Here are a few brief analogies for Above Food Ingredients (ABVE):

• Like an Archer Daniels Midland (ADM) for plant-based foods, that also owns and sells its own popular plant-based consumer brands (similar to Oatly or Beyond Meat).
• Imagine Beyond Meat or Oatly, but fully vertically integrated from the farm (growing its own plant ingredients) to the grocery shelf.

• Plant-Based Proteins & Ingredients: Offers a range of plant-based protein isolates, flours, and ancient grain ingredients for food manufacturers.
• Plant-Based Dairy Alternatives: Produces and sells oat-based milk, creamers, and other dairy alternative products.
• Plant-Based Meat Alternatives: Develops and markets various plant-based meat substitutes and ready-to-eat meals.

• Food Processors and Manufacturers: These companies purchase Above Food Ingredients' specialized plant-based ingredients (such as pulse protein isolates, flours, starches, and gluten-free oat ingredients) to incorporate into their own branded food and beverage products.
• Retail Grocery Chains: For its branded consumer products (e.g., Only Oats, Lentil Up, Farmer Direct Organic, Veggie Valley), Above Food Ingredients sells to grocery retailers who then stock these items on their shelves for end consumers.
• Foodservice Distributors: These distributors serve the institutional and commercial foodservice sectors (restaurants, cafeterias, etc.), potentially purchasing Above Food Ingredients' products or ingredients for their client base.

null

Lionel Kambeitz, Founder, President, Chief Executive Officer and Executive Chairman

Mr. Kambeitz is a Co-Founder of Above Food Ingredients and has served as its Chief Executive Officer and a board member since September 2020. He also founded KF Farms and served as its Executive Chairman from January 2013 to January 2023. Mr. Kambeitz is the Chairman of the board of Carbon RX Inc. and a director on the board of Regenera Insights Inc. He has over three decades of experience in agriculture, manufacturing, energy, and process design, and has served as a director for HTC Purenergy Inc. since 1996 and Kingsland Energy Corp. since 1995.

Jason Zhao, Executive Vice President, Chief Financial Officer and Director

Mr. Zhao has served as Above Food's Chief Financial Officer since October 2021.

Tyler West, Co-Founder, Vice President Disruptive Ag

Mr. West is a Co-Founder of Above Food and, since 2016, also a Founder, President, and Chief Executive Officer of Purely Canada Foods Corp. (PCFC), which is now a wholly owned subsidiary of Above Food. He has served as a member of the PCFC board of directors since October 2016 and as President and Chief Executive Officer of PCFC since October 2017.

Martin Williams, Co-Founder, Vice President Consumer Products

Mr. Williams is a Co-Founder of Above Food.

The rapid advancement and scaling of precision fermentation technology for producing functional food proteins. Companies leveraging precision fermentation (e.g., Perfect Day, Motif FoodWorks) are creating proteins (such as dairy proteins and heme) with functionalities that are often superior or identical to traditional animal-derived proteins, and potentially at lower costs and with a smaller environmental footprint than plant-based alternatives. These innovations directly compete with the types of plant-based proteins and ingredients that Above Food Ingredients supplies, by offering food manufacturers alternative, potentially more efficient or cost-effective sources for functional ingredients. If precision fermentation achieves widespread commercial viability and cost-effectiveness, it could significantly disrupt the market for traditional plant-based proteins derived from crops, challenging Above Food Ingredients' core business model for ingredient supply.

The addressable markets for Above Food Ingredients (ABVE), a company focused on regenerative ingredients and plant-based and gluten-free products, are significant and span several global sectors.

Plant-Based Market

• Global Plant-Based Food Market: This market was valued at USD 28.38 billion in 2024 and is projected to reach USD 176.90 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.70% from 2025 to 2032.
• Global Plant-Based Food Ingredients Market: The market for plant-based food ingredients was valued at USD 16.03 billion in 2023 and is anticipated to reach USD 40.2 billion by 2035, with a CAGR of approximately 7.96% from 2025 to 2035. Another estimate places the market at USD 10.87 billion in 2025, expecting it to reach USD 26.42 billion by 2033 with a CAGR of 11.75% from 2026-2033. North America is a prominent player in this market, valued at USD 5.0 billion in 2024 and projected to reach USD 12.0 billion by 2035.
• Global Plant-Based Protein Market: This market was valued at USD 24.08 billion in 2024 and is estimated to grow to USD 78.94 billion by 2033, with a CAGR of 14.1% from 2025 to 2033. North America led the global plant-based protein market in 2024, accounting for a 38.3% share.
• Global Plant-Based Protein Supplements Market: This market was estimated at USD 2,839.7 million in 2024 and is projected to reach USD 5,939.4 million by 2033, growing at a CAGR of 8.6% from 2025 to 2033. North America dominated this market in 2024 with a revenue share of 41.0%.
• Global Plant-Based Pet Food Market: This market is projected to grow at a 9% compound annual growth rate.

Gluten-Free Market

• Global Gluten-Free Products Market: This market was valued at USD 7.23 billion in 2024 and is expected to reach USD 11.91 billion by 2032, with a CAGR of 6.44%. Another report estimates the market size at USD 7.75 billion in 2024, projected to reach USD 13.67 billion by 2030, growing at a CAGR of 10.0% from 2025 to 2030. North America dominates the gluten-free products market, holding the largest revenue share of 35.06% in 2024.
• Global Gluten-Free Food Market: This market was valued at USD 7,430.40 million in 2024 and is projected to grow to USD 15,447.46 million by 2032, exhibiting a CAGR of 9.62% during the forecast period. North America was the largest regional market in 2024, valued at USD 3.84 billion.

1. Strategic Partnerships and Expansion into Financial Technology: Above Food Ingredients' merger with Palm Global Technologies marks a significant strategic pivot, transforming the company into a financial technology powerhouse. This includes gaining access to over $1.5 trillion of sovereign-owned assets for tokenization and stablecoin issuance, along with Palm Global's 30% stake in Palm Promax Investments, valued at $350 billion in gold-based assets. This new direction is expected to drive substantial revenue growth in new financial technology markets.
2. Innovation and Growth in Plant-Based Specialty Ingredients: The company continues to focus on its roots in regenerative ingredients and plant-based food solutions. Expediting growth opportunities for its Montana-based specialty ingredient subsidiary, Stricks Ag LLC, is a key focus for optimizing margins and driving profitability. Innovations in plant-based food solutions are highlighted as core drivers for future growth, aligning with broader consumer trends towards sustainable and plant-centric foods.
3. Expansion into New Geographic Markets: Plans to expand into Asian markets are anticipated to create new prospects and contribute to future revenue growth.
4. Development of AI-Driven Genomics and "Grow-to-Order" Initiatives: A strategic investment in developing an AI-driven genomics division and implementing a "Grow-to-Order" initiative, generating new business opportunities through Palm Global, is expected to introduce new products and services, thereby enhancing revenue streams.
5. Leveraging Vertically Integrated Supply Chain and Increased Asset Utilization: Above Food emphasizes its "Seed-to-Fork" platform and vertically integrated supply chain, aiming to drive momentum in its specialty ingredients business by improving margins and leveraging existing asset utilization to increase revenues in the coming years. The company's production facilities in the Disruptive Agriculture segment alone are capable of generating significantly more revenue than current levels.

Share Repurchases

• Above Food Ingredients has not made any significant share repurchases in the last 12 months.
• There is no significant history of share buybacks indicated for the past five years.

Share Issuance

• Above Food Ingredients' common stock began trading under the symbol ABVE on June 25, 2024, following its merger agreement with Bite Acquisition Corp.
• The company reported 51.19 million shares outstanding.

Inbound Investments

• On September 4, 2025, Above Food Ingredients secured a $20 million strategic investment through a convertible note from Web3 Powerhouse Aqua 1 Foundation.
• The company completed a merger with Palm Global Technologies, which involved a joint venture to utilize tokenization technologies for the mineral wealth of Burkina Faso.

Outbound Investments

• Above Food Ingredients announced the acquisition of Palm Global Technologies, a strategic move intended to enhance its product offerings and market presence.

Capital Expenditures

• Above Food Ingredients reported capital expenditures of -$2.21 million over the last 12 months.
• The company's free cash flow for the last 12 months was -$8.59 million.