Vital Farms reported a second quarter net loss of $31.1 million ($0.72 per diluted share) on revenue of $166.0 million, a 10.1% decline driven by industry-wide oversupply and lower prices. Gross margin collapsed to 6.6% from 38.9% due to excess breaker sales and higher input costs. Concurrently, the company closed new credit facilities totaling $185 million, comprising a $125 million senior secured term loan and a $60 million asset-based revolving credit facility, which replaced its previous $60 million revolving facility. The board terminated its stock repurchase program to comply with the new lending covenants. Vital Farms reaffirmed its full-year 2026 net revenue outlook of $775 million to $800 million and adjusted EBITDA guidance of $0 to $10 million. Vital Farms is a consumer packaged goods company that produces and sells ethically produced pasture-raised eggs and other food products.