Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 54

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 54
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 of Operations – Year ended September 30, 2024 compared to Year ended September 30, 2023.”

Non-GAAP financial measures

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company’s actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation, amortization of software hosting arrangement (SaaS) implementation costs and non-recurring items.

The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:

			Year ended September 30,

			2025

			2024

			Net income

			$
			46,444

			33,935

			Interest expense, net

			3,063

			4,176

			Provision for income taxes

			12,483

			8,866

			Depreciation and amortization

			31,814

			30,930

			EBITDA

			93,804

			77,907

			Impairment of long-lived assets and store closing costs

			118

			2,547

			Share-based compensation

			3,960

			2,829

			Amortization of SaaS implementation costs

			7

			—

			Adjusted EBITDA

			$
			97,889

			83,283

Year ended September 30, 2025 compared to Year ended September 30, 2024

EBITDA increased 20.4% to $93.8 million for the year ended September 30, 2025 compared to $77.9 million for the year ended September 30, 2024. EBITDA as a percentage of net sales was 7.0% and 6.3% for the years ended September 30, 2025 and 2024, respectively.

Adjusted EBITDA increased 17.5% to $97.9 million for the year ended September 30, 2025 compared to $83.3