J&J Snack Foods makes and sells snack foods and frozen beverages, targeting impulse and occasion-driven consumption at stadiums, theaters, amusement parks, schools, and convenience stores, as well as retail supermarkets. The company operates through three segments: Food Service (~55% of revenue), Frozen Beverages (~23%), and Retail Supermarkets (~22%). Core product lines include soft pretzels (sold under the SUPERPRETZEL brand at retail), frozen beverages (ICEE and SLUSH PUPPIE), bakery products, frozen novelties (including Dippin' Dots, LUIGI'S, and WHOLE FRUIT), churros, and handhelds. Bakery is the largest product category at ~27% of revenue, followed by frozen novelties (~16%), soft pretzels (~18%), and frozen beverages (~14%). In frozen beverages and soft pretzels, J&J supplies customers with dispensing and display equipment at no charge, retaining ownership of the hardware — this creates a recurring ingredient and maintenance revenue stream and raises switching costs. J&J services ~132,000 frozen beverage dispensers across the U.S., Mexico, and Canada through a proprietary distribution network. Margins are meaningfully seasonal, with summer (Q3) the peak quarter as frozen beverage and novelty volumes rise. J&J launched "Project Apollo" in FY25, a cost restructuring program targeting at least $20M in annualized savings through facility closures and consolidation. On the commercial side, J&J is expanding Dippin' Dots into movie theaters and retail, reformulating SUPERPRETZEL, pursuing permanent QSR placements for churros, and rolling out ICEE machines to new convenience and QSR customers.