로키 마운틴 초콜릿 팩토리(RMCF) 2027 회계연도 2분기 실적발표회: 전략적 검토가 지속되는 가운데 마진 개선

핵심 요약

• 2027 회계연도 2분기 매출은 통상적인 계절적 활동 증가로 전분기 대비 9% 증가했으나, 전년 동기의 680만 달러에서 감소한 670만 달러를 기록했습니다.
• 제품 매출은 전년 동기 대비 2% 증가한 530만 달러를 기록했습니다. 직영 매장 매출 증가와 가격 인상 효과가 있었으나, 두랭고 제품 매출 감소 및 로열티와 마케팅 수수료 감소로 상쇄되었습니다.
• 제품 및 리테일 총이익은 손익분기점 수준에서 240만 달러로 증가했습니다. 전년 동기 마이너스 0.6%였던 총이익률은 8%를 기록했습니다.
• 총비용 및 경비가 770만 달러로 증가함에 따라 순손실은 전년 동기 70만 달러(주당 0.09달러)에서 130만 달러(주당 0.14달러)로 확대되었습니다.
• 분기 종료 후 로키마운틴 초콜릿 팩토리는 두랭고 시설에 대해 약 660만 달러 규모의 세일 앤 리스백(매각 후 임대)을 완료했으며, 매각 대금으로 금리 12%의 약속어음 660만 달러를 상환했습니다.
• 이사회는 자금 조달, 잠재적 매각, 합병 또는 기타 기업 결합, 비상장사 전환(상장 폐지)을 포함한 전략적 및 재무적 대안을 검토하고 있습니다.

주요 재무 데이터

사업 및 영업 성과

경영진은 수요가 견조하게 유지되었으며 8월이 2026년 연간 기준 월간 최고 생산량 및 출하량을 기록했다고 밝혔습니다. 회사는 성수기를 준비하며 장비 가동률, 처리량, 수율, 폐기율, 제품 공급 가능성 및 주문 이행 상태를 추적하고 있습니다.

로키마운틴 초콜릿 팩토리는 제품·생산·혁신, 공급망·물류, 리테일 경험·옴니채널 성장의 3대 축을 중심으로 사업 계획을 수립하고 있습니다. ERP 관련 보고 기능 강화로 수요, 재고, 생산 필요량에 대한 가시성이 높아졌습니다. 또한 회사는 제품 공급 가능성을 개선하기 위해 검증된 제3자 제품도 선별적으로 활용하고 있습니다.

회사는 이번 분기 중 치노 힐스 지점을 인수하여 직영 매장 수를 1년 전 3개에서 5개로 늘렸습니다. 경영진은 더 넓은 가맹점 적용을 검토하기 전에 이들 매장에서 상품 기획, 인력 모델, 교육, 기술 및 고객 경험 이니셔티브를 테스트할 계획입니다.

캘리포니아주 폴섬과 뉴저지주 틴턴 폴스에 신규 가맹점이 오픈했습니다. 또한 회사는 2개 매장의 리뉴얼을 완료했으며, 가맹점의 통합 주문 플랫폼 및 제3자 배달 채널 온보딩을 지속적으로 추진했습니다.

디지털 이니셔티브에는 로키 리워드, 모바일 주문, 제3자 배달, 웹사이트 개선 및 기업 선물 등이 포함됩니다. 경영진은 이러한 채널을 통해 시간이 지남에 따라 구매 빈도, 고객 유지율 및 고객 가치를 높이는 동시에 추가적인 매장 수요를 창출하고자 한다고 설명했습니다.

재무 상태 및 전략적 검토

분기 이후 회사는 두랭고 시설을 약 660만 달러에 매각한 후 2026년 10월 1일부터 재임차(리스백)했습니다. 첫해 임대료는 매매가의 9.45%인 62만 4,000달러입니다. 매각 대금은 금리 12%의 약속어음 660만 달러를 상환하는 데 사용되었습니다.

2026년 10월 16일, 로키마운틴 초콜릿 팩토리는 알파인 은행(Alpine Bank)과 200만 달러 규모의 대출 계약을 체결했습니다. 이 대출의 만기는 2028년 10월이며, 금리는 우대금리(프라임 레이트)에 1%를 가산한 수준입니다.

이사회 산하 전략위원회는 회사의 재무 구조를 강화하고 장기적인 주주 가치를 극대화하기 위한 방안을 계속 평가하고 있습니다. 검토 중인 대안으로는 자금 조달, 매각, 합병 또는 기타 기업 결합, 비상장사 전환(상장 폐지) 등이 있습니다.

리스크 및 관전 포인트

• 현금은 2026 회계연도 말 120만 달러에서 40만 달러로 감소했으나, 경영진은 부채 및 운전자금 수요에 적극적으로 대응하고 있다고 밝혔습니다.
• 직영 매장 확대에 따른 비용 증가와 가맹점 및 일반관리비 증가가 일부 영업적 개선 효과를 상쇄하면서 분기 순손실이 확대되었습니다.
• 가맹점 수 감소 및 가맹 계약 개정으로 인해 로열티와 마케팅 수수료가 감소했습니다.
• 경영진은 보다 강력한 성장과 이익률을 회복하기 위해 추가적인 작업이 필요하다고 강조했습니다. 단기 우선과제에는 성수기 이행, 제품 공급 가능성 확보, 가맹점 지원 및 회사의 재무 상태에 대한 철저한 관리가 포함됩니다.
• 전략적 검토는 여전히 진행 중이며, 전화회의에서 특정 거래나 결과가 명시되지는 않았습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Rocky Mountain Chocolate Factory's Financial Results for the Fiscal Second Quarter 2027. [Operator Instructions] As a reminder, this conference call is being recorded.

Joining us on the call today are the company's Interim CEO, Allen Harper; COO, David Denker; and CFO, Carrie Cass. Please be advised, this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain unknown -- known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.

I will now turn the call over to the company's Interim CEO, Allen Harper. Al, please go ahead.

Allen Harper

Thank you, and hello, everyone. Since stepping into the Interim CEO role in June, I have been encouraged by the way our leadership team has come together around and shared a set of priorities. I also want to recognize David Denker's recent promotion to Chief Operating Officer. David has played an important role in advancing our operational priorities and strengthening alignment across the business.

Our management team has focused responsibilities, stronger coordination and greater accountability. This is essential to delivering the quality and consistency our customers expect. Rocky Mountain Chocolate Factory is an iconic brand with a long history of making products that guests value. The second quarter showed early progress in production and gross margin. However, we recognize that the business must deliver better results, and our near-term focus remains on disciplined execution. Alongside this work to improve, we operate -- we are actively addressing our debt and working capital needs.

During the quarter, the Board formed a strategic committee to oversee the review of strategic and financial alternatives intended to strengthen our financial position and maximize long-term shareholder value. There are a number of options under consideration, including financing, a possible sale, merger or other business combination or a going private transaction.

Following quarter end, we completed the sale-leaseback of our Durango property and used the proceeds to repay debt. Separately, we entered into a new $2 million loan agreement. Carrie will provide further detail on these transactions shortly. While the strategic review continues, we remain focused on improving the business we operate today. We must support our franchisees and stores, execute through the holiday season and build a stronger operating foundation for sustainable growth and long-term shareholder value.

With that, I'll hand it over to David to discuss our operational progress.

David Denker

Thank you, Al, and hello, everyone. On the operating side, our priority is to build a more disciplined and scalable operating model that improves product availability, strengthens franchise economics and delivers a better guest experience. We have organized that work around 3 strategic pillars: products, production and innovation; supply chain and logistics; and retail experience and omnichannel growth. Across each pillar, our approach is to simplify the business, improve visibility and accountability and scale what works.

Our focus now is improving the performance of our factory, stores and franchise network while building a stronger foundation for sustainable growth. While the strategic review Al discussed continues, our responsibility is to keep strengthening the underlying business. During the second quarter, demand for our product remained strong, and August provided an early proof point being our highest production and shipping month of the calendar year.

We are managing the operations around measures, including equipment uptime, throughput, yield and scrap, product availability and order fulfillment. Underneath those measures, we are tightening the operating cadence for demand planning through finished goods, including production scheduling, material readiness and equipment reliability. The goal is to identify constraints early and solve them before they become missed production or missed customer orders. Our focus now is establishing the discipline and visibility required to sustain higher throughput through the holiday season and beyond.

Our first pillar is product, production and innovation. Enhancements to our reporting platform alongside our ERP are giving us better visibility into demand, inventory and production requirements and helping us align what Durango produces with what stores and franchisees need. We're improving production planning and using qualified third-party products selectively where they complement our capabilities and improve availability.

Simplification does not mean less innovation. It means a more focused assortment and a more deliberate innovation calendar that balances core products with seasonal items, limited time offering and gifting occasions. This should help us use the factory more efficiently, keep more product in stock and improve our product mix and margin over time. Our second pillar is supply chain and logistics. The opportunity here extends beyond freight.

We are evaluating the full cost and reliability of moving product from ingredients through manufacturing and ultimately into the store. That includes supplier diversification, purchasing discipline, inventory levels, freight optimization, delivery security and reducing product damage. Better execution should improve product availability for our franchisees while reducing avoidable friction cost and working capital over time.

Our third pillar is retail experience and omnichannel growth. We increasingly view our company-owned stores as operating laboratories for the broader system. During the quarter, we acquired the Chino Hills store, increasing our company-owned stores to five locations compared with three 1 year ago. These stores allow us to test merchandising, labor models, product presentation, training, technology and new guest experience in a controlled environment. Scaling what works across the franchise network should allow us to move faster while being disciplined about where we invest franchise time and capital.

During the second quarter, we completed a store traffic pilot at our corporate locations. Combined with our POS data, this gives us a more complete view of store performance, including traffic, conversion, average transaction value, items per transaction, product mix, sales and profitability. At a basic level, store productivity is driven by traffic, conversion and basket.

Better data allows us to understand which part of the equation represents the opportunity at a particular store rather than treating every location the same. That helps us identify best practices, align staffing, sharpen merchandising and measure whether initiatives are improving store productivity. We are applying the same discipline to remodels, looking at sales, profitability, basket performance and guest feedback before determining what to scale.

We are also working to create a more connected guest relationship across physical and digital channels without losing what makes the in-store experience distinctive. The handcrafted product, caramel apples, fudge, live product theater and sensory experience of our stores are important points of our differentiation. And our learning management system and merchandising standards are intended to help our chocolatiers bring the experience to life consistently.

At the same time, Rocky Rewards, our mobile app, digital ordering, third-party delivery, website enhancements and corporate gifting give us more ways to serve the same guests across occasions. Over time, we aim to increase frequency, retention and customer value while driving incremental demand back into our stores. A healthier franchise system is fundamental to the long-term health of the Rocky Mountain Chocolate Factory.

During the quarter, we opened new franchise stores in Folsom, California and Tinton Falls, New Jersey, completed 2 remodels and continued onboarding franchisees to our integrated ordering platform and third-party delivery channels. The franchisee value proposition is central to our strategy. If we can improve product availability, simplify operations, strengthen merchandising, provide better training and data and create more demand generation tools, we should make the system easier and more productive to operate.

Our immediate priority is executing well through the holiday season, but the work underway is intended to strengthen the business over the long term. We see meaningful opportunity to improve performance across the business. Our goal is to preserve what has made Rocky Mountain Chocolate Factory special for 45 years while building the operating capabilities required for the next chapter of the brand.

Thank you. I'll now pass to Carrie Cass.

Carrie Cass

Thank you, David. Please note that unless stated otherwise, all comparisons are on a year-over-year basis. Total revenue for the first -- fiscal second quarter was $6.7 million compared to $6.8 million in the same period last year. Revenue increased 9% sequentially from the first quarter, reflecting our typical seasonal increase in activity. Product sales were $5.3 million compared to $5.2 million last year, an increase of 2%.

Higher retail sales driven by the larger company-owned store base and price increases were more than offset by lower Durango product sales and royalty and marketing fees. The decline in royalty and marketing fees reflects fewer franchise stores and amendments to franchise agreements. Total product and retail gross profit increased to $2.4 million compared to roughly breakeven in the same period last year. This drove a gross margin improvement, increasing to 8% from a negative 0.6% in the same period last year.

Total costs and expenses were $7.7 million compared to $7.3 million in the same period last year. The increase primarily reflected our larger company-owned store base, higher franchise and general administrative costs. These increases were partially offset by lower cost of sales, and sales and marketing expenses. Net loss was $1.3 million or a negative $0.14 per share compared to a net loss of $0.7 million or negative $0.09 per share in the same period last year.

Turning to the balance sheet. We ended the second quarter with cash of $0.4 million compared to $1.2 million at the end of fiscal year '26. Total inventory was $2.6 million compared to $4.1 million at the end of fiscal year '26. As of August 31, 2026, total debt outstanding was $6.9 million compared to $6.6 million at the end of fiscal year '26.

As Al mentioned earlier, following the quarter end, we signed an agreement for the sale and leaseback of our Durango facility for approximately $6.6 million. The proceeds from the sale were used to repay our existing $6.6 million promissory notes, which carried a 12% interest rate. On October 1, '26, we entered into a lease for continued use of the facility. First year's rent is $624,000 being 9.45% of the purchase price. Further details are available in the press release and the related Form 8-K.

In addition, on October 16, '26, we entered into a $2 million loan agreement with Alpine Bank. The loan matures in October of 2028 and bears interest at prime plus 1%. I'd like to take a moment to reflect on how far we've come. Over the past 2 years, we've transformed many elements of our business.

We invested in new technologies, including an ERP, a point-of-sale platform, location-specific websites for each store integrated with third-party delivery providers and most recently, a new loyalty program. These investments enable us to operate more efficiently, make better informed decisions and engage more effectively with our guests.

At the same time, we've modernized our brand through an updated logo, new store design, and we're launching a new set of box assortments in refreshed packaging for the holidays. These changes position us to better meet guest expectations while preserving the heritage and the quality that have defined Rocky Mountain Chocolate Factory for more than 4 decades. Culturally, this is a very different company than the one I joined in August of '24.

Together, we have built a leadership team and an organization that are aligned, accountable and focused on delivering results. Across every function from Durango to the field, there's a stronger sense of purpose, collaboration and operational discipline. We've made decisions to stabilize the business while remaining deliberate in how we position the company for long-term success.

Our factory is operating more efficiently, our franchisees have better tools and support, and our brand continues to evolve in ways that resonate with today's guests. As we enter the holiday season, the entire organization is aligned that we will execute with excellence. That means keeping standard products flowing, supporting our franchisees and delivering a consistent premium guest experience. While there's still work ahead, I'm confident in our direction. I'll now hand it back to Al for closing remarks.

Allen Harper

Thank you, Carrie. The second quarter shows that better coordination and execution can improve production and gross margin. That said, we certainly recognize there is more work to do to get this business back to stronger growth and margin profile. Our priorities are to execute through the holiday season, support our franchisees and stores, manage our financial position carefully and evaluate credible strategic alternatives.

The three operating pillars that David outlined give us a clear framework for execution, and we expect to continue providing updates on meaningful progress as the business advances. I want to thank our employees, franchisees, Board members and shareholders for their continued commitment and support. Thank you for your time and continued interest in Rocky Mountain Chocolate Factory. This concludes our prepared remarks. Operator, you may now close the call.

Operator

Thank you. This concludes today's conference call. You may now disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.