 2023, there were 47 diversified issuances in the Company’s securities portfolio in an unrealized loss position, with credit ratings from BBB- to AAA. As of December 31, 2023, there are no individual bonds with unrealized losses exceeding $46, and 46 issuances have been in a loss position greater than 12 months.

The decline in fair value has resulted primarily from rising interest rates over the last 12 months, and the Company does not believe there has been any significant decline in the creditworthiness of the issuers. The Company also does not believe it is likely that a significant number of bonds will be called early, and it does not have liquidity needs that would necessitate a sale of any material investments prior to maturity. Therefore, the Company has not recorded an allowance for credit losses on the investment securities as of December 31, 2023.

The fair value and location of all investment securities are included in “Fair Value Measurements” in Note 5 below.

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

18. Net Income Per Share

Basic and diluted net income per share attributable to the Company’s common stockholders were calculated as follows:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022			December 26, 2021
Numerator:
Net income	$	25,566	$	1,230		$	2,382
Less: Net loss attributable to noncontrolling interests		—		(21	)		(47	)
Net income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	25,566	$	1,251		$	2,429
Denominator:
Weighted average common shares outstanding — basic		41,192,544		40,648,592			40,027,278
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		1,994,774		2,745,161			3,290,615
Effect of potentially dilutive restricted stock units		107,577		64,455			3,840
Effect of potentially dilutive common stock issuable pursuant to the ESPP		17,941		11,378			—
Weighted average common shares outstanding — diluted		43,312,836		43,469,586			43,321,733
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.62	$	0.03		$	0.06
Diluted	$	0.59	$	0.03		$	0.06

The Company excluded the following shares of common stock, outstanding at each period end, from the computation of diluted net income per share attributable to Vital Farms, Inc. common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Options to purchase common stock		15,429		27,954		4,817
Unvested restricted stock		8,362		45,386		18,927
		23,791		73,340		23,744

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Machinery and equipment	$ 16,321	$ 8,931
Less: Accumulated depreciation and amortization	(2,837)	(272)
Property, plant and equipment, net	$ 13,484	$ 8,659
Weighted-average remaining lease term (years)	2 years 11 months 19 days	2 years 2 months 4 days
Weighted-average discount rate	7.38%	3.32%
Weighted-average remaining lease term (years)	3 years 9 months 29 days	4 years 10 months 6 days
Weighted-average discount rate	7.12%	6.34%

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Allowance for Credit Loss [Abstract]
Allowance for credit losses	$ 777	$ 699	$ 269	$ 196

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Share

Basic and diluted net income per share attributable to the Company’s common stockholders were calculated as follows:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022			December 26, 2021
Numerator:
Net income	$	25,566	$	1,230		$	2,382
Less: Net loss attributable to noncontrolling interests		—		(21	)		(47	)
Net income attributable to Vital Farms, Inc. stockholders’ — basic and diluted	$	25,566	$	1,251		$	2,429
Denominator:
Weighted average common shares outstanding — basic		41,192,544		40,648,592			40,027,278
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive stock options		1,994,774		2,745,161			3,290,615
Effect of potentially dilutive restricted stock units		107,577		64,455			3,840
Effect of potentially dilutive common stock issuable pursuant to the ESPP		17,941		11,378			—
Weighted average common shares outstanding — diluted		43,312,836		43,469,586			43,321,733
Net income per share attributable to Vital Farms, Inc. stockholders
Basic	$	0.62	$	0.03		$	0.06
Diluted	$	0.59	$	0.03		$	0.06

Schedule of Commom Shares Excluded from Computation of Diluted Earnings Per Share


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Options to purchase common stock		15,429		27,954		4,817
Unvested restricted stock		8,362		45,386		18,927
		23,791		73,340		23,744

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

20. Commitments and Contingencies

Supplier Contracts: The Company purchases its egg inventories under long-term supply contracts with farms. Purchase commitments contained in these arrangements are variable dependent upon the quantity of eggs produced by the farms. Accordingly, there are no estimable future purchase commitments associated with these supplier contracts and there are no minimum payments associated with these long-term supply contracts. The Company records the total cost of eggs into inventory and they are expensed to cost of goods sold when the associated eggs are sold to customers and are also reported as part of the Company’s variable lease cost. During December 2023, the Company executed two long-term supply contracts with farms to provide a one-time payment of $200,000 each at lease inception as an incremental cost of obtaining the lease.

Indemnification Agreements: In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of December 31, 2023, the Company has not incurred any material costs as a result of such indemnification agreements.

Litigation: The Company is subject to various claims and contingencies that are in the scope of ordinary and routine litigation incidental to its business, including those related to regulation, litigation, business transactions, employee-related matters and taxes, among others. When the Company becomes aware of a claim or potential claim, the likelihood of any loss or exposure is assessed. Based on these assessments and estimates, we may establish reserves, as appropriate. These assessments and estimates are based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from our assessments and estimates.

On May 20, 2021, the Company and certain of its current and former officers were named as defendants in a class action complaint captioned Nicholas A. Usler et al. v. Vital Farms, Inc. et al. in the United States District Court for the Western District of Texas. The plaintiffs alleged false advertising claims on behalf of themselves and a putative class of alleged consumers of the Company’s eggs. The named officers of the Company were subsequently dismissed as defendants in this matter. In September 2023, the parties engaged in mediation to discuss potential settlement of remaining claims, but no agreement was reached and the lawsuit is ongoing. The Company believes the claims are without merit and is vigorously defending itself in this matter. Given the uncertainty of the litigation, the stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company is unable to reasonably estimate the possible loss or range of loss, if any, that may result from the claim.

Although the Company maintains insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions and caps on amounts recoverable. Even if the Company believes a claim is covered by insurance, insurers may dispute its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount of the Company's recovery. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company records a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible.

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

11. Accrued Liabilities

Accrued liabilities consisted of the following as of the periods presented:


	December 31, 2023		December 25, 2022
Employee-related costs	$	9,131	$	7,453
Promotions and customer deductions		6,982		4,414
Distribution fees and freight		2,876		2,351
Marketing and broker commissions		3,627		1,598
Purchases of inventory		525		1,349
Professional fees		1,066		761
Other		11		551
Accrued liabilities	$	24,218	$	18,477

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) to the statements of income were as follows:


		Amounts Reclassified from AOCI
		Fiscal Year Ended
AOCI Component	Statement of Income Classification	December 31, 2023			December 25, 2022			December 26, 2021
Gains on available-for-sale securities	Other income, net	$	182		$	96		$	55
	Total before tax		182			96			55
	Tax expense		(45	)		(22	)		(13	)
	Net of tax	$	137		$	74		$	42

Schedule of Component of Other Comprehensive Income

The gross amount and related tax expense recorded in, and associated with, each component of other comprehensive income (loss) were as follows:


	Fiscal Year Ended
	December 31, 2023							December 25, 2022									December 26, 2021
	Before Tax		Tax			After Tax		Before Tax			Tax			After Tax			Before Tax			Tax			After Tax
Available-for-sale debt securities:
Unrealized net holding gain (loss)	$	1,371	$	(338	)	$	1,033	$	(1,745	)	$	405		$	(1,340	)	$	(385	)	$	93		$	(292	)
Amounts reclassified for realized losses to earnings		182		(45	)		137		96			(22	)		74			55			(13	)	$	42
Total other comprehensive income (loss)	$	1,553	$	(383	)	$	1,170	$	(1,649	)	$	383		$	(1,266	)	$	(330	)	$	80		$	(250	)

Summary of Significant Accounting Policies - Summary of Significant Customers Information (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Sales Revenue Net \| Customer A
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	25.00%	26.00%	18.00%
Sales Revenue Net \| Customer B
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		11.00%	12.00%
Sales Revenue Net \| Customer C
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			14.00%
Sales Revenue Net \| Customer D
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			10.00%
Accounts Receivable \| Customer A
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	18.00%	23.00%
Accounts Receivable \| Customer B
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	12.00%	12.00%
Accounts Receivable \| Customer E
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	11.00%	13.00%
Accounts Receivable \| Customer F
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	11.00%

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

21. Related Party Transactions

Ovabrite: Ovabrite, Inc., a Delaware corporation (“Ovabrite”), has been deemed a related party because its founders were stockholders of the Company, with the majority stockholder in Ovabrite also serving as the Company’s executive chairperson and member of the Board of Directors. Since Ovabrite’s incorporation in November 2016, the Company has been deemed to have had a variable interest in Ovabrite, and Ovabrite has been deemed to have been a VIE, of which the Company has been the primary beneficiary. Accordingly, the Company has consolidated the results of Ovabrite since November 2016. All significant intercompany transactions between the Company and Ovabrite have been eliminated in consolidation.

Effective August 30, 2022, Ovabrite’s Board of Directors and the holders of the majority of its outstanding capital stock consented to dissolving the entity, and a Certificate of Dissolution was filed with the Delaware Secretary of State. As of December 31, 2023, Ovabrite had completed its business activities and liquidated its remaining assets. The results of operations of the Ovabrite entity were immaterial for all periods presented.

Sandpebble Builders Preconstruction, Inc.: The Company utilizes Sandpebble Builders Preconstruction, Inc. and Sandpebble South, Inc. (collectively “Sandpebble”) for project management and related services associated with the construction and expansion of our egg processing facilities, including site selection, project management and related services for the Company’s potential future egg packing facility. The Company's contract with Sandpebble for services related to the Company's next egg packing facility was awarded after a competitive bidding process. Victor Canseco, the owner and principal of Sandpebble, is the father of Russell Diez-Canseco, the Company’s President and Chief Executive Officer and a member of the Board of Directors. In connection with the services described above, the Company paid Sandpebble $631, $962, and $1,037 during the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, respectively. Amounts paid to Sandpebble are included in property, plant and equipment, net and selling, general and administrative costs. As of the fiscal years ended December 31, 2023 and December 25, 2022, amounts owed to Sandpebble were $0 and $51, respectively, and are included in accounts payable.

Whole Foods Market, Inc: A member of the Board of Directors was, until February 2022, an executive vice president and senior advisor at Whole Foods. The Company serves the majority of its natural channel retail customers through food distributors, such as US Foods Inc. and United Natural Foods, Inc., who purchase, store, sell and deliver products to Whole Foods. While the Company cannot precisely determine its specific revenue attributable to Whole Foods, it is a significant customer.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost consisted of the following for the periods presented:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Operating lease cost	$	1,714	$	1,445	$	—
Finance lease cost – amortization of right-of-use assets		2,565		439		—
Finance lease cost – interest on lease liabilities		740		87		28
Short-term lease cost		771		67		—
Variable lease cost		7,533		2,967		—
Variable lease cost – long-term supply contracts		200,050		143,696		—
Total lease cost	$	213,373	$	148,701	$	28

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	As of December 31, 2023			As of December 25, 2022
Finance Leases
Machinery and equipment	$	16,321		$	8,931
Less: Accumulated depreciation and amortization		(2,837	)		(272	)
Property, plant and equipment, net	$	13,484		$	8,659


	As of December 31, 2023			As of December 25, 2022
Weighted-average remaining lease term (years)
Operating leases		2.97			2.18
Finance leases		3.83			4.85
Weighted-average discount rate
Operating leases		7.38	%		3.32	%
Finance leases		7.12	%		6.34	%

Summary of Operating and Finance Leases Future Undiscounted Cash Flows

Future undiscounted cash flows are as follows:


	As of December 31, 2023
	Operating Leases			Finance Leases
2024	$	3,579		$	4,103
2025		3,170			4,103
2026		3,017			4,095
2027		—			3,332
2028		—			—
Thereafter		—			—
Total lease payments		9,766			15,633
Less imputed interest		(938	)		(1,897	)
Total present value of lease liabilities	$	8,828		$	13,736

Summary of Cash Flow Information related to Leases

Supplemental cash flow information related to leases is as follows:

Cash paid for amounts included in measurement of lease liabilities:


	Fiscal Year Ended
	December 31, 2023		December 25, 2022
Operating cash outflows - payments on operating leases	$	1,759	$	1,477
Operating cash outflows - interest payments on finance leases		740		87
Financing cash outflows - principal payments on finance leases		2,246		554

Right-of-use assets obtained in exchange for new lease obligations:


	As of December 31, 2023		As of December 25, 2022
Operating leases	$	8,583	$	—
Finance leases		7,390		8,931

401(k) Savings Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

401(K) Savings Plan

22. 401(k) Savings Plan

The Company established a defined contribution savings plan in 2017 under Section 401(k) of the Internal Revenue Code of 1986, as amended. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions to the plan may be made at the discretion of the Board of Directors. During the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021, the Company made contributions totaling $1,185, $861, and $651 respectively, to the plan.

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation	Jun. 06, 2013
Other current assets
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Reclassification		$ 1,539

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following as of the periods presented:


	December 31, 2023			December 25, 2022
Land	$	552		$	552
Land improvements		818			835
Buildings and improvements		30,532			29,667
Vehicles		1,055			894
Machinery and equipment		50,979			34,978
Leasehold improvements		492			919
Furniture and fixtures		461			685
Construction in progress		3,001			3,312
		87,890			71,842
Less: Accumulated depreciation and amortization		(21,051	)		(12,687	)
Property, plant and equipment, net	$	66,839		$	59,155

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 182	$ 96	$ 55
Tax expense	(45)	(22)	(13)
Net of tax	137	74	42
Gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss to earnings	$ 182	$ 96	$ 55

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Inventory [Line Items]
Reserve for inventory obsolescence	$ (496)	$ (98)
Inventories	32,895	26,849
Eggs and Egg Related Products
Inventory [Line Items]
Inventory gross	25,521	13,675
Butter and Butter Related Products
Inventory [Line Items]
Inventory gross	1,697	5,718
Packaging
Inventory [Line Items]
Inventory gross	4,988	5,452
Pullets
Inventory [Line Items]
Inventory gross	289	981
Other
Inventory [Line Items]
Inventory gross	$ 896	$ 1,121

Product Exit Costs - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Restructuring and Related Activities [Abstract]
Liability balance related to exit	$ 45	$ 119
Restructuring and Related Activities, Completion Date	Mar. 31, 2024