Mamas Creations Inc delivered a robust fourth quarter to cap a strong FY2025, with revenue of $33.6 million in Q4’25, up 25.7% year over year, and full-year revenue of $123.3 million, up 19.4%. The quarter featured a record gross margin for the year at 27.0% on a quarterly basis, driven by capacity investments and productivity gains in the Farmingdale facility that more than doubled chicken capacity. Management emphasized ongoing CapEx deployments, an enhanced leadership team, and a disciplined four-C framework (cost, controls, culture, and catapults) as the backbone of margin improvement and share gains in a fragmented deli-ready foods market. However, annual gross margins settled at 24.8% in FY2025, pressured by commodity cost inflation and nonrecurring Farmingdale project costs, contributing to a full-year EBITDA of $9.2 million (down versus $11.7 million in prior year) and free cash flow of negative $0.93 million in Q4, with total net debt reduced to $2.96 million. The company generated meaningful topline momentum via volume-led growth, cross-selling, and new customer door expansion, while their fixed-price protein contracts and in-house trimming initiatives are positioned to support a normalization of margins into the low- to mid-30s long term. The investment thesis rests on continued share gains in high-prequency retailers (Walmart, Costco, Kroger, Albertsons), expansion of the chicken-bottom trimming program, and a disciplined path toward higher gross margins, albeit with near-term commodity-driven margin volatility.