What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-07-01 compared with 2025-07-02 · 28 added, 28 removed, 157 unchanged (26% of the section changed)

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

Recently commemorating its 40 th anniversary, 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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We strive to provide retailers and consumers with the most innovative flavors and packaging in the industry.

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.

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

Presently, our primary market focus is the United States.

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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;

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

Clear Fruit® non-carbonated water beverages 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 a century.

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

POWER+ BRANDS –

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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 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.

In 2026, Newsweek, for the fourth consecutive year, named LaCroix as one of "The Most Trusted Brands in America” based on a survey of U.S.

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

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.

Continual flavor and packaging innovations for LaCroix include its newest flavor, ‘harmoniously combined’ PineApple CocoNut, a radiant fusion of juicy pineapple sparkled with a velvety coconut finish.

PineApple CocoNut was featured to an overwhelming favorable response at Natural Products Expo West – the largest annual gathering of natural and organic products.

PineApple CocoNut joins recent introductions of Sunshine and Strawberry Peach.

Sunshine, launched 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.

Strawberry Peach, which blends the sweet, vibrant taste of strawberries with the luscious, juicy flavor of peaches, has quickly risen to among the fastest selling LaCroix flavors 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 24 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;

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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 which 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 offerings, 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 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;

RIP It® Energy Fuel offers ‘Flavors for All!’ with 17 unique flavors including three Zero Sugar options.

In addition to all-time consumer favorite Power, Citrus X, G-Force, and Stinger-MO ‘ Re-Energizzed ’ Rip It® flavors include Skr’eech In® with its luscious strawberry-peach taste;

Pineapple YOLO® because you only live once;

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.

sugar-free shot version in six flavors is marketed in displayable package configurations.

RIP It proudly supports military and first responder heroes at home and abroad.

RIP It® proudly supports military and first responder heroes at home and abroad with its dedicated Tribute® line of original Active Mandarin Live Wild Lime Regular and Zero Sugar , Tribute Cherry Lime, and Tribute C.Y.P.-X.

CARBONATED SOFT DRINKS –

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 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.”

An iconic brand for more than 135 years, Shasta is recognized as a bottling industry pioneer and innovator.

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

Shasta Zero flavors Tiki Punch, California Dreamin, and Chocolat Delite reflect the growing trend and interest in Zero Sugar flavor products beyond just Cola.

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

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

Many of our carbonated soft drink brands enjoy a regional identification that we believe fosters long-term consumer loyalty and makes them more competitive as a consumer choice.

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

Moreover, as a multi-year partner of the Florida Panthers NHL team, two-time winners of the 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.

These elements tailor marketing and other consumer programs to meet local and regional demographics.

Additionally, the Company’s ‘MerchMx’ representatives work to develop a rapport with store managers for the purpose of optimizing shelf space, building displays, placing point-of-sale materials and expanding distribution.

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Our operating results are affected by numerous factors, including fluctuations in costs of raw materials, holiday and seasonal programming and weather conditions.

Beverage sales are seasonal with higher volume realized during summer months when outdoor activities are more prevalent.

Beverage sales are seasonal with higher volume realized during summer months.

While LaCroix Sparkling Water is the brand of choice as the number one premium domestic sparkling water throughout the United States, the beverage industry is highly competitive and our competitive position may vary by market area.

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All our beverage products are produced in the U.S., providing thousands of jobs in local communities and boasting a lower carbon footprint than imported brands.

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.

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

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

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All of our packaging is recyclable and we continually focus on reducing packaging content.

More than 80% of our products are in aluminum cans, which generally contain approximately 71% recycled material.

More than 80% of our products are sold in aluminum cans, which generally contain approximately 71% recycled material.

Each of our facilities has programs in place designed to minimize the use of water, energy and other natural resources.

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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