Company: NGVC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015486
Chunk: 79

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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, 2024. Net income was $23.0 million for the six months ended March 31, 2025, an increase of $7.3 million, or 46.6%, compared to net income of $15.7 million for the six months ended March 31, 2024.

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			EBITDA. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $25.4 million for the three months ended March 31, 2025, an increase of $6.5 million, or 34.2%, compared to $19.0 million for the three months ended March 31, 2024. EBITDA was $46.7 million for the six months ended March 31, 2025, an increase of $9.5 million, or 25.6%, compared to $37.2 million for the six months ended March 31, 2024. EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of EBITDA and a reconciliation of net income to EBITDA.

18

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			Adjusted EBITDA. Adjusted EBITDA was $26.3 million for the three months ended March 31, 2025, an increase of $6.6 million, or 33.3%, compared to $19.7 million for the three months ended March 31, 2024. Adjusted EBITDA was $49.1 million for the six months ended March 31, 2025, an increase of $10.6 million, or 27.6%, compared to $38.5 million for the six months ended March 31, 2024. Adjusted EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

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			Liquidity. As of March 31, 2025, cash and cash equivalents was $21.2 million, and there was $70.3 million available for borrowing under our Credit Facility, net of undrawn, issued and outstanding letters of credit of $2.2 million.

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