0001437749-24-005542 | 10-K | XBRL Viewer

Note 5 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accrued Liabilities [Table Text Block]

	*2023*		*2022*
Accrued Compensation and Employee Related Costs	$	19,307	$	8,559
Accrued Construction Costs		—		4,235
Accrued Chiller Cost		7,478		4,106
Accrued Customer Consideration		1,228		656
Accrued Freight		6,078		2,705
Accrued Production Expenses		6,928		3,755
Accrued Corporate and Marketing Expenses		3,627		3,794
Accrued Interest		3,019		922
Other Accrued Expenses		2,151		4,284
Accrued Expenses	$	49,816	$	33,016

Note 5 - Accrued Expenses

12 Months Ended

Dec. 31, 2023

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:

	*2023*		*2022*
Accrued Compensation and Employee Related Costs	$	19,307	$	8,559
Accrued Construction Costs		—		4,235
Accrued Chiller Cost		7,478		4,106
Accrued Customer Consideration		1,228		656
Accrued Freight		6,078		2,705
Accrued Production Expenses		6,928		3,755
Accrued Corporate and Marketing Expenses		3,627		3,794
Accrued Interest		3,019		922
Other Accrued Expenses		2,151		4,284
Accrued Expenses	$	49,816	$	33,016

Note 12 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock Dividends and Other Adjustments, Total	$ 0	$ 0	$ 0

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
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	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,100,000,000
Entity Common Stock, Shares Outstanding		48,292,606
Auditor Name	KPMG LLP
Auditor Location	Short Hills, New Jersey
Auditor Firm ID	185

Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Compensation and Employee Related Costs	$ 19,307	$ 8,559
Accrued Construction Costs	0	4,235
Accrued Chiller Cost	7,478	4,106
Accrued Customer Consideration	1,228	656
Accrued Freight	6,078	2,705
Accrued Production Expenses	6,928	3,755
Accrued Corporate and Marketing Expenses	3,627	3,794
Accrued Interest	3,019	922
Other Accrued Expenses	2,151	4,284
Accrued Expenses	$ 49,816	$ 33,016

Note 11 - 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average exercise price of options granted (in dollars per share)	$ 64.05	$ 67.02	$ 155
Expected volatility	51.80%	52.50%	50.40%
Average expected terms in years (Year)	6 years 4 months 24 days	6 years 6 months
Risk-free interest rate	4.50%	3.80%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Average expected terms in years (Year)			6 years 1 month 6 days
Risk-free interest rate			1.10%

Note 4 - Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net operating loss	$ 105,233	$ 85,214	$ 73,436
Stock option expense	23,643	18,709	12,169
Property and equipment	(35,756)	(20,753)	(14,957)
Other	5,536	5,920	2,845
Less: Valuation allowance	(98,656)	(89,090)	(73,493)
Net deferred income tax assets	$ 0	$ 0	$ 0

Note 7 - Convertible Senior Notes

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Convertible Debt [Text Block]

Note 7 – Convertible Senior Notes:

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

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

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

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

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

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

The Company measures the fair value of its Convertible Notes for disclosure purposes. The fair value is based on observable market prices for this debt, which is traded in less active markets and is therefore classified as a Level 2 fair value measurement. The following table discloses the carrying value and fair value of the Company's Convertible Notes as of December 31, 2023:

	As of December 31, 2023
	Carrying Value (1)		Fair Value
3.00% Convertible Senior Notes Maturing April 1, 2028		393,074		581,613

(1) The carrying amounts presented are net of unamortized debt issuance costs of $9,426 as of December 31, 2023.

Lender fees that were paid upfront to the lenders and debt issuance fees paid to third parties are recorded as a discount to the carrying amount of debt and are being amortized to interest expense over the life of the debt. The total interest expense for the twelve months ended December 31, 2023, recognized related to the Convertible Notes consists of the following:

	*Twelve Months Ended*
	*December 31,*
Contractual interest expense		9,426
Amortization of issuance costs		1,582
Total		11,008

As of December 31, 2023, of the $9,426 interest expense incurred to date, $6,406 was paid during the year, with $3,019 of accrued interest expense as of the year end. Of the $9,426 of interest expense incurred, approximately $1,207 of interest expense was capitalized to construction in progress as of December 31, 2023, as the proceeds from the sale of the Convertible Notes are being used to fund construction on the Company's manufacturing facility expansion in Ennis, Texas. As of December 31, 2023, $136 of the $1,207 was reclassified from construction in progress to assets placed in service.

Note 10 - Warrants

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Warrant Disclosure [Text Block]

Note 10 – Warrants:

In connection with an agreement we entered into with operators of Freshpet Kitchens South during the third quarter of 2022 in exchange for services, we issued our partner warrants to purchase up to an aggregate of 194,000 shares of voting common stock of the Company at a purchase price of $0.01 per share. The Company determined these warrants are accounted for under FASB ASC 718 Stock Compensation. The warrants were recorded as a prepaid expense as the warrants were exercisable at the grant date. The prepaid expense will be amortized within Cost of Goods Sold as services are provided by the supplier. As of December 31, 2023, and 2022 there were $2,027 and $5,750 of warrants in prepaid expense, respectively and $0 and $1,438 of warrants in other assets, respectively.

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

Total amortization associated with partner warrants during 2023 and 2022 was $5,160 and $2,587, respectively.

Note 4 - Income Taxes

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 4 – Income Taxes

A summary of income taxes as follows:

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Federal	$	—	$	—	$	—
State		210		282		162
International		—		—		—
	$	210	$	282	$	162

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,*
	*2023*			*2022*			*2021*
Tax at federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal		1.2	%		3.6	%		7.4	%
Permanent items		5.8	%		3.7	%		30.6	%
Other		(0.4	%)		(0.7	%)		(0.2	%)
State rate change		(1.8	%)		0.5	%		(0.5	%)
Valuation allowance		(26.4	%)		(28.6	%)		(58.8	%)
Effective tax rate		(0.6	%)		(0.5	%)		(0.5	%)

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, 2023, 2022 and 2021.

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,*
	*2023*			*2022*			*2021*
Net operating loss	$	105,233		$	85,214		$	73,436
Stock option expense		23,643			18,709			12,169
Property and equipment		(35,756	)		(20,753	)		(14,957	)
Other		5,536			5,920			2,845
Less: Valuation allowance		(98,656	)		(89,090	)		(73,493	)
Net deferred income tax assets	$	-		$	-		$	-

At December 31, 2023, the Company had federal net operating loss (“NOL”) carryforwards of $420.3 million, of which $175.4 million, generated in 2017 and prior, will expire between 2025 and 2037. The NOL generated from 2018 through 2023, of approximately $244.9 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, 2023, the Company had $312.8 million of state NOLs which expire between 2024 and 2043, and had $20.7 million of foreign NOLs in the United Kingdom 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, 2023, 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 2023, 2022 and 2021.

The Company considered the impact of the disallowance of certain compensation tax deductions in excess of $1.0 million 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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Nature of the Business [Policy Text Block]

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

Use of Estimates, Policy [Policy Text Block]

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

Segment Reporting, Policy [Policy Text Block]

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

Equity Method Investments [Policy Text Block]

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

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

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

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

Because the investee is a privately held company, there is not a means to obtain a readily determinable fair value of the entity. The Company follows ASC 321 using the measurement alternative to measure investments in investees that do not have readily determinable fair value and over which the Company does not have significant influence. Under ASC 321, the initial carrying value of the investment is equal to the previous carrying amount of the investment under the equity method. As the Company has historically recorded its proportionate share of income or loss from the investee on a one-quarter lag, the final adjustment to the carrying value of the investment was recorded in June 2023. The carrying amount of the investment is subsequently adjusted for any impairment or adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Dividends and distributions, if any, from the investee would be recognized in the period in which they are received and recorded in other income on the consolidated statement of operations.

The Company performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the company estimates the investment's fair value in accordance with the principles of ASC Topic 820 ("ASC 820"), Fair Value Measurements and Disclosures. If the fair value is less than the investment's carrying value, the entity recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. There were no observable price changes, impairment, or other matters that would require adjustment to the investment during the year ended December 31, 2023.

Debt, Policy [Policy Text Block]

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

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

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.

Lessee, Leases [Policy Text Block]

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

The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For both operating and finance leases, the right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received; and the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For operating leases, amortization of the right of use asset is calculated as the difference between the straight-line lease expense over the lease term and the accretion of interest on the lease liability each period. For the finance lease, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term. Amortization of the finance lease right of use asset is recognized and presented separately from interest expense on the lease liability.

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

Right of use assets for the operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine whether a right of use asset is impaired, and if so, the amount of the impairment loss to recognize. No such loss was recognized as of December 31, 2023.

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

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

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, 2023 and 2022, 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 holds treasury bills with original maturities when purchased of less than three months, within cash and cash equivalents, carried at amortized cost on the Consolidated Balance Sheet. Treasury bills have been classified as held-to-maturity as we have the ability and intent to hold them to maturity. As of December 31, 2023, the Company had $134,570 of treasury bills within cash equivalents, which included $692 of amortized discount. As of December 31, 2022, the Company had no treasury bills within cash equivalents.

Investment, Policy [Policy Text Block]

Short-Term Investments – The Company, from time to time, holds treasury bills with original maturities when purchased of greater than three months, within short-term investments, carried at amortized cost on the Consolidated Balance Sheet. Treasury bills have been classified as held-to-maturity as we have the ability and intent to hold them to maturity. As of December 31, 2023, all of the Company's treasury bills within short-term investments matured during the year at $115,000, which included $1,559 of interest income. As of December 31, 2022, all of the Company's treasury bills within short-term investments matured during the year at $20,000, which included $160 of interest income.

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, 2023 and 2022, 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 $9,895 and $9,444, respectively. The cost will be recognized over the term of the agreement, which began in the first quarter of 2022.

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

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

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

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

●

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies.

●

Level 3 – Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

Our financial assets and liabilities include cash and cash equivalents, receivables, accounts payable and accrued liabilities, the fair values of which approximate their carrying values due to the short-term nature of these instruments. The Company holds certain financial assets within cash and cash equivalents in the form of held-to-maturity treasury bills as we have the ability and intent to hold them to maturity, as such, they are not fair valued each reporting period but instead measured at amortized cost. The fair value of these assets is based on quoted market prices for the same or similar securities within less active markets, which the Company determined to be Level 2 inputs. As of December 31, 2023, the fair value of these treasury bills approximates their carrying value due to the short-term nature of these instruments.

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

Refer to Note 7 for the fair value of our Convertible Senior Notes.

As of December 31, 2023, the Company only maintained Level 1 and Level 2 assets and liabilities.

Debt Issuance Cost [Policy Text Block]

Debt Issuance Cost – The Company's policy is to record debt issuance costs as a direct deduction to the related debt liability in the Consolidated Balance Sheet and to amortize these debt issuance costs to interest expense over the term of the related debt using the effective interest method.

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, 2023 and 2022.

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

	*Twelve Months Ended*
	*December 31,*
	*2023*		*2022*		*2021*
Grocery, Mass and Club	$	685,307	$	524,971	$	356,965
Pet Specialty and Natural		81,588		70,373		68,524
Net Sales	$	766,895	$	595,344	$	425,489

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 $97,877, $71,720 and $53,687, in 2023, 2022 and 2021, respectively. As of December 31, 2023, 2022 and 2021 we had $56, $553 and $1,173, 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 $57,427, $63,891, and $47,713 in 2023, 2022 and 2021, respectively.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

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

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires improved disclosures related to the rate reconciliation and income taxes paid. This ASU requires companies to reconcile the income tax expense attributable to continuing operations to the statutory federal income tax rate applied to pre-tax income from continuing operations. Additionally, this ASU requires companies to disclose the total amount of income taxes paid during the period. This guidance will be effective for the Company for the annual report for the fiscal year ending December 31, 2025, with early adoption permitted. The guidance is required to be applied on a prospective basis with the option to apply retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and its effect on its future consolidated financial statements.

The Company did not adopt any new Accounting Standard Updates during 2023.

Note 11 - Equity Incentive Plans and Equity (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Share-Based Payment Arrangement, Expense		$ 19,774	$ 23,505	$ 24,998
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 35.81	$ 37.39	$ 74.9
Executive Vice President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Service Period Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		19
Share-Based Compensation Arrangement by Share-Based Payment Award, Options In-the-money (in shares)		810
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 9,287
Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		8,667
Service Period Stock Options [Member] \| Share-Based Payment Arrangement, Tranche Two [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		500,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		171
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)		372	278
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
Performance Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options In-the-money (in shares)		1,059
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
Performance Stock Options With Probable Vesting Criteria [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 8,805
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		7,255
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		760
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		730
Performance Stock Options With Probable Vesting Criteria [Member] \| Share-based Payment Arrangement, Tranche Four [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 60
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 (in shares)		423
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		$ 30,965
Service Period Restricted Stock Units [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		14,395
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		7,224
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		4,893
Service Period Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		2,241
Service Period Restricted Stock Units [Member] \| Share-based Payment Arrangement, Tranche Four [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 37
Performance Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)		167	176
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 5,478
Performance Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		2,743
Performance Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 2,735
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%
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		$ 5,833	$ 4,706	$ 4,152
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense		$ 13,941	$ 18,799	$ 20,846

Note 4 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal	$ 0	$ 0	$ 0
State	210	282	162
International	0	0	0
Current Income Tax Expense (Benefit)	$ 210	$ 282	$ 162

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, Common [Member]	Total
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
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, net of issuance costs (in shares)	2,415				0
Shares issued in primary offering, net of issuance costs	$ 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, net of issuance costs (in shares)	4,320				0
Shares issued in primary offering, net of issuance costs	$ 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
Issuance and exercise of partner warrants		9,775				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
Exercise of options to purchase common stock (in shares)	160				0
Exercise of options to purchase common stock	$ 0	4,517	0	0	$ 0	4,517
Vesting of restricted stock units (in shares)	66				0
Vesting of restricted stock units	$ 0	(1,400)	0	0	$ 0	(1,400)
Share-based compensation expense	0	20,554	0	0	0	20,554
Foreign Currency Translation	0	0	0	(1,961)	0	(1,961)
Net loss	0	0	(33,614)	0	0	(33,614)
Purchase of capped call options	$ 0	(66,211)	0	0	$ 0	(66,211)
Balances (in shares) at Dec. 31, 2023	48,277				14
Balances at Dec. 31, 2023	$ 48	$ 1,282,984	$ (328,731)	$ (591)	$ (256)	$ 953,454

Note 12 - Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Twelve Months Ended December 31,*
	*2023*		*2022*		*2021*
Service Period Stock Options		1,163		1,291		1,291
Restricted Stock Units		372		275		173
Performance Stock Options		1,109		1,107		972
Convertible Notes		5,776		—		—
Total		8,420		2,673		2,437

Note 4 - Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal	1.20%	3.60%	7.40%
Permanent items	5.80%	3.70%	30.60%
Other	(0.40%)	(0.70%)	(0.20%)
State rate change	(1.80%)	0.50%	(0.50%)
Valuation allowance	(26.40%)	(28.60%)	(58.80%)
Effective tax rate	(0.60%)	(0.50%)	(0.50%)

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Apr. 08, 2022	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2023
Lessee, Operating Lease, Renewal Term (Year)		4 years
Lessee, Finance Lease, Term of Contract (Year)				10 years
Lessee, Finance Lease, Renewal Term (Year)				10 years
Variable Lease, Cost		$ 6,733	$ 0
Other Assets, Noncurrent		$ 28,899	28,426
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)		9 years

Note 2 - Inventories, Net

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 2 – Inventories, net:

Inventories are summarized as follows:

	*December 31,*		*December 31,*
	*2023*		*2022*
Raw Materials and Work in Process	$	16,055	$	20,608
Packaging Components Material		5,607		6,186
Finished Goods		41,576		31,639
		63,238		58,433
Reserve for Obsolete Inventory		-		(143	)
Inventories, net	$	63,238	$	58,290

Note 10 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Class Of Warrant Or Right, Issued During Period (in shares)	194,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.01
Class of Warrant or Right, Exercised During Period (in shares)			194,000
Class of Warrant or Right, Granted During the Period, Fair Value Per Share (in dollars per share)			$ 50.32
Amortization of Warrants		$ 5,160	$ 2,587
Current Prepaid Expenses [Member]
Warrants and Rights Outstanding		2,027	5,750
Other Assets [Member]
Warrants and Rights Outstanding		$ 0	$ 1,438

Note 12 - Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 12 – Net Loss Per Share Attributable to Common Stockholder:

Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. 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 2023, 2022 and 2021.

In 2023, 2022 and 2021, there were no reconciling items between net loss 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,*
	*2023*		*2022*		*2021*
Service Period Stock Options		1,163		1,291		1,291
Restricted Stock Units		372		275		173
Performance Stock Options		1,109		1,107		972
Convertible Notes		5,776		—		—
Total		8,420		2,673		2,437

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NET SALES	$ 766,895	$ 595,344	$ 425,489
COST OF GOODS SOLD	516,023	409,311	263,343
GROSS PROFIT	250,872	186,033	162,146
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	281,318	238,016	186,809
LOSS FROM OPERATIONS	(30,446)	(51,983)	(24,663)
OTHER EXPENSES:
Interest and Other Income, net	13,029	1,710	13
Interest Expense	(14,097)	(5,208)	(2,882)
Nonoperating Income (Expense)	(1,068)	(3,498)	(2,869)
LOSS BEFORE INCOME TAXES	(31,514)	(55,481)	(27,532)
INCOME TAX EXPENSE	210	282	162
LOSS ON EQUITY METHOD INVESTMENT	1,890	3,731	2,005
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	(33,614)	(59,494)	(29,699)
OTHER COMPREHENSIVE (LOSS) INCOME:
Foreign Currency Translation	(1,961)	1,490	(40)
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(1,961)	1,490	(40)
TOTAL COMPREHENSIVE LOSS	$ (35,575)	$ (58,004)	$ (29,740)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in dollars per share)	$ (0.7)	$ (1.29)	$ (0.69)
-DILUTED (in dollars per share)	$ (0.7)	$ (1.29)	$ (0.69)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
-BASIC (in shares)	48,163	46,191	42,931
-DILUTED (in shares)	48,163	46,191	42,931

Note 2 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw Materials and Work in Process	$ 16,055	$ 20,608
Packaging Components Material	5,607	6,186
Finished Goods	41,576	31,639
Inventory, Gross	63,238	58,433
Reserve for Obsolete Inventory	0	(143)
Inventories, net	$ 63,238	$ 58,290

Note 8 - Purchase of Capped Call Options

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Derivatives and Fair Value [Text Block]

Note 8 – Purchase of Capped Call Options:

In connection with the pricing of the Convertible Notes issued in March 2023, we used $66,211 of the net proceeds from the Convertible Notes to enter into privately negotiated capped call transactions (collectively, the "Capped Call Transactions") with certain financial institutions.

The Capped Call Transactions are generally expected to reduce potential dilution to holders of our common stock upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of our common stock is greater than the strike price of the Capped Call Transactions, with such reduction and/or offset subject to a cap.

The Capped Call Transactions have an initial cap price of approximately $120.23 per share, which represents a premium of 120% over the last reported sale price of our common stock of $54.65 per share on March 15, 2023, and is subject to certain adjustments under the terms of the Capped Call Transactions. Collectively, the Capped Call Transactions cover, initially, the number of shares of our common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes.

The Capped Call Transactions are accounted for as freestanding derivatives and recorded at the initial fair value in additional paid-in-capital in the Consolidated Balance Sheet with no recorded subsequent change to fair value as long as they meet the criteria for equity classification. As of December 31, 2023, the instrument continued to qualify for equity classification.

Note 11 - Equity Incentive Plans and Equity

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 11 – Equity Incentive Plans and Equity:

Total compensation cost for share-based payments recognized in 2023, 2022 and 2021 was approximately $19,774, $23,505 and $24,998, respectively. Cost of goods sold in 2023, 2022 and 2021 included share-based compensation of approximately $5,833, $4,706 and $4,152, respectively. Selling, general, and administrative expense in 2023, 2022 and 2021 included share-based compensation of approximately $13,941, $18,799 and $20,846, respectively.

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, 2023, 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 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, 2023 is presented below:

Options	*Shares*			*Weighted Average Exercise Price*		*Average Remaining Contractual Term*		*Aggregate Intrinsic Value*
Outstanding at December 31, 2022		1,291		$	51.63
Granted		19			57.79
Exercised		(111	)		69.77
Forfeited		(36	)		139.17
Outstanding at December 31, 2023		1,163		$	47.30		4.40	$	58,718
Exercisable at December 31, 2023		1,016		$	40.25		2.50	$	57,641

Of the options exercisable at the end of December 31, 2023, 810 shares were in-the-money, which account for the entire aggregate intrinsic value.

As of December 31, 2023, there was $9,287 of total unrecognized compensation costs related to non-vested service period options, of which $8,667 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 2023 is presented below:

Options	*Shares*			*Weighted Average Exercise Price*		*Average Remaining Contractual Term*		*Aggregate Intrinsic Value*
Outstanding at December 31, 2022		1,925		$	75.50
Granted		65			65.88
Exercised		(47	)		67.95
Outstanding at December 31, 2023		1,943		$	75.36		5.2	$	73,466
Exercisable at December 31, 2023		1,109		$	22.88		3.3	$	72,115

Of the options exercisable at the end of December 31, 2023, 1,059 shares were in-the-money, which account for the entire aggregate intrinsic value.

As of December 31, 2023, there was approximately $8,805 of total unrecognized compensation costs related to performance-based awards for which the achievement of the vesting criteria is considered probable, of which $7,255 will be incurred in 2024, $760 will be incurred in 2025, $730 will be incurred in 2026, and the remaining $60 will be incurred in 2027.

As of December 31, 2023, there were 423 unvested performance-based options outstanding that were deemed not probable, with an aggregate fair value of $30,965.

Service Period Restricted Stock Units—The following table includes activity related to outstanding restricted stock units in 2023.

	*Shares*			*Weighted-Average Grant-Date Fair Value Per Unit*
Outstanding at December 31, 2022		278		$	74.52
Granted		171			59.89
Exercised/Vested		(64	)		80.14
Forfeited		(13	)		70.53
Outstanding at December 31, 2023		372		$	66.97

As of December 31, 2023, there was approximately $14,395 of total unrecognized compensation costs related to restricted stock units, of which $7,224 will be incurred in 2024, $4,893 will be incurred in 2025, $2,241 will be incurred in 2026, and the remaining $37 will be incurred in 2027.

Performance Based Restricted Stock Units—The following table includes activity related to outstanding restricted stock units in 2023.

	*Shares*			*Weighted-Average Grant-Date Fair Value Per Unit*
Outstanding at December 31, 2022		176		$	63.01
Exercised/Vested		(2	)		111.65
Forfeited		(7	)		71.77
Outstanding at December 31, 2023		167		$	62.11

As of December 31, 2023, there was approximately $5,478 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 $2,743 will be incurred in 2024, and the remaining $2,735 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 2023, 2022 and 2021 were $35.81, $37.39 and $74.90 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,*
	*2023*	*2022*	*2021*
Weighted average exercise price of options granted	$ 64.05	$ 67.02	$ 155.00
Expected volatility	51.8%	52.5%	50.4%
Average expected terms in years	6.4	6.5	6.1
Risk-free interest rate	4.5%	3.8%	1.1%
Expected dividend yield	0.0%	0.0%	0.0%

Note 9 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]


	*Operating Leases*			*Finance Lease*
Weighted-average remaining lease term		2.97			9.5
Weighted-average discount rate		6.2	%		8.6	%

		*For the Twelve Months Ended December 31,*
	*Statement of Operations and Comprehensive Loss Location*	*2023*		*2022*
Operating Lease:
Lease cost	Cost of goods sold and selling, general and administrative	$	1,752	$	1,752

Finance Lease:
Amortization of right of use asset	Cost of goods sold	$	1,459	$	-
Interest on lease liabilities	Interest Expense	$	1,235	$	-
Variable lease cost (a)	Cost of goods sold (a)	$	6,733	$	-

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

	*As of December 31, 2023*
	*Operating Leases*			*Finance Lease*
2024	$	1,511		$	4,336
2025		1,210			4,336
2026		1,239			4,336
2027		337			4,336
2028 and beyond		-			23,844
Total lease payments	$	4,297		$	41,188
Less: Imputed interest		(394	)		(13,110	)
Present value of lease liabilities	$	3,903		$	28,078

Schedule of Balance Sheet Supplemental Disclosures Related to Leases [Table Text Block]

	Balance Sheet Location	As of December 31, 2023		As of December 31, 2022
Assets:
Operating leases	Operating lease right of use assets	$	3,616	$	5,165
Finance lease, net	Property, plant and equipment, net		27,728		-
Total lease assets		$	31,344	$	5,165


Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	1,312	$	1,510
Finance lease liabilities	Current finance lease liabilities		1,998		-
Long-term:
Operating lease liabilities	Long term operating lease liabilities		2,591		4,200
Finance lease liabilities	Long term finance lease liabilities		26,080		-
Total lease liabilities		$	31,981	$	5,710

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

	*For the Twelve Months Ended December 31,*
Operating cash flow information:		*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,802	$	1,764
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	$	1,235	$	-
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$	1,109	$	-

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

	*December 31, 2023*
2024	$	10,003
2025		6,194
2026		1,500
2027		1,500
2028 and beyond		1,500
Total Manufacturing and Servicing Obligations	$	20,697

Note 2 - Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31,*		*December 31,*
	*2023*		*2022*
Raw Materials and Work in Process	$	16,055	$	20,608
Packaging Components Material		5,607		6,186
Finished Goods		41,576		31,639
		63,238		58,433
Reserve for Obsolete Inventory		-		(143	)
Inventories, net	$	63,238	$	58,290

Note 9 - Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,802	$ 1,764
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	1,235	0
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$ 1,109	$ (0)	$ (0)

Note 6 - Debt (Details Textual) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 17, 2020	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 13, 2023	Feb. 19, 2021
Interest Expense, Debt			$ 2,785	$ 5,208	$ 2,882
Interest Payable, Current			3,019	922
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity							$ 350,000
Long-Term Debt, Total				0		$ 0
Deferred Debt Issuance Cost, Writeoff		$ 2,478
Interest Payable, Current			$ 0	$ 904
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
Debt Issuance Costs, Net			$ 3,263
Credit Facility [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total	$ 130,000						$ 300,000
Draw Term Loan [Member] \| Credit Facility [Member]
Debt Issuance Costs, Net			$ 2,797

Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Lease Right of Use Asset	$ 29,187	$ 0
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	1,178,660	945,877
Less: Accumulated Depreciation and Amortization	(199,496)	(145,291)
Property, Plant and Equipment, net	979,164	800,586
Refrigeration Equipment [Member]
Property, plant and equipment, gross	167,956	137,875
Machinery and Equipment [Member]
Property, plant and equipment, gross	242,256	199,504
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	535,003	458,800
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	14,987	14,040
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 187,952	$ 134,338

Note 9 - Commitments and Contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Right-of-Use Asset	$ 3,616	$ 5,165
Operating Lease and Finance Lease, Right of Use Assets	31,344	5,165
Operating Lease, Liability, Current	1,312	1,510
Finance Lease, Liability, Current	1,998	0
Operating Lease, Liability, Noncurrent	2,591	4,200
Finance Lease, Liability, Noncurrent	26,080	0
Total lease liabilities	31,981	$ 5,710
Property, Plant, and Equipment, Net [Member]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 27,728

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

12 Months Ended

Dec. 31, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*December 31,*			*December 31,*
	*2023*			*2022*
Refrigeration Equipment	$	167,956		$	137,875
Machinery and Equipment		242,256			199,504
Building, Land, and Improvements		535,003			458,800
Furniture and Office Equipment		14,987			14,040
Leasehold Improvements		1,319			1,319
Construction in Progress		187,952			134,338
Finance Lease Right of Use Asset		29,187			-
		1,178,660			945,877
Less: Accumulated Depreciation and Amortization		(199,496	)		(145,291	)
Property, Plant and Equipment, net	$	979,164		$	800,586

Note 9 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (Year)	2 years 11 months 19 days	9 years 6 months
Weighted-average discount rate	6.20%	8.60%
Lease cost	$ 1,752	$ 1,752
Amortization of right of use asset	1,459	0
Interest on lease liabilities	1,235	0
Variable lease cost (a)	$ 6,733	$ 0

Note 7 - Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Convertible Debt [Table Text Block]

	As of December 31, 2023
	Carrying Value (1)		Fair Value
3.00% Convertible Senior Notes Maturing April 1, 2028		393,074		581,613

	*Twelve Months Ended*
	*December 31,*
Contractual interest expense		9,426
Amortization of issuance costs		1,582
Total		11,008

Note 14 - Concentrations (Details Textual) $ in Millions	12 Months Ended
Note 14 - Concentrations (Details Textual) $ in Millions	Dec. 31, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Distributors	1	1	1
Number of Major Customers	1	1	0
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Distributor [Member]
Concentration Risk, Percentage	9.00%	8.00%	16.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Customer [Member]
Concentration Risk, Percentage	10.00%	10.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Distributors	1	2	2
Number of Major Customers	2	2	2
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| One Distributor [Member]
Concentration Risk, Percentage	15.00%	15.00%	20.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One[Member]
Concentration Risk, Percentage	21.00%	26.00%	14.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage	13.00%	11.00%	13.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Two Distributor [Member]
Concentration Risk, Percentage		6.00%	10.00%
Supplier Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member] \| Raw Materials [Member]
Concentration Risk, Percentage	29.00%	33.00%	21.00%
Number of Vendors	1	1	1
Supplier Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member] \| Packaging Materials [Member]
Concentration Risk, Percentage	96.00%	91.00%	84.00%
Number of Vendors	5	5	5
Maximum [Member]
Cash, FDIC Insured Amount		$ 250

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Equity Method Investments	$ 0	$ 25,418
Cash and Cash Equivalents, at Carrying Value	296,871	132,735
Short-Term Investments	115,000	20,000
Investment Income, Amortization of Discount	1,559	160
Implementation Costs	9,895	9,444
Contract with Customer, Asset, after Allowance for Credit Loss	0	0
Advertising Expense	97,877	71,720	$ 53,687
Prepaid Advertising	56	553	1,173
Cost of Goods and Services Sold, Total	516,023	409,311	263,343
Shipping and Handling [Member]
Cost of Goods and Services Sold, Total	57,427	63,891	$ 47,713
US Treasury Securities [Member]
Cash and Cash Equivalents, at Carrying Value	134,570	0
Servicing Asset at Amortized Cost	$ 692
Furniture and Office Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Automotive 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
Plates 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
March 2023 Note [Member] \| Convertible Senior Notes [Member]
Debt Instrument, Face Amount	$ 402,500			$ 402,500
Debt Instrument, Interest Rate, Stated Percentage	3.00%			3.00%
Privately Held Company, Not Primary Beneficiary [Member]
Equity Method Investments		$ 31,200

Note 4 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Federal	$	—	$	—	$	—
State		210		282		162
International		—		—		—
	$	210	$	282	$	162

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Tax at federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal		1.2	%		3.6	%		7.4	%
Permanent items		5.8	%		3.7	%		30.6	%
Other		(0.4	%)		(0.7	%)		(0.2	%)
State rate change		(1.8	%)		0.5	%		(0.5	%)
Valuation allowance		(26.4	%)		(28.6	%)		(58.8	%)
Effective tax rate		(0.6	%)		(0.5	%)		(0.5	%)

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Net operating loss	$	105,233		$	85,214		$	73,436
Stock option expense		23,643			18,709			12,169
Property and equipment		(35,756	)		(20,753	)		(14,957	)
Other		5,536			5,920			2,845
Less: Valuation allowance		(98,656	)		(89,090	)		(73,493	)
Net deferred income tax assets	$	-		$	-		$	-

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	*ITEM 9B.* OTHER INFORMATION Insider Trading Arrangements** Our directors and executive officers may from time to time enter into plans or other arrangement for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the fiscal quarter ended December 31, 2023, none of our directors or officers informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

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

12 Months Ended

Dec. 31, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Twelve Months Ended*
	*December 31,*
	*2023*		*2022*		*2021*
Grocery, Mass and Club	$	685,307	$	524,971	$	356,965
Pet Specialty and Natural		81,588		70,373		68,524
Net Sales	$	766,895	$	595,344	$	425,489

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (33,614)	$ (59,494)	$ (29,699)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Provision for (gains) loss on accounts receivable	(2)	(20)	29
Loss on disposal of property, plant and equipment	4,321	396	538
Share-based compensation	24,935	26,092	24,998
Inventory obsolescence	0	3,455	349
Depreciation and amortization	58,517	34,555	30,468
Write-off and amortization of deferred financing costs and loan discount	4,060	795	1,212
Change in operating lease right of use asset	1,549	1,372	1,329
Loss on equity method investment	1,890	3,731	2,005
Changes in operating assets and liabilities:
Accounts receivable	820	(32,993)	(16,371)
Inventories	(1,207)	(26,171)	(16,804)
Prepaid expenses and other current assets	(2,249)	(435)	(2,891)
Other assets	(4,053)	(3,141)	(7,899)
Accounts payable	3,543	(3,063)	14,958
Accrued expenses	19,237	13,078	(273)
Operating lease liability	(1,807)	(1,384)	(1,302)
Net cash flows provided by (used in) operating activities	75,940	(43,227)	647
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(113,441)	(19,840)	0
Proceeds from maturities of short-term investments	113,441	19,840	0
Investments in equity method investment	0	(3,293)	0
Acquisitions of property, plant and equipment, software and deposits on equipment	(239,093)	(230,071)	(322,099)
Net cash flows used in investing activities	(239,093)	(233,364)	(322,099)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares issued in primary offering, net of issuance cost	0	337,508	332,172
Proceeds from exercise of options to purchase common stock	4,517	471	2,271
Tax withholdings related to net shares settlements of restricted stock units	(1,400)	(1,441)	(4,187)
Proceeds from borrowings under Credit Facility	0	78,000	0
Repayment of borrowings under Credit Facility	0	(78,000)	0
Purchase of capped call options	(66,211)	0	0
Proceeds from issuance of convertible senior notes	393,518	0	0
Principal payments under finance lease obligations	(1,109)	0	0
Debt issuance costs	(2,026)	0	0
Fees paid in connection with financing agreements	0	0	(3,263)
Net cash flows provided by financing activities	327,289	336,538	326,993
NET CHANGE IN CASH AND CASH EQUIVALENTS	164,136	59,947	5,541
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	132,735	72,788	67,247
CASH AND CASH EQUIVALENTS, END OF PERIOD	296,871	132,735	72,788
SUPPLEMENTAL CASH FLOW INFORMATION:
Taxes paid	308	297	182
Interest paid	9,303	3,152	1,730
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable and accrued expenses	19,286	44,258	22,482
Non-cash addition of finance lease to property, plant and equipment	29,187	0	0
Issuance of partner warrants	$ 0	$ 9,775	$ 0

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
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)	48,277	48,051
Common stock, outstanding (in shares)	48,263	48,037
Treasury stock shares (in shares)	14	14

Note 13 - Retirement Plan

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

Note 13 – 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 $3,109 in 2023, $2,297 in 2022 and $1,829 in 2021.

FRESHPET, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except per share data)

Note 9 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 9 – Commitments and Contingencies

Leases:

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

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

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


	*Operating Leases*			*Finance Lease*
Weighted-average remaining lease term		2.97			9.5
Weighted-average discount rate		6.2	%		8.6	%

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

Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2023 were as follows:

	*As of December 31, 2023*
	*Operating Leases*			*Finance Lease*
2024	$	1,511		$	4,336
2025		1,210			4,336
2026		1,239			4,336
2027		337			4,336
2028 and beyond		-			23,844
Total lease payments	$	4,297		$	41,188
Less: Imputed interest		(394	)		(13,110	)
Present value of lease liabilities	$	3,903		$	28,078

A summary of lease costs for 2023 and 2022 were as follows:

		*For the Twelve Months Ended December 31,*
	*Statement of Operations and Comprehensive Loss Location*	*2023*		*2022*
Operating Lease:
Lease cost	Cost of goods sold and selling, general and administrative	$	1,752	$	1,752

Finance Lease:
Amortization of right of use asset	Cost of goods sold	$	1,459	$	-
Interest on lease liabilities	Interest Expense	$	1,235	$	-
Variable lease cost (a)	Cost of goods sold (a)	$	6,733	$	-

(a) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $6,733 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.

Supplemental balance sheet information as of December 31, 2023 and December 31, 2022 related to leases are as follows:

	Balance Sheet Location	As of December 31, 2023		As of December 31, 2022
Assets:
Operating leases	Operating lease right of use assets	$	3,616	$	5,165
Finance lease, net	Property, plant and equipment, net		27,728		-
Total lease assets		$	31,344	$	5,165


Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	1,312	$	1,510
Finance lease liabilities	Current finance lease liabilities		1,998		-
Long-term:
Operating lease liabilities	Long term operating lease liabilities		2,591		4,200
Finance lease liabilities	Long term finance lease liabilities		26,080		-
Total lease liabilities		$	31,981	$	5,710

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

	*For the Twelve Months Ended December 31,*
Operating cash flow information:		*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,802	$	1,764
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)	$	1,235	$	-
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)	$	1,109	$	-

Commitments:

As of December 31, 2023, the Company has the following future commitments:

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

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

The future minimum payments due under manufacturing and service obligations for five years were as follows:

	*December 31, 2023*
2024	$	10,003
2025		6,194
2026		1,500
2027		1,500
2028 and beyond		1,500
Total Manufacturing and Servicing Obligations	$	20,697

Legal Obligations:

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

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

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

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

The fact discovery period in this action closed on December 31, 2023, subject to the parties' agreement that each side may take an additional deposition on financial issues if needed.

The parties are engaged in the expert discovery phase, which will close on March 31, 2024. The case is scheduled for a non-jury trial on September 16, 2024.

Based on information currently available and advice of counsel, we do not believe that the outcome of 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.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 296,871	$ 132,735
Accounts receivable, net of allowance for doubtful accounts	56,754	57,572
Inventories, net	63,238	58,290
Prepaid expenses	7,615	9,778
Other current assets	2,841	3,590
Total Current Assets	427,319	261,965
Property, plant and equipment, net	979,164	800,586
Deposits on equipment	1,895	3,823
Operating Lease, Right-of-Use Asset	3,616	5,165
Equity method investment	0	25,418
Long term investment in equity securities	23,528	0
Other assets	28,899	28,426
Total Assets	1,464,421	1,125,383
CURRENT LIABILITIES:
Accounts payable	36,096	55,088
Accrued expenses	49,816	33,016
Operating Lease, Liability, Current	1,312	1,510
Finance Lease, Liability, Current	1,998	0
Total Current Liabilities	89,222	89,614
Convertible senior notes	393,074	0
Operating Lease, Liability, Noncurrent	2,591	4,200
Finance Lease, Liability, Noncurrent	26,080	0
Total Liabilities	510,967	93,814
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,277 issued and 48,263 outstanding on December 31, 2023, and 48,051 issued and 48,037 outstanding on December 31, 2022	48	48
Additional paid-in capital	1,282,984	1,325,524
Accumulated deficit	(328,731)	(295,117)
Accumulated other comprehensive (loss) income	(591)	1,370
Treasury stock, at cost	(256)	(256)
Total Stockholders' Equity	953,454	1,031,569
Total Liabilities and Stockholders' Equity	$ 1,464,421	$ 1,125,383

Note 9 - Commitment and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024, Operating leases	$ 1,511
2024, Finance Leases	4,336
2025, Operating leases	1,210
2025, Finance Leases	4,336
2026, Operating leases	1,239
2026, Finance Leases	4,336
2027, Operating leases	337
2027, Finance Leases	4,336
2028 and beyond, Operating leases	0
2028 and beyond, Finance Leases	23,844
Total lease payments	4,297
Total lease payments	41,188
Less: Imputed interest	(394)
Less: Imputed interest	(13,110)
Present value of lease liabilities	3,903
Present value of lease liabilities	$ 28,078

Note 11 - Equity Incentive Plans and Equity - Stock Options Activity (Details) - Service Period Stock Options [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Balance (in shares) \| shares	1,291
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 51.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) \| shares	19
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 57.79
Exercised (in shares) \| shares	(111)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 69.77
Forfeited (in shares) \| shares	(36)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 139.17
Balance (in shares) \| shares	1,163
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 47.3
Balance, average remaining contractual term (Year)	4 years 4 months 24 days
Balance, aggregate intrinsic value \| $	$ 58,718
Exercisable (in shares) \| shares	1,016
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 40.25
Exercisable, average remaining contractual term (Year)	2 years 6 months
Exercisable, aggregate intrinsic value \| $	$ 57,641

Note 7 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) (Parentheticals)	Dec. 31, 2023
Convertible Senior Notes Maturing April 1, 2028 [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.00%

Note 6 - Debt

12 Months Ended

Dec. 31, 2023

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 ("Credit Agreement"), which amended and restated in full the Company's Fifth Amended and Restated Loan and Security Agreement, dated as of April 17, 2020. The Credit Agreement provided for a $350,000 senior secured credit facility (as amended the "Credit Facility"), encompassing a $300,000 delayed draw term loan facility (the "Delayed Draw Facility") and a $50,000 revolving loan facility (the "Revolving Loan Facility"), which replaced the Company's prior $130,000 delayed draw term loan facility and $35,000 revolving loan facility. The Company incurred an additional $3,263 of fees associated with the debt modification, of which $2,797 was related to the Delayed Draw Term Loan ("DDTL") (as defined below) with the remaining balance relating to the Revolving Loan Facility (as defined below). 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 Credit Facility had an original maturity date of February 19, 2026 and borrowings thereunder bore interest at variable rates depending on the Company's election, either at a base rate or at the adjusted term SOFR (which rate was to be calculated based upon a one-month tenor in effect on such date and was to 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 had the option to borrow term loans under the Delayed Draw Facility ("Delayed Draw Term Loans") until August 19, 2023, subject to certain conditions.

Borrowings under the Credit Facility were secured by substantially all of the Company's and certain of its subsidiaries' assets. The Credit Agreement required 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 transactions with affiliates. The Credit Agreement also included events of default customary for agreements of this type. The Credit Facility included 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.

On April 29, 2022, the Company entered into the First Amendment to the Credit Agreement, 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 with a term Secured Overnight Financing Rate ("Term SOFR").

On March 13, 2023, the Company notified City National Bank, of Freshpet's intent to terminate the Credit Agreement, with such termination to be effective as of March 15, 2023 (the "Termination Date"), in connection with the offering of the Convertible Notes.

As of March 13, 2023, the Termination Date and December 31, 2022, the Company had no borrowings outstanding under the Credit Facility. Interest expense and fees totaled $2,785, $5,208 and $2,882 in 2023, 2022 and 2021, respectively. Interest expense in 2023 included $2,478 of debt issuance costs written off in conjunction with the termination of the Credit Facility in March 2023. There was $0 of accrued interest on the credit facilities as of December 31, 2023 and $904 accrued interest on the credit facilities as of December 31, 2022.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Note 3 - Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Property, Plant and Equipment, net:

Property, plant and equipment are summarized as follows:

	*December 31,*			*December 31,*
	*2023*			*2022*
Refrigeration Equipment	$	167,956		$	137,875
Machinery and Equipment		242,256			199,504
Building, Land, and Improvements		535,003			458,800
Furniture and Office Equipment		14,987			14,040
Leasehold Improvements		1,319			1,319
Construction in Progress		187,952			134,338
Finance Lease Right of Use Asset		29,187			-
		1,178,660			945,877
Less: Accumulated Depreciation and Amortization		(199,496	)		(145,291	)
Property, Plant and Equipment, net	$	979,164		$	800,586

Depreciation and amortization expense related to property, plant and equipment totaled $58,169, $34,332, and $29,467 in 2023, 2022 and 2021, respectively; of which $42,667, $20,774, and $16,545 was recorded in cost of goods sold for 2023, 2022 and 2021, respectively, with the remainder of depreciation expense being recorded to selling, general and administrative expense.

Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 15 – 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.

Note 7 - Convertible Senior Notes (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Proceeds from Convertible Debt		$ 393,518	$ 0	$ 0
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Interest Expense		$ 14,097	$ 5,208	2,882
Interest Paid, Excluding Capitalized Interest, Operating Activities		9,303	$ 3,152	$ 1,730
Reclassified From Construction in Progress to Assets Placed in Service [Member]
Interest Costs Capitalized		136
March 2023 Note [Member] \| Convertible Senior Notes [Member]
Debt Instrument, Face Amount	$ 402,500	$ 402,500
Debt Instrument, Interest Rate, Stated Percentage	3.00%	3.00%
Proceeds from Convertible Debt	$ 391,492
Debt Instrument, Convertible, Conversion Ratio	14.3516
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares	$ 69.68
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	130.00%
Debt Instrument, Convertible, Threshold Trading Days	20
Debt Instrument, Convertible, Threshold Consecutive Trading Days	30
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Interest Rate, Effective Percentage	3.59%
Debt Issuance Costs, Net	$ 11,008
Unamortized Debt Issuance Expense		$ 9,426
Interest Expense		9,426
Interest Paid, Excluding Capitalized Interest, Operating Activities		6,406
Accrued Interest		3,019
Interest Costs Capitalized		$ 1,207
March 2023 Note [Member] \| Convertible Senior Notes [Member] \| Minimum [Member]
Debt Instrument, Redemption, Minimum Aggregate Principal Outstanding	$ 100,000

Note 8 - Purchase of Capped Call Options (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 15, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payments to Acquire Capped Call Options			$ 66,211	$ (0)	$ (0)
Interest Payable, Current			3,019	922
Capped Call Transactions [Member]
Capped Call Transactions, Cap Price (in dollars per share)	$ 120.23
Share Price (in dollars per share)	$ 54.65
March 2023 Note [Member] \| Convertible Senior Notes [Member] \| Capped Call Transactions [Member]
Payments to Acquire Capped Call Options		$ 66,211
Credit Facility [Member]
Interest Payable, Current			0	$ 904
Credit Facility [Member] \| Capped Call Transactions [Member]
Interest Payable, Current			$ 0

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

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

Note 1 – Summary of Significant Accounting Policies:

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

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

●

Refer to Note 7 for the fair value of our Convertible Senior Notes.

As of December 31, 2023, the Company only maintained Level 1 and Level 2 assets and liabilities.

Sales taxes and other similar taxes are excluded from revenue.

There were no contract assets as of December 31, 2023 and 2022.

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

	*Twelve Months Ended*
	*December 31,*
	*2023*		*2022*		*2021*
Grocery, Mass and Club	$	685,307	$	524,971	$	356,965
Pet Specialty and Natural		81,588		70,373		68,524
Net Sales	$	766,895	$	595,344	$	425,489

Recently Issued Accounting Pronouncements

The Company did not adopt any new Accounting Standard Updates during 2023.

Note 11 - Equity Incentive Plans and Equity (Tables)

12 Months Ended

Dec. 31, 2023

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, 2022		278		$	74.52
Granted		171			59.89
Exercised/Vested		(64	)		80.14
Forfeited		(13	)		70.53
Outstanding at December 31, 2023		372		$	66.97

	*Shares*			*Weighted-Average Grant-Date Fair Value Per Unit*
Outstanding at December 31, 2022		176		$	63.01
Exercised/Vested		(2	)		111.65
Forfeited		(7	)		71.77
Outstanding at December 31, 2023		167		$	62.11

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

	*Year Ended December 31,*
	*2023*	*2022*	*2021*
Weighted average exercise price of options granted	$ 64.05	$ 67.02	$ 155.00
Expected volatility	51.8%	52.5%	50.4%
Average expected terms in years	6.4	6.5	6.1
Risk-free interest rate	4.5%	3.8%	1.1%
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, 2022		1,925		$	75.50
Granted		65			65.88
Exercised		(47	)		67.95
Outstanding at December 31, 2023		1,943		$	75.36		5.2	$	73,466
Exercisable at December 31, 2023		1,109		$	22.88		3.3	$	72,115

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, 2022		1,291		$	51.63
Granted		19			57.79
Exercised		(111	)		69.77
Forfeited		(36	)		139.17
Outstanding at December 31, 2023		1,163		$	47.30		4.40	$	58,718
Exercisable at December 31, 2023		1,016		$	40.25		2.50	$	57,641

Note 12 - Net Loss 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities (in shares)	8,420	2,673	2,437
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,163	1,291	1,291
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	372	275	173
Performance Stock Options [Member]
Antidilutive Securities (in shares)	1,109	1,107	972
Convertible Senior Notes [Member]
Antidilutive Securities (in shares)	5,776	0	0

Note 11 - Equity Incentive Plans and Equity - Restricted Stock Units Award Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Balance (in shares) \| shares	278
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 74.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	171
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 59.89
Exercised/Vested (in shares) \| shares	(64)
Exercised/Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 80.14
Forfeited (in shares) \| shares	(13)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 70.53
Balance (in shares) \| shares	372
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 66.97
Performance Based Restricted Stock Units [Member]
Balance (in shares) \| shares	176
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 63.01
Exercised/Vested (in shares) \| shares	(2)
Exercised/Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 111.65
Forfeited (in shares) \| shares	(7)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 71.77
Balance (in shares) \| shares	167
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 62.11

Note 14 - Concentrations

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

Note 14 – 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 2023, 2022 and 2021, net sales to one of our distributors accounted for 9%, 8% and 16% of our net sales, respectively. In 2023 and 2022 one customer accounted for more than 10% of our net sales, respectively, while in 2021, no customers accounted for 10% of our net sales. As of December 31, 2023, one distributor and two customers accounted for 15%, 21% and 13% respectively, of our accounts receivable. 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 accounts receivable.

Major Suppliers—The Company purchased approximately 29% of its raw materials from one vendor during 2023, approximately 33% of its raw materials from one vendor during 2022, and approximately 21% of its raw materials from one vendor during 2021.

The Company purchased approximately 96% of its packaging material from five vendors during 2023, 91% of its packaging material from five vendors during 2022, and approximately 84% of its packaging material from five vendors during 2021.

Note 11 - 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, 2023 USD ($) $ / shares shares
Balance (in shares) \| shares	1,925
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 75.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	65
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 65.88
Exercised (in shares) \| shares	(47)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 67.95
Balance (in shares) \| shares	1,943
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 75.36
Balance, average remaining contractual term (Year)	5 years 2 months 12 days
Balance, aggregate instrinsic value \| $	$ 73,466
Exercisable (in shares) \| shares	1,109
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 22.88
Exercisable, average remaining contractual term (Year)	3 years 3 months 18 days
Exercisable, aggregate instrinsic value \| $	$ 72,115

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	420,300
Operating Loss Carryforwards, Subject to Expiration	175,400
Operating Loss Carryforwards, Not Subject to Expiration	244,900
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	312,800
Operating Loss Carryforwards, Not Subject to Expiration	$ 20,700

Note 13 - Retirement Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 3,109	$ 2,297	$ 1,829
Maximum [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		50.00%

Note 3 - Property, Plant and Equipment, net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization, Total	$ 58,169	$ 34,332	$ 29,467
Cost of Sales [Member]
Depreciation, Depletion and Amortization, Total	$ 42,667	$ 20,774	$ 16,545

Note 9 - Commitments and Contingencies - Contractual Obligation Fiscal Year Maturity Schedule (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 10,003
2025	6,194
2026	1,500
2027	1,500
2028 and beyond	1,500
Total Manufacturing and Servicing Obligations	$ 20,697

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Sales	$ 766,895	$ 595,344	$ 425,489
Grocery (including Online), Mass and Club [Member]
Net Sales	685,307	524,971	356,965
Pet Specialty and Natural [Member]
Net Sales	$ 81,588	$ 70,373	$ 68,524

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4