Mama's Creations enters the back half of fiscal 2027 with its largest balance sheet in company history and its most consequential distribution test yet, having completed a July common stock offering that lifted cash to $138.6 million and positioned the deli prepared-foods maker for its first-ever launch inside Kroger's stores next month. The operating story is no longer about proving the model so much as proving it can travel into a new national banner. The quarter that set up that moment was the second of the fiscal year, in which revenue climbed 55% to $54.6 million. Net income more than doubled to $2.6 million. Adjusted EBITDA, the earnings measure that strips out interest, taxes, depreciation and stock-based compensation, grew 69% to $5.5 million. Every bottom-line line grew faster than the top line, and operating expense fell 160 basis points as a share of revenue, the clearest evidence yet that the company's acquisition and launch strategy is producing leverage rather than merely scale.
The strategic read is that this is now a platform business with a funded roadmap. Management has described a path toward $1 billion in annual revenue built on four internal pillars it calls the 4 Cs, and the Kroger entry, a national Costco promotional program across all eight regions, and two dozen new placements already approved for the third quarter give that roadmap a near-term proof point. The counterweight is valuation and customer concentration. At roughly $628 million of market value against a small earnings base, the stock already carries a premium for flawless execution. The annual report discloses that two customers accounted for 38% of gross sales in fiscal 2026, and the debate over this stock is whether the multiple leaves enough room for the inevitable bumps.