What Utz Brands, Inc. told the SEC could break it.

Utz's key inputs — potatoes, oil, flour, wheat, corn, cheese, spices and seasonings, plus packaging — are exposed to commodity price volatility; a 1% rise in commodity prices would cut gross profit by ~$4.5 million.

“A 1% increase in the price of the commodities used within our products and packaging would result in a reduction of our gross profit of approximately $4.5 million.”

Utz's sales are concentrated: one (unnamed) customer was 13% of net sales in FY2025 (14%/13% prior years) and its top 10 customers — all retailers — were ~40% of invoiced sales.

“One customer provided in excess of 10% of the Company's net sales during the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023 in the amount of 13 %, 14 % and 13 %, respectively.”

Utz carries variable-rate debt (~$849.6M fair value of debt at year-end 2025) that accrues interest at floating SOFR-based rates, exposing it to interest-rate increases (partly hedged with interest-rate swaps).

“Our variable-rate debt obligations incur interest at floating rates based on changes in the SOFR rate.”

Utz's direct-store-delivery (DSD) and direct-to-warehouse (DTW) networks depend on many independent operators, third-party distributors, brokers, wholesalers and logistics companies; disruption to these relationships could impair its ability to deliver products.

“Our DTW delivery network system relies on a significant number of brokers, wholesalers and logistics companies, and our DSD network system and regional third-party distributor network relies on a significant number of independent operators and third-party distributors”

Some of Utz's ingredients, raw materials and commodities are only available from a limited number of suppliers, exposing it to availability and pricing risk on those inputs.

“Many of our ingredients, raw materials and commodities are purchased in the open market, and some are only available from a limited number of suppliers.”