Brightwater Packaging Watch
Packaging manufacturer · Loan + revenue share · $18.5M deployed · Last report Oct 15
Performance
Last 12 months’ revenue, monthly.
$48.7M
−4.3% vs budget
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
21.4%
−1.1 pts vs budget
Last 12 months’ EBITDA after approved adjustments, monthly.
$6.2M
−8.8% vs budget
Adj. EBITDA ÷ revenue.
12.7%
Budget 13.4%
Results vs budget and last year
As of Sep 30 · monthly
| Last 12 months | Actual | Budget | vs budget | Last year |
|---|---|---|---|---|
| Revenue | $48.7M | $50.9M | −4.3% | $46.2M |
| Gross margin | 21.4% | 22.5% | −1.1 pts | 19.8% |
| Operating costs | $5.1M | $5.0M | +2.0% | $5.3M |
| Adj. EBITDA | $6.2M | $6.8M | −8.8% | $5.6M |
From reported to adjusted EBITDA
What was added back, and why
Last 12 months · $M
- Reported EBITDA$4.9M
- + Restructuring costs$0.6M
- + Plant consolidation (one-time)$0.4M
- + Owner pay normalized to market$0.2M
- + Non-cash stock pay$0.1M
- Adjusted EBITDA$6.2M
Reported and adjustedAdded back
| Step | Amount | Running total |
|---|---|---|
| Reported EBITDA | $4.9M | $4.9M |
| Restructuring costs | +$0.6M | $5.5M |
| Plant consolidation (one-time) | +$0.4M | $5.9M |
| Owner pay normalized to market | +$0.2M | $6.1M |
| Non-cash stock pay | +$0.1M | $6.2M |
| Adjusted EBITDA | $6.2M | $6.2M |
Adjustments are 21% of the total. Two of them stop after this year.
Turnaround plan
Progress on the stabilization plan
Cost savings achieved$1.5M of $2.4M
- Merge Plant 2 into Plant 1Done
- Cut 180 slow-selling products60% done
- Reset customer pricing3 weeks late
- Weekly cash call every TuesdayOn track
New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition