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, /PRNewswire/ -- 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) (OTCQX: AUMBF) (FRA: 2KY) is pleased to announce assay results from the surface exploration drill program at San Antonio West ("SAM W") at the Company's wholly-owned, operational and fully permitted True North Gold Project ("True North"), centrally located within the Company's 100%-owned Rice Lake Gold property, southeast Manitoba, Canada.

Drilling Highlights:

Drilling confirmed the continuity of gold ("Au") mineralization within a gap area of the previously drilled SAM W target measuring approximately 200 metres ("m") deep and 200 m in strike length between depths of 230 m and 430 m from surface on the northwest extensions of the target area, and returned the following highlighted results: TN-26-073: Intersected 11.31 grams per tonne ("g/t") Au over 1.70 m (at 391.10 m downhole depth), including 16.20 g/t Au over 0.80 m TN-26-089: Intersected 5.72 g/t Au over 3.00 m (at 327.40 m downhole depth), including 9.65 g/t Au over 1.10 m TN-26-082: Intersected 6.79 g/t Au over 2.40 m (at 204.40 m downhole depth), including 7.98 g/t Au over 1.40 m TN-26-097: Intersected 11.80 g/t Au over 0.50 m (at 361.40 m downhole depth) Shaun Heinrichs, President and CEO, stated, "We are pleased with the continuity of gold mineralization and the extent of the mineralized vein system at SAM W, which we have continued to intersect in our resource definition drilling, along with a number of high-grade gold intercepts. The three near-mine targets discovered in 2024 (SAM W, SAM SE and Shore) are encouraging given their high-grade nature and their occurrence at higher elevations at True North compared to the currently defined resource. Drilling in support of the resource update is now complete and geological modelling is underway, keeping us on track to deliver an updated global resource estimate in the fourth quarter of this year. As we continue to develop these targets, we expect them to have a significant, long-term impact on the production potential at True North."

The latest assay results are from eight (8) surface diamond drill holes for 2,980 m from the exploration drilling program testing the resource potential of the SAM W target located adjacent to existing infrastructure at True North. Drilling was conducted from surface to define the strike and depth extensions of previously released drill results from SAM W during 2025 and 2026 (see Figure 1). One (1) drill hole, TN-26-097A, did not reach target depth and was abandoned. The Company has now completed thirty-four (34) drill holes for a total of 9,067 m at SAM W, where two (2) drill holes, TN-25-071A and TN-26-097A, did not reach target and were abandoned. All results from SAM W will support a maiden mineral resource estimate.

Table 1: Significant Drill Results – SAM W Surface Drill Program

Target Area

Drill Hole

From

To

Interval

Gold Grade

(name)

(number)

(m)

(m)

(m)

(g/t Au)

SAM W

TN-26-073

391.10

392.80

1.70

11.31

Including

392.00

392.80

0.80

16.20

SAM W

TN-26-082

204.40

206.80

2.40

6.79

Including

205.40

206.80

1.40

7.98

SAM W

TN-26-082

351.00

352.00

1.00

3.82

SAM W

TN-26-089

52.20

53.00

0.80

3.74

SAM W

TN-26-089

327.40

330.40

3.00

5.72

Including

329.30

330.40

1.10

9.65

SAM W

TN-26-092

390.70

391.70

1.00

3.29

SAM W

TN-26-097

361.40

361.90

0.50

11.80

SAM W

TN-26-097

363.60

364.40

0.80

2.40

1)

Intercepts above a cut-off grade of 2.25 g/t Au 

2)

Maximum of 2.50 m internal dilution and no top capping applied 

3)

Intervals represent drill core length and are considered to represent 70% to 90% of true widths

4)

Intercepts reported at downhole depths (m)

5)

Selected drill hole assay results in Table 2

6)

Drill hole information included in Table 3

San Antonio West Target (SAM W): Discussion of Results

The latest surface exploration drilling at SAM W confirmed the continuity of mineralization within a gap in previous drilling over an area measuring 200 m in elevation and 200 m along strike length from depths of 230 m to 430 m from surface within the northwest extensions of the target area. The latest results confirmed continuity of high-grade vein-hosted gold mineralization to the northwest, hosted within the San Antonio gabbro unit ("SAM gabbro"), adjacent to the intersection with the regional Cartwright South shear zone. Drilling in the current program has now confirmed continuous mineralization at SAM W over a strike length of 500 m and to down-plunge depths of over 600 m and remains open at depth. The historical San Antonio mine is located in the same geological setting approximately 500 m to the south. The mineralized intercepts are characterized by quartz-carbonate shear veins predominantly striking east-west and dipping steeply to the north and vein breccias trending northwest and dipping to the northeast with sericite, ankerite and chlorite alteration, associated with pyrite disseminated and in veinlets. All seven (7) drill holes that reached target depth confirmed the continuity of the target and intersected mineralization in veining within the SAM gabbro host.

Drilling confirmed the extensions and continuity of the SAM W vein system above and to the northwest of previous drill hole TN-25-064¹ which intersected 24.83 g/t Au over 2.60 m, including 46.00 g/t Au over 1.00 m (at 490.00 m downhole depth) and drill hole TN-25-071¹ which intersected 12.80 g/t Au over 0.80 m (at 473.50 m downhole depth). Drilling confirmed the continuity of mineralization below and to the northwest of hole TN-24-006² which intersected 3.70 g/t Au over 4.84 m (at 125.38 m downhole depth), including 7.23 g/t Au over 1.05 m and 8.42 g/t Au over 0.91 m.

Drilling also extended mineralization along strike to the northwest of previous drill hole TN-25-057³ which intersected 58.66 g/t Au over 1.40 m (at 145.00 m downhole depth), including 63.20 g/t Au over 0.90 m and 50.50 g/t Au over 0.50 m, all within the same geological setting.

1 - See press release dated November 11, 2025 (1911 Gold Intersects up to 24.83 g/t Gold over 2.60 m on San Antonio West at the True North Project).

2 - See press release dated February 4, 2025 (1911 Gold Intersects 8.42 g/t Gold over 0.91 m and 7.23 g/t Gold over 1.05 m in Drilling at True North).

3 - See press release dated June 10, 2025 (1911 Gold Intersects up to 58.66 g/t Gold over 1.40 m on San Antonio West Zone at True North).

Table 2: Selected Drill Hole Assays – SAM W Surface Drill Program

Target Area

(name)

Drill Hole

(number)

From

(m)

To

(m)

Interval

(m)

Gold Grade

(g/t Au)

SAM W

TN-26-073

391.10

392.80

1.70

11.31

Including

392.00

392.80

0.80

16.20

SAM W

TN-26-077

338.80

341.20

2.40

0.47

SAM W

TN-26-077

348.90

350.00

1.10

0.87

SAM W

TN-26-082

204.40

206.80

2.40

6.79

Including

205.40

206.80

1.40

7.98

SAM W

TN-26-082

351.00

352.00

1.00

3.82

SAM W

TN-26-089

51.50

52.20

0.70

0.95

SAM W

TN-26-089

52.20

53.00

0.80

3.74

SAM W

TN-26-089

57.90

59.00

1.10

1.95

SAM W

TN-26-089

272.20

273.00

0.80

0.66

SAM W

TN-26-089

300.80

301.70

0.90

0.58

SAM W

TN-26-089

320.00

321.20

1.20

1.37

SAM W

TN-26-089

325.80

326.50

0.70

0.94

SAM W

TN-26-089

327.40

330.40

3.00

5.72

Including

329.30

330.40

1.10

9.65

SAM W

TN-26-089

331.80

332.70

0.90

1.07

SAM W

TN-26-092

92.80

93.80

1.00

0.54

SAM W

TN-26-092

97.20

99.20

2.00

0.58

SAM W

TN-26-092

384.60

385.80

1.20

2.17

SAM W

TN-26-092

390.70

391.70

1.00

3.29

SAM W

TN-26-092

400.40

401.00

0.60

2.20

SAM W

TN-26-092

403.50

404.10

0.60

2.02

SAM W

TN-26-096

67.40

68.20

0.80

2.15

SAM W

TN-26-096

392.80

393.30

0.50

1.03

SAM W

TN-26-096

396.00

396.80

0.80

1.45

SAM W

TN-26-097

57.00

57.90

0.90

1.27

SAM W

TN-26-097

82.80

83.40

0.60

1.30

SAM W

TN-26-097

358.80

360.00

1.20

1.69

SAM W

TN-26-097

360.90

361.40

0.50

1.37

SAM W

TN-26-097

361.40

361.90

0.50

11.80

SAM W

TN-26-097

363.60

364.40

0.80

2.40

SAM W

TN-26-097

364.90

366.20

1.30

1.16

*Composites above 0.5 g/t Au

Next Steps

Additional underground exploration drilling from the Hinge decline is underway, testing the depth extensions of SAM SE and is expected to be completed by the end of August.

Geological wire-frame modelling of the veins has commenced in preparation for a maiden resource estimate on the SAM W, SAM SE and Shore targets, with the updated global resource estimate expected in the fourth quarter of this year.

Current drilling activities are being conducted from underground with three (3) drill rigs focused on infill and delineation drilling of areas contemplated for test mining and the early years of the Preliminary Economic Assessment ("PEA") mine plan. Two (2) underground drill rigs are active on Level 16, and a third is operating from the Hinge decline. A fourth drill rig will be mobilized upon completion of rehabilitation on Level 26.

Table 3: SAM W Drill Hole Details (UTM NAD83 Zone 15)

Drill Hole

(Number)

Target

(Name)

Northing

(m)

Easting

(m)

Elevation

(masl)

Azimuth

(°)

Inclination

(°)

Depth

(m)

TN-26-073

SAM W

5,656,268

311,854

263

170

-85

470.0

TN-26-077

SAM W

5,656,269

311,852

265

226

-67

400.0

TN-26-082

SAM W

5,656,269

311,853

264

205

-73

391.0

TN-26-089

SAM W

5,656,268

311,853

264

168

-65

391.0

TN-26-092

SAM W

5,656,269

311,852

264

130

-67

448.0

TN-26-096

SAM W

5,656,271

311,853

263

109

-81

439.0

TN-26-097A

SAM W

5,656,270

311,851

264

145

-77

25.5

TN-26-097

SAM W

5,656,270

311,851

264

145

-77

416.0

Qualified Person Statement

The scientific and technical information in this news release has been reviewed and approved by Mr. Michele Della Libera, P.Geo., Vice-President Exploration of 1911 Gold Corporation, who is a "Qualified Person" as defined under NI 43-101.

Quality Assurance/Quality Controls (QA/QC)

Oriented core samples are collected by sawing the drill core in half along its axis; one half is sampled, placed in plastic sample bags, labelled and sealed, and the other half is retained for future reference. Batches are shipped to Activation Laboratories Ltd. (Actlabs), in Thunder Bay, Ontario, for sample preparation and analysis. Samples are dried, crushed to 2 mm and a 1 kg split is pulverized to -200 mesh. Gold analysis is completed by fire assay with an atomic absorption finish on 50 grams of prepared pulp. Samples returning values equal to or greater than 10.00 g/t Au are re-analyzed by fire assay with a gravimetric finish. Total gold analysis (Screen Metallic Sieve) is conducted on highly mineralized samples or samples containing visible gold. Certified gold reference material samples are inserted every 20 samples and blank samples at intervals of one in every 50 samples, with additional blanks inserted after samples hosting visible gold. Repeat third-party gold analyses are conducted on 5% of all submitted sample pulps at ALS-Chemex Laboratory, North Vancouver, Canada.

About 1911 Gold Corporation

1911 Gold is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project in the Archean Rice Lake Greenstone Belt in Manitoba, Canada. The Company controls a large, highly prospective ~62,000-hectare land package with numerous past-producing gold operations within trucking distance of the fully built and permitted True North mine and mill complex. 1911 Gold is positioning itself to make a decision on restarting operations in the future and offers a unique investment opportunity with significant exploration upside. The strategy is to build a district-scale gold mining operation around centralized and readily expandable infrastructure to support a socially and environmentally responsible, long-term mining operation with little development risk and a growing mineral resource base.

1911 Gold's True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or that describe a "goal", or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the ongoing drill programs and the timing and results thereof, preparation and delivery of a global resource estimate, the targets to be included and the timing thereof, and ongoing development work to advance the project towards a potential production decision, and the Company's objectives, goals and future plans and strategies, are forward-looking statements. 

While 1911 Gold has not made a production decision, should 1911 Gold make such a decision in the future without a feasibility study of mineral reserves, demonstrating economic and technical viability, there may be increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that 1911 Gold will make a production decision, and, if it does, there is no guarantee that any production will begin as anticipated or at all or that any anticipated production costs will be achieved. Failure to make a positive decision to commence production would have a material adverse impact on 1911 Gold's ability to generate revenue and cash flow to fund operations. Failure to achieve any anticipated production costs would have a material adverse impact on 1911 Gold's cash flow and future profitability.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

In addition, readers are directed to review the detailed risk discussion in the Company's Annual Management's Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE 1911 Gold Corporation

Key Takeaways Boston Beer missed second-quarter earnings estimates as revenues fell 3.3% and volumes declined.SAM's full-year earnings estimate dropped 10.5% in four weeks and 13.25% over 12 weeks.Boston Beer held $265.5 million in cash, no debt and generated $117.6 million in first-half cash flow. The Boston Beer Company, Inc. (SAM - Free Report) has financial strengths that should not be dismissed. It has no debt, solid cash generation and improving gross margins.

The problem is that weak demand is cutting into earnings visibility. For investors, the question is whether balance-sheet resilience can offset estimate cuts, lower volumes and a valuation that still looks demanding.

SAM's Valuation Looks StretchedSAM trades at 18.29X forward 12-month earnings. That compares with 15.28X for its Zacks sub-industry and 16.98X for the broader Zacks sector

Image Source: Zacks Investment Research

The premium is harder to defend while volumes are declining. The $153 price target, based on 17.21X forward 12-month earnings, sits below the $180.15 share price and points to downside risk.

The stock does trade below its five-year median multiple of 26.34X. Still, a lower-than-historical valuation does not automatically make the shares attractive when earnings expectations are falling.

Constellation Brands (STZ - Free Report) and Molson Coors Beverage Company (TAP - Free Report) offer relevant peer context for investors tracking alcohol demand, pricing power and category share shifts. Both stocks sit in the same broader beverages-alcohol investment discussion as SAM.

Boston Beer's Earnings Visibility WeakensBoston Beer posted second-quarter adjusted earnings of $3.65 per share, missing the Zacks Consensus Estimate of $4.77. The figure declined 33% from the year-ago quarter.

Revenues fell 3.3% to $568 million. Lower volumes and higher marketing costs weighed on results, even as pricing and favorable mix helped cushion part of the pressure.

Estimate revisions are also negative. The fiscal-year earnings estimate fell 10.5% over four weeks and 13.25% over 12 weeks, reinforcing a weaker near-term earnings setup.

SAM's Balance Sheet Limits Financial RiskSAM ended the second quarter with $265.5 million in cash and no debt. The company also had full availability under its $150 million revolving credit facility.

First-half operating cash flow totaled $117.6 million, while capital expenditures were $22.9 million. Those figures show that the business is still producing cash despite softer demand.

Management also reduced its full-year capital-spending outlook to $60 million to $80 million from $70 million to $90 million. That gives the company more flexibility as it focuses spending on brewery capabilities, efficiency and innovation.

Boston Beer Catalysts Need Time to BuildBoston Beer still has levers that could support profitability. Management expects price increases of 1% to 2%, while supply-chain productivity and higher internal production should help margins.

Internal production reached 84% of domestic volume in the second quarter, up from 76% a year earlier. Management expects that rate to exceed 90% for the full year.

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Sun Cruiser delivered triple-digit depletion growth, and Angry Orchard grew for a fifth consecutive quarter. Those gains support portfolio renewal.

The offset is that companywide volumes remain under pressure. Tariff costs are expected to total $20 million to $30 million, freight inflation remains a concern and litigation exposure continues to cloud reported earnings and cash deployment.

SAM Signals Favor CautionThe bottom line is that SAM’s balance sheet and margin progress help limit financial risk, but they do not yet fix the demand problem. A buying case would be stronger with clearer evidence that volumes and core brand trends are stabilizing.

The stock currently carries a Zacks Rank #5 (Strong Sell), reflecting negative earnings-estimate revisions and weak near-term momentum. That signal favors caution.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SAM’s Growth Score of B and VGM Score of B recognize areas of operating potential. The Value Score of C and Momentum Score of F suggest the risk-reward profile remains unattractive without stronger demand stabilization.

BOSTON, July 23, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the second quarter ended June 27, 2026. Key results were:

Second Quarter 2026 Summary:

Depletions decreased 6% and shipments decreased 4.5%Net revenue of $568.3 million decreased 3.3%Gross margin of 50.4% up 60 basis points year over yearGAAP diluted income per share of $4.96, which includes a previously disclosed favorable adjustment to non-recurring litigation expenses of $1.31 per shareNon-GAAP diluted earnings per share of $3.65 Year-to-date 2026 Summary:

Depletions decreased 5% and shipments decreased 5.6%Net revenue of $1.002 billion decreased 3.8%Gross margin of 49.9% up 80 basis points year over yearGAAP diluted loss per share of $8.99, which includes non-recurring litigation expenses of $14.27 per shareNon-GAAP diluted earnings per share of $5.28 Capital Structure

Ended the second quarter with $265.5 million in cash and no debtRepurchased $54 million in shares from December 29, 2025 to July 17, 2026 “As we continue to navigate a challenging operating environment, we are managing the business with discipline while investing behind our category-leading brands and bringing innovation to market” said Chairman, Founder and CEO Jim Koch. “We are highly focused on marketplace execution for the remainder of the summer selling season and improving market share trends. Our strong cash flow generation and healthy balance sheet provide flexibility to support our strategic priorities and drive long-term value.”

“We delivered meaningful gross margin expansion and are maintaining our earnings outlook while navigating a dynamic consumer demand environment and input cost headwinds,” said CFO Diego Reynoso. “These results demonstrate the progress we continue to make through our multi-year supply chain transformation efforts, combined with a disciplined approach to investment.”

Details of the results were as follows:

Second Quarter 2026 (13 weeks ended June 27, 2026) Summary of Results

Depletions for the second quarter decreased 6% compared to the second quarter of the prior year. Shipment volume for the quarter was approximately 2.0 million barrels, a 4.5% decrease compared to the second quarter of the prior year due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.

The Company believes distributor inventories as of June 27, 2026 were at appropriate levels and averaged approximately four and one half weeks on hand which was consistent with the weeks on hand at the end of June 2025.

Revenue for the quarter decreased 3.3% due to decreases in volume partially offset by favorable product mix and pricing.

Gross margin of 50.4% increased from the 49.8% margin realized in the second quarter of 2025, or an increase of 60 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, favorable product mix, procurement savings and price increases, and were partially offset by inflationary, commodity and tariff costs.

The second quarter gross margin of 50.4% includes $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 28 basis points on an absolute basis.

Advertising, promotional and selling expenses for the second quarter of 2026 increased $26.2 million or 16.4% from the second quarter of 2025, resulting from increased brand local marketing and point of sale investments of $17.5 million and higher freight costs of $8.6 million due to higher rates partially offset by lower volumes.

General and administrative expenses increased $3.1 million compared to the second quarter of 2025 primarily due to increased legal fees and salaries and benefit costs. This increase included $1.4 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation reduction of $19.4 million, related to the supplier dispute, consists of a favorable adjustment to pre-judgement interest of $21.1 million and post-judgement interest expense of $1.7 million. Post-judgement interest expense through the appeals process will be applied to the combined pre-tax total of the judgement and pre-judgement interest amounts of $191.0 million at the statutory rate, which is estimated to be 3.79%. The Company continues to deny that it breached the terms of the contract with the supplier and intends to pursue all available post-trial motions and appellate remedies. The Company cannot estimate when or if damages or interest will ultimately be paid or when this matter will ultimately be resolved.

In the second quarter of 2026, the combined pre-tax income related to the supplier dispute litigation of $18.0 million consists of legal expenses of $1.4 million, recorded in general and administrative expenses, and litigation reduction of $19.4 million. The after-tax impact on earnings per share is a benefit of $1.31 per share.

The Company’s effective tax rate for the second quarter was a provision of 28.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 30.1% compared to a provision of 28.1% in the prior year.  This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.

Year-to-date 2026 (26 weeks ended June 27, 2026) Summary of Results

Depletions year-to-date decreased 5% from the prior year. Shipment volume year-to-date was approximately 3.6 million barrels, a 5.6% decrease from the prior year, primarily due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.

Revenue year-to-date decreased 3.8% due to decreases in volume partially offset by favorable product mix and pricing.

Gross margin year-to-date of 49.9% increased from the 49.1% margin realized in year-to-date 2025, or an increase of 80 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, product mix, price increases and procurement savings, which were partially offset by increased inflationary, commodity and tariff costs.

The year-to-date gross margin of 49.9% includes $3.2 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 32 basis points on an absolute basis.

Advertising, promotional and selling expenses year-to-date increased $28.7 million or 9.7% from year-to-date 2025, resulting from increased brand local marketing investments of $17.6 million and higher freight costs of $11.1 million due to higher rates partially offset by lower volumes.

General and administrative expenses year-to-date increased $7.5 million or 8.0% from year-to-date 2025, primarily due to increased legal fees and salaries and benefit costs. This increase included $5.4 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation expense of $192.6 million, related to the supplier dispute, consists of the judgement of $175.5 million, pre-judgement interest expense of $15.5 million and post-judgement interest expense of $1.7 million.

The litigation expense of $192.6 million combined with related legal expenses of $5.4 million, recorded in general and administrative expenses, have an after-tax negative impact on earnings per share of $14.27 per share.

Impairment of brewery assets of $0.2 million decreased by $4.7 million from year-to-date 2025, due to decreased write-offs of equipment at third party and Company-owned breweries.

The Company’s effective tax rate year-to-date was a benefit of 19.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 32.3% compared to a provision of 29.2% in the prior year.  This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.

The Company expects that its June 27, 2026 cash balance of $266 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements, including the potential litigation-related payments.

During the 26-week period ended June 27, 2026 and the period from June 29, 2026 through July 17, 2026, the Company repurchased shares of its Class A Common Stock in the amounts of $48.5 million and $5.6 million, respectively, for a total of $54.1 million year to date. As of July 17, 2026, the Company had approximately $174 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.

Depletions Estimate

Year-to-date depletions through the 29-week period ended July 18, 2026 are estimated by the Company to have decreased approximately 5% from the comparable period in 2026.

Full-Year 2026 Projections

The Company has updated its financial guidance for the full year 2026. The Company’s actual 2026 results could vary significantly from the current projection and are highly sensitive to changes in volume projections, supply chain performance, inflationary and commodity impacts and tariff policy. Tariff cost projections below are consistent with tariffs currently being charged by the Company’s suppliers and that the Company currently expects to continue for the remainder of 2026.

Full Year 2026Current  GuidancePrevious  GuidanceDepletions and Shipments Percentage ChangeDown low-single digits to mid-single digitsDown low-single digits to mid-single digitsPrice Increases1% to 2%1% to 2%Gross Margin (including Tariffs)48.5% to 50%48% to 50%Tariff Costs($ million)$20 to $30$20 to $30Advertising, Promotion, and Selling ExpenseYear Over Year Change($ million)$0 to $20$20 to $40GAAP Tax Rate (Benefit)/ Provision(11.0%) to (12.0%)(9.5%) to (10.5%)Non GAAP Tax Rate Provision29% to 30%29% to 30%GAAP EPS (Income/ (Loss))($6.23) to ($4.23)($7.02) to ($5.02)Non-recurring Litigation Expenses impact per share($14.73) ($15.52) Non GAAP EPS$8.50 to $10.50$8.50 to $10.50Capital Spending($ million)$60 to $80$70 to $90    Underlying the Company's current 2026 projections are the following full-year estimates and targets:

The Company is monitoring changes in commodity costs driven by macroeconomic factors, particularly energy, which impacts freight expense as well as aluminum expense given the energy intensive nature of aluminum production. The Company’s current estimates of these cost increases are reflected in its guidance.Supply chain improvements implemented during 2025 resulted in more consistent levels of distributor inventory in terms of weeks on hand. The impact of these initiatives on prior year shipment timing, together with expected timing of shipments to meet demand in 2026, is expected to affect second half 2026 shipment phasing. The Company expects shipments to decline low to mid-single digits year over year in the third quarter followed by modest shipment growth in the fourth quarter.The Company’s business is seasonal, with the fourth quarter typically a lower volume quarter and the lowest gross margin rate of the year. The Company expects year over year gross margin rate improvement to be the most meaningful in the fourth quarter as shortfall fees are expected to be lower in 2026 versus 2025 and the Company typically expenses the majority of its shortfall fees in the fourth quarter. During full year 2026, the Company estimates shortfall fees and non-cash expense of third-party production pre-payments in total will negatively impact gross margins by 40 to 60 basis points.The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors. Advertising investment levels are expected to decline year over year in the fourth quarter as a result of lower full year investment levels and comparisons against high levels of investment in the fourth quarter of 2025 that included production costs associated with preparation for 2026 programming. Use of Non-GAAP Measures

Non-GAAP EPS and Non-GAAP Tax Rate are not defined terms under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-recurring litigation relating to a supplier dispute of $1.31 per diluted share in income in the second quarter of 2026 and $14.27 per diluted share in expense in the first half of 2026. Non-GAAP Tax Rate excludes from the projected GAAP Tax Rate the tax impact of the non-recurring litigation expense.  These non-GAAP measures should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses these non-GAAP financial measures to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes these forward-looking non-GAAP measures provide meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.

Forward-Looking Statements

Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.  It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements.  Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 27, 2025 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K.  Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

About the Company

The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.

Thursday, July 23, 2026

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data)   (unaudited)   Thirteen weeks ended  Twenty-six weeks ended   June 27, 2026  June 28,
2025  June 27, 2026  June 28,
2025 Revenue $607,757  $625,425  $1,069,333  $1,106,782 Less excise taxes  39,419   37,476   67,065   64,966 Net revenue  568,338   587,949   1,002,268   1,041,816 Cost of goods sold  281,968   295,431   501,937   530,035 Gross profit  286,370   292,518   500,331   511,781 Operating expenses:            Advertising, promotional, and selling expenses  185,881   159,713   325,957   297,249 General and administrative expenses  48,878   45,751   101,180   93,702 Impairment of brewery assets  234   4,985   236   4,985 Litigation (reduction) expense  (19,389)  —   192,646   — Total operating expenses  215,604   210,449   620,019   395,936 Operating income (loss)  70,766   82,069   (119,688)  115,845 Other income (expense), net:            Interest income, net  2,001   2,294   3,890   4,625 Other expense, net  (449)  (309)  (812)  (574)Total other income (expense), net  1,552   1,985   3,078   4,051 Income (loss) before income tax provision (benefit)  72,318   84,054   (116,610)  119,896 Income tax provision (benefit)  20,751   23,621   (22,916)  35,051 Net income (loss) $51,567  $60,433  $(93,694) $84,845 Net income (loss) per common share – basic $4.96  $5.45  $(8.99) $7.59 Net income (loss) per common share – diluted $4.96  $5.45  $(8.99) $7.58 Weighted-average number of common shares – basic  10,387   11,090   10,427   11,183 Weighted-average number of common shares – diluted  10,358   11,067   10,427   11,163 Net income (loss) $51,567  $60,433  $(93,694) $84,845 Other comprehensive (loss) income:            Foreign currency translation adjustment  (127)  245   (235)  394 Total other comprehensive (loss) income  (127)  245   (235)  394 Comprehensive income (loss) $51,440  $60,678  $(93,929) $85,239                   THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)   (unaudited)      June 27,
2026  December 27,
2025 Assets      Current Assets:      Cash and cash equivalents $265,549  $223,378 Accounts receivable, net  100,495   57,094 Inventories, net  118,118   92,532 Prepaid expenses and other current assets  27,184   20,316 Income tax receivable  4,466   24,259 Total current assets  515,812   417,579 Property, plant, and equipment, net  554,911   578,125 Operating right-of-use assets  24,716   30,229 Goodwill  112,529   112,529 Intangible assets, net  13,907   14,753 Third-party production prepayments  5,916   7,099 Note receivable  7,783   11,218 Other assets  19,520   22,063 Total assets $1,255,094  $1,193,595 Liabilities and Stockholders' Equity      Current Liabilities:      Accounts payable $125,029  $94,975 Accrued expenses and other current liabilities  166,201   144,797 Accrued litigation expenses  192,646   - Current operating lease liabilities  9,687   12,762 Total current liabilities  493,563   252,534 Deferred income taxes, net  21,347   64,785 Non-current operating lease liabilities  21,863   25,111 Other liabilities  3,749   4,885 Total liabilities  540,522   347,315 Commitments and Contingencies      Stockholders' Equity:      Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 8,224,038 and 8,408,458 issued and outstanding as of June 27, 2026 and December 27, 2025, respectively  82   84 Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000
issued and outstanding as of June 27, 2026 and December 27, 2025  21   21 Additional paid-in capital  709,867   698,811 Accumulated other comprehensive loss  (614)  (380)Retained earnings  5,216   147,744 Total stockholders' equity  714,572   846,280 Total liabilities and stockholders' equity $1,255,094  $1,193,595  THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)   (unaudited)   Twenty-six weeks ended   June 27,
2026  June 28,
2025 Cash flows provided by operating activities:      Net (loss) income $(93,694) $84,845 Adjustments to reconcile net (loss) income to net cash provided by operating activities:      Depreciation and amortization  42,563   45,178 Impairment of brewery assets  236   4,985 Gain on sale of property, plant, and equipment  (78)  (42)Litigation expense  192,646   — Change in right-of-use assets  5,513   (8,405)Stock-based compensation expense  11,470   10,924 Deferred income taxes  (43,439)  (10,517)Other non-cash income  (282)  (20)Changes in operating assets and liabilities:      Accounts receivable  (43,399)  (31,388)Inventories  (25,801)  (17,404)Prepaid expenses and other current assets  (7,091)  (6,625)Income tax receivable  19,793   6,643 Third-party production prepayments  1,183   5,151 Brewery-related assets and cloud computing  3,000   2,673 Other non-current assets  (242)  (1,042)Accounts payable  34,452   25,449 Accrued expenses and other current liabilities  27,322   9,668 Operating lease liabilities  (6,323)  7,923 Other non-current liabilities  (254)  423 Net cash provided by operating activities  117,575   128,419 Cash flows used in investing activities:      Purchases of property, plant, and equipment  (22,865)  (24,156)Proceeds from disposal of property, plant, and equipment  78   42 Net cash used in investing activities  (22,787)  (24,114)Cash flows used in financing activities:      Repurchases and retirement of Class A common stock  (49,957)  (101,617)Proceeds from exercise of stock options and sale of investment shares  1,158   833 Cash paid on finance leases  (847)  (848)Payment of tax withholding on stock-based payment awards and investment shares  (2,971)  (2,060)Net cash used in financing activities  (52,617)  (103,692)Change in cash and cash equivalents  42,171   613 Cash and cash equivalents at beginning of period  223,378   211,819 Cash and cash equivalents at end of period $265,549  $212,432        Copies of The Boston Beer Company's press releases, including quarterly financial results, are available at www.bostonbeer.com         Investor Relations Contact:  Media Contact:Nora Doherty  Dave DeCecco(617) 368-5390  (914) [email protected]  [email protected]

Key Takeaways SAM is leveraging pricing, procurement savings and brewery optimization to support margins.Boston Beer is expanding Sun Cruiser, Truly Unruly and Sinless Vodka Cocktails to drive growth. SAM is investing in core brands, Beyond Beer innovation and targeted marketing to strengthen long-term growth. The Boston Beer Company, Inc. (SAM - Free Report) has been making strategic initiatives to aid growth. SAM’s consistent focus on pricing, product innovation and growth of non-beer categories, alongside brand development, bodes well. Boston Beer continues to benefit from strategic pricing actions, procurement savings, brewery optimization and revenue-management initiatives that help offset inflationary and tariff-related cost pressures.

Ongoing efficiency improvements across brewing operations, procurement, waste reduction and network optimization are enhancing operating leverage, while modest pricing and a favorable product mix are expected to further support margin expansion.

Product innovation remains a key pillar of Boston Beer’s growth strategy. The company is broadening its offerings with new flavors, pack sizes and premium products across its major brands. The strong momentum of Sun Cruiser, expansion of Truly Unruly, continued innovation in Twisted Tea and the wider rollout of Sinless Vodka Cocktails position the company to capture evolving consumer preferences and benefit from growth in the ready-to-drink beverage market.

Boston Beer is executing a strategy focused on strengthening its core brands, expanding the Beyond Beer portfolio and driving profitable growth. The company continues to invest in brand equity, introduce new product formats, expand Truly Unruly, support Samuel Adams through targeted marketing and capitalize on major events to increase brand visibility. These initiatives are expected to reinforce its long-term growth prospects.

Boston Beer is focused on the revival of its Samuel Adams and Angry Orchard brands, cost-saving initiatives and long-term innovation. The company believes that there is an opportunity for Hard Mountain Dew, within the expanded pack sizes and channels, with convenience stores. Such efforts are likely to bolster SAM’s profitability.

SAM’s Price Performance, Valuation and EstimatesShares of Boston Beer have lost 11.9% year to date compared with the industry’s growth of 8.9%.

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From a valuation standpoint, SAM trades at a forward price-to-earnings ratio of 17.32X compared with the industry’s average of 14.99X.

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The Zacks Consensus Estimate for SAM’s 2026 earnings per share (EPS) indicates a drop of 1.2% year over year while that of 2027 indicates year-over-year growth of 15.9%. The company’s EPS estimates for 2026 and 2027 have been stable in the past 30 days.

Boston Beer stock currently carries a Zacks Rank #3 (Hold).

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