0001437749-23-004928 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Entity Central Index Key	0001611647
Entity Registrant Name	Freshpet INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-36729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1884894
Entity Address, Address Line One	400 Plaza Drive, 1st Floor
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	520-4000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FRPT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,400,000,000
Entity Common Stock, Shares Outstanding		48,048,343
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Short Hills, NJ

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 132,735	$ 72,788
Accounts receivable, net of allowance for doubtful accounts	57,572	34,780
Inventories, net	58,290	35,574
Prepaid expenses	9,778	5,834
Other current assets	3,590	1,349
Total Current Assets	261,965	150,325
Property, plant and equipment, net	800,586	583,922
Deposits on equipment	3,823	4,100
Operating lease right of use assets	5,165	6,537
Equity method investment	25,418	25,856
Other assets	28,426	13,670
Total Assets	1,125,383	784,410
CURRENT LIABILITIES:
Accounts payable	55,088	42,612
Accrued expenses	33,016	14,950
Current operating lease liabilities	1,510	1,384
Total Current Liabilities	89,614	58,946
Long term operating lease liabilities	4,200	5,710
Total Liabilities	93,814	64,656
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,051 issued and 48,037 outstanding on December 31, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021	48	43
Additional paid-in capital	1,325,524	955,710
Accumulated deficit	(295,117)	(235,623)
Accumulated other comprehensive income (loss)	1,370	(120)
Treasury stock, at cost — 14 shares on December 31, 2022 and on December 31, 2021	(256)	(256)
Total Stockholders' Equity	1,031,569	719,754
Total Liabilities and Stockholders' Equity	$ 1,125,383	$ 784,410

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
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)	48,051	43,449
Common stock, outstanding (in shares)	48,037	43,435
Treasury Stock, Shares (in shares)	14	14

Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

NET SALES

^[1]

$ 595,344

$ 425,489

$ 318,790

COST OF GOODS SOLD

409,311

263,343

185,880

GROSS PROFIT

186,033

162,146

132,910

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

238,016

186,809

134,908

LOSS FROM OPERATIONS

(51,983)

(24,663)

(1,998)

OTHER INCOME/(EXPENSES):

Other Income/(Expenses), net

1,710

Interest Expense

(5,208)

(2,882)

(1,212)

Nonoperating Income (Expense), Total

(3,498)

(2,869)

(1,125)

LOSS BEFORE INCOME TAXES

(55,481)

(27,532)

(3,123)

INCOME TAX EXPENSE

282

162

LOSS ON EQUITY METHOD INVESTMENT

3,731

2,005

LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

(59,494)

(29,699)

(3,188)

OTHER COMPREHENSIVE INCOME (LOSS):

Change in foreign currency translation

1,490

(40)

(1)

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)

1,490

(40)

(1)

TOTAL COMPREHENSIVE LOSS

$ (58,004)

$ (29,740)

$ (3,189)

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

-BASIC (in dollars per share)

$ (1.29)

$ (0.69)

$ (0.08)

-DILUTED (in dollars per share)

$ (1.29)

$ (0.69)

$ (0.08)

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

-BASIC (in shares)

46,191

42,931

39,758

-DILUTED (in shares)

46,191

42,931

39,758

[1]	Online sales associated with each class of retailer are included within their respective total.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2019	36,162				14
Balances at Dec. 31, 2019	$ 36	$ 334,299	$ (202,735)	$ (79)	$ (256)	$ 131,265
Exercise of options to purchase common stock (in shares)	479
Exercise of options to purchase common stock	$ 0	5,441				5,441
Vesting of restricted stock units (in shares)	91				0
Vesting of restricted stock units	$ 0	(2,568)	0	0	$ 0	(2,568)
Share-based compensation expense		11,157				11,157
Shares issued in primary offering (in shares)	4,000				0
Shares issued in primary offering	$ 4	252,058	0	0	$ 0	252,062
Foreign Currency Translation				(1)		(1)
Net loss			(3,188)			(3,188)
Balances (in shares) at Dec. 31, 2020	40,732				14
Balances at Dec. 31, 2020	$ 40	600,388	(205,924)	(80)	$ (256)	394,169
Exercise of options to purchase common stock (in shares)	224				0
Exercise of options to purchase common stock	$ 0	2,271	0	0	$ 0	2,271
Vesting of restricted stock units (in shares)	78				0
Vesting of restricted stock units	$ 0	(4,187)	0	0	$ 0	(4,187)
Share-based compensation expense	$ 0	25,068	0	0	$ 0	25,068
Shares issued in primary offering (in shares)	2,415				0
Shares issued in primary offering	$ 2	332,170	0	0	$ 0	332,172
Foreign Currency Translation	0	0	0	(40)	0	(40)
Net loss	$ 0	0	(29,699)	0	$ 0	(29,699)
Balances (in shares) at Dec. 31, 2021	43,449				14
Balances at Dec. 31, 2021	$ 43	955,710	(235,623)	(120)	$ (256)	719,754
Exercise of options to purchase common stock (in shares)	45				0
Exercise of options to purchase common stock	$ 0	471	0	0	$ 0	471
Vesting of restricted stock units (in shares)	43				0
Vesting of restricted stock units	$ 1	(1,441)	0	0	$ 0	(1,440)
Share-based compensation expense	$ 0	23,505	0	0	$ 0	23,505
Shares issued in primary offering (in shares)	4,320				0
Shares issued in primary offering	$ 4	337,504	0	0	$ 0	337,508
Foreign Currency Translation	0	0	0	1,490	0	1,490
Net loss	$ 0	0	(59,494)	0	$ 0	(59,494)
Issuance and exercise of partner warrants (in shares)	194				0
Issuance and exercise of partner warrants	$ 0	9,775	0	0	$ 0	9,775
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

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (59,494)	$ (29,699)	$ (3,188)
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:
Provision for (gains) loss on accounts receivable	(20)	29	(23)
Loss on disposal of equipment	396	538	1,805
Share-based compensation	26,092	24,998	10,925
Inventory obsolescence	3,455	349	232
Depreciation and amortization	34,555	30,468	21,125
Amortization of deferred financing costs and loan discount	795	1,212	834
Change in operating lease right of use asset	1,372	1,329	1,289
Loss on equity method investment	3,731	2,005	0
Changes in operating assets and liabilities:
Accounts receivable	(32,993)	(16,371)	166
Inventories	(26,171)	(16,804)	(6,808)
Prepaid expenses and other current assets	(435)	(2,891)	9,437
Other assets	(3,141)	(7,899)	(719)
Accounts payable	(3,063)	14,958	(5,922)
Accrued expenses	13,078	(273)	(6,762)
Other lease liabilities	(1,384)	(1,302)	(1,198)
Net cash flows (used in) provided by operating activities	(43,227)	647	21,193
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(19,840)	0	(20,000)
Proceeds from maturities of short-term investments	19,840	0	20,000
Investments in equity method investment	(3,293)	0	(27,894)
Acquisitions of property, plant and equipment, software and deposits on equipment	(230,071)	(322,099)	(134,568)
Net cash flows used in investing activities	(233,364)	(322,099)	(162,462)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares issued in primary offering, net of issuance cost	337,508	332,172	252,062
Proceeds from exercise of options to purchase common stock	471	2,271	5,441
Tax withholdings related to net shares settlements of restricted stock units	(1,441)	(4,187)	(2,568)
Proceeds from borrowings under Credit Facility	78,000	0	20,933
Repayment of borrowings under Credit Facility	(78,000)	0	(76,000)
Fees paid in connection with financing agreements	0	(3,263)	(824)
Net cash flows provided by financing activities	336,538	326,993	199,044
NET CHANGE IN CASH AND CASH EQUIVALENTS	59,947	5,541	57,775
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72,788	67,247	9,472
CASH AND CASH EQUIVALENTS, END OF PERIOD	132,735	72,788	67,247
SUPPLEMENTAL CASH FLOW INFORMATION:
Taxes paid	297	182	88
Interest paid	3,152	1,730	1,061
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable and accrued expenses	44,258	22,482	11,281
Issuance of partner warrants	$ 9,775	$ 0	$ 0

Note 2 - Inventories

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 2 – Inventories:

Inventories are summarized as follows:

	*December 31,*			*December 31,*
	*2022*			*2021*
Raw Materials and Work in Process	$	20,608		$	13,339
Packaging Components Material		6,186			2,823
Finished Goods		31,639			19,704
		58,433			35,866
Reserve for Obsolete Inventory		(143	)		(292	)
Inventories, net	$	58,290		$	35,574

Note 3 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Property, Plant and Equipment:

Property, plant and equipment are summarized as follows:

	*December 31,*			*December 31,*
	*2022*			*2021*
Refrigeration Equipment	$	137,875		$	122,063
Machinery and Equipment		199,504			140,471
Building, Land, and Improvements		458,800			150,927
Furniture and Office Equipment		14,040			8,844
Leasehold Improvements		1,319			1,319
Construction in Progress		134,338			273,880
		945,877			697,504
Less: Accumulated Depreciation		(145,291	)		(113,582	)
Property, Plant and Equipment, net	$	800,586		$	583,922

Depreciation expense related to property, plant and equipment totaled $34,332, $29,467, and $20,805 in 2022, 2021 and 2020, respectively; of which $20,774, $16,545, and $9,576 was recorded in cost of goods sold for 2022, 2021 and 2020, respectively, with the remainder of depreciation expense being recorded to selling, general and administrative expense.

Note 4 - Income Taxes

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 4 – Income Taxes

A summary of income taxes as follows:

	*Year Ended December 31,*
	*2022*		*2021*		*2020*
Federal	$	—	$	—	$	—
State		282		162		65
International		—		—		—
	$	282	$	162	$	65

The provisions for income taxes do not bear a normal relationship to loss before income taxes primarily as a result of the valuation allowance on deferred tax assets.

The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below:

	*Year Ended December 31,*
	*2022*			*2021*			*2020*
Tax at federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal		3.6	%		7.4	%		39.2	%
Permanent items		3.7	%		30.6	%		284.4	%
Other		(0.7	%)		(0.2	%)		5.6	%
State rate change		0.5	%		(0.5	%)		0.2	%
Valuation allowance		(28.6	%)		(58.8	%)		(352.5	%)
Effective tax rate		(0.5	%)		(0.5	%)		(2.1	%)

In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company believes that it is more likely than not that the Company’s deferred income tax assets will not be realized. The Company has experienced taxable losses from inception. As such, there is a full valuation allowance against the net deferred tax assets as of December 31, 2022, 2021 and 2020.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

Year Ended December 31,

2022

2021

2020

Net operating loss
$ 85,214 $ 73,436 $ 60,268

Stock option expense
18,709 12,169 6,454

Property and equipment
(20,753 ) (14,957 ) (11,941 )

Other
5,920 2,845 1,194

Less: Valuation allowance
(89,090 ) (73,493 ) (55,975 )

Net deferred income tax assets
$ - $ - $ -

At December 31, 2022, the Company had federal net operating loss (“NOL”) carryforwards of $340.3 million, of which $175.4 million, generated in 2017 and prior, will expire between 2025 and 2037. The NOL generated from 2018 through 2022 of $164.9 million will have an indefinite carryforward period but can generally only be used to offset 80% of taxable income in any particular year. The Company may be subject to the net operating loss utilization provisions of Section 382 of the Internal Revenue Code. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carry forwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period prior to the change, and the federal published interest rate. We have completed several analyses under Section 382 of the Code in the past which concluded that certain annual limitations exist. At December 31, 2022, the Company had $259.4 million of State NOLs which expire between 2023 and 2041, and had $14.3 million of foreign NOLs which do not expire.

Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2021, there were no uncertain positions. The Company’s U.S. federal and state net operating losses have occurred since its inception in 2005 and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. Interest and penalties, if any, as they relate to income taxes assessed, are included in the income tax provision. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties through 2022, 2021 and 2020.

The Company considered the impact of the disallowance of certain incentive based compensation tax deductibility under Internal Revenue Code Section 162(m); however, to the extent an adjustment to the deferred tax asset is required the impact will be offset by a corresponding adjustment to the valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note 5 - Accrued Expenses

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

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

Note 5 – Accrued Expenses:

Accrued expenses are summarized as follows:

	*2022*		*2021*
Accrued Compensation and Employee Related Costs	$	8,559	$	6,934
Accrued Construction Costs		4,235		—
Accrued Chiller Cost		4,106		2,050
Accrued Customer Consideration		656		828
Accrued Freight		2,705		1,547
Accrued Production Expenses		3,755		1,862
Accrued Corporate and Marketing Expenses		3,794		1,081
Accrued Interest		922		—
Other Accrued Expenses		4,284		648
Accrued Expenses	$	33,016	$	14,950

Note 6 - Debt

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 6 – Debt:

On February 19, 2021, the Company entered into the Sixth Amended and Restated Loan and Security Agreement ("Sixth Amendment"), which amended and restated in full the Company's Fifth Amended and Restated Loan and Security Agreement, dated as of April 17, 2020. The Sixth Amendment provides 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"), which replaced the Company's prior $130,000 delayed draw term loan facility and $35,000 revolving loan facility.

The Credit Facility matures on February 19, 2026 and borrowings thereunder bear interest at variable rates depending on the Company's election, either at a base rate or at the adjusted term SOFR (which rate shall be calculated based upon a one-month tenor in effect on such date and shall be determined on a daily basis), in each case, plus an applicable margin. Subject to the Company's leverage ratio, the applicable margin varies between 0.75% and 2.25% for base rate loans and 1.75% and 3.25% for SOFR loans. The Company has the option to borrow term loans under the Delayed Draw Facility ("Delayed Draw Term Loans") until August 19, 2023, subject to certain conditions. As of August 19, 2022, the amount of any outstanding Delayed Draw Term Loans shall be repayable in equal consecutive quarterly installments equal to 1/28th of the total single term loan ("the Initial Combined Delayed Draw Term Loan"). Commencing on August 19, 2023, the amount of any outstanding Delayed Draw Term Loans, combined with the Initial Combined Delayed Draw Term Loan, shall be repayable in equal consecutive quarterly installments equal to 1/28th of the outstanding Delayed Draw Term Loans and the remainder shall be due and payable on February 19, 2026.

Borrowings under the Credit Facility are secured by substantially all of the Company's and certain of its subsidiaries' assets. The Sixth Amendment requires compliance with various covenants customary for agreements of this type, including financial covenants and negative covenants that limit, among other things, the Company's ability to incur additional debt, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make voluntary prepayments to subordinated debt, permit a change of control, pay dividends or distributions, make investments, and enter into certain transaction with affiliates. The Sixth Amendment also includes events of default customary for agreements of this type.

During 2022, the Company borrowed and repaid $78,000 under the Delayed Draw Facility. Any prepayments of the Delayed Draw Facility under the agreement may not be reborrowed. As of September 30, 2022, the Company was not in compliance with the total funded debt ratio and the fixed charge coverage ratio financial covenants associated with the Credit Facility. The lenders under the Credit Facility consented to such covenants not being tested as of September 30, 2022. At the time such consent was granted, the Company repaid in full the $75,214 outstanding amount under the Delayed Draw Facility. As of December 31, 2022, the Company was in compliance with the total funded debt ratio and the fixed charge coverage ratio financial covenants associated with the Credit Facility, though the Company cannot provide assurance that it will remain in compliance with such covenants. If not in compliance all outstanding debt within the Credit Facility would be due and the borrower has the option to provide a waiver or terminate the Credit Facility.

As of December 31, 2022, the Company had no debt outstanding under the Credit Facility. The Credit Facility includes a quarterly commitment fee on any unused amounts at a per annum rate between 0.30% to 0.50% depending on the aggregate principal outstanding.

In connection with entering into the Sixth Amendment, the Company incurred $3,166 of debt issuance cost, which are capitalized on the balance sheet and amortized over the life of the facility, and wrote off $485 of fees incurred from the prior credit facilities.

As of December 31, 2022 and 2021, there was a total of $2,478 and $3,272 of debt issuance cost from the Credit Facility as well as fees incurred from the prior credit facilities applied to the Credit Facility under ASC 835-30 along with ASU 2015-03. As of December 31, 2022 and 2021 there was $1,685 and $2,478, respectively, of debt issuance costs recorded in other assets, and $793 and $793, respectively, recorded in other current assets.

On April 29, 2022, the Company entered into the First Amendment to the Sixth Amendment, which amendment, among other things, (i) made amendments to allow for the Company's projected capital expenditures without either triggering mandatory prepayment obligations or violating the covenant and (ii) replaced the LIBOR interest rate for U.S. dollar loans to a term Secured Overnight Financing Rate ("Term SOFR").

Interest expense and fees totaled $5,208, $2,882 and $1,212 in 2022, 2021 and 2020, respectively. There was $904 of accrued interest on the credit facilities as of December 31, 2022, no accrued interest on the credit facilities as of December 31, 2021, and $135 of accrued interest on the credit facilities as of December 31, 2020.

- Definition

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 7 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 7 – Commitments and Contingencies

Commitments – The Company’s obligations include leases for office space under non-cancelable operating leases, manufacturing processing and utility servicing that expire at various dates through April 1, 2027.

Leases:

We have various noncancellable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two years to five years, some of which include an option to extend the lease term for up to five years. Because the Company is not reasonably certain to exercise these renewal options, 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.

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

	*As of December 31,*
	*2022*			*2021*
Weighted-average remaining lease term		3.61			4.51
Weighted-average discount rate		6.2	%		6.2	%

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.

Costs related to lease obligations for 2022 and 2021 were as follows:

	*For the Twelve Months Ended December 31,*
	*2022*		*2021*
Operating lease cost	$	1,752	$	1,779

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

	*For the Twelve Months Ended December 31,*
	*2022*		*2021*
Cash paid for amounts included in the measurement of lease liabilities	$	1,764	$	1,753

As of December 31, 2022, future minimum payments due under lease obligations for five years were as follows:

Operating Lease Obligations	*As of December 31, 2022*
2023	$	1,802
2024		1,511
2025		1,210
2026		1,239
2027 and beyond		337
Total lease payments	$	6,099
Less: Imputed interest		(389	)
Present value of lease liabilities	$	5,710

As of December 31, 2022, future minimum payments due under manufacturing and service obligations for five years were as follows:

Manufacturing and Servicing Obligations

December 31, 2022

2023
$ 3,288

2024
4,783

2025 and beyond
712

Total Manufacturing and Servicing Obligations
$ 8,783

Certain of the Company’s executives are covered by employment contracts requiring the Company to pay severance in the event of certain terminations.

Legal Obligations:

We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. 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.

On November 14, 2022, the discovery deadline was extended until March 31, 2023.

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.

Based on information currently available and advice of counsel, we do not believe that the outcome of any 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 8 - Warrants

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Warrant Disclosure [Text Block]

Note 8 – Warrants:

In connection with an agreement to 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 thousand 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 December 31, 2022 there were $5,750 of warrants in prepaid expense and $1,438 of warrants in other assets.

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

Warrants Assumptions

Fair value of the warrants at September 30, 2022 was based on the Black Scholes Option Pricing Model, which is based, in part, upon level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions.

The Company used the following assumptions for its warrants:

Expected Volatility - Expected volatility was based on the historical volatility of the Company's common stock.

Exercise Price of Warrants Granted - The Company determined the exercise price pursuant to the terms of the warrant agreement of $0.01 per share.

Risk-Free Interest Rate - The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term in effect at the time of the warrant issuance.

Expected Dividend Yield - The Company has not historically declared dividends, and no future dividends are expected to be available to benefit warrant holders at the time of warrant issuance. Accordingly, the Company used an expected dividend yield of zero in the valuation model.

A summary of warrants assumptions as of December 31, 2022 was as follows:

	*As of September 30,*
	*2022*
Exercise price of warrants granted	$	0.01
Expected volatility		52.5	%
Expected terms in years		0.0
Risk-free interest rate		3.9	%
Expected dividend yield		0.0	%

Total amortization associated with partner warrants during 2022 was $2,587.

Note 9 - Equity Incentive Plans and Equity

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 9 – Equity Incentive Plans and Equity:

Total compensation cost for share-based payments recognized in 2022, 2021 and 2020 was approximately $23,505, $24,998 and $10,925, respectively. Cost of goods sold in 2022, 2021 and 2020 included share-based compensation of approximately $4,706, $4,152 and $2,132, respectively. Selling, general, and administrative expense in 2022, 2021 and 2020 included share-based compensation of approximately $18,799, $20,846 and $8,793, respectively. Capital expenditures recorded for the Freshpet Kitchens expansion project included no share-based compensation during 2022 and approximately $71 and $232 during 2021 and 2020, respectively.

The Company maintains the approved 2010 Stock Plan (the "2010 Plan") under which options to purchase shares of the Company’s common stock were granted to employees and affiliates of the Company. These options are either time-based (vest over four years), performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or vest at the occurrence of an exit event which is defined as a Change of Control in the Company, as defined in the stock grant agreement.

The options granted have maximum contractual terms of 10 years. The Board of Directors froze the 2010 Stock Plan such that no further grants may be issued under the 2010 Stock Plan.

The Company maintains the approved 2014 Omnibus Incentive Plan under which shares of common stock may be issued or used for reference purposes as awards granted under the 2014 Plan. These awards may be in the form of stock options, stock appreciation rights, restricted stock, as well as other stock-based and cash-based awards. As of December 31, 2022, the awards granted were either time-based (cliff vest over three years), performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or restricted stock units (employee RSUs cliff vest over three years and non-employee director RSUs cliff vest over one year).

NASDAQ Marketplace Rules Inducement Award—During 2016, 500,000 service period stock options and 500,000 performance-based stock options were granted to the Company’s CEO as an inducement under the NASDAQ Marketplace Rules.

During 2020, as an inducement under the NASDAQ Marketplace Rules, and therefore outside of any Plan, 15,000 service period stock options were granted to the Executive Vice President of Finance who later served as the Company's Chief Financial Officer until September 2022. Upon her departure 5,000 of the service period stock awards were forfeited.

During 2022, as an inducement under the NASDAQ Marketplace Rules, and therefore outside of any Plan, 40,120 service period stock options and 22,381 restricted stock units were granted to the Company's CFO.

Under the terms of the applicable agreement, each grant is governed as if issued under the 2014 Omnibus Plan. The awards granted are time-based (cliff vest over four years or three years) and performance-based (vest when performance targets are met, as defined in the stock option grant agreement).

Service Period Stock Options—A summary of service period stock options outstanding and changes under the plans during the year ended December 31, 2022 is presented below:

Options

Shares

Weighted Average Exercise Price

Average Remaining Contractual Term

Aggregate Intrinsic Value

Outstanding at December 31, 2021
1,287 $ 50.37

Granted
40 67.02

Exercised
(9 ) 76.07

Forfeited
(27 ) 62.08

Outstanding at December 31, 2022
1,291 $ 51.63 5.41 $ 33,958

Exercisable at December 31, 2022
1,040 $ 32.61 4.69 $ 33,958

As of December 31, 2022, there was $14,411 of total unrecognized compensation costs related to non-vested service period options, of which $5,321 will be incurred in 2023, $8,470 will be incurred in 2024 and the remaining $620 will be incurred in 2025.

Performance Based Options—Performance based option vesting is contingent upon the Company achieving certain annual Net Sales or Adjusted EBITDA goals. A summary of performance-based stock options outstanding and changes under the plans in 2022 is presented below:

Options

Shares

Weighted Average Exercise Price

Average Remaining Contractual Term

Aggregate Intrinsic Value

Outstanding at December 31, 2021
2,067 $ 74.71

Granted
- -

Exercised
(35 ) 84.45

Forfeited
(107 ) 73.80

Outstanding at December 31, 2022
1,925 $ 75.50 6.00 $ 36,989

Exercisable at December 31, 2022
1,107 $ 19.53 4.69 $ 36,989

As of December 31, 2022, there was approximately $19,779 of total unrecognized compensation costs related to performance-based awards for which the achievement of the vesting criteria is considered probable, of which $9,926 will be incurred in 2023 and the remaining $9,853 will be incurred in 2024.

As of December 31, 2022, there were 311 unvested performance-based options outstanding that were deemed not probable, with an aggregate fair value of $22,775.

Service Period Restricted Stock Units—The following table includes activity related to outstanding restricted stock units in 2022.

Shares

Weighted-Average Grant-Date Fair Value Per Unit

Outstanding at December 31, 2021
103 $ 96.18

Granted
230 67.99

Exercised/Vested
(47 ) 112.57

Forfeited
(8 ) 105.62

Outstanding at December 31, 2022
278 $ 74.52

As of December 31, 2022, there was approximately $13,108 of total unrecognized compensation costs related to restricted stock units, of which $6,537 will be incurred in 2023, $4,276 will be incurred in 2024, $2,295 will be incurred in 2025, and $1,328 will be incurred in 2026.

Performance Based Restricted Stock Units—The following table includes activity related to outstanding restricted stock units in 2022.

Shares

Weighted-Average Grant-Date Fair Value Per Unit

Outstanding at December 31, 2021
22 $ 111.65

Granted
158 57.52

Forfeited
(4 ) 113.33

Outstanding at December 31, 2022
176 $ 63.01

As of December 31, 2022, there was approximately $9,459 of total unrecognized compensation costs related to performance-based restricted stock units for which the achievement of the vesting criteria is considered probable, of which $3,456 will be incurred in 2023, $3,402 will be incurred in 2024 and the remaining $2,600 will be incurred in 2025.

Grant Date Fair Value of Options—The weighted average grant date fair value of options (service period options and performance based options) granted during in 2022, 2021 and 2020 were $37.39, $74.90 and $68.93 per share, respectively.

Expected Volatility—Expected volatility was based on the historical volatility of the Company’s common stock.

Weighted Average Expected Term—The Company determined the expected term based on the “shortcut method” described in FASB ASC 718, Compensation—Stock Compensation (an expected term based on the midpoint between the vesting date and the end of the contractual term).

Risk-Free Interest Rate—The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant.

Expected Dividend Yield—The Company has not historically declared dividends, and no future dividends are expected to be available to benefit option holders. Accordingly, the Company used an expected dividend yield of zero in the valuation model.

Year Ended December 31,

2022

2021

2020

Weighted average exercise price of options granted

$ 67.02

$ 155.00

$ 135.55

Expected volatility

52.5%

50.4%

46.9% - 51.5%

Average expected terms in years

6.5

6.1

5.8 - 7

Risk-free interest rate

3.8%

1.1%

0.3% - 1.69%

Expected dividend yield

0.0%

0.0%

0.0%

Note 10 - Earnings Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10 – Earnings Per Share Attributable to Common Stockholder:

Basic net earnings (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 earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. Diluted net loss per common share is the same as basic net loss per common share, due to the fact that potentially dilutive securities would have an antidilutive effect as the Company incurred a net loss in 2022, 2021 and 2020.

In 2022, 2021 and 2020, there were no reconciling items between Net Loss/Income and Net Loss attributable to common stockholders.

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

	*Twelve Months Ended December 31,*
	*2022*		*2021*		*2020*
Service Period Stock Options		1,291		1,291		1,356
Restricted Stock Units		275		173		190
Performance Stock Options		1,107		972		1,009
Total		2,673		2,437		2,555

Note 11 - Retirement Plan

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block]

Note 11 – Retirement Plan:

The Company sponsors a safe harbor 401(k) plan covering all employees. All employees are eligible to participate. Active participants in the plan may make contributions of up to 50% of their compensation, subject to certain limitations. Company contributions totaled approximately $2,297 in 2022, $1,829 in 2021 and $1,416 in 2020.

Note 12 - Concentrations

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

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 up to $250,000 each. At times, such balances may be in excess of the FDIC insurance limit.

Major Customers—In 2022, 2021 and 2020, net sales to one of our distributors accounted for 8%, 16% and 18% of our net sales, respectively. In 2022, one customer accounted for more than 10% of our net sales, while in 2021 and 2020, no customers accounted for 10% of our net sales. As of December 31, 2022, two distributors and two customers accounted for 15%, 6%, 26% and 11% respectively, of our accounts receivable. As of December 31, 2021, two distributors and two customers accounted for 20%, 10%, 14% and 13%, respectively, of our account receivable.

Major Suppliers—The Company purchased approximately 33% of its raw materials from one vendor during 2022, approximately 21% of its raw materials from one vendor during 2021, and approximately 23% of its raw materials from one vendor during 2020.

The Company purchased approximately 91% of its packaging material from five vendors during 2022, 84% of its packaging material from five vendors during 2021, and approximately 88% of its packaging material from five vendors during 2020.

Note 13 - Subsequent Events

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

Note 13 – 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 have required adjustment or disclosure in the financial statements.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

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 (including online), Mass and Club, Pet Specialty, and Natural retail.

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). All amounts included in the consolidated financial statements 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.

Consolidation, Policy [Policy Text Block]

Principles of Consolidation – The 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.

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]

Equity method investment – 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. The Company has the ability to exercise significant influence based on our representation on and the makeup of the investee's Board of Directors. 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.

In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss.

On March 10, 2022, the Company invested $3,300 to maintain our 19% interest in a privately held company that operates in our industry, with our investments to date totaling $31,200. 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 the economic performance. The Company accounts for the investment under the equity method of accounting based on our ability to exercise significant influence even though the Company's percentage of ownership is below 20%. The basis difference between the Company's carrying value of its investment and the amount of underlying equity in net assets of the privately held company is not material to the Company's consolidated financial statements.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable interest entities – In accordance with the applicable accounting guidance for the consolidation of variable interest entities, the Company analyzes its variable interests to determine if an entity in which it has a variable interest is a variable interest entity. The Company's analysis incudes both quantitative and qualitative reviews to determine if we must consolidate a variable interest entity as its primary beneficiary.

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.

Inventory, Policy [Policy Text Block]

Inventories – Inventories are stated at the lower of cost or market, using the first-in, first-out method. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value, including any costs to sell or dispose and consideration for obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment – Property, plant and equipment are recorded at cost. The Company provides for depreciation on the straight-line method by charges to income at rates based upon estimated recovery periods of 7 years for furniture and office equipment, 5 years for automotive equipment, 9 years for refrigeration equipment, 5 to 10 years for machinery and equipment, 2 years for plates & dies and 15 to 39 years for building and improvements. Capitalized cost includes the costs incurred to bring the property, plant and equipment to the condition and location necessary for its intended use, which includes any necessary delivery, electrical and installation cost for equipment. Maintenance and repairs that do not extend the useful life of the assets over two years are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the term of the related lease or the estimated useful lives on the straight-line method.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets – The Company evaluates all long-lived assets for impairment. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future net cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Recoverability of assets held for sale is measured by a comparison of the carrying amount of an asset or asset group to their fair value less estimated costs to sell. Estimating future cash flows and calculating fair value of assets requires significant estimates and assumptions by management. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carry amount to fair value and is charged to expense in the period of impairment.

Income Tax, Policy [Policy Text Block]

Income Taxes – The Company provides for deferred income taxes for temporary differences between financial and income tax reporting, principally net operating loss carryforwards, depreciation, and share-based compensation. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which those temporary differences are expected to be recovered or settled.

A valuation allowance is appropriate when management believes it is more likely than not, the deferred tax asset will not be realized. At December 31, 2022 and 2021, the Company determined that full valuation of its net deferred tax assets and liabilities is appropriate.

Share-Based Payment Arrangement [Policy Text Block]

Share-based Compensation – The Company recognizes share-based compensation based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. The Company estimates grant date fair value of its options using the Black-Scholes Merton option-pricing model. Share awards are amortized under the straight-line method over the requisite service period of the entire award. The Company accounts for forfeitures as they occur.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents – The Company at times considers money market funds and all other highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

Receivable [Policy Text Block]

Trade Account 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 December 31, 2022 and 2021, 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 $9,444 and $7,380, 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”) 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.

The carrying amounts reported in the balance sheets for cash and cash equivalents, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review.

As of December 31, 2022, the Company only maintained Level 1 assets and liabilities.

Debt Issuance Cost [Policy Text Block]

Debt Issuance Cost – During the first quarter of 2021, as part of the Sixth Amended and Restated Loan and Security Agreement, dated February 19, 2021 (as amended, the Sixth Amendment), the Company incurred an additional $3,263 of fees associated with the debt modification, of which $2,797 of the fees were related to the Delayed Draw Term Loan (as defined below) with the remaining balance relating to the Revolving Loan Facility (as defined below). The Company also wrote down $485 of fees incurred from the prior credit facilities. The Company's policy is to record the debt issuance cost related to the Delayed Draw Term Loan, net of debt, for the portion of the Delayed Draw Term Loan that is outstanding, with the remaining amount recorded within assets.

The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition and Incentives – Revenues primarily consist of the sale of pet food products that are sold to retailers through broker and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of applicable trade incentives and allowances. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

Revenue from product sales is recognized when obligations under the terms of the contract with the customer are satisfied, which occurs once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods.

The amount of consideration the Company receives and revenue the Company recognizes varies with changes in trade incentives the Company offers to its customers and their consumers. Trade incentives consists primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends.

Sales taxes and other similar taxes are excluded from revenue.

There were no contract assets as of December 31, 2022 and 2021.

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

Twelve Months Ended

December 31,

2022

2021

2020

Grocery (including Online), Mass and Club
$ 524,971 $ 356,965 $ 272,008

Pet Specialty and Natural
70,373 68,524 46,782

Net Sales (a)
$ 595,344 $ 425,489 $ 318,790

(a) Online sales associated with each class of retailer are included within their respective total.

Advertising Cost [Policy Text Block]

Advertising – Advertising costs are expensed when incurred, with the exception of production costs which are expensed the first time advertising takes place. Advertising costs, consisting primarily of media ads, were $71,720, $53,687 and $38,483, in 2022, 2021 and 2020, respectively. As of December 31, 2022, 2021 and 2020 we had $553, $1,173 and $128, respectively of production cost in prepaid expense, representing advertising that had yet to take place.

Shipping and Handling Costs Freight Out [Policy Text Block]

Shipping and Handling Costs/Freight Out – Costs incurred for shipping and handling are included in selling, general, and administrative expenses within the statement of operations and comprehensive loss. Shipping and handling costs primarily consist of costs associated with moving finished products to customers, including costs associated with our distribution center and the cost of shipping products to customers through third-party carriers. Shipping and handling cost totaled $63,891, $47,713, and $27,167 in 2022, 2021 and 2020, respectively.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Standards

The Company did not adopt any new Accounting Standard Updates during 2022.

We consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB).

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Twelve Months Ended*
	*December 31,*
	*2022*		*2021*		*2020*
Grocery (including Online), Mass and Club	$	524,971	$	356,965	$	272,008
Pet Specialty and Natural		70,373		68,524		46,782
Net Sales (a)	$	595,344	$	425,489	$	318,790

Note 2 - Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31,*			*December 31,*
	*2022*			*2021*
Raw Materials and Work in Process	$	20,608		$	13,339
Packaging Components Material		6,186			2,823
Finished Goods		31,639			19,704
		58,433			35,866
Reserve for Obsolete Inventory		(143	)		(292	)
Inventories, net	$	58,290		$	35,574

Note 3 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*December 31,*			*December 31,*
	*2022*			*2021*
Refrigeration Equipment	$	137,875		$	122,063
Machinery and Equipment		199,504			140,471
Building, Land, and Improvements		458,800			150,927
Furniture and Office Equipment		14,040			8,844
Leasehold Improvements		1,319			1,319
Construction in Progress		134,338			273,880
		945,877			697,504
Less: Accumulated Depreciation		(145,291	)		(113,582	)
Property, Plant and Equipment, net	$	800,586		$	583,922

Note 4 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended December 31,*
	*2022*		*2021*		*2020*
Federal	$	—	$	—	$	—
State		282		162		65
International		—		—		—
	$	282	$	162	$	65

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year Ended December 31,*
	*2022*			*2021*			*2020*
Tax at federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal		3.6	%		7.4	%		39.2	%
Permanent items		3.7	%		30.6	%		284.4	%
Other		(0.7	%)		(0.2	%)		5.6	%
State rate change		0.5	%		(0.5	%)		0.2	%
Valuation allowance		(28.6	%)		(58.8	%)		(352.5	%)
Effective tax rate		(0.5	%)		(0.5	%)		(2.1	%)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*Year Ended December 31,*
	*2022*			*2021*			*2020*
Net operating loss	$	85,214		$	73,436		$	60,268
Stock option expense		18,709			12,169			6,454
Property and equipment		(20,753	)		(14,957	)		(11,941	)
Other		5,920			2,845			1,194
Less: Valuation allowance		(89,090	)		(73,493	)		(55,975	)
Net deferred income tax assets	$	-		$	-		$	-

Note 5 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	*2022*		*2021*
Accrued Compensation and Employee Related Costs	$	8,559	$	6,934
Accrued Construction Costs		4,235		—
Accrued Chiller Cost		4,106		2,050
Accrued Customer Consideration		656		828
Accrued Freight		2,705		1,547
Accrued Production Expenses		3,755		1,862
Accrued Corporate and Marketing Expenses		3,794		1,081
Accrued Interest		922		—
Other Accrued Expenses		4,284		648
Accrued Expenses	$	33,016	$	14,950

Note 7 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Lease, Cost [Table Text Block]

	*As of December 31,*
	*2022*			*2021*
Weighted-average remaining lease term		3.61			4.51
Weighted-average discount rate		6.2	%		6.2	%

	*For the Twelve Months Ended December 31,*
	*2022*		*2021*
Operating lease cost	$	1,752	$	1,779

	*For the Twelve Months Ended December 31,*
	*2022*		*2021*
Cash paid for amounts included in the measurement of lease liabilities	$	1,764	$	1,753

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Operating Lease Obligations	*As of December 31, 2022*
2023	$	1,802
2024		1,511
2025		1,210
2026		1,239
2027 and beyond		337
Total lease payments	$	6,099
Less: Imputed interest		(389	)
Present value of lease liabilities	$	5,710

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

Manufacturing and Servicing Obligations	*December 31, 2022*
2023	$	3,288
2024		4,783
2025 and beyond		712
Total Manufacturing and Servicing Obligations	$	8,783

Note 8 - Warrants (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	*As of September 30,*
	*2022*
Exercise price of warrants granted	$	0.01
Expected volatility		52.5	%
Expected terms in years		0.0
Risk-free interest rate		3.9	%
Expected dividend yield		0.0	%

Note 9 - Equity Incentive Plans and Equity (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	Shares			Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at December 31, 2021		103		$	96.18
Granted		230			67.99
Exercised/Vested		(47	)		112.57
Forfeited		(8	)		105.62
Outstanding at December 31, 2022		278		$	74.52

	Shares			Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at December 31, 2021		22		$	111.65
Granted		158			57.52
Forfeited		(4	)		113.33
Outstanding at December 31, 2022		176		$	63.01

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Year Ended December 31,*
	*2022*	*2021*	*2020*
Weighted average exercise price of options granted	$ 67.02	$ 155.00	$ 135.55
Expected volatility	52.5%	50.4%	46.9% - 51.5%
Average expected terms in years	6.5	6.1	5.8 - 7
Risk-free interest rate	3.8%	1.1%	0.3% - 1.69%
Expected dividend yield	0.0%	0.0%	0.0%

Performance Stock Options [Member]

Notes Tables

Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block]

Options	*Shares*			*Weighted Average Exercise Price*		*Average Remaining Contractual Term*		*Aggregate Intrinsic Value*
Outstanding at December 31, 2021		2,067		$	74.71
Granted		-			-
Exercised		(35	)		84.45
Forfeited		(107	)		73.80
Outstanding at December 31, 2022		1,925		$	75.50		6.00	$	36,989
Exercisable at December 31, 2022		1,107		$	19.53		4.69	$	36,989

Service Period Stock Options [Member]

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

Options	*Shares*			*Weighted Average Exercise Price*		*Average Remaining Contractual Term*		*Aggregate Intrinsic Value*
Outstanding at December 31, 2021		1,287		$	50.37
Granted		40			67.02
Exercised		(9	)		76.07
Forfeited		(27	)		62.08
Outstanding at December 31, 2022		1,291		$	51.63		5.41	$	33,958
Exercisable at December 31, 2022		1,040		$	32.61		4.69	$	33,958

Note 10 - Earnings Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

	*Twelve Months Ended December 31,*
	*2022*		*2021*		*2020*
Service Period Stock Options		1,291		1,291		1,356
Restricted Stock Units		275		173		190
Performance Stock Options		1,107		972		1,009
Total		2,673		2,437		2,555

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Mar. 10, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 02, 2020
Payments to Acquire Equity Method Investments		$ 3,293	$ (0)	$ 27,894
Equity Method Investments		25,418	25,856
Implementation Costs		9,444	7,380
Debt Issuance Costs, Net, Total		3,263
Contract with Customer, Asset, after Allowance for Credit Loss, Total		0	0
Advertising Expense		71,720	53,687	38,483
Prepaid Advertising		553	1,173	128
Cost of Goods and Services Sold, Total		409,311	263,343	185,880
Shipping and Handling [Member]
Cost of Goods and Services Sold, Total		63,891	$ 47,713	$ 27,167
Draw Term Loan [Member]
Amortization of Debt Issuance Costs		485
Draw Term Loan [Member] \| Credit Facility [Member]
Debt Issuance Costs, Net, Total		$ 2,797
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)		7 years
Transportation Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years
Refrigeration Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		9 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		10 years
Plated and Dies [Member]
Property, Plant and Equipment, Useful Life (Year)		2 years
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		15 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		39 years
Privately Held Company, Not Primary Beneficiary [Member]
Payments to Acquire Equity Method Investments	$ 3,300,000
Equity Method Investment, Ownership Percentage					19.00%
Equity Method Investments	$ 31,200,000

Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net Sales

^[1]

$ 595,344

$ 425,489

$ 318,790

Grocery (including Online), Mass and Club [Member]

Net Sales

524,971

356,965

272,008

Pet Specialty and Natural [Member]

Net Sales

$ 70,373

$ 68,524

$ 46,782

[1]	Online sales associated with each class of retailer are included within their respective total.

- Definition

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Raw Materials and Work in Process	$ 20,608	$ 13,339
Packaging Components Material	6,186	2,823
Finished Goods	31,639	19,704
Inventory, Gross, Total	58,433	35,866
Reserve for Obsolete Inventory	(143)	(292)
Inventories, net	$ 58,290	$ 35,574

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation, Depletion and Amortization, Total	$ 34,332	$ 29,467	$ 20,805
Cost of Sales [Member]
Depreciation, Depletion and Amortization, Total	$ 20,774	$ 16,545	$ 9,576

Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 945,877	$ 697,504
Less: Accumulated Depreciation	(145,291)	(113,582)
Property, Plant and Equipment, net	800,586	583,922
Refrigeration Equipment [Member]
Property, plant and equipment, gross	137,875	122,063
Machinery and Equipment [Member]
Property, plant and equipment, gross	199,504	140,471
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	458,800	150,927
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	14,040	8,844
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 134,338	$ 273,880

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0	$ 0
Income Tax Examination, Penalties and Interest Expense, Total	0	$ 0	$ 0
Domestic Tax Authority [Member]
Operating Loss Carryforwards	340,300
Operating Loss Carryforwards, Subject to Expiration	175,400
Operating Loss Carryforwards, Not Subject to Expiration	164,900
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	259,400
Operating Loss Carryforwards, Not Subject to Expiration	$ 14,300

Note 4 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal	$ 0	$ 0	$ 0
State	282	162	65
International	0	0	0
Current Income Tax Expense (Benefit), Total	$ 282	$ 162	$ 65

Note 4 - Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal	3.60%	7.40%	39.20%
Permanent items	3.70%	30.60%	284.40%
Other	(0.70%)	(0.20%)	5.60%
State rate change	0.50%	(0.50%)	0.20%
Valuation allowance	(28.60%)	(58.80%)	(352.50%)
Effective tax rate	(0.50%)	(0.50%)	(2.10%)

Note 4 - Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net operating loss	$ 85,214	$ 73,436	$ 60,268
Stock option expense	18,709	12,169	6,454
Property and equipment	(20,753)	(14,957)	(11,941)
Other	5,920	2,845	1,194
Less: Valuation allowance	(89,090)	(73,493)	(55,975)
Net deferred income tax assets	$ 0	$ 0	$ 0

Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Compensation and Employee Related Costs	$ 8,559	$ 6,934
Accrued Construction Costs	4,235	0
Accrued Chiller Cost	4,106	2,050
Accrued Customer Consideration	656	828
Accrued Freight	2,705	1,547
Accrued Production Expenses	3,755	1,862
Accrued Corporate and Marketing Expenses	3,794	1,081
Accrued Interest	922	0
Other Accrued Expenses	4,284	648
Accrued Expenses	$ 33,016	$ 14,950

Note 6 - Debt (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 17, 2020	Nov. 04, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 19, 2021
Debt Issuance Costs, Net, Total			$ 3,263
Interest Expense, Debt, Total			5,208	$ 2,882	$ 1,212
Interest Payable, Current			922	0
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 350,000
Long-Term Debt, Total			0
Repayments of Debt		$ 75,214	78,000
Debt Issuance Costs, Net, Total			3,166
Unamortized Debt Issuance Expense			2,478	3,272
Interest Payable, Current			904	0	$ 135
Credit Facility [Member] \| Other Assets [Member]
Debt Issuance Costs, Net, Total			1,685	2,478
Credit Facility [Member] \| Other Current Assets [Member]
Debt Issuance Costs, Net, Total			$ 793	$ 793
Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.30%
Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.50%
Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%
Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 35,000					50,000
Credit Facility [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total	$ 130,000					$ 300,000
Draw Term Loan [Member]
Amortization of Debt Issuance Costs			$ 485

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Apr. 08, 2022	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Renewal Term (Year)		5 years
Other Assets, Noncurrent		$ 28,426	$ 13,670
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
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)		2 years
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)		5 years

Note 7 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term (Year)	3 years 7 months 9 days	4 years 6 months 3 days
Weighted-average discount rate	6.20%	6.20%
Operating lease cost	$ 1,752	$ 1,779
Cash paid for amounts included in the measurement of lease liabilities	$ 1,764	$ 1,753

Note 7 - Commitment and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
2023	$ 1,802
2024	1,511
2025	1,210
2026	1,239
2027 and beyond	337
Total lease payments	6,099
Less: Imputed interest	(389)
Present value of lease liabilities	$ 5,710

Note 7 - Commitments and Contingencies - Contractual Obligation Fiscal Year Maturity Schedule (Details) $ in Thousands	Dec. 31, 2022 USD ($)
2023	$ 3,288
2024	4,783
2025 and beyond	712
Total Manufacturing and Servicing Obligations	$ 8,783

Note 8 - Warrants (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Class Of Warrant Or Right, Issued During Period (in shares) \| shares	194	194
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 0.01
Class of Warrant or Right, Exercised During Period (in shares) \| shares		194
Class of Warrant or Right, Granted During the Period, Fair Value Per Share (in dollars per share) \| $ / shares		$ 50.32
Amortization of Warrants		$ 2,587
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input		0.01
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input		0
Current Prepaid Expenses [Member]
Warrants and Rights Outstanding		$ 5,750
Other Assets [Member]
Warrants and Rights Outstanding		$ 1,438

Note 8 - Warrants - Valuation Techniques (Details)	Dec. 31, 2022
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.01
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	52.5
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	0.0
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	3.9
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0

Note 9 - Equity Incentive Plans and Equity (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Share-Based Payment Arrangement, Expense			$ 23,505	$ 24,998	$ 10,925
Share-Based Payment Arrangement, Expensed and Capitalized, Amount, Total			$ 0	$ 71	$ 232
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 37.39	$ 74.90	$ 68.93
Executive Vice President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		15,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)	5,000,000
Service Period Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			40
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)			27
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 14,411
Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			5,321
Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			8,470
Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 620
Service Period Stock Options [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			40,120,000			500,000,000
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%	0.00%	0.00%
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			230
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)			278	103
Restricted Stock Units (RSUs) [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			22,381,000
Performance Stock Options [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)						500,000,000
Performance Stock Options With Probable Vesting Criteria [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 19,779
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			9,926
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 9,853
Performance Stock Options Deemed Not Probable To Vest [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)			311,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value			$ 22,775
Service Period Restricted Stock Units [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			13,108
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			6,537
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			4,276
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			2,295
Service Period Restricted Stock Units [Member] \| Share-based Payment Arrangement, Tranche Four [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 1,328
Performance Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			158
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 9,459
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)			176	22
Performance Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 3,456
Performance Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			3,402
Performance Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 2,600
Stock Plan 2010 [Member] \| Service Period Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			4 years
The 2010 Stock Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Omnibus Incentive Plan 2014 [Member] \| Service Period Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Omnibus Incentive Plan 2014 [Member] \| Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Omnibus Incentive Plan 2014 [Member] \| Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			1 year
Cost of Sales [Member]
Share-Based Payment Arrangement, Expense			$ 4,706	$ 4,152	$ 2,132
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense			$ 18,799	$ 20,846	$ 8,793

Note 9 - Equity Incentive Plans and Equity - Stock Options Activity (Details) - Service Period Stock Options [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Balance (in shares) \| shares	1,287
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 50.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) \| shares	40
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 67.02
Exercised (in shares) \| shares	(9)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 76.07
Forfeited (in shares) \| shares	(27)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 62.08
Balance (in shares) \| shares	1,291
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 51.63
Balance, average remaining contractual term (Year)	5 years 4 months 28 days
Balance, aggregate intrinsic value \| $	$ 33,958
Exercisable (in shares) \| shares	1,040
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 32.61
Exercisable, average remaining contractual term (Year)	4 years 8 months 8 days
Exercisable, aggregate intrinsic value \| $	$ 33,958

Note 9 - Equity Incentive Plans and Equity - Share Based Compensation Performance Shares Award Outstanding (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Balance (in shares) \| shares	2,067
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 74.71
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	0
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Exercised (in shares) \| shares	(35)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 84.45
Forfeited (in shares) \| shares	(107)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 73.80
Balance (in shares) \| shares	1,925
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 75.50
Balance, average remaining contractual term (Year)	6 years
Balance, aggregate instrinsic value \| $	$ 36,989
Exercisable (in shares) \| shares	1,107
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 19.53
Exercisable, average remaining contractual term (Year)	4 years 8 months 8 days
Exercisable, aggregate instrinsic value \| $	$ 36,989

Note 9 - Equity Incentive Plans and Equity - Restricted Stock Units Award Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Balance (in shares) \| shares	103
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 96.18
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	230
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 67.99
Exercised/Vested (in shares) \| shares	(47)
Exercised/Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 112.57
Forfeited (in shares) \| shares	(8)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 105.62
Balance (in shares) \| shares	278
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 74.52
Performance Based Restricted Stock Units [Member]
Balance (in shares) \| shares	22
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 111.65
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	158
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 57.52
Forfeited (in shares) \| shares	(4)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 113.33
Balance (in shares) \| shares	176
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 63.01

Note 9 - Equity Incentive Plans and Equity - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average exercise price of options granted (in dollars per share)	$ 67.02	$ 155.00	$ 135.55
Expected volatility	52.50%	50.40%
Expected volatility			46.90%
Expected volatility			51.50%
Average expected terms in years (Year)	6 years 6 months	6 years 1 month 6 days
Risk-free interest rate	3.80%	1.10%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Average expected terms in years (Year)			5 years 9 months 18 days
Risk-free interest rate			0.30%
Maximum [Member]
Average expected terms in years (Year)			7 years

Note 10 - Earnings Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Preferred Stock Dividends and Other Adjustments, Total	$ 0	$ 0	$ 0

Note 10 - Earnings Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities (in shares)	2,673	2,437	2,555
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,291	1,291	1,356
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	275	173	190
Performance Stock Options [Member]
Antidilutive Securities (in shares)	1,107	972	1,009

Note 11 - Retirement Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2,297	$ 1,829	$ 1,416
Maximum [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	50.00%

Note 12 - Concentrations (Details Textual)	12 Months Ended
Note 12 - Concentrations (Details Textual)	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2020
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Distributors	1	1	1
Number of Major Customers	1	0
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Distributor [Member]
Concentration Risk, Percentage	8.00%	16.00%	18.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Customer [Member]
Concentration Risk, Percentage	10.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Distributors	2	2
Number of Major Customers	2	2
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| One Distributor [Member]
Concentration Risk, Percentage	15.00%	20.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Two Distributor [Member]
Concentration Risk, Percentage	6.00%	10.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One[Member]
Concentration Risk, Percentage	26.00%	14.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage	11.00%	13.00%
Customer Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member] \| Raw Materials [Member]
Number of Distributors	1
Concentration Risk, Percentage	33.00%	21.00%
Number of Vendors		1
Supplier Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member] \| Raw Materials [Member]
Concentration Risk, Percentage			23.00%
Number of Vendors			1
Supplier Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member] \| Packaging Materials [Member]
Concentration Risk, Percentage	91.00%	84.00%	88.00%
Number of Vendors	5	5	5
Maximum [Member]
Cash, FDIC Insured Amount	$ 250,000