So basically they will make losses in 2026 and probably also in 2027

It is highly likely they will post a full-year net loss for 2026, but management is heavily signaling that they expect to return to profitability in 2027.

Here is how the financial realities break down for both years:

2026: The "Reset" and Likely Net Loss

You are correct in assessing 2026. The company is poised to take a significant financial hit this year.

• Q1 Reality: They already posted a GAAP net loss of $1.5 million in the first quarter.
• The EBITDA Clue: Management slashed their full-year 2026 Adjusted EBITDA guidance down to a razor-thin margin of $0 to $10 million. Because Adjusted EBITDA adds back major expenses like depreciation, amortization, and stock-based compensation, generating only $0 to $10 million in EBITDA almost mathematically guarantees a full-year GAAP net loss.
• Absorbing the Pain: They are intentionally front-loading the pain this year. By explicitly budgeting $32 million in "supply management costs" to dump excess eggs and paying the severance and operational costs to completely shut down their butter division, they are taking the financial damage immediately rather than letting it bleed out slowly.

2027: The Projected Recovery

Management is positioning 2026 as a containment year so that 2027 does not suffer the same fate. They do not anticipate making losses next year.

• Clearing the Deck: By the end of 2026, the butter business will be gone, stripping out its associated supply chain complexities and costs. Furthermore, the excess egg inventory should be flushed out through their aggressive promotional pricing.
• Margin Targets: The company expects their pricing actions to stabilize retail volumes by Q3 2026, allowing gross margins to climb back toward the 30% range by the end of the year.
• Returning to Profitability: If they execute this turnaround successfully, they project entering 2027 with a clean slate, aiming to return to their long-term target of double-digit Adjusted EBITDA margins. Assuming the broader commodity egg market also normalizes its supply during that 12-to-18-month window, 2027 is slated to be a strong recovery year, not a loss-making one.