The Impossible Foods of dehydrated produce.

A food tech company, similar to how Dyson engineers superior household appliances, but focused on plant-based dehydrated fruits and vegetables.

Here are Branchout Food's major products:

• BranchOut Snacks: Dehydrated fruit and vegetable-based snacks, including Avocado Chips, Chewy Banana Bites, and Pineapple Chips, made using their licensed technology.
• BranchOut Powders: Plant-based dehydrated powders such as Avocado Powder, Banana Powder, and Blueberry Powder, suitable for various consumer applications.
• BranchOut Industrial Ingredients: Bulk quantities of dried avocado pieces, avocado powder, and other fruit powders/pieces supplied for industrial use.

Branchout Food (BOF) primarily sells its products to other companies. These major customers fall into two main categories:

• Large Retailers: Branchout Food produces private label products for large retailers, who then sell these products under their own brand names to individual consumers. Additionally, Branchout's branded snacks and powders are sold through grocery channels, making retailers key direct customers.
• Food Manufacturers and Processors: These companies purchase Branchout Food's "Industrial Ingredients," such as Bulk Avocado Powder, dried avocado pieces, and other fruit powders/pieces, to use in their own product formulations.

The provided background information does not specify the names of these customer companies or their public symbols.

Eric Healy, Chief Executive Officer and Chairman of the Board

Eric Healy has served as the Chief Executive Officer of BranchOut Food since its inception in November 2017, and is also the Chairman of the Board. He brings over 13 years of experience as a mechanical engineer, product development engineer, and food entrepreneur. Prior to founding BranchOut, Mr. Healy was the owner and partner of the No-Bake Cookie Company, where he managed all aspects of the business. His family has a long history in the natural food business, having started and exited well-known brands such as Kettle Brand Kettle Chips and Kona Brewery. Before his entrepreneurial ventures, he worked as a Senior Mechanical Engineer at Stratos Product Development and Synapse Product Development, and as a Mechanical Engineer at the Boeing Company.

John Dalfonsi, Chief Financial Officer and Director

John Dalfonsi was appointed Chief Financial Officer on January 10, 2024, and has served as a director since June 21, 2023. Since 1995, Mr. Dalfonsi has been involved in closing public and private equity and debt financings, merger and acquisitions, advisory and fairness opinion transactions, and Nasdaq and NYSE/AMEX IPOs. He has extensive experience with companies in the healthcare, industrial, consumer, technology, cleantech, and resource sectors. He spent the bulk of his career at ROTH Capital Partners, LLC and Paulson Investment Company, LLC. Since 2021, Mr. Dalfonsi has been the Managing Member at Eagle Vision Fund G/P., LLC.

Jesse Thomas, Chief Brand Officer

Jesse Thomas was appointed Chief Brand Officer on February 19, 2025. He is well-known as the Founder & CEO of Picky Bars, a direct-to-consumer (DTC) brand in the health and performance snack space, which he scaled to over 10,000 subscribers and a multimillion-dollar e-commerce business, culminating in its $12 million acquisition by Laird Superfood. At BranchOut, he focuses on expanding the company's DTC business, e-commerce, subscription models, and direct brand engagement.

Joshua O'Brien, Vice President of Sales

Joshua O'Brien serves as the Vice President of Sales for BranchOut Food.

The key risks for Branchout Food (BOF) largely stem from its early-stage development, its reliance on specialized technology, and its market execution strategies.

1. Financial Viability and Going Concern Risk: Branchout Food is an early-stage company that has consistently incurred significant losses since its inception and is not yet profitable. The company posted a net loss of $3.93 million in 2023 and $4.17 million over the last twelve months, leading to substantial doubt about its ability to continue as a going concern. This lack of profitability has also resulted in substantial shareholder dilution, with the number of outstanding shares dramatically increasing from 1.2 million in March 2023 to 6.79 million in June 2024. If the company fails to achieve profitability, further capital raises through additional dilution may be necessary, potentially eroding the value of existing shares.
2. Dependence on Third-Party Licensed Technology and Intellectual Property Risks: Branchout Food's core competitive advantage and ability to produce unique dehydrated avocado and banana products are based on a specialized dehydration technology licensed from an independent third party. The company has exclusive rights to use this platform for avocados and non-exclusive rights for other products. Any issues with the licensing agreement, such as termination, non-renewal, or unfavorable changes in terms, could severely impact its operations. Furthermore, the underlying intellectual property, including more than 17 patents registered or pending, could face challenges to its validity or eventual expiration. Such events could erode Branchout Food's technological differentiation and competitive edge, particularly for products where its rights are non-exclusive.
3. Customer Concentration and Supply Chain Vulnerabilities: Branchout Food faces significant customer concentration risk due to an overreliance on a single key account, Walmart. A reduction in orders or termination of this relationship would have a devastating impact on the company's revenue and profitability. Additionally, the company is exposed to operational risks from its reliance on a limited number of suppliers for raw materials. It has also recently encountered production issues with a contract manufacturer, leading to a temporary halt in operations and the need to relocate equipment, highlighting vulnerabilities in its supply chain and manufacturing capabilities.

The emergence of a new, distinct dehydration technology that is capable of processing highly sensitive fruits and vegetables (such as avocados and bananas) into high-quality snacks and powders, thereby directly challenging BranchOut's core competitive assertion that its licensed technology is the "only way" to achieve such results.

BranchOut Food (NASDAQ: BOF) operates within several addressable markets related to plant-based dehydrated foods, including snacks, powders, and industrial ingredients. The global market sizes for these product categories demonstrate significant opportunities for growth.

BranchOut Snacks (Dehydrated Fruit and Vegetable Snacks)

• For dehydrated fruit snacks, the global market was valued at approximately USD 662.13 million in 2025 and is projected to increase to USD 1,081.62 million by 2032.
• For dehydrated vegetable snacks, the global market size was estimated at USD 5.5 billion in 2023 and is anticipated to reach USD 12.1 billion by 2032.

BranchOut Powders (Fruit and Vegetable Powders)

• The global fruit powder market was valued at USD 28.00 billion in 2025 and is projected to grow to USD 52.47 billion by 2034.
• For high-quality vegetable powders, such as freeze-dried, the global freeze-dried vegetable powder market size was valued at USD 41.17 billion in 2025 and is projected to reach USD 72.73 billion by 2034.

BranchOut Industrial Ingredients (Bulk Powders and Pieces)

• The broader global fruit and vegetable ingredients market, which includes bulk powders and pieces for industrial applications, was valued at USD 325.45 billion in 2025 and is expected to grow to USD 677.41 billion by 2032.

Expected Drivers of Future Revenue Growth for Branchout Food (BOF)

1. Expansion of Production Capacity: BranchOut Food is actively increasing its manufacturing capabilities by adding a fourth large-scale REV drying line, which is scheduled to be operational by March 1, 2026. This expansion is crucial for meeting high demand and is expected to position the company as the largest GentleDry™ operation globally.
2. Growth Through New Retailer Partnerships and Increased Placement with Major Retailers: The company has secured a new warehouse club customer with an initial order nearing $2 million, with the potential to generate up to $15 million in annual recurring revenue if it becomes a year-round program. Furthermore, BranchOut is developing up to nine new SKUs with the world's largest retailer, projected to bring in an estimated $10 million in incremental annualized revenue, with a target launch in the second half of 2026. The company also anticipates expansion with existing major retailers such as Costco and Walmart.
3. New Product Development and Launches: BranchOut is diversifying its product offerings by launching innovative items, including a first-of-its-kind shelf-stable dehydrated cheesecake utilizing its GentleDry™ technology, which creates a new dairy-based snack category. They are also developing new high-protein, dairy-based snacks.
4. Expansion of Private Label and Industrial Ingredients Business: BranchOut Food operates with three key business segments: branded retail, private label, and industrial ingredients, all of which are experiencing rapid expansion. The development of new SKUs with the largest retailer falls under private label initiatives, and the company expects $5-6 million in revenue from its ingredient channel from MicroDried in 2026.

Share Issuance

• BranchOut Food closed its initial public offering on June 21, 2023, issuing 1,190,000 shares of common stock at $6.00 per share, generating gross proceeds of $7,140,000.
• The company completed an underwritten public offering of 1,034,600 common shares at $2.50 per share, resulting in approximately $2,310,000 in net proceeds.
• BranchOut Food has raised an aggregate net of $5.24 million through at-the-market (ATM) issuances in 2024 and 2025, and entered into a new ATM agreement on January 27, 2026, to offer up to $1.5 million in common stock.

Inbound Investments

• On November 13, 2025, BranchOut Food announced a $2.5 million institutional investment from Bard Associates, Inc. for 1,034,600 shares of common stock.
• BranchOut secured $3.4 million in convertible notes and $1.2 million in senior secured notes from Kaufman Kapital to fund expansion as of April 15, 2025.
• A $1 million cash infusion was received on June 2, 2025, through the early exercise of existing warrants by Kaufman Kapital LLC.

Capital Expenditures

• BranchOut completed the build-out of a new 50,000 square-foot production facility in Peru, which commenced operations in December 2024, housing three large-scale REV dehydration machines.
• The company committed to purchasing an additional EnWave REV™ 120kW machine, expected to be operational by early 2026, to expand production capacity.
• In Q1 2025, BranchOut invested approximately $500,000 in capital expenditures to add dedicated air-drying capacity to its Peru facility, with completion expected by June 2025.