← Karat Packaging Inc.

Annual Trend FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Net income $16.7m $22.4m $25.8m $33.2m $30.8m $32.7m
Depreciation and amortization (including $1,214 and $1,213 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) $8.6m $10.0m $10.4m $10.8m $10.7m $10.9m
Amortization of loan fees (including $62 associated with variable interest entity for both the year ended December 31, 2025 and 2024) $12k $18k $40k $81k $92k $125k
Amortization of operating right-of-use assets — $0 $3.8m $5.0m $7.6m $10.2m
Deferred income taxes $3.9m ($483k) ($478k) ($959k) ($3.8m) $2.3m
Impairment of operating right-of-use asset — — — $0 $2.0m $0
(Gain) loss, net, on disposal of property and equipment $15.3m $5.0m $9.9m $10.5m $759k ($493k)
Accrued expenses (including $46 and $102 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) $1.1m $2.9m $1.6m $1.6m $3.0m ($95k)
Operating lease liabilities — $0 ($3.8m) ($4.6m) ($6.7m) ($10.3m)
Adjustments to allowance for bad debt $149k $0 $1.0m ($711k) $468k $168k
Adjustments to inventory reserve $321k $68k $6k ($399k) $290k $70k
Write-off of inventories — $1.4m $3.5m $3.9m $1.5m $917k
Accrued interest on certificates of deposit (including $0 and $50 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — $0 ($155k) ($50k) $0
Stock-based compensation $0 $2.0m $2.0m $770k $2.1m $1.2m
Government grant income (including $33 and $187 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — — $0 ($360k) ($70k)
Accounts receivable (including $4 and $32 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) ($2.9m) ($8.9m) $1.9m $2.9m $559k ($9.8m)
Inventories ($13.8m) ($9.4m) ($16.2m) ($3.8m) ($942k) ($11.9m)
Other non-current assets (including $35 and $20 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) ($72k) ($316k) $109k $1.4m ($79k) $15k
Accounts payable (including $53 and $47 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) $1.0m ($1.6m) $89k $696k ($260k) $7.8m
Related party payable ($72k) ($3.0m) $2.9m $366k ($2.2m) $1.5m
Income taxes payable (including $0 and 3 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) $15k $44k ($85k) $0 $65k ($65k)
Deferred revenue — — — ($330k) ($281k) ($29k)
Other liabilities (including $66 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) $300k $300k $149k $574k ($45k) $98k
Purchases of property and equipment ($29.5m) ($4.2m) ($2.7m) ($2.8m) ($934k) ($756k)
Proceeds from disposal of property and equipment $24k $0 $77k $841k $134k $1.5m
Deposits paid for property and equipment ($6.9m) ($8.2m) ($12.1m) ($6.3m) ($3.1m) ($3.7m)
Purchases of publicly-traded equity securities — — — $0 $29k ($451k)
Proceeds from disposal of publicly-traded equity securities — — — — $0 $503k
Redemption of short-term investments (including $19,110 and $7,000 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — $0 $23.0m $48.9m $44.6m
Payments for lender fees — — $0 ($61k) $0 ($147k)
Proceeds from line of credit $6.5m $1.5m $21.1m $0 $0 $4.5m
Repayments on line of credit $0 ($34.6m) ($21.1m) $0 $0 ($4.5m)
Payment of Global Wells membership interest tax withholding (including $362 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — $0 ($1.1m) $0 $0 ($377k)
Refund of Global Wells members' tax withholding payments (including $0 and $120 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — — $0 $120k $0
Beginning of period $448k $6.5m $16.0m $23.1m $31.6m $37.9m
Transfers from deposits to property and equipment $15.3m $5.0m $9.9m $10.5m $3.7m $3.8m
Non-cash purchases of property and equipment $29.5m $4.2m $196k $148k $122k $962k
Non-cash disposal of property and equipment $15.3m $5.0m $9.9m $10.5m $0 $480k
Non-cash excise tax on share repurchases — — — — $0 $12k
Net cash provided by operating activities $14.5m $8.7m $29.5m $53.4m $48.0m $33.8m
Purchases of short-term investments (including $7,982 and $18,078 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — $0 ($49.2m) ($50.8m) ($16.3m)
Net cash provided by (used in) investing activities ($37.4m) ($13.3m) ($17.8m) ($30.2m) ($5.9m) $25.4m
Payments on long-term debt (including $12,717 and $1,122 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) ($7.4m) ($39.3m) ($21.6m) ($1.0m) ($1.1m) ($12.7m)
Proceeds from exercise of common stock options $0 $100k $51k $123k $725k $300k
Repurchases of common stock ($248k) $0 — — $0 ($3.0m)
Payment of Global Wells noncontrolling membership interest redemption (including $0 and $2,010 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) — — — $0 ($2.3m) $0
Payment of Global Wells noncontrolling membership interest redemption gain tax withholding — — — — $0 ($879k)
Dividends paid to shareholders ($606k) $0 ($7.0m) ($20.9m) ($31.0m) ($36.1m)
Net cash used in financing activities $22.4m $10.6m ($2.1m) ($16.2m) ($33.6m) ($52.9m)
Net increase in cash and cash equivalents ($354k) $6.0m $9.6m $7.0m $8.5m $6.3m
Prepaid expenses and other current assets (including $255 and $23 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) ($3.4m) $1.4m ($1.5m) ($466k) $2.8m ($1.3m)
Cash paid for interest $3.9m $2.9m $2.0m $2.0m $2.0m $1.9m
Cash paid for income taxes $2.5m $4.8m $8.3m $11.8m $11.0m $9.1m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.