Company: NGVC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015486
Chunk: 42

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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5

			2024

			Net income

			$
			13,101

			7,961

			23,039

			15,716

			Interest expense, net

			750

			1,177

			1,673

			2,071

			Provision for income taxes

			3,702

			2,123

			6,189

			4,277

			Depreciation and amortization

			7,888

			7,702

			15,838

			15,153

			EBITDA

			25,441

			18,963

			46,739

			37,217

			Impairment of long-lived assets and store closing costs

			31

			335

			118

			424

			Share-based compensation

			822

			432

			2,257

			838

			Amortization of SaaS implementation costs

			1

			—

			1

			—

			Adjusted EBITDA

			$
			26,295

			19,730

			49,115

			38,479

25

EBITDA increased 34.2% to $25.4 million for the three months ended March 31, 2025 compared to $19.0 million for the three months ended March 31, 2024. EBITDA increased 25.6% to $46.7 million for the six months ended March 31, 2025 compared to $37.2 million for the six months ended March 31, 2024. EBITDA as a percentage of net sales was 7.6% and 6.2% for the three months ended March 31, 2025 and 2024, respectively. EBITDA as a percentage of net sales was 7.0% and 6.1% for the six months ended March 31, 2025 and 2024, respectively.

Adjusted EBITDA increased 33.3% to $26.3 million for the three months ended March 31, 2025 compared to $19.7 million for the three months ended March 31, 2024. Adjusted EBITDA increased 27.6% to