Mamas Creations Inc reported Q2 FY2025 revenue of $28.38 million, up 14% year over year, supported by pricing actions, volume gains, and stronger new-customer penetration, including notable retailer wins (Walmart expanding to ~2,000 stores; Costco National Buy across six regions). However, gross margins bore a temporary drag from mid-quarter construction at Farmingdale that reduced margins by approximately 500 basis points. Management projects normalized gross margins in the high-20% range and targets long-run gross margins in the low-30% range, aided by strategic CapEx, procurement efficiencies, and ongoing operating improvements. Adjusted EBITDA was $2.67 million (approx. 9.4% of revenue), and net income was $1.15 million (4.0% of revenue), reflecting ongoing investment in capacity and go-to-market capabilities. Free cash flow remained negative in the quarter due to capex and working capital dynamics, underscoring a deliberate investment phase to support high-velocity growth and channel expansion. The company maintains a bullish long-term thesis around a national one-stop deli solution, supported by a strengthened balance sheet (net debt of about $3.5 million) and a broader M&A pipeline. The near-term risks center on commodity price volatility (chicken/beef) and the execution cadence of CapEx, while the catalysts include Walmart/Costco ramp, private-label trade programs, and the progression of CapEx-enabled margin expansion.