0001437749-24-014824 | 10-Q | XBRL Viewer

Lessee, Operating Leases [Text Block]

Note 8 – Leases:

We have various noncancelable operating lease agreements for office and warehouse space with original remaining lease terms of two years to nine years, some of which include an option to extend the lease term for up to four years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.

During the third quarter of 2023, we also entered into a finance lease agreement for manufacturing equipment with an initial term of ten years, which includes an option to extend the lease term for up to ten years, which the Company is not reasonably certain to exercise. The agreement did not include termination options for either party to the lease or restrictive financial or other covenants. In connection with the manufacturing equipment lease, which is a new asset class, we elected the practical expedient to combine lease and non-lease components to determine the right of use asset and lease liability.

Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:

	*Operating Leases*			*Finance Lease*
Weighted-average remaining lease term		2.81			9.25
Weighted-average discount rate		6.2	%		8.6	%

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.

Maturities of lease liabilities under noncancelable operating leases and finance lease as of March 31, 2024 were as follows:

	*As of March 31, 2024*
	*Operating Leases*			*Finance Lease*
2024 (a)	$	1,057		$	3,166
2025		1,210			4,221
2026		1,239			4,221
2027		337			4,221
2028 and beyond		-			23,217
Total lease payments	$	3,843		$	39,046
Less: Imputed interest		(336	)		(12,179	)
Present value of lease liabilities	$	3,507		$	26,867

(a)

Excluding the three months ended March 31, 2024.

A summary of lease costs for the three months ended March 31, 2024 and 2023 was as follows:

		*Three Months Ended*
		*March 31,*
		*2024*		*2023*
Operating Lease:
Lease cost	Cost of goods sold and selling, general and administrative	$	438	$	438

Finance Lease:
Amortization of right of use asset	Cost of goods sold	$	676	$	-
Interest on lease liabilities	Interest Expense	$	553	$	-
Variable lease cost (a)	Inventory/Cost of goods sold (a)	$	3,361	$	-

(a)

Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.

Supplemental balance sheet information as of March 31, 2024 and December 31, 2023 related to leases are as follows:

		*As of March 31, 2024*		*As of December 31, 2023*
Assets:
Operating leases	Operating lease right of use assets	$	3,237	$	3,616
Finance lease, net	Property, plant and equipment, net		26,342		27,728
Total lease assets		$	29,579	$	31,344


Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	1,174	$	1,312
Finance lease liabilities	Current finance lease liabilities		1,988		1,998
Long-term:
Operating lease liabilities	Long term operating lease liabilities		2,333		2,591
Finance lease liabilities	Long term finance lease liabilities		24,879		26,080
Total lease liabilities		$	30,374	$	31,981

Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:

	*Three Months Ended*
	*March 31,*
Operating cash flow information:	*2024*		*2023*
Cash paid for amounts included in the measurement of operating lease liabilities	$	454	$	445
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	$	553	$	-
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$	502	$	-

Note 6 - Convertible Senior Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Proceeds from Convertible Debt	$ 0	$ 393,518
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Interest Expense, Operating and Nonoperating	$ 3,060	$ 3,171
Reclassified From Construction in Progress to Assets Placed in Service [Member]
Interest Costs Capitalized	0	0
March 2023 Note [Member] \| Convertible Senior Notes [Member]
Debt Instrument, Face Amount		$ 402,500
Debt Instrument, Interest Rate, Stated Percentage		3.00%
Proceeds from Convertible Debt		$ 391,492
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		130.00%
Debt Instrument, Convertible, Conversion Ratio		14.3516
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 69.68
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Debt Instrument, Redemption Price, Percentage		100.00%
Debt Instrument, Interest Rate, Effective Percentage		3.59%
Debt Issuance Costs, Net		$ 11,008
Unamortized Debt Issuance Expense	8,912
Interest Payable	0
Interest Expense, Operating and Nonoperating	3,019
Interest Costs Capitalized	$ 1,045
March 2023 Note [Member] \| Convertible Senior Notes [Member] \| Minimum [Member]
Debt Instrument, Redemption, Minimum Aggregate Principal Outstanding		$ 100,000

Note 14 - Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Text Block]

Note 14 – Subsequent Events:

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued for recognition or disclosures.

The Company did not identify any recognized or unrecognized subsequent events that require adjustment or disclosure in the financial statements.

Note 11 - Earnings Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2024*
Net Income Attributable to Common Stockholders	$	18,602

Weighted Average Common Shares Outstanding, Basic		48,320
Service Period Stock Options		679
Restricted Stock Units		214
Performance Stock Options		836
Convertible Notes		—
Weighted Average Common Shares Outstanding, Diluted		50,049

Basic Net Income per Share	$	0.38
Diluted Net Income per Share	$	0.37

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended
	March 31,
	2023
Service Period Stock Options		1,267
Restricted Stock Units		405
Performance Stock Options		992
Convertible Notes		5,776
Total		8,440

Note 7 - Purchase of Capped Call Option (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Payments to Acquire Capped Call Options		$ (0)	$ 66,211
Interest Payable, Current		0		$ 3,019
Capped Call Transactions [Member]
Capped Call Transactions, Cap Price (in dollars per share)	$ 120.23
Share Price (in dollars per share)	$ 54.65
March 2023 Note [Member] \| Convertible Senior Notes [Member] \| Capped Call Transactions [Member]
Payments to Acquire Capped Call Options			$ 66,211
Credit Facility [Member]
Interest Payable, Current		$ 0		$ 0

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000	200,000
Common stock, issued (in shares)	48,449	48,277
Common stock, outstanding (in shares)	48,435	48,263
Treasury stock shares (in shares)	14	14

Note 3 - Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2024*			*2023*
Refrigeration Equipment	$	178,367		$	167,956
Machinery and Equipment		246,114			242,256
Building, Land, and Improvements		542,137			535,003
Furniture and Office Equipment		15,319			14,987
Leasehold Improvements		1,319			1,319
Construction in Progress		210,404			187,952
Finance Lease Right of Use Asset		28,478			29,187
		1,222,138			1,178,660
Less: Accumulated Depreciation and Amortization		(216,379	)		(199,496	)
Property, Plant and Equipment, net	$	1,005,759		$	979,164

Note 6 - Convertible Senior Notes

3 Months Ended

Mar. 31, 2024

Convertible Debt [Text Block]

Note 6 – Convertible Senior Notes:

In March 2023, we issued $402,500 aggregate principal amount of 3.0% convertible senior notes due 2028 (the "Convertible Notes"). The Convertible Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the sale of the Convertible Notes were approximately $391,492 after deducting offering and issuance costs related to the Convertible Notes and before the 2023 Capped Call transactions, as described below.

The Convertible Notes are our senior, unsecured obligations and accrue interest at a rate of 3.0% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2023. The Convertible Notes will mature on April 1, 2028 unless earlier converted, redeemed or repurchased by us. Before January 3, 2028, noteholders will have the right to convert their Convertible Notes only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ended on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of our common stock, par value $0.001 per share (the "common stock"), for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five consecutive business day period immediately after any 10 consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of notes, as determined following a request by a holder or holders of the Convertible Notes in the manner described in indenture pursuant to which the Convertible Notes were issued and are governed (the “Indenture”), for each trading day of the measurement period, was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call any or all of the Convertible Notes for redemption, but only with respect to the convertible notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events (e.g., a fundamental change or the making of certain distributions). On or after January 3, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert its Convertible Notes at any time, regardless of the foregoing circumstances.

As of March 31, 2024, noteholders have the right to early convert under the 130% early conversion feature, with such conversion right exercisable only during the second quarter of 2024. No early conversions have occurred during the second quarter of 2024 as of the date of this filing.

We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate for the Convertible Notes is 14.3516 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $69.68 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, in connection with a make-whole fundamental change (as defined in the Indenture), which shall include among other things the Company's delivery of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or redemption, as the case may be.

We may not redeem the Convertible Notes prior to April 3, 2026. We may redeem for cash all or any portion of the Convertible Notes, at our option, on or after April 3, 2026 and on or before the 40^th scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we send the notice of redemption, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. However, we may not redeem less than all of the outstanding Convertible Notes unless at least $100 million aggregate principal amount of Convertible Notes are outstanding and not called for redemption as of the time we send the related redemption notice.

Upon the occurrence of a fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid additional interest, if any, to, but excluding, the fundamental change repurchase date.

The effective interest rate for the Convertible Notes is 3.59%. Transaction costs of $11,008 attributable to the issuance of the Convertible Notes were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are amortized to interest expense over the term of the Convertible Notes using the effective interest method.

The Company measures the fair value of its Convertible Notes for disclosure purposes. The fair value is based on observable market prices for this debt, which is traded in less active markets and is therefore classified as a Level 2 fair value measurement. The following table discloses the carrying value and fair value of the Company's Convertible Notes as of March 31, 2024:

	*As of March 31, 2024*
	*Carrying Value (1)*		*Fair Value*
3.00% Convertible Senior Notes Maturing April 1, 2028		393,588		707,926
Total		393,588		707,926

(1) The carrying amounts presented are net of unamortized debt issuance costs of $8,912 as of March 31, 2024.

Lender fees that were paid upfront to the lenders and debt issuance fees paid to third parties are recorded as a discount to the carrying amount of debt and are being amortized to interest expense over the life of the debt. The total interest expense for the three months ended March 31, 2024, recognized related to the Convertible Notes consists of the following:

	*Three Months Ended*
	*March 31, 2024*
Contractual interest expense		3,019
Amortization of issuance costs		514
Total		3,533

As of March 31, 2024, the interest expense incurred to date was paid in full, with $0 of accrued interest expense as of quarter end. Of the $3,019 of interest expense incurred during the three months ended March 31, 2024, approximately $1,045 of interest expense was capitalized to construction in progress, as the proceeds from the sale of the Convertible Notes are being used to fund construction on the Company's manufacturing facility expansion in Ennis, Texas. During the three months ended March 31, 2024, $0 of capitalized interest was reclassified from construction in progress to assets placed in service. For the three months ended March 31, 2023, $0 of interest expense was capitalized to construction in progress as the Convertible Notes were issued near quarter end, as such any capitalizable interest would have been de minimis.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Nature of the Business [Policy Text Block]

Nature of the Business – Freshpet, Inc. (hereafter referred to as “Freshpet”, the “Company”, “we,” "us" or “our”), a Delaware corporation, manufactures and markets natural fresh meals and treats for dogs and cats. The Company’s products are distributed throughout the United States, Canada and other international markets, into major retail classes including Grocery, Mass, International, Digital, Pet Specialty, and Club.

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The unaudited condensed consolidated financial statements include the accounts of the Company as well as the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the interim unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2024, the results of its operations and changes to stockholders’ equity for the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim periods, or any future year or period. All amounts included herein have been rounded except where otherwise stated. As figures are rounded, numbers presented throughout this document may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates, Policy [Policy Text Block]

Estimates and Uncertainties – The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in determining, among other items, trade incentives, share-based compensation and useful lives for long-lived assets. Actual results, as determined at a later date, could differ from those estimates.

Segment Reporting, Policy [Policy Text Block]

Segments – The Company operates as a single operating segment reporting to its chief operating decision maker.

Equity Method Investments [Policy Text Block]

Investment in Unconsolidated Company – The Company utilizes the equity method to account for investments when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted.

In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net income or loss. The Company has elected to record its share of equity in income (losses) of equity method investment on a one-quarter lag based on the most recently available financial statements.

Through 2022, we invested a total of $31,200 in a privately held company that operates in our industry, with no additional investments thereafter. The Company concluded that it is not the primary beneficiary, which is primarily the result of the Company's conclusion that it does not have the power to direct activities that most significantly impact economic performance. Prior to March 30, 2023, the Company accounted for the investment under the equity method of accounting based on its ability to exercise significant influence, based on its representation on and the makeup of the investee's Board of Directors.

On March 30, 2023, the Company no longer had representation on the investee's Board of Directors, and therefore determined that significant influence had been lost as of that date. As such, as of March 30, 2023, the Company stopped accounting for the investment as an equity method investment and began to account for the investment under ASC Topic 321 ("ASC 321"), Investments - Equity Securities. As of March 31, 2024, the Company's ability to exercise significant influence continues to be restricted as it no longer has, or the ability to obtain, board representation and it has no means of participation in any decision making processes as the privately held investee's Board of Directors is closely held.

Because the investee is a privately held company, there is not a means to obtain a readily determinable fair value of the entity. The Company follows ASC Topic 321 using the measurement alternative to measure investments in investees that do not have readily determinable fair value and over which the Company does not have significant influence. Under ASC 321, the initial carrying value of the investment is equal to the previous carrying amount of the investment under the equity method. The carrying amount of the investment is subsequently adjusted for any impairment or adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Dividends and distributions, if any, from the investee would be recognized in the period in which they are received and recorded in other income on the consolidated statement of operations.

The Company performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company estimates the investment’s fair value in accordance with the principles of ASC Topic 820 (“ASC 820”), Fair Value Measurements and Disclosures. If the fair value is less than the investment’s carrying value, the entity recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. On March 26, 2024, the investee completed an equity funding, which we concluded represented an orderly transaction for an identical equity security with no differences in rights and obligations. As a result, pursuant to the ASC 321 measurement alternative, we adjusted the carrying amount of our equity investment from $23,528 as of December 31, 2023 to $33,446 as of March 31, 2024, recognizing a gain of $9,918 in earnings for the three-months ended March 31, 2024, based on the observable transactional price of the identical equity security issued by the investee.

Debt, Policy [Policy Text Block]

March 2023 Issuance of $402.5 million of 3.00% Convertible Senior Notes (the "Convertible Notes") - In conjunction with the issuance of the $402.5 million Convertible Notes in March 2023, the Company evaluated the debt instrument and its embedded features to determine if the contract or the embedded components of the contract qualified as a derivative that would be required to be separately accounted for in accordance with the relevant accounting literature.

The Company accounts for the Convertible Notes as a single liability measured at amortized cost. The Company uses the effective interest rate method to amortize the debt issuance costs to interest expense over the respective term of the Convertible Notes.

Lessee, Leases [Policy Text Block]

Leases – The Company is a lessee in noncancelable (1) operating leases, and (2) finance leases, which it accounts for in accordance with Accounting Standards Codification (ASC) Topic 842, Leases.

The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For both operating and finance leases, the right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received; and the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date.

The Company’s leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments for those leases. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms in a similar economic environment.

Right of use assets for the operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine whether a right of use asset is impaired, and if so, the amount of the impairment loss to recognize. No such loss was recognized as of March 31, 2024.

The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset.

The Company has elected the practical expedient to combine lease and non-lease components when determining the right of use asset and lease liability. The Company has also elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents – The Company holds treasury bills with original maturities when purchased of less than three months, within cash and cash equivalents, carried at amortized cost on the Consolidated Balance Sheet. Treasury bills have been classified as held-to-maturity as we have the ability and intent to hold them to maturity. As of March 31, 2024, the Company had $99,661 of treasury bills within cash equivalents, which included $361 of amortized discount. As of December 31, 2023, the Company had $134,570 of treasury bills within cash equivalents, which included $692 of amortized discount.

Investment, Policy [Policy Text Block]

Short-Term Investments – The Company, from time to time, holds treasury bills with original maturities when purchased of greater than three months, within short-term investments, carried at amortized cost on the Consolidated Balance Sheet. Treasury bills have been classified as held-to-maturity as we have the ability and intent to hold them to maturity. As of March 31, 2024 and December 31, 2023, there were no short-term investments.

Receivable [Policy Text Block]

Trade Accounts Receivable – The allowance for doubtful accounts is based on the Company's assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer's ability to pay.

Implementation Costs of Cloud Computing Arrangement Policy [Policy Text Block]

Implementation Costs of Cloud Computing Arrangement – As of March 31, 2024 and December 31, 2023, the Company's deferred implementation costs of our new ERP system associated with our cloud computing arrangement, which were reflected within prepaid and other assets, were $9,827 and $9,895, respectively. The cost will be recognized over the term of the agreement, which began in the first quarter of 2022.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments – Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosure guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

The three levels of the fair value hierarchy are as follows:

	•	Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.
	•	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies.
	•	Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

Our financial assets and liabilities include cash and cash equivalents, receivables, accounts payable and accrued liabilities, the fair values of which approximate their carrying values due to the short-term nature of these instruments. The Company holds certain financial assets within cash and cash equivalents in the form of held-to-maturity treasury bills as we have the ability and intent to hold them to maturity, as such, they are not fair valued each reporting period but instead measured at amortized cost. The fair value of these assets is based on quoted market prices for the same or similar securities within less active markets, which the Company determined to be Level 2 inputs. As of March 31, 2024, the fair value of these treasury bills approximates their carrying value due to the short-term nature of these instruments.

Certain financial and non-financial assets, including operating lease right-of-use assets and property, plant and equipment are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the investment in equity securities, we have elected the measurement alternative under which we measure this investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes, if any, in orderly transactions for an identical or a similar investment of the same issuer, for which the change in fair value would be included in net income.

Refer to Note 6 for the fair value of our Convertible Senior Notes.

As of March 31, 2024, the Company maintained Level 1 and Level 2 assets and liabilities.

Revenue from Contract with Customer [Policy Text Block]

Net Sales - Information about the Company’s net sales by class of retailer is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
Grocery, Mass, International and Digital	$	184,429	$	140,179
Pet Specialty and Club		39,420		27,343
Net Sales	$	223,849	$	167,522

Pet specialty continues to grow at a slower rate than our overall business and will soon be less than 10% of our total net sales. As of March 31, 2024, the Company is providing a more meaningful breakout of its sales, which now combines pet specialty and club as both classes of retailers service a specific consumer through specialized offerings, which include value focused and or premium products. In contrast, grocery, mass, international and digital offer a wide variety of products.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending December 31, 2024 and subsequent interim periods. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company is currently evaluating the provisions of this guidance and its effect on its future consolidated financial statements and plans to adopt the standard on its effective date.

In March 2024, the SEC adopted final rules to require disclosures about certain climate-related information in registration statements and annual reports. As adopted, the Final Climate Rules mandate disclosure of, among other things, material climate-related risks, how the board of directors and management oversee and manage such risks, and the actual and potential material impacts of such risks on us. The rules also require disclosure about material climate-related targets and goals, Scope 1 and Scope 2 GHG emissions, and the financial impacts of severe weather events and other natural conditions. In April 2024, the SEC voluntarily stayed the Final Climate Rules pending resolution of legal challenges. If the rules are ultimately implemented, their adoption will be phased and, accordingly, we are required to begin certain disclosures for our annual period ending December 31, 2025. These rules will be applied prospectively.

Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 223,849	$ 167,522
Grocery (including Online), Mass and Club [Member]
Net Sales	184,429	140,179
Pet Specialty and Club [Member]
Net Sales	$ 39,420	$ 27,343

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Note 4 - Accrued Expenses

3 Months Ended

Mar. 31, 2024

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 4 – Accrued Expenses:

	*March 31,*		*December 31,*
	*2024*		*2023*
Accrued Compensation and Employee Related Costs	$	12,578	$	19,307
Accrued Construction Costs		1,034		—
Accrued Chiller Cost		3,644		7,478
Accrued Customer Consideration		1,240		1,228
Accrued Freight		5,448		6,078
Accrued Production Expenses		4,052		6,928
Accrued Corporate and Marketing Expenses		2,361		3,627
Accrued Interest		—		3,019
Other Accrued Expenses		1,836		2,151
Accrued Expenses	$	32,193	$	49,816

Note 1 - Nature of the Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1 – Summary of Significant Accounting Policies:

Segments – The Company operates as a single operating segment reporting to its chief operating decision maker.

The three levels of the fair value hierarchy are as follows:

	•	Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.
	•	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies.
	•	Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

Refer to Note 6 for the fair value of our Convertible Senior Notes.

As of March 31, 2024, the Company maintained Level 1 and Level 2 assets and liabilities.

Net Sales - Information about the Company’s net sales by class of retailer is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
Grocery, Mass, International and Digital	$	184,429	$	140,179
Pet Specialty and Club		39,420		27,343
Net Sales	$	223,849	$	167,522

Recently Issued Accounting Pronouncements

Note 3 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation, Depletion and Amortization	$ 15,806	$ 11,351
Cost of Sales [Member]
Depreciation, Depletion and Amortization	$ 14,394	$ 10,721

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 257,894	$ 296,871
Accounts receivable, net of allowance for doubtful accounts	68,507	56,754
Inventories, net	71,865	63,238
Prepaid expenses	5,757	7,615
Other current assets	2,935	2,841
Total Current Assets	406,958	427,319
Property, plant and equipment, net	1,005,759	979,164
Deposits on equipment	1,295	1,895
Operating leases	3,237	3,616
Long term investment in equity securities	33,446	23,528
Other assets	29,895	28,899
Total Assets	1,480,590	1,464,421
CURRENT LIABILITIES:
Accounts payable	46,591	36,096
Accrued expenses	32,193	49,816
Operating lease liabilities	1,174	1,312
Finance lease liabilities	1,988	1,998
Total Current Liabilities	81,946	89,222
Convertible senior notes	393,588	393,074
Long term operating lease liabilities	2,333	2,591
Long term finance lease liabilities	24,879	26,080
Total Liabilities	502,746	510,967
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,449 issued and 48,435 outstanding on March 31, 2024, and 48,277 issued and 48,263 outstanding on December 31, 2023	48	48
Additional paid-in capital	1,288,890	1,282,984
Accumulated deficit	(310,129)	(328,731)
Accumulated other comprehensive loss	(709)	(591)
Treasury stock, at cost — 14 shares on March 31, 2024 and on December 31, 2023	(256)	(256)
Total Stockholders' Equity	977,844	953,454
Total Liabilities and Stockholders' Equity	$ 1,480,590	$ 1,464,421

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET SALES	$ 223,849	$ 167,522
COST OF GOODS SOLD	135,691	116,762
GROSS PROFIT	88,158	50,760
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	79,695	72,271
INCOME (LOSS) FROM OPERATIONS	8,463	(21,511)
OTHER INCOME (EXPENSES):
Interest and Other Income, net	(3,335)	(946)
Interest Expense	(3,060)	(3,171)
Gain on Equity Investment	9,918	0
Nonoperating Income (Expense)	10,193	(2,225)
INCOME (LOSS) BEFORE INCOME TAXES	18,656	(23,736)
INCOME TAX EXPENSE	54	70
LOSS ON EQUITY METHOD INVESTMENT	0	980
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	18,602	(24,786)
OTHER COMPREHENSIVE (LOSS) INCOME:
Foreign currency translation	(118)	6
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(118)	6
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 18,484	$ (24,780)
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in dollars per share)	$ 0.38	$ (0.52)
-DILUTED (in dollars per share)	$ 0.37	$ (0.52)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
-BASIC (in shares)	48,320	48,047
-DILUTED (in shares)	50,049	48,047

Note 12 - Concentrations (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Maximum [Member]
Cash, FDIC Insured Amount	$ 250

Note 13 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

Note 13 – Commitments and Contingencies:

Commitments - In August 2023, we entered into a lease arrangement for a to-be constructed office space, which will contribute right of use assets and lease liabilities upon lease commencement, which is anticipated to occur by the first quarter of 2025. As of March 31, 2024, the future commitments related to this arrangement are not determinable as they are variable in nature. Our current headquarters lease in Secaucus, NJ expires in June 2024.

Legal Obligations - We are currently involved in various claims and legal actions that arise in the ordinary course of our business. None of these claims or proceedings, most of which are covered by insurance, are expected to have a material adverse effect on our business, financial condition, results of operations or cash flows. However, a significant increase in the number of these claims or an increase in amounts owing under successful claims could materially and adversely affect our business, financial condition, results of operations or cash flows.

On April 8, 2022, Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply ("Phillips") filed a complaint against the Company in U.S. District Court for the Eastern District of Pennsylvania (Allentown Division) for damages allegedly sustained as a result of the termination of the Company's distribution arrangement with Phillips, a former distributor of Freshpet products. Phillips asserts a claim for breach of contract, and seeks monetary damages in excess of $8,300 based on a claimed "termination payment" under a 2018 "Letter Of Intent" and additional damages based on a claim for improper notice of termination. Phillips also claims a right of setoff with respect to monies owed by Phillips to the Company.

On July 5, 2022, the Company answered the complaint disputing the claimed damages, assertions of breach of contract, and the right of offset. In addition, the Company counterclaimed breach of contract for amounts owed to Freshpet earned while Phillips served as an authorized distributor of Freshpet product.

As of December 31, 2022, due to the claims and counterclaims between the parties, the Company reclassified the amounts due from Phillips of $8,971 to other noncurrent assets.

The fact discovery period in this action closed on December 31, 2023.

The expert discovery phase, closed on March 31, 2024. Phillips filed a Motion for Partial Summary Judgment on April 1, 2024, and on April 29,2024, the court ordered all further proceedings and deadlines as reflected in its November 15, 2023, Case Management Order to be extended for 60 days. The case is scheduled for a non-jury trial on September 16, 2024.

Based on information currently available and advice of counsel, we do not believe that the outcome of this matter is likely to have a material adverse effect on our business, financial condition, results of operations or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of this matter, if unfavorable, may be materially adverse to our business, financial condition, results of operations or liquidity. Legal costs such as outside counsel fees and expenses are charged to selling, general and administrative expenses in the period incurred.

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Apr. 08, 2022	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent		$ 29,895	$ 28,899
Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply Complaint [Member]
Loss Contingency, Damages Sought, Value	$ 8,300
Other Assets, Noncurrent				$ 8,971

Note 3 - Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Property, Plant and Equipment, net:

	*March 31,*			*December 31,*
	*2024*			*2023*
Refrigeration Equipment	$	178,367		$	167,956
Machinery and Equipment		246,114			242,256
Building, Land, and Improvements		542,137			535,003
Furniture and Office Equipment		15,319			14,987
Leasehold Improvements		1,319			1,319
Construction in Progress		210,404			187,952
Finance Lease Right of Use Asset		28,478			29,187
		1,222,138			1,178,660
Less: Accumulated Depreciation and Amortization		(216,379	)		(199,496	)
Property, Plant and Equipment, net	$	1,005,759		$	979,164

Depreciation and amortization expense related to property, plant and equipment for the three months ended March 31, 2024 totaled $15,806, of which $11,351, was recorded to cost of goods sold with the remainder of depreciation expense recorded to selling, general and administrative expense.

Depreciation expense related to property, plant and equipment for the three months ended March 31, 2023 totaled $14,394, of which $10,721, was recorded to cost of goods sold with the remainder of depreciation expense recorded to selling, general and administrative expense.

Note 8 - Leases (Tables)

3 Months Ended

Mar. 31, 2024

Lease, Cost [Table Text Block]

	*Operating Leases*			*Finance Lease*
Weighted-average remaining lease term		2.81			9.25
Weighted-average discount rate		6.2	%		8.6	%

		*Three Months Ended*
		*March 31,*
		*2024*		*2023*
Operating Lease:
Lease cost	Cost of goods sold and selling, general and administrative	$	438	$	438

Finance Lease:
Amortization of right of use asset	Cost of goods sold	$	676	$	-
Interest on lease liabilities	Interest Expense	$	553	$	-
Variable lease cost (a)	Inventory/Cost of goods sold (a)	$	3,361	$	-

Lessee, Operating Lease and Finance Lease, Liability, to be Paid, Maturity [Table Text Block]

	*As of March 31, 2024*
	*Operating Leases*			*Finance Lease*
2024 (a)	$	1,057		$	3,166
2025		1,210			4,221
2026		1,239			4,221
2027		337			4,221
2028 and beyond		-			23,217
Total lease payments	$	3,843		$	39,046
Less: Imputed interest		(336	)		(12,179	)
Present value of lease liabilities	$	3,507		$	26,867

Schedule of Balance Sheet, Supplemental Disclosures [Table Text Block]

		*As of March 31, 2024*		*As of December 31, 2023*
Assets:
Operating leases	Operating lease right of use assets	$	3,237	$	3,616
Finance lease, net	Property, plant and equipment, net		26,342		27,728
Total lease assets		$	29,579	$	31,344


Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	1,174	$	1,312
Finance lease liabilities	Current finance lease liabilities		1,988		1,998
Long-term:
Operating lease liabilities	Long term operating lease liabilities		2,333		2,591
Finance lease liabilities	Long term finance lease liabilities		24,879		26,080
Total lease liabilities		$	30,374	$	31,981

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	*Three Months Ended*
	*March 31,*
Operating cash flow information:	*2024*		*2023*
Cash paid for amounts included in the measurement of operating lease liabilities	$	454	$	445
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	$	553	$	-
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$	502	$	-

Note 12 - Concentrations

3 Months Ended

Mar. 31, 2024

Concentration Risk Disclosure [Text Block]

Note 12 – Concentrations:

Concentration of Credit Risk—The Company maintains its cash balances in financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250 each. At times, such balances may be in excess of the FDIC insurance limit.

Note 6 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Convertible Debt	$ 393,588
Convertible Debt, Fair Value Disclosures	707,926
Convertible Senior Notes Maturing April 1, 2028 [Member]
Convertible Debt	$ 393,588

Note 10 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expense	$ 5,005	$ 1,405
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	105
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	99
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 105.62
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	67
Cost of Sales [Member]
Share-Based Payment Arrangement, Expense	$ 8,415	$ 2,956

Note 6 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) (Parentheticals) - Convertible Senior Notes Maturing April 1, 2028 [Member]	3 Months Ended
	Mar. 31, 2024
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Debt Instrument, Maturity Date	Apr. 01, 2028

Note 2 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw Materials and Work in Process	$ 14,525	$ 16,055
Packaging Components Material	7,032	5,607
Finished Goods	50,308	41,576
Inventories, net	$ 71,865	$ 63,238

Note 4 - Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Accrued Liabilities [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
Accrued Compensation and Employee Related Costs	$	12,578	$	19,307
Accrued Construction Costs		1,034		—
Accrued Chiller Cost		3,644		7,478
Accrued Customer Consideration		1,240		1,228
Accrued Freight		5,448		6,078
Accrued Production Expenses		4,052		6,928
Accrued Corporate and Marketing Expenses		2,361		3,627
Accrued Interest		—		3,019
Other Accrued Expenses		1,836		2,151
Accrued Expenses	$	32,193	$	49,816

Note 9 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2023
Class Of Warrant Or Right, Issued During Period (in shares)			194,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.01
Class of Warrant or Right, Exercised During Period (in shares)				194,000
Class of Warrant or Right, Granted During the Period, Fair Value Per Share (in dollars per share)				$ 50.32
Amortization of Warrants	$ 1,216	$ 1,438
Current Prepaid Expenses [Member]
Warrants and Rights Outstanding	811				$ 2,027
Other Assets [Member]
Warrants and Rights Outstanding	$ 0				$ 0

Note 6 - Convertible Senior Notes - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Total		$ 2,785
March 2023 Note [Member] \| Convertible Senior Notes [Member]
Contractual interest expense	$ 3,019
Amortization of issuance costs	514
Total	$ 3,533

Note 9 - Warrants

3 Months Ended

Mar. 31, 2024

Warrant Disclosure [Text Block]

Note 9 – Warrants (in thousands, except share data):

In connection with an agreement we entered into with operators of Freshpet Kitchens South during the third quarter of 2022 in exchange for services, we issued our partner warrants to purchase up to an aggregate of 194,000 shares of voting common stock of the Company at a purchase price of $0.01 per share. The Company determined these warrants are accounted for under FASB ASC 718 Stock Compensation. The warrants were recorded as a prepaid expense as the warrants were exercisable at the grant date. The prepaid expense will be amortized within Cost of Goods Sold as services are provided by the supplier. As of March 31, 2024, there were $811 of warrants in prepaid expense and $0 of warrants in other assets. As of December 31, 2023, there were $2,027 of warrants in prepaid expense and $0 of warrants in other assets.

During 2022, 194,000 warrants were both issued and exercised, respectively. The grant date fair value of warrants granted during 2022 was $50.32 per share.

Total amortization associated with partner warrants for the three months ended March 31, 2024 and 2023 was $1,216 and $1,438, respectively.

Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Compensation and Employee Related Costs	$ 12,578	$ 19,307
Accrued Construction Costs	1,034	0
Accrued Chiller Cost	3,644	7,478
Accrued Customer Consideration	1,240	1,228
Accrued Freight	5,448	6,078
Accrued Production Expenses	4,052	6,928
Accrued Corporate and Marketing Expenses	2,361	3,627
Accrued Interest	0	3,019
Other Accrued Expenses	1,836	2,151
Accrued Expenses	$ 32,193	$ 49,816

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
Grocery, Mass, International and Digital	$	184,429	$	140,179
Pet Specialty and Club		39,420		27,343
Net Sales	$	223,849	$	167,522

Note 8 - Leases (Details Textual) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Jul. 31, 2023

Lessee, Operating Lease, Renewal Term (Year)

4 years

Lessee, Finance Lease, Term of Contract (Year)

10 years

Variable Lease, Cost

^[1]

$ 3,361

$ 0

Minimum [Member]

Lessee, Operating Lease, Remaining Lease Term (Year)

2 years

Maximum [Member]

Lessee, Operating Lease, Remaining Lease Term (Year)

9 years

Lessee, Finance Lease, Renewal Term (Year)

10 years

[1]	Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2024	Mar. 15, 2023	Feb. 19, 2021
Interest Expense, Debt	$ 2,785
Interest Payable, Current	3,019	$ 0
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity				$ 350,000
Long-Term Debt, Total			$ 0
Deferred Debt Issuance Cost, Writeoff	2,478
Interest Payable, Current	$ 0	$ 0
Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				50,000
Credit Facility [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total				$ 300,000

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 2 - Inventories, Net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Text Block]

Note 2 – Inventories, net:

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw Materials and Work in Process	$	14,525	$	16,055
Packaging Components Material		7,032		5,607
Finished Goods		50,308		41,576
Inventories, net	$	71,865	$	63,238

Note 11 - Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income Attributable to Common Stockholders	$ 18,602
-BASIC (in shares)	48,320	48,047
Convertible Notes (in shares)	0
Weighted Average Common Shares Outstanding, Diluted (in shares)	50,049	48,047
-BASIC (in dollars per share)	$ 0.38	$ (0.52)
-DILUTED (in dollars per share)	$ 0.37	$ (0.52)
Service Period Stock Options [Member]
Share based compensation (in shares)	679
Restricted Stock Units (RSUs) [Member]
Share based compensation (in shares)	214
Performance Stock Options [Member]
Share based compensation (in shares)	836

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 18,602	$ (24,786)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Provision for loss (gains) on accounts receivable	4	(2)
Loss on disposal of property, plant and equipment	150	268
Share-based compensation	6,221	8,415
Inventory obsolescence	699	(29)
Depreciation and amortization	15,902	14,492
Write-off and amortization of deferred financing costs and loan discount	514	2,478
Change in operating lease right of use asset	379	357
Loss on equity method investment	0	980
Gain on equity investment	(9,918)	0
Changes in operating assets and liabilities:
Accounts receivable	(11,757)	9,182
Inventories	(7,817)	(8,000)
Prepaid expenses and other current assets	548	2,525
Other assets	(691)	(3,664)
Accounts payable	9,909	(10,724)
Accrued expenses	(16,943)	(4,869)
Operating lease liability	(396)	(363)
Net cash flows provided by (used in) operating activities	5,406	(13,740)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	0	(49,326)
Acquisitions of property, plant and equipment, software and deposits on equipment	(46,473)	(58,039)
Net cash flows used in investing activities	(46,473)	(107,365)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options to purchase common stock	2,815	834
Tax withholdings related to net shares settlements of restricted stock units	(223)	(602)
Purchase of capped call options	0	(66,211)
Proceeds from issuance of convertible senior notes	0	393,518
Debt issuance costs	0	(2,026)
Principal payments under finance lease obligations	(502)	0
Net cash flows provided by financing activities	2,090	325,513
NET CHANGE IN CASH AND CASH EQUIVALENTS	(38,977)	204,408
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	296,871	132,735
CASH AND CASH EQUIVALENTS, END OF PERIOD	257,894	337,143
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	6,591	1,216
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable and accrued expenses	17,332	25,943
Receivable from exercise of options to purchase common stock	0	1,120
Tax withholdings related to net shares settlements of restricted stock units in accrued expenses	$ 1,859	$ 0

Note 11 - Earnings Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Payments to Acquire Capped Call Options	$ (0)	$ 66,211
March 2023 Note [Member] \| Convertible Senior Notes [Member]
Debt Instrument, Face Amount		402,500
March 2023 Note [Member] \| Convertible Senior Notes [Member] \| Capped Call Transactions [Member]
Payments to Acquire Capped Call Options		$ 66,211

Note 2 - Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw Materials and Work in Process	$	14,525	$	16,055
Packaging Components Material		7,032		5,607
Finished Goods		50,308		41,576
Inventories, net	$	71,865	$	63,238

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balances (in shares) at Dec. 31, 2022	48,051				14
Balances at Dec. 31, 2022	$ 48	$ 1,325,524	$ (295,117)	$ 1,370	$ (256)	$ 1,031,569
Exercise of options to purchase common stock (in shares)	35
Exercise of options to purchase common stock	$ 0	1,954	0	0	$ 0	1,954
Vesting of restricted stock units (in shares)	23				0
Vesting of restricted stock units	$ 0	(602)	0	0	$ 0	(602)
Share-based compensation expense	0	6,977	0	0	0	6,977
Foreign currency translation	0	0	0	6	0	6
Net income (loss)	0	0	(24,786)	0	0	(24,786)
Purchase of capped call options	$ 0	(66,211)	0	0	$ 0	(66,211)
Balances (in shares) at Mar. 31, 2023	48,109				14
Balances at Mar. 31, 2023	$ 48	1,267,642	(319,903)	1,376	$ (256)	948,907
Balances (in shares) at Dec. 31, 2023	48,277				14
Balances at Dec. 31, 2023	$ 48	1,282,984	(328,731)	(591)	$ (256)	$ 953,454
Exercise of options to purchase common stock (in shares)	105					105
Exercise of options to purchase common stock	$ 0	2,815	0	0	$ 0	$ 2,815
Vesting of restricted stock units (in shares)	67				0
Vesting of restricted stock units	$ 0	(2,082)	0	0	$ 0	(2,082)
Share-based compensation expense	0	5,173	0	0	0	5,173
Foreign currency translation	0	0	0	(118)	0	(118)
Net income (loss)	$ 0	0	18,602	0	$ 0	18,602
Balances (in shares) at Mar. 31, 2024	48,449				14
Balances at Mar. 31, 2024	$ 48	$ 1,288,890	$ (310,129)	$ (709)	$ (256)	$ 977,844

Note 8 - Leases - Lease Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Weighted-average remaining lease term (Year)

2 years 9 months 21 days

Weighted-average remaining lease term. finance lease (Year)

9 years 3 months

Weighted-average discount rate

6.20%

Weighted-average discount rate. finance lease

8.60%

Lease cost

$ 438

Amortization of right of use asset

676

Interest on lease liabilities

553

Variable lease cost (a)

^[1]

$ 3,361

$ 0

[1]	Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.

Note 5 - Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Text Block]

Note 5 – Debt:

On February 19, 2021, the Company entered into the Sixth Amended and Restated Loan and Security Agreement ("Credit Agreement"), which provided for a $350,000 senior secured credit facility (as amended the "Credit Facility"), encompassing a $300,000 delayed draw term loan facility (the "Delayed Draw Facility") and a $50,000 revolving loan facility (the "Revolving Loan Facility").

On March 15, 2023, the Company terminated the Credit Agreement in connection with the offering of the Convertible Notes (as defined below) and it had no borrowings outstanding under the Credit Facility as of such date. Interest expense and fees totaled $2,785 in 2023, which included $2,478 of debt issuance costs written off in conjunction with the termination of the Credit Facility in March 2023. There was $0 of accrued interest on the credit facilities as of December 31, 2023.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 10 - Equity Incentive Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Text Block]

Note 10 – Equity Incentive Plans:

Total compensation cost for share-based payments recognized for the three months ended March 31, 2024 totaled $5,005, of which $1,405, was recorded to cost of goods sold with the remainder recorded to selling, general and administrative expense.

Total compensation cost for share-based payments recognized for the three months ended March 31, 2023 totaled $8,415, of which $2,956, was recorded to cost of goods sold with the remainder recorded to selling, general and administrative expense.

During the three months ended March 31, 2024, 0 stock options were granted and 105 stock options were exercised.

During the three months ended March 31, 2024, 99 restricted stock units were granted at a weighted average grant-date fair market value of $105.62. During the three months ended March 31, 2024, 67 restricted stock units vested.

Note 8 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases	$ 3,237	$ 3,616
Finance lease, net	26,342	27,728
Total lease assets	29,579	31,344
Operating lease liabilities	1,174	1,312
Finance lease liabilities	1,988	1,998
Operating lease liabilities	2,333	2,591
Finance lease liabilities	24,879	26,080
Total lease liabilities	$ 30,374	$ 31,981

Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$ 454	$ 445
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	553	0
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$ 502	$ (0)

Note 6 - Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Convertible Debt [Table Text Block]

	*As of March 31, 2024*
	*Carrying Value (1)*		*Fair Value*
3.00% Convertible Senior Notes Maturing April 1, 2028		393,588		707,926
Total		393,588		707,926

Schedule of Long-Term Debt Instruments [Table Text Block]

	*Three Months Ended*
	*March 31, 2024*
Contractual interest expense		3,019
Amortization of issuance costs		514
Total		3,533

2028 and beyond, operating

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Note 11 - Earnings Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 shares
Antidilutive Securities (in shares)	8,440
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,267
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	405
Performance Stock Options [Member]
Antidilutive Securities (in shares)	992
Convertible Senior Notes [Member]
Antidilutive Securities (in shares)	5,776

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information Insider Trading Arrangements Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1 trading arrangements under the Exchange Act. During the fiscal quarter ended March 31, 2024, none of our directors or officers informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 8 - Leases - Maturities of Lease Liabilities (Details)
$ in Thousands

Mar. 31, 2024

USD ($)

2024, operating

$ 1,057

^[1]

2024, finance

3,166

^[1]

1,210

4,221

1,239

4,221

337

4,221

2027 and beyond, finance

23,217

Total lease payments, operating

3,843

Total lease payments, finance

39,046

Less: Imputed interest, operating

(336)

Less: Imputed interest, finance

(12,179)

Present value of lease liabilities, operating

3,507

Present value of lease liabilities, finance

$ 26,867

[1]	Excluding the three months ended March 31, 2024.

Note 11 - Earnings Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

Note 11 – Net Income (Loss) Per Share Attributable to Common Stockholders:

Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. For purpose of determining diluted earnings per common share, the treasury stock method is used for stock options, warrants, and RSUs, and the if-converted method is used for convertible instruments such as convertible debt as prescribed in FASB ASC Topic 260. In conjunction with the issuance of the $402.5 million Convertible Notes in March 2023, the Company used $66.2 million of the proceeds to purchase capped call instruments. In accordance with FASB ASC 260, antidilutive contracts, such as purchased put options and purchased call options are excluded from the computation of diluted net income (loss) per share. Accordingly, any potential impact resulting from capped call transaction is excluded from our computation of diluted net income (loss) per share.

For the three months ended March 31, 2024, diluted net income per share attributable to common stockholders is calculated as follows:

	*Three Months Ended*
	*March 31,*
	*2024*
Net Income Attributable to Common Stockholders	$	18,602

Weighted Average Common Shares Outstanding, Basic		48,320
Service Period Stock Options		679
Restricted Stock Units		214
Performance Stock Options		836
Convertible Notes		—
Weighted Average Common Shares Outstanding, Diluted		50,049

Basic Net Income per Share	$	0.38
Diluted Net Income per Share	$	0.37

The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows (in thousands):

	Three Months Ended
	March 31,
	2023
Service Period Stock Options		1,267
Restricted Stock Units		405
Performance Stock Options		992
Convertible Notes		5,776
Total		8,440

Note 3 - Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Lease Right of Use Asset	$ 28,478	$ 29,187
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	1,222,138	1,178,660
Less: Accumulated Depreciation and Amortization	(216,379)	(199,496)
Property, Plant and Equipment, net	1,005,759	979,164
Refrigeration Equipment [Member]
Property, plant and equipment, gross	178,367	167,956
Machinery and Equipment [Member]
Property, plant and equipment, gross	246,114	242,256
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	542,137	535,003
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	15,319	14,987
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 210,404	$ 187,952

Note 7 - Purchase of Capped Call Option

3 Months Ended

Mar. 31, 2024