Cal-Maine Foods reported an adjusted first-quarter loss of $1.26 per share as oversupply in the conventional shell egg market drove lower prices and weakened revenue. The new update puts the expected loss at $0.77 per share, compared with the previously cited analyst consensus of $0.47. Revenue fell about 42% year over year to $539.6 million, broadly consistent with the previously reported $539.61 million and 41.5% decline, and below the $587.8 million estimate. The company swung to a $58.62 million net loss from $199.34 million in net income a year earlier, while shares slipped 1.54% in pre-market trading. Conventional Shell Eggs sales dropped 59.5%, mainly because the average selling price per dozen declined 59.3%, although volume was relatively flat. Specialty Shell Eggs sales fell 14.0% and Prepared Foods sales declined 13.0%. Specialty Shell Eggs and Prepared Foods accounted for 54.1% of net sales, up from 37.1% a year earlier, with Prepared Foods alone rising to 11.7% from 7.8%. Cal-Maine repurchased 66,601 shares for $5.0 million, paid no first-quarter dividend under its variable dividend policy, and reported a $94.5 million cumulative loss that must be recovered before any future dividend. Capacity expansion projects are expected to increase Prepared Foods production capacity by more than 60% by the first half of fiscal 2028 compared with fiscal 2026 year-end. An analyst downgraded the stock to Hold and set a $70 price target, representing a stated 2.85% upside from current levels.