What changed in this filing

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Item 1. Business

2025-07-02 compared with 2024-06-26 · 52 added, 56 removed, 133 unchanged (45% of the section changed)

National Beverage Corp.

Celebrating its 40 th anniversary in November 2025, National Beverage Corp.

innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks.

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Healthy Transformation – We focus on developing and delighting consumers with healthier beverages in response to the global shift in consumer buying habits and lifestyles.

We believe our portfolio satisfies the preferences of a diverse mix of consumers including ‘crossover consumers’ – a growing group desiring healthier alternatives to artificially sweetened or high- calorie beverages.

We believe our portfolio targets the preferences of a diverse mix of consumers including ‘crossover consumers’ – a growing group desiring healthier alternatives to artificially sweetened or high-calorie beverages.

Creative Innovations – Building on a rich tradition of flavor and brand innovation with more than a 135-year history of development with iconic brands such as Shasta® and Faygo®, we have extended our flavor and essence leadership and technical expertise to the sparkling water category.

Proprietary flavors and our naturally-essenced beverages are developed and tested in-house and made commercially available only after extensive concept and sensory evaluation.

Our variety of distinctive flavors provides us with a unique advantage with today’s consumers who demand variety and refreshing beverage alternatives.

Unique flavors and our naturally-essenced beverages are developed and tested in-house and made commercially available after extensive concept and sensory evaluation.

We believe our variety of distinctive flavors provides us with a competitive advantage with today’s consumers who demand variety and refreshing beverage alternatives.

Innovation Ethic – We believe that innovative marketing, packaging and consumer engagement is more effective in today’s marketplace than traditional higher-cost national advertising.

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We also believe the design of our packages and the overall optical effect of their placement on the shelf (“shelf marketing”) has become more important as millennials and younger generations become increasingly influential consumers and are now influencing baby boomers and older generations.

Creative Dynamics – In a beverage industry dominated by the “cola giants”, we pride ourselves on being able to respond faster and more creatively to consumer trends than competitors burdened by legacy production and distribution complexity and costs.

Market Dynamics – In a beverage industry dominated by the “cola giants”, we pride ourselves on being able to respond faster and more creatively to consumer trends than competitors burdened by legacy production and distribution complexity and costs.

The ability to identify consumer trends and create new market-leading concepts defines our new product development model.

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We strive to provide retailers and consumers with the most innovative flavors and packaging in the industry.

Two of our LaCroix distinctive variety packs, as well as Zero Sugar Shasta and three new flavors of Rip It, were recently honored as top recipients of the International Davey Awards for creativity.

Presently, our primary market focus is the United States and Canada.

Certain of our products are also distributed on a limited basis in other countries and options to expand distribution to other regions are being considered.

Packaging for both LaCroix Mojito and Zero-Sugar Faygo were newly honored as top recipients of the International Davey Awards for creativity, joining Zero-Sugar Faygo and Rip It as recent honorees.

Presently, our primary market focus is the United States.

Certain of our products are also distributed on a limited basis in other countries and options to expand distribution to other regions are being pursued.

National Beverage Corp.

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and its subsidiaries unless indicated otherwise.

Our brands consist of beverages geared to the active and health-conscious consumer (“Power+ Brands”) including sparkling waters, energy drinks and juices.

Our portfolio of Power+ Brands includes LaCroix®, LaCroix Cúrate® and LaCroix NiCola® sparkling water products;

Clear Fruit®;

Our brands primarly consist of beverages geared to the active and health-conscious consumer (“Power+ Brands”) including sparkling waters, energy drinks and juices.

Our portfolio of Power+ Brands includes LaCroix® sparkling water;

Clear Fruit® non-carbonated water beverage enhanced with fruit flavor;

Rip It® energy drinks and shots;

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Pure® 100% juice and juice-based products.

Additionally, we produce and distribute carbonated soft drinks (“CSDs”) including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than 100 years.

Additionally, we produce and distribute carbonated soft drinks (“CSDs”) including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than a century.

POWER+ BRANDS –

LaCroix Sparkling Water, our most significant brand, has uniquely redefined the Sparkling Water category that is rapidly becoming the alternative to traditional carbonated soda.

LaCroix Sparkling Water, our most significant brand, has uniquely redefined the sparkling water category that has become a favored alternative to traditional carbonated soda.

With zero calories, zero sweeteners and zero sodium, LaCroix leads the premium domestic sparkling water category.

Naturally-essenced, LaCroix has gained the support of national retailers in multiple channels, including mass-merchandisers, club stores, drug stores, mainstream supermarkets and natural and specialty food retailers.

In 2024, Newsweek once again named LaCroix as one of "The Most Trusted Brands in America” based on a survey of U.S.

In 2025, Newsweek, for the third consecutive year, named LaCroix as one of "The Most Trusted Brands in America” based on a survey of U.S.

Additionally, the classic flavor of LaCroix Lime claimed the top spot in the sparkling water category in the 2024 AllRecipes Golden Cart Awards.

Renowned for their culinary expertise, the All Recipes' Allstars praised the fresh flavor of LaCroix Lime as “super thirst-quenching”.

Continual flavor and packaging innovations for LaCroix in recent years include the newest LaCroix flavor, Mojito.

Mojito, launched in the third quarter of the fiscal year ended April 27, 2024 (“Fiscal 2024”), brings the sensory feel of paradise to consumers.

Mojito joins the most recent addition of Cherry Blossom – a botanical twist of sweet and just a ‘kiss’ of tart.

Other successful LaCroix recent additions include Beach Plum with its delectable coolness of the luscious fruit native to the east coast of the U.S;

Black Razzberry’s decadent, smooth and irresistible fruit flavor;

Renowned for their culinary expertise, the AllRecipes' Allstars praised the fresh flavor of LaCroix Lime as “super thirst-quenching”.

Continual flavor and packaging innovations for LaCroix include the two newest LaCroix flavors, Sunshine and Strawberry Peach.

Sunshine, launching in Summer 2025, is a bright and sparkling blend of citrus and tropical zest that conveys the refreshing essence of a sun-kissed day in every sip.

Sunshine is lauded as a ‘game-changer’ as it entices consumers to not only taste its wonder, but to feel it.

Strawberry Peach, which blends the sweet, vibrant taste of strawberries with the luscious, juicy flavor of peaches, has quickly become a top consumer favorite since its introduction in the latter half of the fiscal year ended May 3, 3025 (“Fiscal 2025”) and is featured along with newly-designed Blackberry Cucumber and Cherry Lime in a consumer-favored variety pack.

Other recent additions to the the LaCroix family of 26 refreshingly innocent flavors include Mojito, with its sensory feel of paradise;

Cherry Blossom – a botanical twist of sweet and just a ‘kiss’ of tart;

Beach Plum with its delectable coolness of the luscious fruit native to the east coast of the U.S;

Black Razzberry, a decadent, smooth and irresistible fruit flavor;

the sweet tropical delicacy of Guava São Paulo;

Hi-Biscus, a unique flavor that adds the delicate essence of the hibiscus flower to sparkling water;

the enticing savor of LimonCello, which instantly transports fans to the Italian Riviera;

and the refreshing taste of Pastèque, which captures the lusciousness of a sweet picnic watermelon.

These innovative new varieties are part of the LaCroix family of 30 refreshingly innocent flavors.

LaCroix’s dynamic ‘theme’ LaCroix Cúrate® (‘Cure Yourself’) celebrates French sophistication with Spanish zest and bold flavor pairings.

Packaged in sleek 12 oz.

tall cans, popular flavors include Cerise Limón, which pairs sweet cherry with tangy lime for a tasteful infusion that tickles the senses;

Piña Fraise, an aromatic combination of pineapple and ripe strawberries that creates a tropical blend delight;

and Múre Pepino, which combines sweet and sour blackberry notes with crisp cucumber to create a sensory and taste sensation.

and the enticing savor of LimonCello, which instantly transports fans to the Italian Riviera.

Additional LaCroix flavors are in development that will continue to feature unique packaging and flavor concepts designed to capitalize on LaCroix brand loyalty and popularity of the sparkling water category.

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Everfresh Premier Varietals is a premium line of apple juice derived from a variety of apples specific to the taste of the varietal, such as Granny Smith, McIntosh, Honey Crisp, Golden Delicious, Fuji and Pink Lady.

Clear Fruit is a crisp, clear, non-carbonated water beverage enhanced with fruit flavors.

Clear Fruit is available in 13 delicious flavors, including consumer favorites Cherry Blast, Strawberry Watermelon and Fruit Punch.

Clear Fruit is a crisp, clear, non-carbonated water beverage enhanced with fruit flavors which is available in 13 delicious flavors, including consumer favorites Cherry Blast, Strawberry Watermelon and Fruit Punch.

Clear Fruit is available in 20-ounce and 16.9-ounce bottles with consumer-favored sports caps.

RIP It Energy Fuel offers ‘Flavors for All!’ with 19 unique flavors and four sugar-free options.

In addition to all-time consumer favorites, Tribute, Citrus X, Cherry Lime and Power, newly launched ‘ Re-Energizzed ’ Rip It flavors include Skr’eech In with its luscious strawberry-peach taste and the exotic and mysterious flavor of Dragon Fire.

These newest additions join pineapple YOLO;

watermelon-flavored Melon Hi;

and the sweet and wild cotton candy experience of Can’D Man.

RIP It Energy Fuel offers ‘Flavors for All!’ with 21 unique flavors including Zero Sugar options.

In addition to all-time consumer favorites, Tribute, Citrus X, Cherry Lime and Power, ‘ Re-Energizzed ’ Rip It flavors include Skr’eech In with its luscious strawberry-peach taste;

along with Zero Sugar Power and Zero Sugar Citrus-X.

These newest additions join pineapple YOLO and watermelon-flavored Melon Hi.

Building on the flavor tradition of original Rip It, a 2 oz.

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Carbonated Soft Drinks –

Currently celebrating its 135 th Anniversary, Shasta is recognized as a bottling industry pioneer and innovator.

Having recently commemorated its 135 th Anniversary, Shasta is recognized as a bottling industry pioneer and innovator.

Shasta features multiple flavors and has earned consumer loyalty by delivering value and convenience with unique taste.

In the first quarter of Fiscal Year 2024, Shasta launched three all-time consumer favorites reformulated with Zero Sugar — Shasta Zero Sugar Tiki Punch, Zero Sugar California Dreamin’ and Zero Sugar Mountain Rush.

Additional Zero Sugar Shasta flavors will be on shelves late Summer 2024.

With more than 135 years of brand history, Faygo products include numerous unique flavors such as Red Pop, Moon Mist, Cotton Candy and Rock’n’Rye.

In Fiscal 2025, Shasta introduced Zero Sugar flavors to reflect the growing trend and interest in Zero Sugar products.

Also, Shasta Zero Sugar Chocolat Delite, an indulgent, rich, and chocolate-flavored soda that offers the perfect guilt-free treat for those who crave a bold, satisfying chocolate experience without the sugar, will be on the shelves in early summer 2025.

With more than 115 years of brand history, Faygo products include numerous unique flavors such as Red Pop, Moon Mist, Cotton Candy and Rock’n’Rye along with newly introduced Super Pop and Bubble Pop.

Faygo is celebrated in the Midwest as the “The One True Pop.”

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We always strive to make all our drinks healthier while maintaining their iconic taste profiles.

Our philosophy emphasizes vertical integration;

Our structure emphasizes vertical integration;

our production model integrates the procurement of raw materials and crafting flavors and concentrates with the production of finished products.

Our twelve strategically located production facilities are near major metropolitan markets across the continental United States.

The Company’s twelve strategically located production facilities are near major metropolitan markets across the continental United States.

The locations of our facilities enable us to efficiently produce and distribute beverages to substantially all geographic markets in the United States, including the top 25 metropolitan statistical areas.

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By controlling our own formulas throughout our bottling network, we are able to produce beverages in accordance with uniform quality standards while innovating flavors to meet changing consumer preferences.

We believe the combination of a Company-owned bottling network, together with uniform standards for packaging, formulations and customer service, provides us with a strategic advantage in servicing national retailers and mass-merchandisers.

We believe the combination of a Company-owned bottling network, together with uniform standards for packaging, formulations and customer service, provides a strategic advantage in servicing national retailers and mass-merchandisers.

We also maintain research and development laboratories at multiple locations.

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We distribute our products to this channel primarily through the warehouse distribution system and, to a lesser extent, the direct-store delivery system.

Warehouse distribution system products are shipped from our production facilities to the retailer’s centralized distribution centers and then distributed by the retailer to each of its store locations with other goods.

Warehouse distribution system products are picked up or shipped from our production facilities to the retailer’s centralized distribution centers and then distributed by the retailer to each of its store locations with other goods.

This method allows our retail partners to further maximize their assets by utilizing their ability to pick up product at our warehouses, thus lowering their/our product costs.

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We periodically retain agencies to assist with social media content creative and platform selection for our brands.

Additionally, we maintain and enhance consumer brand recognition and loyalty through a combination of participation in regional events, special event marketing, endorsements, consumer coupon distribution and product sampling.

We also offer numerous promotional programs to retail customers, including cooperative advertising support, ‘BrandED’ ambassadors, in-store promotional activities and other incentives.

Additionally, we maintain and enhance consumer brand recognition and loyalty through a combination of participation in regional events, special event marketing, sponsorships, endorsements, consumer coupon distribution and product sampling.

We have recently increased our sponsorship of sporting events and have added partnerships with various women’s professional soccer and basketball teams to our existing partnership agreements with men’s professional soccer and hockey teams.

Moreover, as a multi-year partner of the Florida Panthers NHL team, winners of the 2024 and 2025 Stanley Cup, the LaCroix logo is prominently displayed on the Panther’s home jerseys and is on permanent display at the Hockey Hall of Fame museum.

We also offer numerous promotional programs to retail customers, including cooperative advertising support,‘BrandED’ ambassadors, and in-store promotional activities, including theme-oriented displays and consumer ‘experiential’ engagements.

These elements allow marketing and other consumer programs to be tailored to meet local and regional demographics.

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By consolidating the purchasing function for our production facilities, we believe we procure more competitive arrangements with our suppliers, thereby enhancing our ability to compete as an efficient producer of beverages.

The products we produce and sell are made from various materials including aluminum cans, glass and plastic bottles, water, carbon dioxide, juice and flavor concentrates, sweeteners, cartons and closures.

The products we produce are made from various ingredients including water, carbon dioxide, juice and flavor concentrates and sweeteners and are packaged in aluminum cans, glass and plastic bottles and cartons.

We craft a substantial portion of our flavors and concentrates while purchasing the remaining raw materials from multiple suppliers.

Substantially all of the materials and ingredients we purchase are available from several suppliers, although strikes, weather conditions, utility shortages, governmental control or regulations, national emergencies, quality, price or supply fluctuations or other events outside our control could adversely affect the supply of specific materials.

Substantially all of the materials and ingredients we purchase are available from several suppliers, although strikes, weather conditions, utility shortages, governmental control or regulations, tariffs, national emergencies, quality, price or supply fluctuations or other events outside our control could adversely affect the supply of specific materials.

A significant portion of our raw material purchases, including aluminum cans, plastic bottles, high fructose corn syrup, corrugated packaging and juice concentrates, are derived from commodities.

Therefore, pricing and availability tend to fluctuate based upon worldwide commodity market conditions.

In certain cases, we may elect to enter into multi-year agreements for the supply of these materials with one or more suppliers, the terms of which may include variable or fixed pricing, minimum purchase quantities and/or the requirement to purchase all supplies for specified locations.

In certain cases, we may elect to enter into multi-year agreements for the supply of these materials with one or more suppliers, the terms of which may include variable or fixed pricing, and/or the requirement to purchase all supplies for specified locations.

Additionally, we use derivative financial instruments to partially mitigate our exposure to changes in certain raw material costs.

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We compete with bottlers and distributors of national, regional and private label products.

Several competitors, including those that dominate the beverage industry, such as Nestlé S.A., PepsiCo and The Coca-Cola Company, have greater financial resources than we have and aggressive promotion of their products may adversely affect sales of our brands.

Several competitors, including those that dominate the beverage industry, such as The Coca-Cola Company, PepsiCo, Keurig Dr.

Pepper, and Nestlé S.A., are larger and have greater financial resources.

Competitive factors in the beverage industry include price and promotional activity, advertising and marketing programs, point-of-sale merchandising, retail space management, customer service, product differentiation, packaging innovations and distribution methods.

We believe our Company differentiates itself through novel innovation, key brand recognition, focused social media, innovative flavor variety, attractive packaging, efficient distribution methods and, for some product lines, value pricing.

We believe our Company differentiates itself through novel innovation, focused social media, innovative flavor variety, attractive packaging, efficient distribution methods and, for some product lines, value pricing.

We own numerous trademarks for our brands that are significant to our business.

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HUMAN CAPITAL

As of April 27, 2024, we employed approximately 1,559 people, of which 392 are covered by collective bargaining agreements.

As of May 3, 2025, we employed approximately 1,681 people, of which 384 are covered by collective bargaining agreements.

These collective bargaining agreements generally address working conditions, as well as wage rates and benefits, and expire over varying terms over the next several years.

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Our employee benefits program includes comprehensive health, dental, life and disability and profit-sharing benefits.

Our operating philosophy emphasizes the health and safety of our employees.

Our operating policies emphasize the health and safety of our employees.

Our operations personnel, supplemented by risk management professionals, review all aspects of employee tasks and work environment to minimize risk.

We strive to achieve an injury-free work environment in our operations.

Key to these efforts are data analysis and preventative actions.

We measure and benchmark lost-time incident rate, a reliable indication of total recordable injuries rate and severity and use a risk- reduction process that thoroughly analyzes injuries and near misses.

Key to these efforts are data analysis and preventative actions, including benchmarking of incident rates use of risk- reduction processes.

SUSTAINABILITY

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The majority of our products are delivered through the warehouse distribution system which provides more efficient and lower greenhouse gas emissions than direct store delivery systems.

Additionally, we are undertaking measures to reduce our carbon footprint which include transitioning from LP gas to electric powered forklifts and purchasing electricity from renewable sources.

Additionally, we continue to invest in effective and efficient options to reduce our carbon footprint.

Water is critical to our business and we periodically conduct water quality assessments on a variety of measurements.

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The information on the Company’s website is not part of this Annual Report on Form 10-K or any other report that we file with, or furnish to, the Securities and Exchange Commission.

The SEC also maintains a website at www.sec.gov that contains reports, proxy statements and other information regarding SEC registrants, including National Beverage Corp.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business