Mama's Creations Inc Q3 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Holland - DA Davidson & Co - Analyst : Congratulations on the strong quarter. I wanted to hit on -- maybe first off, obviously, you highlighted the incremental wins at Target, Food Lion. That's fantastic. Anything you can share on the [AI] (inaudible) [front] progress that you've made this quarter?

Question: Brian Holland - DA Davidson & Co - Analyst : I appreciate that color. Maybe just tipping into Costco, this MVM goes into full swing, I believe, later this month. Obviously, important period in front of that, from a sell-through standpoint. I think you made some reference to maybe some things that you're actively doing to drive awareness and visibility. Just curious what you're seeing from a -- understandably, qualitatively, you don't want to isolate the customer. I appreciate that. But just just even qualitatively, any read on sell-through in front of MVM and maybe, specifically, what initiatives you can or are executing to build that awareness and visibility in front of the MVM, which is obviously a huge amplifier?

Question: Brian Holland - DA Davidson & Co - Analyst : That's great. I want to be -- I could go in a bunch of different directions. But I'll just nail it on the one more question. Just a sense, you mentioned locking in chicken for calendar '26 -- are getting close to that. Any sense, even directionally, where you're locking in at what levels, relative to '25? I understand the sole purpose of this is not to get necessarily the lowest price but it's more so about drive visibility. But so -- just interesting with the direction that chicken is moving. You've got pricing in. Obviously, that was a headwind for you over the last 12 months. So just a sense of what kind of benefit that can provide to you, looking out to '26?

Question: George Kelly, CFA - Roth Capital Partners LLC - Analyst : Congrats on a nice quarter. A few for you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 9:30PM, MAMA.OQ - Q3 2026 Mama's Creations Inc Earnings Call First, it looks like stripping out Crown, organic growth was close to 20% in the quarter. I'm curious if you could give the breakdown between volume and pricing.

Question: George Kelly, CFA - Roth Capital Partners LLC - Analyst : Okay. Okay. That's great. And then, next question for me. Adam, you mentioned in your prepared remarks that you're transitioning to a make-to-stock organization. I was wondering if you could give a little more context on the progress there. Just as background, like, how much growth were you leaving on the table because you weren't fully on shelf for -- availability wasn't always there? As you embark on that, do you feel like your inventory at retail is now in a good place? Or should we anticipate there being a few quarters of retail inventory fill, as you execute on that?

Question: George Kelly, CFA - Roth Capital Partners LLC - Analyst : Okay. Okay. And then, last question for me is on gross margin. Just trying to think through the next few quarters. With respect to - can you give Crown's gross margin in 3Q? And then, you talked about it reaching that mid-20% range over the next year. Is that going to be a linear ramp? Or how should we smap that out? And then, secondarily, the legacy business, curious if you can give any of your expectations, just on next quarter or two; and high-level for fiscal year '27. That's all I had.

Question: Ryan Meyers - Lake Street Capital Markets LLC - Analyst : Congratulations on the strong quarter. Just curious, obviously, better-than-expected gross margins, even with the Crown integration. As you guys have owned this business now for a couple of months, do you think this integration is going better than expected, as expected? Because it seems like, on the surface here, things are continuing to trend very, very favorably -- and positive with the acquisition.

Question: Ryan Meyers - Lake Street Capital Markets LLC - Analyst : Yeah. That's great to hear. And then, congrats on the two new customer wins. Just curious, as you think about the 2,000 or so stores at Target; and then, roughly 1,100 of Food Lion, is there additional capacity that you think you guys need to bring online? Or do you feel like you, for the most part, will be able to unlock this capacity through the now three facilities that you guys have?

Question: Anthony Vendetti - Maxim Group LLC - Analyst : I was wondering if you could give us a count now, with the Target rollout, Good lion rollout, how many stores are you in at this point today? And then, from the Crown acquisition, what capacity is that at, right now? Has that enabled you to roll out - like, how much of that is coming from -- the Target (inaudible) Food Lion, how much is that coming from your existing facilities versus the new Crown facility? And then, as the last question, Costco, what's the opportunity to continue to build out that relationship.? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 9:30PM, MAMA.OQ - Q3 2026 Mama's Creations Inc Earnings Call

Question: Anthony Vendetti - Maxim Group LLC - Analyst : Just, what's the opportunity to continue to expand that relationship there? Would you say you're at about 50% saturation there? Where are you, in terms of the ability to make that a more lucrative relationship? How much runway do you have there?

Question: Anthony Vendetti - Maxim Group LLC - Analyst : Oka. Great. I'll hop back in the queue. Appreciate it.