Westrock Coffee Co 10-Q

Item 1. Financial Statements ​ WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ (Thousands, except par value) June 30, 2025 December 31, 2024 ASSETS ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 43,956 ​ $ 26,151 Restricted cash ​ ​ 8,368 ​ ​ 9,413 Accounts receivable, net of allowance for credit losses of $ 1,524 and $ 3,995 , respectively ​ ​ 85,685 ​ ​ 99,566 Inventories ​ ​ 194,244 ​ ​ 163,323 Derivative assets ​ ​ 28,176 ​ ​ 19,746 Prepaid expenses and other current assets ​ ​ 16,214 ​ ​ 15,444 Total current assets ​ ​ 376,643 ​ ​ 333,643 ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ 480,653 ​ ​ 467,011 Goodwill ​ ​ 116,111 ​ ​ 116,111 Intangible assets, net ​ ​ 110,920 ​ ​ 114,879 Operating lease right-of-use assets ​ ​ 61,955 ​ ​ 63,380 Other long-term assets ​ ​ 11,195 ​ ​ 6,756 Total Assets ​ $ 1,157,477 ​ $ 1,101,780 ​ ​ ​ ​ ​ ​ ​ LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Current maturities of long-term debt ​ $ 16,469 ​ $ 14,057 Short-term debt ​ ​ 75,170 ​ ​ 54,659 Accounts payable ​ ​ 75,784 ​ ​ 84,255 Supply chain finance program ​ ​ 98,300 ​ ​ 78,838 Derivative liabilities ​ ​ 35,099 ​ ​ 11,966 Accrued expenses and other current liabilities ​ ​ 60,578 ​ ​ 34,095 Total current liabilities ​ ​ 361,400 ​ ​ 277,870 ​ ​ ​ ​ ​ ​ ​ Long-term debt, net ​ ​ 377,580 ​ ​ 325,880 Convertible notes payable - related party, net ​ ​ 49,741 ​ ​ 49,706 Deferred income taxes ​ ​ 16,238 ​ ​ 14,954 Operating lease liabilities ​ ​ 59,553 ​ ​ 60,692 Other long-term liabilities ​ ​ 1,040 ​ ​ 1,346 Total liabilities ​ ​ 865,552 ​ ​ 730,448 ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 19) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Convertible Preferred Shares, $ 0.01 par value, 24,000 shares authorized, 23,511 shares and 23,511 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively, $ 11.50 liquidation value ​ ​ 273,678 ​ ​ 273,850 ​ ​ ​ ​ ​ ​ ​ Shareholders' Equity ​ ​ ​ ​ ​ ​ Preferred stock, $ 0.01 par value, 26,000 shares authorized, no shares issued and outstanding ​ ​ — ​ ​ — Common stock, $ 0.01 par value, 300,000 shares authorized, 94,708 shares and 94,221 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively ​ ​ 947 ​ ​ 942 Additional paid-in-capital ​ ​ 526,561 ​ ​ 519,878 Accumulated deficit ​ ​ ( 491,703 ) ​ ​ ( 442,922 ) Accumulated other comprehensive income (loss) ​ ​ ( 17,558 ) ​ ​ 19,584 Total shareholders' equity ​ ​ 18,247 ​ ​ 97,482 ​ ​ ​ ​ ​ ​ ​ Total Liabilities, Convertible Preferred Shares and Shareholders' Equity ​ $ 1,157,477 ​ $ 1,101,780 ​ ​ ​ ​ See accompanying notes to condensed consolidated financial statements. 5 Table of Contents WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands, except per share data) 2025 2024 2025 2024 Net sales ​ $ 280,859 ​ $ 208,389 ​ $ 494,655 ​ $ 400,889 Costs of sales ​ ​ 239,464 ​ ​ 166,986 ​ ​ 424,187 ​ ​ 322,212 Gross profit ​ ​ 41,395 ​ ​ 41,403 ​ ​ 70,468 ​ ​ 78,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expense ​ ​ 53,931 ​ ​ 51,610 ​ ​ 94,275 ​ ​ 96,050 Transaction, restructuring and integration expense ​ ​ 2,477 ​ ​ 4,399 ​ ​ 4,268 ​ ​ 7,363 Impairment charges ​ ​ — ​ ​ 831 ​ ​ — ​ ​ 831 Loss on disposal of property, plant and equipment ​ ​ — ​ ​ 971 ​ ​ 7 ​ ​ 973 Total operating expenses ​ ​ 56,408 ​ ​ 57,811 ​ ​ 98,550 ​ ​ 105,217 Loss from operations ​ ​ ( 15,013 ) ​ ​ ( 16,408 ) ​ ​ ( 28,082 ) ​ ​ ( 26,540 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ 13,119 ​ ​ 7,453 ​ ​ 25,718 ​ ​ 15,032 Change in fair value of warrant liabilities ​ ​ — ​ ​ ( 1,612 ) ​ ​ — ​ ​ ( 1,653 ) Other, net ​ ​ ( 2,692 ) ​ ​ 98 ​ ​ ( 2,970 ) ​ ​ 233 Loss before income taxes and equity in earnings from unconsolidated entities ​ ​ ( 25,440 ) ​ ​ ( 22,347 ) ​ ​ ( 50,830 ) ​ ​ ( 40,152 ) Income tax expense (benefit) ​ ​ ( 370 ) ​ ​ ( 4,645 ) ​ ​ 1,458 ​ ​ 1,170 Equity in (earnings) loss from unconsolidated entities ​ ​ ( 3,507 ) ​ ​ 57 ​ ​ ( 3,507 ) ​ ​ 110 Net loss ​ $ ( 21,563 ) ​ $ ( 17,759 ) ​ $ ( 48,781 ) ​ $ ( 41,432 ) Amortization of Series A Convertible Preferred Shares ​ ​ 86 ​ ​ 87 ​ ​ 172 ​ ​ 174 Net loss attributable to common shareholders ​ $ ( 21,477 ) ​ $ ( 17,672 ) ​ $ ( 48,609 ) ​ $ ( 41,258 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ ( 0.23 ) ​ $ ( 0.20 ) ​ $ ( 0.51 ) ​ $ ( 0.47 ) Diluted ​ $ ( 0.23 ) ​ $ ( 0.20 ) ​ $ ( 0.51 ) ​ $ ( 0.47 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 94,661 ​ ​ 88,323 ​ ​ 94,480 ​ ​ 88,209 Diluted ​ ​ 94,661 ​ ​ 88,323 ​ ​ 94,480 ​ ​ 88,209 ​ ​ ​ ​ ​ ​ ​ ​ See accompanying notes to condensed consolidated financial statements. 6 Table of Contents WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 Net loss ​ $ ( 21,563 ) ​ $ ( 17,759 ) ​ $ ( 48,781 ) ​ $ ( 41,432 ) Other comprehensive income (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative instruments ​ ​ ( 35,998 ) ​ ​ 3,820 ​ ​ ( 36,766 ) ​ ​ 4,006 Foreign currency translation adjustment ​ ​ ( 423 ) ​ ​ 51 ​ ​ ( 376 ) ​ ​ 81 Total other comprehensive income (loss) ​ ​ ( 36,421 ) ​ ​ 3,871 ​ ​ ( 37,142 ) ​ ​ 4,087 Comprehensive (loss) income ​ ​ ( 57,984 ) ​ ​ ( 13,888 ) ​ ​ ( 85,923 ) ​ ​ ( 37,345 ) Amortization of Series A Convertible Preferred Shares ​ ​ 86 ​ ​ 87 ​ ​ 172 ​ ​ 174 Comprehensive loss attributable to common shareholders ​ $ ( 57,898 ) ​ $ ( 13,801 ) ​ $ ( 85,751 ) ​ $ ( 37,171 ) ​ ​ ​ See accompanying notes to condensed consolidated financial statements. 7 Table of Contents ​ WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Additional ​ Accumulated ​ Comprehensive ​ Total (Thousands) Shares Amount Paid-in Capital Deficit Income (Loss) Equity Balance at March 31, 2024 ​ 88,282 ​ $ 883 ​ $ 473,064 ​ $ ( 386,297 ) ​ $ 4,034 ​ $ 91,684 Net income (loss) ​ — ​ ​ — ​ ​ — ​ ​ ( 17,759 ) ​ ​ — ​ ​ ( 17,759 ) Issuance of common shares related to "at-the-market" offering program, net of issuance costs ​ 60 ​ ​ 1 ​ ​ 624 ​ ​ — ​ ​ — ​ ​ 625 Issuance of common shares related to stock options exercised ​ 1 ​ ​ — ​ ​ 12 ​ ​ — ​ ​ — ​ ​ 12 Amortization of Series A Convertible Preferred Shares ​ — ​ ​ — ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 87 Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,871 ​ ​ 3,871 Equity-based compensation ​ 23 ​ ​ — ​ ​ 3,025 ​ ​ — ​ ​ — ​ ​ 3,025 Net share settlement of equity awards ​ — ​ ​ — ​ ​ ( 17 ) ​ ​ — ​ ​ — ​ ​ ( 17 ) Balance at June 30, 2024 ​ 88,366 ​ $ 884 ​ $ 476,795 ​ $ ( 404,056 ) ​ $ 7,905 ​ $ 81,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at March 31, 2025 ​ 94,622 ​ $ 946 ​ $ 521,742 ​ $ ( 470,140 ) ​ $ 18,863 ​ $ 71,411 Net income (loss) ​ — ​ ​ — ​ ​ — ​ ​ ( 21,563 ) ​ ​ — ​ ​ ( 21,563 ) Amortization of Series A Convertible Preferred Shares ​ — ​ ​ — ​ ​ 86 ​ ​ — ​ ​ — ​ ​ 86 Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 36,421 ) ​ ​ ( 36,421 ) Equity-based compensation ​ 86 ​ ​ 1 ​ ​ 4,749 ​ ​ — ​ ​ — ​ ​ 4,750 Net share settlement of equity awards ​ — ​ ​ — ​ ​ ( 16 ) ​ ​ — ​ ​ — ​ ​ ( 16 ) Balance at June 30, 2025 ​ 94,708 ​ $ 947 ​ $ 526,561 ​ $ ( 491,703 ) ​ $ ( 17,558 ) ​ $ 18,247 ​ See accompanying notes to condensed consolidated financial statements. 8 Table of Contents WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Additional ​ Accumulated ​ Comprehensive ​ Total (Thousands) Shares Amount Paid-in Capital Deficit Income (Loss) Equity Balance at December 31, 2023 ​ 88,051 ​ $ 880 ​ $ 471,666 ​ $ ( 362,624 ) ​ $ 3,818 ​ $ 113,740 Net income (loss) ​ — ​ ​ — ​ ​ — ​ ​ ( 41,432 ) ​ ​ — ​ ​ ( 41,432 ) Issuance of common shares related to "at-the-market" offering program, net of issuance costs ​ 60 ​ ​ 1 ​ ​ 624 ​ ​ — ​ ​ — ​ ​ 625 Issuance of common shares related to stock options exercised ​ 1 ​ ​ — ​ ​ 12 ​ ​ — ​ ​ — ​ ​ 12 Amortization of Series A Convertible Preferred Shares ​ — ​ ​ — ​ ​ 174 ​ ​ — ​ ​ — ​ ​ 174 Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,087 ​ ​ 4,087 Equity-based compensation ​ 254 ​ ​ 3 ​ ​ 5,478 ​ ​ — ​ ​ — ​ ​ 5,481 Net share settlement of equity awards ​ — ​ ​ — ​ ​ ( 1,159 ) ​ ​ — ​ ​ — ​ ​ ( 1,159 ) Balance at June 30, 2024 ​ 88,366 ​ $ 884 ​ $ 476,795 ​ $ ( 404,056 ) ​ $ 7,905 ​ $ 81,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2024 ​ 94,221 ​ ​ 942 ​ ​ 519,878 ​ ​ ( 442,922 ) ​ ​ 19,584 ​ ​ 97,482 Net income (loss) ​ — ​ ​ — ​ ​ — ​ ​ ( 48,781 ) ​ ​ — ​ ​ ( 48,781 ) Amortization of Series A Convertible Preferred Shares ​ — ​ ​ — ​ ​ 172 ​ ​ — ​ ​ — ​ ​ 172 Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 37,142 ) ​ ​ ( 37,142 ) Equity-based compensation ​ 487 ​ ​ 5 ​ ​ 8,075 ​ ​ — ​ ​ — ​ ​ 8,080 Net share settlement of equity awards ​ — ​ ​ — ​ ​ ( 1,564 ) ​ ​ — ​ ​ — ​ ​ ( 1,564 ) Balance at June 30, 2025 ​ 94,708 ​ $ 947 ​ $ 526,561 ​ $ ( 491,703 ) ​ $ ( 17,558 ) ​ $ 18,247 ​ ​ See accompanying notes to condensed consolidated financial statements. 9 Table of Contents WESTROCK COFFEE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, (Thousands) 2025 2024 Cash flows from operating activities: ​ ​ ​ ​ ​ ​ Net loss ​ $ ( 48,781 ) ​ $ ( 41,432 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 26,771 ​ ​ 15,516 Impairment charges ​ ​ — ​ ​ 831 Equity-based compensation ​ ​ 8,080 ​ ​ 5,481 Provision for credit losses ​ ​ ( 22 ) ​ ​ 1,026 Amortization of deferred financing fees included in interest expense ​ ​ 1,755 ​ ​ 1,715 Write-off of unamortized deferred financing fees ​ ​ 137 ​ ​ — (Gain) loss on disposal of property, plant and equipment ​ ​ 7 ​ ​ 973 Gain on de-consolidation of Rwanda Trading Company ​ ​ ( 2,291 ) ​ ​ — Mark-to-market adjustments ​ ​ ( 3,514 ) ​ ​ ( 3,162 ) Change in fair value of warrant liabilities ​ ​ — ​ ​ ( 1,653 ) Foreign currency transactions ​ ​ ( 141 ) ​ ​ 53 Deferred income tax expense (benefit) ​ ​ 1,458 ​ ​ 1,170 Other ​ ​ ( 2,738 ) ​ ​ 490 Change in operating assets and liabilities: ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ 12,154 ​ ​ ( 3,954 ) Inventories ​ ​ ( 43,345 ) ​ ​ ( 12,912 ) Derivative assets and liabilities ​ ​ ( 8,388 ) ​ ​ 4,709 Prepaid expense and other assets ​ ​ 1,520 ​ ​ 733 Accounts payable ​ ​ 10,931 ​ ​ ( 20,211 ) Accrued liabilities and other ​ ​ 17,334 ​ ​ 34,936 Net cash used in operating activities ​ ​ ( 29,073 ) ​ ​ ( 15,691 ) Cash flows from investing activities: ​ ​ ​ ​ ​ ​ Additions to property, plant and equipment ​ ​ ( 61,826 ) ​ ​ ( 105,105 ) Additions to intangible assets ​ ​ ( 40 ) ​ ​ ( 104 ) Proceeds from sale of equity method investments and non-marketable securities ​ ​ 500 ​ ​ — Acquisition of equity method investments and non-marketable securities, inclusive of cash contributed ​ ​ ( 2,952 ) ​ ​ — Proceeds from sale of property, plant and equipment ​ ​ 316 ​ ​ 449 Net cash used in investing activities ​ ​ ( 64,002 ) ​ ​ ( 104,760 ) Cash flows from financing activities: ​ ​ ​ ​ ​ ​ Payments on debt ​ ​ ( 46,799 ) ​ ​ ( 134,634 ) Proceeds from debt ​ ​ 131,373 ​ ​ 184,124 Payments on supply chain financing program ​ ​ ( 79,847 ) ​ ​ ( 49,612 ) Proceeds from supply chain financing program ​ ​ 99,309 ​ ​ 47,872 Proceeds from convertible notes payable ​ ​ — ​ ​ 22,000 Proceeds from convertible notes payable - related party ​ ​ — ​ ​ 50,000 Payment of debt issuance costs ​ ​ ( 2,354 ) ​ ​ ( 2,965 ) Payment of convertible notes payable issuance costs ​ ​ — ​ ​ ( 511 ) Net proceeds from (repayments of) repurchase agreements ​ ​ 9,769 ​ ​ ( 7,343 ) Proceeds from exercise of stock options ​ ​ — ​ ​ 12 Proceeds from issuance of common stock ​ ​ — ​ ​ 635 Payment of equity issuance costs ​ ​ — ​ ​ ( 10 ) Payment for taxes for net share settlement of equity awards ​ ​ ( 1,564 ) ​ ​ ( 1,159 ) Net cash provided by financing activities ​ ​ 109,887 ​ ​ 108,409 Effect of exchange rate changes on cash ​ ​ ( 52 ) ​ ​ 229 Net increase (decrease) in cash and cash equivalents and restricted cash ​ ​ 16,760 ​ ​ ( 11,813 ) Cash and cash equivalents and restricted cash at beginning of period ​ ​ 35,564 ​ ​ 37,840 Cash and cash equivalents and restricted cash at end of period ​ $ 52,324 ​ $ 26,027 ​ ​ ​ ​ ​ ​ ​ Supplemental non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Property, plant and equipment acquired but not yet paid ​ $ 10,259 ​ $ 16,191 ​ The total cash and cash equivalents and restricted cash at June 30, 2025 and 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ (Thousands) June 30, 2025 June 30, 2024 Cash and cash equivalents ​ $ 43,956 ​ $ 24,316 Restricted cash ​ ​ 8,368 ​ ​ 1,711 Total ​ $ 52,324 ​ $ 26,027 ​ ​ ​ See accompanying notes to condensed consolidated financial statements. 10 Table of Contents WESTROCK COFFEE COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ​ Note 1. Organization and Description of Business Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (“CPG”), and hospitality industries around the world. We manage our business in two operating segments. Beverage Solutions: Through this segment, we combine our product innovation and customer insights to provide value-added beverage solutions, including coffee, tea, flavors, extracts and ingredients. We provide products in a variety of packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and ready-to-drink offerings. Currently, we serve customers in the United States, Europe and Asia, through the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries. Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, provide tangible economic empowerment and emphasize environmental accountability and farmer literacy. Revenues primarily consist of sales from commodity contracts related to forward sales of green coffee. Note 2. Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency. They do not include all the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Financial Statements include the activities of the Company and its wholly owned and/or controlled subsidiaries. All intercompany balances and transactions have been eliminated. The Condensed Consolidated Balance Sheet as of December 31, 2024 was derived from the audited financial statements, but does not include all disclosures required by GAAP. On April 1, 2025, the Company entered into an agreement with ETC Holdings SA (“ECOM”) that combines Westrock’s and ECOM’s Rwandan export operations (the “Rwandan JV”). This strategic partnership, which was established to trade Arabica coffee from Rwanda and commercially operate wet mill and storage facilities, allows Westrock to scale its operations in Rwanda, improve profitability, and strengthen our ability to provide smallholder farmers and their families the ability to advance their quality of life and economic well-being. The Company contributed its ownership interest in Rwanda Trading Company (“RTC”) and $ 100,000 in cash in exchange for a 49.9 % ownership interest in the Rwandan JV. At June 30, 2025, the Company’s investment and maximum exposure to loss is $ 1.6 million, which is recorded in other long-term assets on the Condensed Consolidated Balance Sheets. As a result of the transaction, the Company has de-consolidated RTC, de-recognizing $ 9.3 million of assets, including approximately $ 2.9 million of cash and cash equivalents, and $ 10.3 million of liabilities that were previously reported within our Sustainable Sourcing & Traceability (“SS&T”) segment. Upon de-consolidation, the Company recognized a $ 2.3 million gain during the three months ended June 30, 2025, which is recorded in other, net on the Condensed Consolidated Statements of Operations. The gain on de-consolidation of RTC is reported as operating activities in the Condensed Consolidated Statements of Cash Flows. The interim financial information is unaudited but, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of results for the interim periods have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited December 31, 2024 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2025. Accordingly, certain 11 Table of Contents significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our audited financial statements. ​ ​ Note 3. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, plant and equipment, incremental borrowing rates for lease liability measurement, fair values of forward purchase and sales contracts, green coffee associated with forward contracts, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from the estimates and assumptions used in preparing the accompanying condensed consolidated financial statements. Going Concern ​ In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are available to be issued. The Company is dependent on borrowings under its Credit Agreement (as defined herein) and cash generated from operations to finance its operations, service its debt requirements, maintain compliance with its covenants, and to fund capital requirements. The Company believes that projected cash flow from operations, including current projections of the timing and amount of cash flows to be generated from our Conway, Arkansas extract and ready-to-drink manufacturing facility (the “Conway Facility”), and available borrowings under its Credit Agreement, as amended, as described in Note 10, will be sufficient to fund operations and to maintain covenant compliance for at least the next twelve months. However, during the six months ended June 30, 2025, the Company incurred net losses of $ 48.8 million and net cash outflows from operating activities of $29.1 million. If we are unable to achieve our profitability growth projections and maintain our covenant leverage ratio and minimum liquidity requirements, as a result of, for example, experiencing any adverse impact of changes or further delays in the estimated timing and volume of products to be commercialized in our Conway Facility over the next twelve months, and generate sufficient cash flows from operations, it may restrict our liquidity and capital resources and our ability to maintain compliance with our financial covenants. Our liquidity may also be negatively impacted by recently enacted and/or proposed tariffs and trading restrictions that, absent an exemption, would be applied to imported equipment, commodities and packaging materials. Where possible, we will seek to recover tariff and inflation impacted costs by passing these costs onto our customers through periodic pricing increases. However, our pricing increases often lag our cost increases, including increases in commodity costs, which will impact our liquidity. As further discussed in Note 10, on January 15, 2025, the Company entered into an Incremental Assumption Agreement and Amendment No. 4 to its Credit Agreement (as defined in Note 10), which increased available borrowings under the Credit Agreement by $ 25.0 million and modified certain financial covenants. However, as management’s ability to amend its financial covenants cannot be assured, if necessary, management has committed to delay growth capital expenditures and/or reduce operating expenses, including headcount, salary and/or bonus reductions, all of which are in the Company’s control, as necessary, in order to have adequate liquidity and to remain in compliance with its debt covenants. As further discussed in Restructuring Activities below, during 2024 the Company consolidated its manufacturing operations, completed the sale of its West Winds facility, and executed a targeted reduction in excess workforce capacity, which were designed to improve operational efficiency. If required, the Company will further reduce operating costs to ensure compliance with its financial covenants. The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. 12 Table of Contents Accounts Receivable and Allowance for Credit Losses Accounts receivable consist principally of amounts billed and currently due from customers and are generally unsecured and due within 30 to 60 days . A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies or deductions. Our accounting policy for the allowance for credit losses requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. Activity in the allowance for credit losses was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 Balance at beginning of period ​ $ 1,808 ​ $ 3,356 ​ $ 3,995 ​ $ 2,915 Charged to selling, general and administrative expense ​ ​ 143 ​ ​ 585 ​ ​ ( 22 ) ​ ​ 1,026 Write-offs, net ​ ​ ( 427 ) ​ ​ — ​ ​ ( 2,449 ) ​ ​ — Total ​ $ 1,524 ​ $ 3,941 ​ $ 1,524 ​ $ 3,941 ​ Receivables Purchase Agreement ​ On June 27, 2025, the Company entered into a receivable purchase agreement (the “Factoring Agreement”) with a third-party financial institution (the “Factor”) through which the Company may sell up to $ 35.0 million of certain trade receivables on a nonrecourse basis to the Factor. Transactions under the Factoring Agreement qualify for true-sale treatment in accordance with Accounting Standards Codification (“ASC”) 860, Transfers and Servicing (“ASC 860”), whereby receivables sold to the Factor are recorded as a reduction of accounts receivable in the Condensed Consolidated Balance Sheets. As a part of the Factoring Agreement, we perform certain collection and administrative functions for the receivables sold. ​ During the six months ended June 30, 2025, the Company received $ 35.0 million of proceeds under the Factoring Agreement, and approximately $ 0.4 million of fees were incurred associated with these sales, which are recorded within selling, general and administrative expense on the Condensed Consolidated Statements of Operations. Cash received from the sale of receivables under the Factoring Agreement is classified within operating activities in the Condensed Consolidated Statements of Cash Flows, and fees, when incurred, will be recorded within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. ​ Inventories ​ Inventories are stated at the lower of cost, determined on the average cost method, or net realizable value. Finished goods and work-in-process include the inventory costs of raw materials, direct labor and manufacturing overhead costs. Within our SS&T segment, green coffee associated with our forward contracts is recorded at net realizable value, which approximates market price, consistent with our forward purchase contracts recorded at fair value in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Green coffee is a commodity with quoted market prices in active markets, may be sold without significant further processing, has predictable and insignificant disposal costs and is available for immediate delivery. We estimate the fair value of green coffee based on the quoted market price at the end of each reporting period, with changes in fair value being reported as a component of costs of sales in our Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, we recognized $ 9.2 million and $ 10.7 million of net unrealized losses, respectively, on green coffee inventory associated with our forward sales and purchase contracts. For the three and six months ended June 30, 2024, we recognized $ 1.7 million and $ 1.0 million of net unrealized gains, respectively, on green coffee inventory associated with our forward sales and purchase contracts. 13 Table of Contents Capitalized Interest ​ We capitalize a portion of interest costs incurred related to assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based on eligible expenditures incurred during the period involved in bringing the assets to their intended use and the Company’s weighted-average interest rate during the period. For the three and six months ended June 30, 2025, we capitalized $ 0.4 million and $ 0.6 million of interest costs, respectively. For the three and six months ended June 30, 2024, we capitalized $ 4.3 million and $ 7.2 million of interest costs, respectively. Supply Chain Finance Program ​ The Company is party to a supply chain finance program (the “Program”) with a third-party financing provider to provide better working capital usage by deferring payments for certain raw materials of up to $ 100.0 million. Under the Program, the financing provider remits payment to the Company’s suppliers for approved invoices, and the Company repays the financing provider the amount of the approved invoices, plus a financing charge, on 180 -day terms. The Program is uncommitted and the financing provider may, at its sole discretion, cancel the Program at any time. The Company may request cancellation of the Program in whole or in respect of one or more approved suppliers. Due to the extension of payment terms beyond the original due date of approved invoices, obligations under the Program are recorded outside of accounts payable, within our supply chain finance program, on our Condensed Consolidated Balance Sheets. Amounts paid by the financing provider to suppliers are reported as cash inflows from financing activities and a corresponding cash outflow from operating activities in our Condensed Consolidated Statements of Cash Flows. Amounts paid to the financing provider are reflected as cash outflows from financing activities in our Condensed Consolidated Statements of Cash Flows. At June 30, 2025 and December 31, 2024, there were $ 98.3 million and $ 78.8 million of obligations outstanding under the Program, respectively. ​ Green Coffee Repurchase Program ​ On March 28, 2025, the Company entered into a master commodity purchase and sale agreement (the “Commodity Program”) with a third-party financing provider whereby the Company may enter into commodities purchase and sales, including transactions in which the Company sells green coffee to the financing provider, but retains a right, or obligation, to re-purchase the green coffee at the original sales price, plus a finance charge (“Repo Transactions”). The Commodity Program is uncommitted and may be canceled by the financing provider at any time. At June 30, 2025 and December 31, 2024, the Company had a right, or obligation, to repurchase $ 9.9 million and $ 0 , respectively, of green coffee from the financing provider. The liability for Repo Transactions is recorded within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets. Cash flows related to Repo Transactions are reported as financing activities in our Condensed Consolidated Statements of Cash Flows. ​ ​ Restructuring Activities ​ The Company accounts for exit or disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”). Restructuring charges may include one-time termination benefits related to employee separations, contract termination costs, long-lived asset impairments, and other related costs associated with exit or disposal activities. ​ The recognition of restructuring charges requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent the Company’s actual results differ from its estimates and assumptions, the Company may be required to revise the estimates of future liabilities, require the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the Condensed Consolidated Financial Statements. Restructuring charges are not included in the Company’s measurement of segment profitability as discussed in Note 18. ​ During the second quarter of 2024, the Company committed to a plan to consolidate its manufacturing operations in its Beverage Solutions segment, which resulted in the closure and sale of its West Winds manufacturing facility in Concord, North Carolina, and the closure of its manufacturing facility in Richmond, California. All production from the impacted 14 Table of Contents facilities was consolidated into other facilities operated by the Company in Concord, North Carolina and Conway, Arkansas. ​ The closure of the West Winds facility was completed as of June 30, 2024, and the Company completed the sale of the associated land and buildings during the fourth quarter of 2024. Production in our Richmond, California facility ceased during the third quarter of 2024. During the three and six months ended June 30, 2024, the Company incurred impairment charges of approximately $ 0.8 million on equipment associated with the plant consolidations, which is reported within impairment charges on the Condensed Consolidated Statements of Operations. The Company incurred total costs related to the plant consolidations of $ 4.0 million, of which $ 3.2 million was incurred during the year ended December 31, 2024 and approximately $ 0.8 million was incurred during the six months ended June 30, 2025. These charges primarily relate to costs to remove and re-install production equipment into other manufacturing facilities. ​ In addition, during the second quarter of 2024, the Company committed to targeted restructuring activities to improve operational efficiency by reducing excess workforce capacity. As a result of this reduction, and the impacts of the consolidation of manufacturing facilities noted above, the Company recognized approximately $ 4.7 million of one-time employee severance costs during the year ended December 31, 2024. At June 30, 2025, less than $ 0.1 million of such termination benefits were accrued for within accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. ​ The following table summarizes the changes in the Company’s accrual for such employee termination benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, June 30, (Thousands) 2025 2025 Balance at beginning of period ​ $ 344 ​ $ 644 Charges ​ ​ — ​ ​ — Adjustments ​ ​ ( 186 ) ​ ​ ( 186 ) Cash paid ​ ​ ( 131 ) ​ ​ ( 431 ) Balance at end of the period ​ $ 27 ​ $ 27 ​ On February 12, 2024, following the completion of the Conway Facility, the Company entered into a lease termination agreement for its distribution center located in North Little Rock, Arkansas (the “Gregory Distribution Center”). The Gregory Distribution Center lease terminated, by mutual agreement, on June 30, 2024. No costs were incurred as a result of the lease termination. During the first quarter of 2024, the Company remeasured the Gregory Distribution Center lease liability, and related right-of-use asset, in accordance with ASC 842, Leases , resulting in a reduction of the lease liability and right-of-use asset of approximately $ 3.0 million. As of June 30, 2024, there was no remaining lease liability or right-of-use asset related to the Gregory Distribution Center recorded in the Condensed Consolidated Balance Sheets. ​ Equity Method Investments ​ As discussed in Note 2, on April 1, 2025, the Company entered into an agreement with ECOM that combines Westrock’s and ECOM’s Rwandan export operations. As a result of the transaction, Westrock holds a 49.9 % equity method investment in the joint venture valued at $ 1.6 million, which is reported in other long-term assets on the Condensed Consolidated Balance Sheets. Our proportionate share of the income or loss of the joint venture is reported in equity in (earnings) loss from unconsolidated entities on the Condensed Consolidated Statements of Operations, and is reported in the results of our SS&T segment. Income Taxes ​ We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using enacted income tax rates expected to apply when the deferred tax assets and liabilities are expected to be realized or settled. The Company’s foreign subsidiaries file income tax returns and are subject to tax provisions in their respective foreign tax jurisdictions. 15 Table of Contents ​ A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is more likely than not that all or a portion of any deferred tax assets will not be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. Specifically, in assessing the need for a valuation allowance, we consider the reversal of taxable temporary differences, future taxable income, the ability to carryback certain attributes and tax-planning strategies. The ultimate realization of the deferred tax assets, including net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We re-evaluate our need for a valuation allowance on a quarterly basis. ​ The effective income tax rates for the six months ended June 30, 2025 and 2024 were ( 3.1 )% and ( 2.9 )%, respectively. The Company’s effective tax rate for the current period differs from the federal statutory rate primarily due to an increase in the valuation allowance against domestic deferred tax assets. The effective tax rate for the six months ended June 30, 2025 differs from the effective tax rate for the same period in 2024 primarily due to certain permanent differences, including the Global Intangible Low-Taxed Income ("GILTI") inclusion and nondeductible expenses related to executive compensation, and discrete items. ​ On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") released Pillar Two Model Rules, which provide for a global minimum tax of 15% on multinational entities. Although the United States has not yet adopted the Pillar Two Model Rules, several foreign countries have enacted Pillar Two legislation since 2023. The impact of Pillar Two on the Company's 2025 effective tax rate is expected to be minimal. Management will continue to monitor future Pillar Two legislation in relevant jurisdictions for any impacts to the Company's effective tax rate. ​ On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was signed into law in the United States. The Act contains several provisions related to income taxes, including the extension of many expiring provisions from the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and restoration of the favorable tax treatment for certain business provisions, including the interest limitation under Section 163(j). The Company is currently evaluating the impact of the Act. ​ Recently adopted accounting pronouncements ASU 2023-05 – Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-05, “Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement”. The amendments in this update require that a joint venture recognize and initially measure assets contributed and liabilities assumed at fair value upon its formation in the joint venture’s separate financial statements. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company adopted the amendments within ASU 2023-05 effective January 1, 2025. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments in the update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosure to include significant segment expenses that are regularly provided to the chief operating decision maker and a description of other segment items by reportable segment. The amendments in the update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in the update require retrospective application to all prior periods presented in the financial statements. The Company adopted the amendments within ASU 2023-07 when it became effective, in our 2024 annual 16 Table of Contents reporting, on a retrospective basis. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. Recently issued accounting pronouncements ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the update relate to the rate reconciliation and income taxes paid disclosure and are intended to improve transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the tax reconciliation and (2) income taxes paid disaggregated by jurisdiction. The other amendments in the update are intended to improve comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in the update should be applied on a prospective basis, with retrospective application permitted. The adoption of ASU 2023-09 will result in additional annual tax disclosures but does not otherwise have a material impact on our financial position, results of operations or cash flows. ASU 2024-03 – Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures”. The amendments in this update include requirements for public business entities to provide disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in this update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements. Note 4. Revenue Revenue from Contracts with Customers (ASC 606) We measure revenue based on the consideration specified in the client arrangement, and revenue is recognized when the performance obligations in the client arrangement are satisfied. Our principal source of revenue is from the procurement, trade, manufacture, and distribution of coffee, tea and extracts to customers in the United States, Europe, and Asia. The transaction price of a contract, net of discounts and expected returns, is allocated to each distinct performance obligation based on the relative standalone selling price of the obligation and is recognized as revenue when the performance obligation is satisfied. The standalone selling price is the estimated price we would charge for the good or service in a separate transaction with similar customers in similar circumstances. Identifying distinct performance obligations and determining the standalone selling price for each performance obligation within a contract requires management judgment. Substantially all our client contracts require that we be compensated for services performed to date. This is upon completion of production, shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and costs of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material. 17 Table of Contents At times, the Company may enter into agreements in which its SS&T segment will sell inventory to a third party, from whom the Company’s Beverage Solutions segment has an obligation to repurchase. Such transactions are accounted for as financing transactions in accordance with ASC 606. At June 30, 2025 and December 31, 2024, the Company had $ 0.5 million and $ 0.6 million, respectively, of such repurchase agreement obligations, collateralized by the corresponding inventory, that are recorded within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. Net cash flows associated with these repurchase agreements are reported as financing activities in the Condensed Consolidated Statements of Cash Flows. Revenue from Forward Contracts (ASC 815) A portion of the Company’s revenues consist of sales from commodity contracts that are accounted for under ASC 815. Sales from commodity contracts primarily relate to forward sales of green coffee which are accounted for as derivatives at fair value under ASC 815. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying, notional amount, no initial net investment and can be net settled since the commodity is readily converted to cash. The Company does not apply the normal purchase and normal sale exception under ASC 815 to these contracts. Revenues from commodity contracts are recognized in revenues for the contractually stated amount when the contracts are settled. Settlement generally occurs upon shipment or delivery of the product when title and risks and rewards of ownership transfer to the customer. Prior to settlement, these forward sales contracts are recognized at fair value with the unrealized gains or losses recorded within costs of sales on our Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, we recorded $ 10.6 million and $ 14.2 million of net unrealized gains, respectively, within costs of sales. For the three and six months ended June 30, 2024, we recorded $ 0.1 million of net unrealized losses and $ 2.2 million of net unrealized gains, respectively, within costs of sales. For the three and six months ended June 30, 2025, the Company recognized $ 72.4 million and $ 122.0 million in revenues under ASC 815, respectively, and for the three and six months ended June 30, 2024, the Company recognized $ 44.1 million and $ 79.1 million in revenues under ASC 815, respectively, which are reported within the Company’s SS&T segment. Contract Estimates The nature of the Company’s contracts gives rise to variable consideration including cash discounts, volume-based rebates, point of sale promotions, and other promotional discounts to certain customers. For all promotional programs and discounts, the Company estimates the rebate or discount that will be granted to the customer and records an accrual upon invoicing. These estimated rebates or discounts are included in the transaction price of the Company’s contracts with customers as a reduction to net revenues and are included as accrued sales incentives in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. Accrued sales incentives were $ 1.8 million and $ 1.8 million at June 30, 2025 and December 31, 2024, respectively. Other accrued deductions were $ 2.2 million and $ 2.0 million at June 30, 2025 and December 31, 2024, respectively, and are included as a reduction to accounts receivable, net in the Condensed Consolidated Balance Sheets. We do not disclose the value of unsatisfied performance obligations for contracts (i) with an original expected length of one year or less or (ii) for which the Company recognizes revenue at the amount in which it has the right to invoice as the product is delivered. Contract Balances Contract balances relate primarily to advances received from the Company’s customers before revenue is recognized. The Company did not have any material contract liabilities as of June 30, 2025 or December 31, 2024. Revenue recognized during the three and six months ended June 30, 2025, that was included in the contract liabilities balance as of March 31, 2025 and December 31, 2024, respectively, was not material. Receivables from contracts with customers are included in accounts receivable, net on the Company’s Condensed Consolidated Balance Sheets. At June 30, 2025 and December 31, 2024, accounts receivable, net included $ 92.6 million and $ 104.8 million in receivables from contracts with customers, respectively. 18 Table of Contents Contract acquisition costs for obtaining contracts that are deemed recoverable are capitalized as contract costs. Such costs result from the payment of sales incentives and are amortized over the contract life. As of June 30, 2025 and December 31, 2024, no costs were capitalized as all arrangements were less than a year. Disaggregated Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. Further disaggregation of revenues from sales to external customers by type and geographic area, based on customer location, for the periods indicated is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 Coffee & tea ​ $ 153,966 ​ $ 115,077 ​ $ 274,633 ​ $ 233,845 Flavors, extracts & ingredients ​ ​ 53,980 ​ ​ 47,366 ​ ​ 97,229 ​ ​ 85,782 Other ​ ​ 868 ​ ​ 810 ​ ​ 1,031 ​ ​ 1,685 Green coffee ​ ​ 72,045 ​ ​ 45,136 ​ ​ 121,762 ​ ​ 79,577 Net sales ​ $ 280,859 ​ $ 208,389 ​ $ 494,655 ​ $ 400,889 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 United States ​ $ 216,169 ​ $ 166,936 ​ $ 385,485 ​ $ 327,070 All other countries ​ ​ 64,690 ​ ​ 41,453 ​ ​ 109,170 ​ ​ 73,819 Net sales ​ $ 280,859 ​ $ 208,389 ​ $ 494,655 ​ $ 400,889 ​ ​ ​ ​ ​ For the three and six months ended June 30, 2025 and 2024, other than the United States, no country accounted for more than 10 percent of our consolidated net sales. ​ ​ ​ Note 5. Inventories The following table summarizes inventories as of June 30, 2025 and December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) June 30, 2025 December 31, 2024 Raw materials ​ $ 96,170 ​ $ 82,412 Finished goods ​ ​ 44,941 ​ ​ 32,520 Green coffee ​ ​ 53,133 ​ ​ 48,391 Total inventories ​ $ 194,244 ​ $ 163,323 ​ Green coffee inventories represent green coffee held for resale. At June 30, 2025 and December 31, 2024, all green coffee held for resale was included within our Sustainable Sourcing & Traceability segment. ​ ​ 19 Table of Contents Note 6. Property, Plant and Equipment, Net The following table summarizes property, plant and equipment, net as of June 30, 2025 and December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in Thousands) Depreciable Lives June 30, 2025 December 31, 2024 Land ​ ​ ​ $ 5,160 ​ $ 6,581 Buildings ​ 10 - 40 years ​ ​ 182,818 ​ ​ 175,171 Leasehold improvements (1) ​ ​ ​ ​ 12,455 ​ ​ 12,320 Plant equipment ​ 3 - 15 years ​ ​ 275,326 ​ ​ 249,933 Vehicles and transportation equipment ​ 3 - 5 years ​ ​ 265 ​ ​ 615 IT systems ​ 3 - 7 years ​ ​ 12,869 ​ ​ 12,717 Furniture and fixtures ​ 3 - 10 years ​ ​ 7,470 ​ ​ 7,373 Customer beverage equipment (2) ​ 3 - 5 years ​ ​ 22,312 ​ ​ 21,826 Lease right-of-use assets (3) ​ ​ ​ ​ 81 ​ ​ 81 Construction in progress and equipment deposits ​ ​ ​ ​ 85,677 ​ ​ 85,279 ​ ​ ​ ​ ​ 604,433 ​ ​ 571,896 Less: accumulated depreciation ​ ​ ​ ​ ( 123,780 ) ​ ​ ( 104,885 ) Property, plant and equipment, net ​ ​ ​ $ 480,653 ​ $ 467,011 1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2 - Customer beverage equipment consists of brewers held on site at customer locations. 3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term. ​ Depreciation expense for the three and six months ended June 30, 2025 was $ 13.0 million and $ 22.8 million, respectively, and depreciation expense for the three and six months ended June 30, 2024 was $ 5.8 million and $ 11.3 million, respectively. Assets classified as construction in progress and equipment deposits are not depreciated, as they are not ready for production use. All assets classified as construction in progress and equipment deposits at June 30, 2025 are expected to be in production use. Note 7. Goodwill The following table reflects the carrying amount of goodwill as of June 30, 2025 and December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage ​ (Thousands) ​ Solutions ​ Total Balance at December 31, 2024 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 192,994 ​ $ 192,994 Accumulated impairment loss ​ ​ ( 76,883 ) ​ ​ ( 76,883 ) ​ ​ ​ 116,111 ​ ​ 116,111 Balance at June 30, 2025 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 192,994 ​ $ 192,994 Accumulated impairment loss ​ ​ ( 76,883 ) ​ ​ ( 76,883 ) ​ ​ $ 116,111 ​ $ 116,111 ​ ​ 20 Table of Contents Note 8. Intangible Assets, Net The following table summarizes intangible assets, net as of June 30, 2025 and December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,648 ​ $ ( 38,051 ) ​ $ 110,597 Favorable lease asset ​ ​ 220 ​ ​ ( 220 ) ​ ​ — Software ​ ​ 1,173 ​ ​ ( 850 ) ​ ​ 323 Intangible assets, net ​ $ 150,041 ​ $ ( 39,121 ) ​ $ 110,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,648 ​ $ ( 34,197 ) ​ $ 114,451 Favorable lease asset ​ ​ 220 ​ ​ ( 209 ) ​ ​ 11 Software ​ ​ 1,243 ​ ​ ( 826 ) ​ ​ 417 Intangible assets, net ​ $ 150,111 ​ $ ( 35,232 ) ​ $ 114,879 ​ Amortization expense of intangible assets was $ 2.0 million and $ 3.9 million for the three and six months ended June 30, 2025, respectively, and amortization expense of intangible assets was $ 2.1 million and $ 4.1 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, the weighted average useful life for definite-lived intangibles is approximately 20 years . ​ Note 9. Leases We have operating leases for manufacturing, production, administrative, distribution and warehousing facilities, vehicles and machinery and equipment. Some of our lease agreements have renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. The remaining terms on our leases range from 1 year to 15 years , some of which may include options to extend the leases and some of which may include options to terminate the leases within 1 year . The following table summarizes the amount of right-of-use lease assets and lease liabilities included in each respective line item on the Company’s Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location June 30, 2025 December 31, 2024 Right-of-use operating lease assets ​ Operating lease right-of-use assets ​ $ 61,955 ​ $ 63,380 Operating lease liabilities - current ​ Accrued expenses and other current liabilities ​ ​ 4,666 ​ ​ 4,420 Operating lease liabilities - noncurrent ​ Operating lease liabilities ​ ​ 59,553 ​ ​ 60,692 ​ During the six months ended June 30, 2025 and 2024, the Company obtained approximately $ 1.2 million and $ 1.0 million, respectively, of right-of-use operating lease assets in exchange for lease obligations. On February 12, 2024, following the completion of its 530,000 square foot distribution center in Conway, Arkansas, the Company entered into a lease termination agreement for the Gregory Distribution Center lease. The Gregory Distribution Center lease terminated, by mutual agreement, on June 30, 2024. No costs were incurred as a result of the lease termination. This lease termination event does not significantly alter the Company’s operational capabilities or its financial position. 21 Table of Contents Depending on the nature of the lease, lease costs are classified within costs of sales or selling, general and administrative expense on the Company’s Condensed Consolidated Statements of Operations. The components of lease costs for the three and six months ended June 30, 2025 and 2024, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) ​ 2025 2024 ​ 2025 ​ 2024 Operating lease cost ​ $ 2,536 ​ $ 2,772 ​ $ 5,012 ​ $ 5,564 Short-term lease cost ​ ​ 361 ​ ​ 228 ​ ​ 567 ​ ​ 461 Total ​ $ 2,897 ​ $ 3,000 ​ $ 5,579 ​ $ 6,025 ​ The following table presents information about the Company’s weighted average discount rate and remaining lease term as of June 30, 2025 and December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 December 31, 2024 Weighted-average discount rate ​ ​ 7.8 % ​ ​ 7.7 % Weighted-average remaining lease term ​ ​ 11.8 years ​ ​ 12.1 years ​ Supplemental cash flow information about the Company’s leases as of June 30, 2025 and 2024, respectively, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, (Thousands) 2025 2024 Cash paid related to operating lease liabilities ​ $ 4,564 ​ $ 4,981 ​ Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued expenses and other current liabilities and long-term debt, net on the Condensed Consolidated Balance Sheets. There were no material finance leases as of June 30, 2025. Future minimum lease payments under non-cancellable operating leases as of June 30, 2025 are as follows: ​ ​ ​ ​ ​ (Thousands) ​ ​ 2025 ​ $ 5,244 2026 ​ ​ 8,916 2027 ​ ​ 8,736 2028 ​ ​ 8,141 2029 ​ ​ 8,184 Thereafter ​ ​ 62,299 Total future minimum lease payments ​ ​ 101,520 Less: imputed interest ​ ​ ( 37,301 ) Present value of minimum lease payments ​ $ 64,219 ​ ​ ​ 22 Table of Contents Note 10. Debt Our long-term debt at June 30, 2025 and December 31, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) June 30, 2025 December 31, 2024 Term loan facility ​ $ 150,938 ​ $ 155,313 Delayed draw term loan facility ​ ​ 46,875 ​ ​ 48,125 Revolving credit facility ​ ​ 172,500 ​ ​ 112,500 Convertible notes payable ​ ​ 72,000 ​ ​ 72,000 International trade finance lines ​ ​ 75,170 ​ ​ 54,659 International notes payable ​ ​ 4,500 ​ ​ 5,111 Other loans ​ ​ 14 ​ ​ 19 Total debt ​ ​ 521,997 ​ ​ 447,727 Unamortized debt costs ​ ​ ( 3,037 ) ​ ​ ( 3,425 ) Current maturities of long-term debt ​ ​ ( 16,469 ) ​ ​ ( 14,057 ) Convertible notes payable - related party, net ​ ​ ( 49,741 ) ​ ​ ( 49,706 ) Short-term debt ​ ​ ( 75,170 ) ​ ​ ( 54,659 ) Long-term debt, net ​ $ 377,580 ​ $ 325,880 ​ Credit Agreement The Company is party to a credit agreement (as amended, modified or supplemented, the “Credit Agreement”) among the Company, Westrock Beverage Solutions, LLC, as the borrower (the “Borrower”), Wells Fargo Bank, N.A., as administrative agent, collateral agent, and swingline lender, Wells Fargo Securities, LLC, as sustainability structuring agent, and each issuing bank and lender party thereto. The Credit Agreement includes (a) a senior secured first lien revolving credit facility in an aggregate principal amount of $ 200.0 million (the “Revolving Credit Facility”), (b) a senior secured first lien term loan facility in an aggregate principal amount of $ 175.0 million (the “Term Loan Facility”), and (c) incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “Delayed Draw Term Loan Facility”) in the aggregate principal amount of $ 50.0 million. The Revolving Credit Facility, the Term Loan Facility and the Delayed Draw Term Loan Facility will mature on August 29, 2027. All obligations under the Credit Agreement are guaranteed by the Company and each of the Borrower’s domestic subsidiaries, which comprise our Beverage Solutions segment, and are secured by substantially all of the Company’s assets. ​ Borrowings under the Revolving Credit Facility, the Term Loan Facility and the Delayed Draw Term Loan Facility will bear interest, at the Borrower’s option, initially at an annual rate equal to (a) term SOFR plus a credit spread adjustment of 0.10 % for loans with an interest period of one month , 0.15 % for loans with an interest period of three months and 0.25 % for loans with an interest period of six months , as applicable, (the “Adjusted Term SOFR”) or (b) the base rate (determined by reference to the greatest of (i) the rate of interest last quoted by The Wall Street Journal in the United States as the prime rate in effect, (ii) the NYFRB Rate from time to time plus 0.50 % and (iii) the Adjusted Term SOFR for a one month interest period plus 1.00 %, (the “Base Rate”)), in each case plus an applicable margin. ​ At June 30, 2025, we had $ 172.5 million of outstanding borrowings under the Revolving Credit Facility, with a weighted average interest rate of 8.2 %, and we had $ 2.6 million of standby letters of credit outstanding. At June 30, 2025, the interest rate applicable to our Term Loan Facility was 8.2 % and the interest rate applicable to our Delayed Draw Term Loan Facility was 8.3 %. ​ On February 15, 2024, the Borrower entered into Amendment No. 3 (the “Third Amendment”) to the Credit Agreement. The Third Amendment modified the existing covenant relief period (the “Covenant Relief Period”), which commenced on June 30, 2023 and will end on the earlier to occur of (i) April 1, 2026 and (ii) any date following June 30, 2024, on which the Borrower elects to terminate the Covenant Relief Period subject to satisfaction of certain conditions. During the Covenant Relief Period, the Company’s ability to incur additional indebtedness and make investments, restricted payments and junior debt restricted payments will be more limited. The Third Amendment permits the Company to issue convertible notes, including the Convertible Notes (as defined below). ​ 23 Table of Contents During the Covenant Relief Period, the applicable margin for any term SOFR rate loan will range from 3.00 % to 4.00 % and for any ABR loan will range from 2.00 % to 3.00 %, in each case depending on the secured net leverage ratio. After the Covenant Relief Period, the applicable margin for any term SOFR rate loan will range from 2.00 % to 3.00 % and for any ABR loan will range from 1.00 % to 2.00 %, in each case depending on the secured net leverage ratio. The Credit Agreement, as amended through the Third Amendment, required the Borrower to maintain compliance with (i) a secured net leverage ratio at levels ranging from 4.50 :1.00 to 6.25 :1.00 and stepping down to 4.50 :1.00 by April 2026 (which has been further amended by the Fourth Amendment, as discussed below) and (ii) an interest coverage ratio of at least 1.50 :1.00 on and prior to September 30, 2025 and at least 2.00 :1.00 on December 31, 2025 and thereafter. The Credit Agreement, as amended through the Third Amendment, also included (i) a minimum liquidity covenant requiring the Borrower not to permit its liquidity, measured as of the last business day of each calendar month commencing March 29, 2024, to be less than $ 15.0 million and (ii) an anti-cash hoarding covenant, which shall be effective only during the Covenant Relief Period, requiring the Borrower to have no more than $ 20.0 million of unrestricted cash on the last day of each calendar month when revolving loans or letters of credit are outstanding or on the date of borrowing of a revolving loan. ​ On January 15, 2025, the Company entered into an Incremental Assumption Agreement and Amendment No. 4 (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment expanded the syndicate to include member banks from the Farm Credit System and increased the amount of revolving facility commitments (the “Existing Revolving Facility Commitments”, and any loans thereunder, the “Existing Revolving Loans”) available to the Borrower under the Credit Agreement by $ 25.0 million (the “Incremental Revolving Facility Commitments” and any loans thereunder, the “Incremental Revolving Loans”). The amount of revolving facility commitments available to the Borrower under the Credit Agreement, as amended, is $ 200.0 million. The Incremental Revolving Facility Commitments and the Incremental Revolving Loans are subject to the same interest rates, commitment fees, maturity dates and other terms as the Existing Revolving Facility Commitments and the Existing Revolving Loans. The proceeds from any Incremental Revolving Loans will be used by the Company to fund the previously announced installation of a second ready-to-drink can line at the Conway Facility, and for general corporate purposes. ​ The Fourth Amendment also modified the secured net leverage ratio that the Company must comply with during the Covenant Relief Period to increase the maximum secured net leverage ratio to (a) 6.00 x for the test period ending June 30, 2025, (b) 5.50 x for the test period ending September 30, 2025, and (c) 5.25 x for the test period ending December 31, 2025. In addition, the minimum liquidity covenant will not apply after the Covenant Relief Period ends. As of June 30, 2025, the Company was in compliance with its financial covenants. ​ We incurred a total of $ 1.4 million in financing fees in connection with the Fourth Amendment. The fees were allocated to the Revolving Credit Facility, are reported within other long-term assets on the Condensed Consolidated Balance Sheets and are being amortized ratably over the remaining term of the Revolving Credit Facility. ​ The Term Loan Facility and Delayed Draw Term Loan Facility require quarterly principal payments totaling approximately $ 2.8 million ( 1.25 % of the original principal balance). Quarterly payments increase to approximately $ 4.2 million and $ 5.6 million ( 1.875 % and 2.5 % of the original principal balance) during the final two years of the agreements, respectively. ​ Convertible Notes On February 15, 2024, the Company sold and issued in a private placement $ 72.0 million in aggregate principal amount of 5.00 % convertible senior notes due 2029 (the “Convertible Notes”), of which $ 50.0 million was from related parties (See Note 20). The Convertible Notes are unsecured, senior obligations of the Company and accrue interest at a rate of 5.00 % per annum. The Convertible Notes are carried at amortized cost and are recorded in long-term debt, net and convertible notes payable – related party, net on the Condensed Consolidated Balance Sheets. At June 30, 2025, the carrying value of the Convertible Notes was $71.6 million, of which $ 49.7 million was from related parties. We incurred a total of $ 0.5 million of financing fees in connection with the Convertible Notes, which were ratably allocated to the convertible notes 24 Table of Contents payable and the convertible notes payable – related party, respectively, and are being amortized into interest expense over the remaining term of the Convertible Notes utilizing the effective interest rate method. Pursuant to the terms of the Convertible Notes, noteholders may convert their Convertible Notes at their option only in the following circumstances: (i) during the period commencing on August 15, 2024, and prior to the close of business on the trading day immediately preceding August 15, 2028, if the closing price for at least 20 trading days (whether or not consecutive) during the period of any 30 consecutive trading days in the immediately preceding calendar quarter is equal to or greater than 130 % of the conversion price; (ii) during the period commencing on August 15, 2028, and prior to the close of business on the second scheduled trading day immediately preceding February 15, 2029, at any time; and (iii) during the 35 trading days following the effective date of certain fundamental change transactions that occur prior to the close of business on the trading day immediately preceding August 15, 2028. The Company will settle conversions by paying or delivering, as applicable, at the Company’s election, cash, common stock, par value $ 0.01 per share (“Common Shares”), or a combination of cash and Common Shares. The Company may not issue more than 19.99 % of the issued and outstanding Common Shares immediately prior to the issuance of the Convertible Notes in respect of the conversion of the Convertible Notes. The initial conversion price of the Convertible Notes is $ 12.84 , which corresponds to an initial conversion rate of approximately 77.88 Common Shares per $ 1,000 principal amount of Convertible Notes. The conversion price and conversion rate are subject to customary adjustments. ​ International Debt and Lending Facilities ​ On March 8, 2024, Falcon Coffees Limited (“Falcon”), our subsidiary, renewed its working capital trade finance facility with multiple institutions. The facility size was reduced from $ 70.0 million to $ 55.0 million and was uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The facility matured one year from inception. Borrowings under the facility bore interest at the borrower’s option at a rate equal to (a) Term SOFR plus a margin of 4.00 % plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the facility, at such time, (ii) one-half of 1.00 % in excess of the Federal Funds Effective Rate, as defined in the facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00 % ). ​ On August 21, 2024, Falcon amended its working capital trade finance facility, increasing the facility size from $ 55.0 million to $ 75.0 million. The interest rates and maturity date were unchanged as a result of the amendment. ​ On March 7, 2025, Falcon renewed its working capital trade finance facility with multiple institutions. The facility size was increased from $ 75.0 million to $ 85.0 million and remains uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The facility will mature one year from inception. Borrowings under the facility bear interest at the borrower’s option at a rate equal to (a) Term SOFR plus a margin of 4.00 % plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the facility, at such time, (ii) one-half of 1.00 % in excess of the Federal Funds Effective Rate, as defined in the facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00 %). ​ At June 30, 2025, there was $ 75.2 million of outstanding borrowings under the facility, which is recorded in short-term debt in the Condensed Consolidated Balance Sheets. Falcon’s facility contains certain restrictive financial covenants which require Falcon to maintain certain levels of working capital, debt, and net worth. Falcon was in compliance with these financial covenants as of June 30, 2025. ​ On September 28, 2023, we entered into a $ 5.0 million unsecured working capital trade finance facility with responsAbility Climate Smart Agriculture & Food Systems Fund through Falcon. The facility will mature on December 31, 2026, and requires stepped repayments of $ 0.5 million on December 31, 2024, $ 1.0 million on December 31, 2025 and $ 3.5 million on December 31, 2026. Borrowings under the facility bear interest at the borrower’s option at a rate equal to (a) (i) the most recent applicable Term SOFR for the longest period (for which Term SOFR is available) which is less than the applicable interest period of the loan or (ii) if no such Term SOFR is available for a period which is less than the applicable interest period, SOFR for the day which is two U.S. Government Securities Business Days, as 25 Table of Contents defined in the facility, before the Quotation Day, as defined in the facility; or (b) the most recent applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the applicable interest period of that loan, in each case plus the applicable margin. At June 30, 2025, there was $ 4.5 million of outstanding borrowings under the facility, of which $ 3.5 million and $ 1.0 million is recorded in long-term debt, net and current maturities of long-term debt, respectively, on the Condensed Consolidated Balance Sheets. Falcon’s facility contains certain restrictive financial covenants which require Falcon to maintain certain levels of working capital, debt, and tangible net worth. Falcon was in compliance with these financial covenants as of June 30, 2025. ​ Note 11. Series A Preferred Shares The Company has 23,510,527 Westrock Series A Preferred Shares outstanding, which rank senior to the Common Shares with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Westrock. Each holder of Westrock Series A Preferred Shares is entitled to vote, on an as-converted basis, as a single class with the holders of Common Shares and the holders of any other class or series of capital stock of Westrock then entitled to vote with the Common Shares on all matters submitted to a vote of the holders of Common Shares. ​ The initial liquidation preference of Westrock Series A Preferred Shares is $ 11.50 per share, plus any declared but unpaid dividends and subject to accretion under certain circumstances. In the event of our liquidation, dissolution or winding up, holders of Westrock Series A Preferred Shares are entitled to receive, per Westrock Series A Preferred Share, the greater of (a) the liquidation preference and (b) the amount such holder would have received had they converted their Westrock Series A Preferred Shares into Common Shares immediately prior to such liquidation event. ​ Holders of Westrock Series A Preferred Shares may voluntarily convert their Westrock Series A Preferred Shares into a whole number of Common Shares at any time at a rate equal to the quotient of (a) the liquidation preference as of the applicable conversion date, divided by (b) the conversion price as of the applicable conversion date, which is currently $ 11.50 per Westrock Series A Preferred Share, plus cash in lieu of fractional shares. The initial conversion price of $ 11.50 per Westrock Series A Preferred Share is subject to customary adjustments for the issuance of Common Shares as a dividend or distribution to the holders of Common Shares, a subdivision or combination of the Common Shares, reclassification of the Common Shares into a greater or lesser number of Common Shares, certain tender or exchange offers for the Common Shares, and issuances of Common Shares below a specified price. ​ After February 26, 2028, any holder of Westrock Series A Preferred Shares may require Westrock to redeem all or any whole number of such holder’s Westrock Series A Preferred Shares in cash, subject to applicable law and the terms of any credit agreement or similar arrangement pursuant to which a third-party lender provides debt financing to Westrock or its subsidiaries, at a redemption price per share equal to the greater of (a) the liquidation preference and (b) the product of (i) the number of Common Shares that would have been obtained from converting one Westrock Series A Preferred Share on the redemption notice date and (ii) the simple average of the daily volume weighted average price per Common Share for the ten trading days ending on and including the trading day immediately preceding the redemption notice date. Assuming that the liquidation preference of the Series A Preferred Shares remains $ 11.50 per share and all 23,510,527 Series A Preferred Shares outstanding at June 30, 2025 remain outstanding after February 26, 2028, we estimate an aggregate redemption payment of at least approximately $ 270.4 million. ​ At any time after February 26, 2028, Westrock may redeem, ratably, in whole or, from time to time in part, the Westrock Series A Preferred Shares of any holder then outstanding at the redemption price in cash, equal to the greater of (i) the liquidation preference and (ii) the product of (x) the number of Common Shares that would have been obtained from converting one Westrock Series A Preferred Share on the date of the exercise of such call is notified by Westrock (including fractional shares for this purpose) and (y) the simple average of the daily volume weighted average price per Common Share for the ten trading days ending on and including the trading day immediately preceding the date of the exercise of such call by Westrock. The redemption price for the Westrock Series A Preferred Shares held by controlled affiliates of Brown Brothers Harriman & Co. (“BBH Investors”) may not be less than the $ 18.50 per Westrock Series A Preferred Share (subject to adjustments); provided that, Westrock may redeem such shares in such a case if it pays an incremental price per share on the redemption date to the BBH Investors equal to the difference between $ 18.50 (subject to adjustments) and the redemption price otherwise. 26 Table of Contents Upon issuance, the Westrock Series A Preferred Shares were recorded on our Condensed Consolidated Balance Sheets at fair value. Subsequently, the Company will accrete changes in the redemption value from the date of issuance to the earliest redemption date using the effective interest rate method. The accretion will be recorded as a deemed dividend, which adjusts retained earnings (or in the absence of retained earnings, additional paid-in capital) and earnings attributable to common shareholders in computing basic and diluted earnings per share. However, at no time will the Westrock Series A Preferred Shares be reported at a value less than its initial carrying value. For the three and six months ended June 30, 2025, the Company recorded $ 0.1 million and $ 0.2 million of amortization, respectively, with respect to the Westrock Series A Preferred Shares. For the three and six months ended June 30, 2024, the Company recorded $ 0.1 million and $ 0.2 million of amortization, respectively, with respect to the Westrock Series A Preferred Shares. Note 12. Common Stock Warrants We account for warrants in accordance with the guidance contained in ASC 815, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. The liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Condensed Consolidated Statements of Operations. The Company re-measures the fair value of the Westrock Public Warrants (defined below) based on the quoted market price of the Westrock Public Warrants. Prior to the Offer described below, the Westrock Private Warrants (defined below) were valued using a binomial lattice valuation model. For the three and six months ended June 30, 2024, the Company recognized $ 1.6 million and $ 1.7 million, respectively, of gains related to the change in fair value of warrant liabilities, which is recognized in other (income) expense in the Condensed Consolidated Statements of Operations. No such gains or losses were recognized during the three and six months ended June 30, 2025. On August 28, 2024, the Company announced that it had commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants to purchase Common Shares, which warrants trade on The Nasdaq Global Market (the “Nasdaq”) under the symbol “WESTW” (the “Westrock Public Warrants”), and (ii) private placement warrants to purchase Common Shares (the “Westrock Private Warrants” and, together with the Westrock Public Warrants, the “Westrock Warrants”). The Company offered to all holders of the Westrock Warrants the opportunity to receive 0.290 Common Shares in exchange for each of the Westrock Warrants tendered pursuant to the Offer. The Offer and Consent Solicitation expired on September 26, 2024 (the “Expiration Date”). As of the Expiration Date, (x) 16,676,541 outstanding Westrock Public Warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing approximately 97.42 % of the Westrock Public Warrants and (y) 2,026,046 outstanding Westrock Private Warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing 100 % of the Westrock Private Warrants. On September 30, 2024, the Company issued 5,423,681 Common Shares in exchange for the tendered Westrock Warrants. Concurrently with the Offer, the Company also solicited consents from the holders of each of the Westrock Public Warrants and the Westrock Private Warrants to amend that certain Warrant Agreement, dated as of August 25, 2022, by and between the Company and Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, as warrant agent (the “Warrant Agent”), which governs all of the Westrock Warrants (the “Warrant Agreement”), to permit the Company to require that (x) each Westrock Public Warrant that is outstanding upon the closing of the Offer be exchanged for 0.261 common shares, which is a ratio 10 % less than the exchange ratio applicable to the Offer and (y) each Westrock Private Warrant that is outstanding upon the closing of the Offer be exchanged for 0.261 common shares, which is a ratio 10 % less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the Consent Solicitation, the Company received the approval of holders of approximately 97.42 % of the outstanding Westrock Public Warrants and 100 % of the outstanding Westrock Private Warrants to adopt the Warrant Amendment, which exceeded (x) the 50 % threshold of the outstanding Westrock Public Warrants required to amend the 27 Table of Contents Warrant Agreement with respect to the Westrock Public Warrants and (y) the 50 % threshold of the outstanding Westrock Private Warrants required to amend the Warrant Agreement with respect to the Westrock Private Warrants. Accordingly, the Company and the Warrant Agent entered into the Warrant Amendment, dated September 30, 2024. On September 30, 2024, the Company announced that it would exercise its right, in accordance with the terms of the Warrant Amendment, to exchange each Westrock Public Warrant that is outstanding following the closing of the Offer for 0.261 Common Shares per warrant (the “Post-Offer Exchange”). The Company fixed the date for the Post-Offer Exchange as October 15, 2024. On October 16, 2024, the Post-Offer Exchange related to the Westrock Public Warrants was completed, resulting in the issuance of 115,220 Common Shares in exchange for then outstanding Westrock Public Warrants. Following the completion of the Post-Offer Exchange, no Westrock Warrants remain outstanding. Accordingly, the Westrock Public Warrants were suspended from trading on the Nasdaq as of the close of business on October 15, 2024, and were delisted. Note 13. Derivatives We record all derivatives, whether designated in a hedging relationship or not, at fair value on the Condensed Consolidated Balance Sheets. We use various types of derivative instruments including, but not limited to, forward contracts, futures contracts, and options contracts for certain commodities. Forward and futures contracts are agreements to buy or sell a quantity of a commodity at a predetermined future date, and at a predetermined rate or price. Forward contracts are traded over the counter whereas futures contracts are traded on an exchange. Option contracts are agreements to facilitate a potential transaction involving the commodity at a preset price and date. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have not been designated and for which hedge accounting is not applied, are recorded in the same line item in our Condensed Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in the Condensed Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in commodity prices. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the six months ended June 30, 2025 and 2024. Within our Beverage Solutions segment, we have entered into coffee futures contracts to hedge our exposure to price fluctuations on green coffee associated with certain price-to-be-fixed purchase contracts, which generally range from three to twelve months in length. These derivative instruments have been designated as cash flow hedges. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of green coffee. The notional amount for the coffee futures contracts that were designated and qualified for our commodity cash flow hedging program was 49.2 million pounds and 11.0 million pounds as of June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the Company purchased coffee futures contracts and coffee options contracts under our cash flow hedging program with aggregate notional amounts of 53.3 million pounds and 99.9 million pounds, respectively. During the three and six months ended June 30, 2024, the Company purchased 28 Table of Contents coffee futures contracts and coffee options contracts under our cash flow hedging program with aggregate notional amounts of 20.1 million pounds and 30.0 million pounds, respectively. Approximately $ 12.1 million and $ 22.3 million of net realized gains, representing the effective portion of the cash flow hedge, were subsequently reclassified from AOCI to earnings and recognized in costs of sales in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025, respectively. Approximately $ 3.5 million and $ 3.6 million of net realized gains, representing the effective portion of the cash flow hedge, were subsequently reclassified from AOCI to earnings and recognized in costs of sales in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, the estimated amount of net losses reported in AOCI that is expected to be reclassified to the Condensed Consolidated Statements of Operations within the next twelve months is $18.0 million. Within our Sustainable Sourcing & Traceability segment, the Company’s forward sales and forward purchase contracts are for physical delivery of green coffee in a future period. While the Company considers these contracts to be effective economic hedges, the Company does not designate or account for forward sales or forward purchase contracts as hedges as defined under current accounting standards. See Note 4 for a description of the treatment of realized and unrealized gains and losses on forward sales and forward purchase contracts. The fair value of our derivative assets and liabilities included in the Condensed Consolidated Balance Sheets are set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location June 30, 2025 December 31, 2024 Derivative assets designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts (1) ​ Derivative assets ​ $ — ​ $ 3,815 Options contracts (2) ​ Derivative assets ​ ​ — ​ ​ 228 Total ​ ​ ​ $ — ​ $ 4,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative assets ​ $ 28,176 ​ $ 15,703 Total ​ ​ ​ ​ 28,176 ​ ​ 15,703 Total derivative assets ​ ​ ​ $ 28,176 ​ $ 19,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts (1) ​ Derivative liabilities ​ $ 23,316 ​ $ — Options contracts (2) ​ Derivative liabilities ​ ​ 1,795 ​ ​ — Total ​ ​ ​ $ 25,111 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative liabilities ​ $ 9,988 ​ $ 11,966 Total derivative liabilities ​ ​ ​ $ 35,099 ​ $ 11,966 1 - The fair value of coffee futures excludes amounts related to margin accounts. 2 - Option contracts include counterparty netting. 29 Table of Contents The following table presents the pre-tax net gains and losses for our derivative instruments for the three and six months ended June 30, 2025 and 2024, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) Statement of Operations Location 2025 2024 2025 2024 Derivative assets designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gains (losses) on coffee derivatives ​ Costs of sales ​ $ 12,121 ​ $ 3,480 ​ $ 22,283 ​ $ 3,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets and liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains (losses) on forward sales and purchase contracts ​ Costs of sales ​ $ 10,596 ​ $ ( 141 ) ​ $ 14,190 ​ $ 2,200 ​ Note 14. Fair Value Measurements ASC 820, Fair Value Measurements , defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are: ● Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2—Valuation is based upon inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (i.e. interest rate and yield curves observable at commonly quoted intervals, default rates, etc.). Observable inputs include quoted prices for similar instruments in active and non-active markets. Level 2 includes those financial instruments that are valued with industry standard valuation models that incorporate inputs that are observable in the marketplace throughout the full term of the instrument or can otherwise be derived from or supported by observable market data in the marketplace. Level 2 inputs may also include insignificant adjustments to market observable inputs. ● Level 3—Valuation is based upon one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are used to the extent relevant observable inputs are not available and are developed based on the best information available. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. 30 Table of Contents The following table summarizes the fair value of financial instruments at June 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 52,646 ​ $ — ​ $ 52,646 Coffee futures contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ — Options contracts (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Forward purchase and sales contracts ​ ​ — ​ ​ 28,176 ​ ​ — ​ ​ 28,176 Total ​ $ — ​ $ 80,822 ​ $ — ​ $ 80,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts ​ $ 23,316 ​ $ — ​ $ — ​ $ 23,316 Options contracts (1) ​ ​ 1,795 ​ ​ — ​ ​ — ​ ​ 1,795 Forward purchase and sales contracts ​ ​ — ​ ​ 9,988 ​ ​ — ​ ​ 9,988 Total ​ $ 25,111 ​ $ 9,988 ​ $ — ​ $ 35,099 1 - Option contracts include counterparty netting. The following table summarizes the fair value of financial instruments at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 47,644 ​ $ — ​ $ 47,644 Coffee futures contracts ​ ​ 3,815 ​ ​ — ​ ​ — ​ ​ 3,815 Options contracts ​ ​ 228 ​ ​ — ​ ​ — ​ ​ 228 Forward purchase and sales contracts ​ ​ — ​ ​ 15,703 ​ ​ — ​ ​ 15,703 Total ​ $ 4,043 ​ $ 63,347 ​ $ — ​ $ 67,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ ​ — ​ ​ 11,966 ​ ​ — ​ ​ 11,966 Total ​ $ — ​ $ 11,966 ​ $ — ​ $ 11,966 ​ Financial instruments consist primarily of cash, accounts receivable, accounts payable, supply chain finance program obligations, inventory repurchase obligations, convertible notes payable, short-term debt and long-term debt. The carrying amount of cash, accounts receivable, accounts payable, short-term debt and the supply chain finance program was estimated by management to approximate fair value due to the relatively short period of time to maturity for those instruments. The Term Loan Facility, Delayed Draw Term Loan Facility and Revolving Credit Facility are carried on the Condensed Consolidated Balance Sheets at amortized cost and are estimated by management to approximate fair value as of June 30, 2025, as the interest rate on these facilities is adjusted for changes in the market rates. The fair value of the Term Loan Facility, Delayed Draw Term Loan Facility and Revolving Credit Facility was determined based on Level 2 inputs under the fair value hierarchy. Coffee futures contracts and coffee options are valued based on quoted market prices. The estimated fair value for green coffee inventories associated with forward contracts and forward sales and purchase contracts are based on exchange-quoted prices, adjusted for differences in origin, quantity, quality, and future delivery period, as the exchange quoted prices represent standardized terms for the commodity. These adjustments are generally determined using broker or dealer quotes or based upon observable market transactions. As a result, green coffee associated with forward contracts and forward sales and purchase contracts are classified within Level 2 of the fair value hierarchy. The Convertible Notes are carried on the Condensed Consolidated Balance Sheets at amortized cost. The estimated fair value of the Convertible Notes was $ 60.0 million as of June 30, 2025, and was determined using a binomial lattice 31 Table of Contents model, which is considered to be a Level 3 fair value measurement. The primary unobservable inputs at June 30, 2025 include the expected volatility and assumed debt yield of 50.0 % and 14.7 %, respectively. Non-financial assets and liabilities, including property, plant and equipment, goodwill and intangible assets are measured at fair value on a non-recurring basis. No events occurred during the three and six months ended June 30, 2025 or 2024, requiring these non-financial assets and liabilities to be subsequently recognized at fair value, with the exception of the $ 0.8 million impairment charge on equipment related to the restructuring activities disclosed in Note 3. At June 30, 2025, the Company had an equity investment with a carrying value of approximately $ 1.0 million, for which there is no readily determinable fair value. This investment is recorded at cost within other long-term assets on the Condensed Consolidated Balance Sheets. As of June 30, 2025, there have been no adjustments, upward or downward, to the carrying value. Note 15. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax by component for the three and six months ended June 30, 2025 and 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 Unrealized gain (loss) on derivative instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 18,095 ​ $ 3,548 ​ $ 18,863 ​ $ 3,362 Other comprehensive income (loss) before reclassifications ​ ​ ( 23,945 ) ​ ​ 8,541 ​ ​ ( 14,567 ) ​ ​ 8,878 Amounts reclassified from accumulated comprehensive income ​ ​ ( 12,121 ) ​ ​ ( 3,480 ) ​ ​ ( 22,283 ) ​ ​ ( 3,572 ) Tax effect ​ ​ 68 ​ ​ ( 1,241 ) ​ ​ 84 ​ ​ ( 1,300 ) Balance at end of period ​ ​ ( 17,903 ) ​ ​ 7,368 ​ ​ ( 17,903 ) ​ ​ 7,368 Foreign currency translation adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ ​ 768 ​ ​ 486 ​ ​ 721 ​ ​ 456 Other comprehensive income (loss) before reclassifications ​ ​ 17 ​ ​ 51 ​ ​ 64 ​ ​ 81 Amounts reclassified from accumulated comprehensive income ​ ​ ( 440 ) ​ ​ — ​ ​ ( 440 ) ​ ​ — Tax effect ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance at end of period ​ ​ 345 ​ ​ 537 ​ ​ 345 ​ ​ 537 Accumulated other comprehensive income (loss) at end of period ​ $ ( 17,558 ) ​ $ 7,905 ​ $ ( 17,558 ) ​ $ 7,905 ​ Note 16. Equity-Based Compensation The Company grants restricted stock units (“RSUs”) under the Westrock Coffee Company 2022 Equity Incentive Plan (the “2022 Equity Plan”). RSUs may contain a service, market or performance condition on which vesting is based. ​ Service-based RSUs vest in equal installments on anniversaries of the grant date over the explicit service period, which ranges from one to four years . The Company recognizes the expense relating to these units on a straight-line basis over the vesting period. ​ Performance-based RSUs vest upon satisfaction of the Company’s achievement of certain pre-defined performance targets during a stated performance period and are subject to the employee’s continuing employment throughout. The Company recognizes the expense relating to these units over the explicit service period, based on the probability of achievement of the performance targets. ​ Market-based RSUs vest upon the Company’s achievement of certain stock price targets over a stated measurement period, subject to the employee’s continuing employment throughout. The Company recognizes the expense relating to these units over the derived service period, even if the market condition is not achieved. ​ The Company recognizes equity-based compensation expense, for its RSU awards, in an amount equal to the grant-date fair value of the respective award. The fair value of service-based RSUs and performance-based RSUs is based on the 32 Table of Contents closing price of the Company’s common stock on the grant date. For market-based RSUs granted during the six months ended June 30, 2025, the Company estimated the fair value of the market-based RSUs on the grant date using a Monte Carlo simulation model with the following assumptions: (i) expected term of 2.8 years, (ii) expected volatility of 50.0 % and (iii) risk-free interest rate of 3.8 %. ​ Compensation costs associated with service-based RSUs and performance-based RSUs are recognized only for those awards that ultimately vest, whereas compensation costs associated with market-based RSUs are recognized even if the market condition is never satisfied. ​ During the six months ended June 30, 2025, the Company granted 1.5 million RSUs with an aggregate fair value of $ 9.0 million to certain employees and non-employee directors under the 2022 Equity Plan. As of June 30, 2025, there were 3.1 million shares available for future issuance under the 2022 Equity Plan. ​ The following table sets forth the RSU activity under the 2022 Equity Plan for the six months ended June 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-based Restricted Stock Units ​ Performance-based Restricted Stock Units ​ Market-based Restricted Stock Units ​ ​ ​ ​ Weighted-Average ​ ​ ​ Weighted-Average ​ ​ ​ Weighted-Average ​ ​ ​ ​ Fair Value at ​ ​ ​ Fair Value at ​ ​ ​ Fair Value at ​ ​ Units ​ Grant Date ​ Units ​ Grant Date ​ Units ​ Grant Date Outstanding at December 31, 2024 ​ 2,444,228 ​ $ 10.44 ​ — ​ $ — ​ — ​ $ — Granted ​ 295,654 ​ ​ 6.81 ​ 607,610 ​ ​ 7.01 ​ 607,644 ​ ​ 4.52 Forfeited ​ ( 11,159 ) ​ ​ 10.19 ​ — ​ ​ — ​ — ​ ​ — Vested ​ ( 712,983 ) ​ ​ 10.83 ​ — ​ ​ — ​ — ​ ​ — Outstanding at June 30, 2025 ​ 2,015,740 ​ $ 9.78 ​ 607,610 ​ $ 7.01 ​ 607,644 ​ $ 4.52 ​ ​ Note 17. Earnings per Share Westrock Series A Preferred Shares and our RSUs issued under our 2022 Equity Plan are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as Common Shares. As participating securities, we include these instruments in the computation of earnings per share under the two-class method described in ASC 260 Earnings per Share (“ASC 260”) . The dilutive effect of Westrock Series A Preferred Shares and the Convertible Notes is calculated using the if-converted method, which assumes an add-back of any accretion on preferred shares and interest expense associated with the Convertible Notes to net income attributable to shareholders as if the securities were converted to Common Shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting Common Shares being included in the number of weighted-average units outstanding. The dilutive effect of time-based option awards and RSUs is calculated using the treasury stock method, while performance-based awards are treated as contingently issuable. The following potentially dilutive securities were excluded from the computation of diluted shares for the periods indicated because their inclusion would have an anti-dilutive effect on dilutive earnings (loss) per common share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands) 2025 2024 2025 2024 Warrants ​ ​ — ​ ​ 19,144 ​ ​ — ​ ​ 19,144 Restricted stock units ​ ​ 1,947 ​ ​ 2,860 ​ ​ 2,147 ​ ​ 2,504 Options ​ ​ 1,255 ​ ​ 1,316 ​ ​ 1,255 ​ ​ 1,322 If-converted securities ​ ​ 34,671 ​ ​ 30,517 ​ ​ 34,568 ​ ​ 25,278 ​ 33 Table of Contents The following table sets forth the computation of basic and diluted earnings per share under the two-class method for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (Thousands, except per share data) 2025 2024 2025 2024 Basic Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders ​ $ ( 21,477 ) ​ $ ( 17,672 ) ​ $ ( 48,609 ) ​ $ ( 41,258 ) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 94,661 ​ ​ 88,323 ​ ​ 94,480 ​ ​ 88,209 Basic earnings (loss) per common share ​ $ ( 0.23 ) ​ $ ( 0.20 ) ​ $ ( 0.51 ) ​ $ ( 0.47 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders - basic ​ $ ( 21,477 ) ​ $ ( 17,672 ) ​ $ ( 48,609 ) ​ $ ( 41,258 ) Effect of participating securities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Effect of non-participating securities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net income (loss) attributable to common shareholders - diluted ​ $ ( 21,477 ) ​ $ ( 17,672 ) ​ $ ( 48,609 ) ​ $ ( 41,258 ) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 94,661 ​ ​ 88,323 ​ ​ 94,480 ​ ​ 88,209 Effect of dilutive participating securities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Effect of dilutive non-participating securities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Weighted-average common shares outstanding - diluted ​ ​ 94,661 ​ ​ 88,323 ​ ​ 94,480 ​ ​ 88,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive (loss) earnings per common share ​ $ ( 0.23 ) ​ $ ( 0.20 ) ​ $ ( 0.51 ) ​ $ ( 0.47 ) ​ ​ Note 18. Segment Information Our two operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Segment Adjusted EBITDA, which is a segment performance measure. We define Segment Adjusted EBITDA as net (loss) income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of transaction, restructuring and integrations costs, impairment charges, changes in fair value of warrant liabilities, non-cash mark-to-market adjustments, certain non-capitalizable costs necessary to place the Conway Facility into commercial production, certain recurring operating costs related to the scale-up of operations of the Conway Facility, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, and other similar or infrequent items (although we may not have had such charges in the periods presented). The Company’s Chief Executive Officer, it’s chief operating decision maker (“CODM”), reviews Segment Adjusted EBITDA for the purpose of making operating decisions, assessing financial performance, and deciding how to allocate resources. Segment Adjusted EBITDA is used by the CODM to review operating trends and to monitor budget-to-actual variances in order to make key operating decisions. 34 Table of Contents Selected financial data, including a reconciliation of total reportable segments’ Segment Adjusted EBITDA to loss before income taxes and equity in earnings from unconsolidated entities, is presented below for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ Sustainable ​ ​ ​ Beverage ​ Sourcing & ​ ​ (Thousands) ​ Solutions ​ Traceability ​ Total Net sales (1) ​ $ 208,814 ​ $ 72,045 ​ $ 280,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA ​ ​ 19,670 ​ ​ 3,315 ​ ​ 22,985 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ 13,119 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 15,016 Transaction, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ 2,477 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ 4,750 Conway extract and ready-to-drink facility pre-production costs ​ ​ ​ ​ ​ ​ ​ ​ 9,072 Conway extract and ready-to-drink facility scale up operating costs ​ ​ ​ ​ ​ ​ ​ ​ 7,647 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ( 1,441 ) Other ​ ​ ​ ​ ​ ​ ​ ​ ( 2,215 ) Loss before income taxes and equity in earnings from unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ ( 25,440 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ 1,027,048 ​ ​ 130,429 ​ ​ 1,157,477 ​ ​ (1) Excludes $ 2.6 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2024 ​ ​ ​ Sustainable ​ ​ ​ Beverage ​ Sourcing & ​ ​ (Thousands) ​ Solutions ​ Traceability ​ Total Net sales (1) ​ $ 163,253 ​ $ 45,136 ​ $ 208,389 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA ​ ​ 13,245 ​ ​ 419 ​ ​ 13,664 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ 7,453 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 7,968 Transaction, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ 4,399 Change in fair value of warrant liabilities ​ ​ ​ ​ ​ ​ ​ ​ ( 1,612 ) Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ 3,025 Impairment charges ​ ​ ​ ​ ​ ​ ​ ​ 831 Conway extract and ready-to-drink facility pre-production costs ​ ​ ​ ​ ​ ​ ​ ​ 12,382 Conway extract and ready-to-drink facility scale up operating costs ​ ​ ​ ​ ​ ​ ​ ​ 1,230 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ( 1,522 ) (Gain) loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ 971 Other ​ ​ ​ ​ ​ ​ ​ ​ 886 Loss before income taxes and equity in earnings from unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ ( 22,347 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ 965,250 ​ ​ 91,123 ​ ​ 1,056,373 ​ ​ (1) Excludes $ 1.6 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. ​ 35 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ Sustainable ​ ​ ​ Beverage ​ Sourcing & ​ ​ (Thousands) ​ Solutions ​ Traceability ​ Total Net sales (1) ​ $ 372,893 ​ $ 121,762 ​ $ 494,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA ​ ​ 29,253 ​ ​ 5,243 ​ ​ 34,496 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ 25,718 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 26,771 Transaction, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ 4,268 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ 8,080 Conway extract and ready-to-drink facility pre-production costs ​ ​ ​ ​ ​ ​ ​ ​ 13,520 Conway extract and ready-to-drink facility scale up operating costs ​ ​ ​ ​ ​ ​ ​ ​ 10,935 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ( 3,514 ) (Gain) loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ 7 Other ​ ​ ​ ​ ​ ​ ​ ​ ( 459 ) Loss before income taxes and equity in earnings from unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ ( 50,830 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ 1,027,048 ​ ​ 130,429 ​ ​ 1,157,477 ​ (1) Excludes $ 6.5 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ ​ ​ Sustainable ​ ​ ​ Beverage ​ Sourcing & ​ ​ (Thousands) ​ Solutions ​ Traceability ​ Total Net sales (1) ​ $ 321,312 ​ $ 79,577 ​ $ 400,889 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA ​ ​ 24,045 ​ ​ 761 ​ ​ 24,806 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ 15,032 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 15,516 Transaction, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ 7,363 Change in fair value of warrant liabilities ​ ​ ​ ​ ​ ​ ​ ​ ( 1,653 ) Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ 5,481 Impairment charges ​ ​ ​ ​ ​ ​ ​ ​ 831 Conway extract and ready-to-drink facility pre-production costs ​ ​ ​ ​ ​ ​ ​ ​ 22,178 Conway extract and ready-to-drink facility scale up operating costs ​ ​ ​ ​ ​ ​ ​ ​ 1,230 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ( 3,162 ) (Gain) loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ 973 Other ​ ​ ​ ​ ​ ​ ​ ​ 1,169 Loss before income taxes and equity in earnings from unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ ( 40,152 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ 965,250 ​ ​ 91,123 ​ ​ 1,056,373 ​ (1) Excludes $ 3.5 million of intersegment revenues that represent sales of green coffee from our SS&T segment to our Beverage Solutions segment. ​ 36 Table of Contents Significant segment expense for our reportable segments is presented below for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ Sustainable ​ ​ Beverage ​ Sourcing & (Thousands) ​ Solutions ​ Traceability Net Sales ​ $ 208,814 ​ $ 72,045 Less: ​ ​ ​ ​ ​ ​ Costs of sales ​ ​ 163,565 ​ ​ 66,378 Employee related (1) ​ ​ 14,082 ​ ​ 1,909 Information technology ​ ​ 1,675 ​ ​ n/a Advertising & marketing ​ ​ 737 ​ ​ n/a Professional fees ​ ​ 2,429 ​ ​ n/a Corporate insurance ​ ​ 1,338 ​ ​ n/a Freight ​ ​ 2,992 ​ ​ n/a Other segment expense (2) ​ ​ 2,326 ​ ​ 443 Segment Adjusted EBITDA ​ $ 19,670 ​ $ 3,315 ​ ​ (1) Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. (2) Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2024 ​ ​ ​ Sustainable ​ ​ Beverage ​ Sourcing & (Thousands) ​ Solutions ​ Traceability Net Sales ​ $ 163,253 ​ $ 45,136 Less: ​ ​ ​ ​ ​ ​ Costs of sales ​ ​ 121,899 ​ ​ 41,870 Employee related (1) ​ ​ 12,012 ​ ​ 1,776 Information technology ​ ​ 1,441 ​ ​ n/a Advertising & marketing ​ ​ 1,421 ​ ​ n/a Professional fees ​ ​ 2,272 ​ ​ n/a Corporate insurance ​ ​ 2,002 ​ ​ n/a Freight ​ ​ 4,273 ​ ​ n/a Other segment expense (2) ​ ​ 4,688 ​ ​ 1,071 Segment Adjusted EBITDA ​ $ 13,245 ​ $ 419 ​ ​ (1) Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. (2) Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses . 37 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ Sustainable ​ ​ Beverage ​ Sourcing & (Thousands) ​ Solutions ​ Traceability Net Sales ​ $ 372,893 ​ $ 121,762 Less: ​ ​ ​ ​ ​ ​ Costs of sales ​ ​ 295,005 ​ ​ 111,804 Employee related (1) ​ ​ 25,888 ​ ​ 3,698 Information technology ​ ​ 3,710 ​ ​ n/a Advertising & marketing ​ ​ 1,453 ​ ​ n/a Professional fees ​ ​ 4,522 ​ ​ n/a Corporate insurance ​ ​ 2,933 ​ ​ n/a Freight ​ ​ 6,000 ​ ​ n/a Other segment expense (2) ​ ​ 4,129 ​ ​ 1,017 Segment Adjusted EBITDA ​ $ 29,253 ​ $ 5,243 ​ ​ (1) Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. (2) Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ ​ ​ Sustainable ​ ​ Beverage ​ Sourcing & (Thousands) ​ Solutions ​ Traceability Net Sales ​ $ 321,312 ​ $ 79,577 Less: ​ ​ ​ ​ ​ ​ Costs of sales ​ ​ 242,386 ​ ​ 73,676 Employee related (1) ​ ​ 23,936 ​ ​ 3,326 Information technology ​ ​ 2,815 ​ ​ n/a Advertising & marketing ​ ​ 2,097 ​ ​ n/a Professional fees ​ ​ 4,823 ​ ​ n/a Corporate insurance ​ ​ 4,093 ​ ​ n/a Freight ​ ​ 7,750 ​ ​ n/a Other segment expense (2) ​ ​ 9,367 ​ ​ 1,814 Segment Adjusted EBITDA ​ $ 24,045 ​ $ 761 ​ ​ (1) Employee related costs are costs reported within selling, general and administrative expense in our Condensed Consolidated Statements of Operations, and include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. (2) Other segment expense includes equipment and real estate rent, equipment parts, supplies and service expenses and other overhead expenses . ​ 38 Table of Contents Note 19. Commitments and Contingencies On November 27, 2024, Dairy Farmers of America, Inc. (“DFA”) filed a complaint against the Company and certain current and former employees of the Company in the United States District Court for the Western District of Missouri, Case No. 6:24-cv-03332-BCW (W.D. Mo.), which alleged trade secret misappropriation in violation of the Defend Trade Secrets Act and the Missouri Trade Secrets Act and civil conspiracy against the Company. DFA seeks money damages, interest, attorneys’ fees, costs, expenses, and injunctive relief from all defendants. On February 24, 2025, DFA filed an amended complaint, asserting the same causes of action against the Company and adding an individual defendant. On July 1, 2025, the United States District Court for the Western District of Missouri granted the Company’s motion to transfer the case to the United States District Court for the Eastern District of Arkansas. On July 14, 2025, DFA filed a second amended complaint, adding Westrock Beverage Company, LLC as a defendant, withdrawing the claim for civil conspiracy, and adding a claim seeking to pierce the corporate veil between the Company and Westrock Beverage Company, LLC. The Company and Westrock Beverage Company, LLC filed an answer on July 28, 2025, denying the allegations contained in DFA’s complaint and a motion to dismiss the veil-piercing claim. The trial in this matter is tentatively scheduled to begin on August 10, 2026. The Company intends to defend this matter vigorously and seek all recourse available to it, and, because it is still in its preliminary stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. We are subject to various other claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. We have future purchase obligations of $ 422.1 million as of June 30, 2025 that consist of commitments for the purchase of inventory over the next 12 months. These obligations represent the minimum contractual obligations expected under the normal course of business. At June 30, 2025, we had an obligation to repurchase $ 0.5 million of inventory associated with repurchase agreements in which the Company’s Sustainable Sourcing & Traceability segment has sold inventory to a third party and from whom the Company’s Beverage Solutions segment has an obligation to repurchase. The liability for these obligations is recorded within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets. At June 30, 2025, we had a right or obligation to repurchase $ 9.9 million of inventory associated with Repo Transactions, for which the liability is recorded within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets. ​ Note 20. Related Party Transactions In February 2024, the Company sold and issued Convertible Notes to Westrock Group, LLC (an affiliate of Scott Ford, the Company’s Chief Executive Officer and a member of the board of directors of the Company, “Westrock Group”), Wooster Capital, LLC (an affiliate of Joe Ford, chairman of the board of directors) and HF Direct Investments Pool, LLC (a holder of more than 10 % of the outstanding Common Shares), each a related party. The Condensed Consolidated Financial Statements reflect the following transactions with related parties: ​ ​ ​ ​ ​ ​ ​ (Thousands) June 30, 2025 December 31, 2024 Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ Westrock Group ​ $ 375 ​ $ 383 Wooster Capital ​ ​ 94 ​ ​ 96 HF Direct Investments Pool, LLC ​ ​ 469 ​ ​ 479 Total ​ $ 938 ​ $ 958 39 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) June 30, 2025 December 31, 2024 Convertible notes payable - related party, net: ​ ​ ​ ​ ​ ​ Westrock Group ​ $ 20,000 ​ $ 20,000 Wooster Capital ​ ​ 5,000 ​ ​ 5,000 HF Direct Investments Pool, LLC ​ ​ 25,000 ​ ​ 25,000 Total ​ ​ 50,000 ​ ​ 50,000 Unamortized debt costs ​ ​ ( 259 ) ​ ​ ( 294 ) Total ​ $ 49,741 ​ $ 49,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, (Thousands) 2025 2024 Interest expense: ​ ​ ​ ​ ​ ​ Westrock Group ​ $ 503 ​ $ 378 Wooster Capital ​ ​ 126 ​ ​ 94 HF Direct Investments Pool, LLC ​ ​ 628 ​ ​ 472 Total ​ $ 1,257 ​ $ 944 ​ In addition, the Company reimburses Westrock Group for the usage of a corporate aircraft, and its portion of shared administrative expenses. For the three and six months ended June 30, 2025, the Company recognized expenses of $ 0.2 million and $ 0.2 million, respectively, for such items, which are recorded in selling, general and administrative expenses in our Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2024, the Company recognized expenses of $ 0.3 million and $ 0.6 million, respectively, for such items. At June 30, 2025 and December 31, 2024, we had $ 0.1 million payable and $ 0.1 million payable to Westrock Group, respectively, related to such items. During the three and six months ended June 30, 2025, Falcon purchased $ 0.3 million of green coffee from the Rwandan JV, in which the Company has a 49.9 % interest. There was no such activity during the three and six months ended June 30, 2024. Note 21. Subsequent Events On July 23, 2025, Falcon amended its working capital trade finance facility with multiple institutions. The facility size was increased from $ 85.0 million to $ 102.5 million and remains uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. ​ ​ ​ 40 Table of Contents