The Simply Good Foods Company reported QQ1 2025 net sales of $341.3 million, up 10.6% year over year, driven by the OWYN acquisition. Gross margin improved to 38.2%, slightly ahead of forecast, supporting adjusted EBITDA of $70.1 million (+13.1% YoY). Legacy net sales were flat versus the prior year, with timing of shipments weighing on legacy channels, while OWYN contributed meaningfully to top-line growth. Management reaffirmed full-year 2025 guidance: net sales growth of 4%–6% and adjusted EBITDA growth modestly above net sales growth, with OWYN expected to contribute $135–$145 million of net sales in 2025. Management stressed continued momentum in Quest (retail takeaway up about 10% in Q1; Chips POS up 26%), healthy growth in the broader Nutritional Snacking category (about 12%), and ongoing OWYN distribution expansion and SKU/pack-size expansion. Atkins faced a slightly larger headwind in QQ1 with a ~4% decline in retail takeaway, reflecting ongoing optimization of low ROI investments, portfolio pruning, and a higher emphasis on GLP-1–related weight-management messaging. The company remains confident in Quest and OWYN as growth platforms and expects Atkins to stabilize under its revitalization plan, with improvements anticipated later in fiscal 2025 and into 2026. The overall risk/reward profile remains favorable given a diversified three-brand portfolio, improving gross margins, strong free cash flow conversion, and a clear path to higher-margin OWYN synergies and scale in the coming years.