Here are 1-2 brief analogies for Branchout Food (BOF):

• They're like the Beyond Meat of fruits and vegetables.
• Imagine Impossible Foods, but for shelf-stable produce.

• Dried Avocado Chips: Shelf-stable and crispy snack made from dehydrated avocado slices.
• Avocado Powders: Versatile powders made from dehydrated avocados, ideal for smoothies, baking, and cooking.
• Dried Mango: Sweet and chewy snacks made from dehydrated mango slices.
• Dried Blueberry: Nutrient-rich, chewy snacks made from dehydrated blueberries.
• Dried Strawberry: Sweet and tangy snacks made from dehydrated strawberry slices.

Branchout Food (BOF) primarily sells its products to other companies, specifically food retailers and distributors, who then make the products available to individual consumers.

The company's annual reports (e.g., 10-K filing for December 31, 2023) indicate a reliance on a limited number of major customers. For the year ended December 31, 2023, Branchout Food reported that its largest customer accounted for approximately 18% of its revenue. However, the company does not publicly disclose the specific names of these major customers in its SEC filings.

Based on publicly available information regarding their distribution partnerships and retail presence, the following are likely major customers or types of major customers:

• United Natural Foods, Inc. (Symbol: UNFI) - A major natural and organic food distributor.
• KeHE Distributors - A large privately held natural, organic, specialty, and fresh food distributor.
• Sprouts Farmers Market (Symbol: SFM) - A prominent natural and organic grocery retailer.
• Albertsons Companies, Inc. (Symbol: ACI) - One of the largest food and drug retailers in the United States, operating chains like Albertsons and Safeway.

While Branchout Food also sells directly to individual consumers through its online platform, the significant revenue concentration from specific B2B relationships indicates that retailers and distributors are its major customers.

• Freeze Dry Foods, Inc.

Eric Healy, CEO and Chairman of the Board

Eric Healy has served as 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, managing all aspects of the business. His professional background also includes roles as a Senior Mechanical Engineer at Stratos Product Development and Synapse Product Development, as well as a Mechanical Engineer at the Boeing Company. Healy's family has a significant background in natural food entrepreneurship, including an uncle who started and sold a kettle chip brand to an international multi-billion dollar business and Kona Brewery to Anheuser-Busch. He personally invested $400,000 in BranchOut Food in July 2024.

John Dalfonsi, CFO and Director

John Dalfonsi has been the Chief Financial Officer and a Director since January 2024. Since 1995, he has been involved in closing public and private equity and debt financings, mergers and acquisitions, advisory and fairness opinion transactions, and Nasdaq and NYSE/AMEX IPOs. His career has largely been spent at ROTH Capital Partners, LLC and Paulson Investment Company, LLC. Mr. Dalfonsi has served as the Managing Member at Eagle Vision Fund G/P., LLC since 2021. An entity affiliated with Mr. Dalfonsi, Eagle Vision Fund LP, invested $100,000 in BranchOut Food in July 2024, and he acquired additional company shares through this fund in August 2024.

David Israel, Co-founder and Business Development (Independent Contractor)

David Israel is a co-founder of BranchOut Food and has a notable history in food entrepreneurship. He currently serves as the Chief Executive Officer of Good Planet Foods since 2018 and as the Chief Executive Officer of BFY Food Group since 2017. Mr. Israel also founded Pop Gourmet. As of October 2025, Mr. Israel transitioned from an independent director on the board to an independent contractor, focusing on business development and attracting new customers for BranchOut Food.

Joshua O'Brien, Vice President of Sales

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

Jesse Thomas, Chief Marketing & Brand Officer

Jesse Thomas holds the position of Chief Marketing & Brand Officer at BranchOut Food.

Branchout Food (BOF) operates in the market for plant-based dehydrated fruit and vegetable snacks, powders, and industrial ingredients. While Branchout Food utilizes its proprietary GentleDry Technology, which it distinguishes from freeze-drying, market research often groups these types of products under broader categories such as "freeze-dried fruits and vegetables" or "dried food" due to similar consumer applications and benefits like extended shelf-life and nutritional preservation.

Addressable Markets for Branchout Food's Main Products:

Global Freeze-Dried Fruits & Vegetables Market: This market, which encompasses products similar to Branchout Food's dehydrated fruit and vegetable snacks (e.g., Avocado Chips, Pineapple Chips, Brussels Sprout Crisps) and some powders, was valued at approximately USD 8.75 billion in 2024. It is projected to grow to USD 14.87 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.86% during this forecast period. Other estimates for the global freeze-dried fruits market specifically indicate a growth from USD 9.97 billion in 2025 to USD 20.18 billion by 2035, at a CAGR of 7.3%.

Global Avocado Powder Market: Relevant to Branchout Food's avocado powder products, this market was calculated at a value of US$ 522.6 million for 2024. It is projected to reach US$ 1.05 billion by 2034, driven by a CAGR of 7.3%. The North American avocado powder market alone was evaluated at US$ 112.8 million in 2024.

Global Freeze-Dried Avocado Market: More specifically for avocado products, this market was estimated at $500 million in 2025. It is projected to grow to approximately $950 million by 2033, demonstrating a CAGR of 8% from 2025 to 2033.

Branchout Food (BOF) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Production Capacity and In-housing Production: The company's new 50,000-square-foot facility in Peru, which became fully operational in Q1 2025, has substantially increased its annual production capacity to over $40 million. Branchout Food has also committed to acquiring an additional EnWave REV™ 120kW machine for early 2026, which could further boost capacity to approximately $50 million. This expansion, coupled with bringing production in-house, is anticipated to lead to higher gross margins and immediate profitability, directly contributing to revenue growth.
2. Expansion of Retailer Partnerships and Product Offerings: Branchout Food is deepening its relationship with major retailers, notably "the nation's largest warehouse club" (Costco). This includes the expansion of product offerings (such as the successful new strawberry item and crunchy fruit multipacks) and regional rollouts across multiple markets, driving substantial sales commitments. The company is also actively securing new warehouse club orders and exploring partnerships with other leading grocery chains, broadening its market reach.
3. Growth in Industrial Ingredient Sales: A strategic focus on the ingredient channel is a significant driver. Branchout Food has secured initial orders with large ingredient customers, such as a major salad kit producer for crunchy cherry tomatoes. Furthermore, a strategic ingredient partnership with MicroDried is projected to generate $5-6 million in annual ingredient sales, diversifying revenue streams and expanding into new customer segments.
4. Strong Demand for Patented GentleDry™ Technology and Innovative Products: The company's proprietary GentleDry™ dehydration technology is consistently cited as a key differentiator, enabling the creation of innovative, first-to-market dehydrated fruit and vegetable snacks that excel in flavor, nutrition, and texture. Continued consumer demand for these unique products, including avocado chips, pineapple chips, and bell pepper crisps, underpins the company's growth trajectory and market adoption.

Share Repurchases

• BranchOut Food has a negative buyback yield of -36.47% in the last 12 months, indicating dilution rather than repurchases.

Share Issuance

• The number of outstanding shares of BranchOut Food increased by 36.47% in one year.
• BranchOut Food currently has 11.78 million shares outstanding.
• Institutional investors purchased 331,696 shares of BranchOut Food stock over the last 24 months, representing approximately $714.79K in transactions.

Inbound Investments

• Over the past two years, 10 institutional investors and hedge funds held shares of BranchOut Food.
• Some of the most heavily invested institutional investors include Citadel Advisors LLC ($112K), Perritt Capital Management Inc. ($73K), and XTX Topco Ltd ($69K).

Outbound Investments

• Information on specific dollar amounts for long-term investments made by BranchOut Food in other companies is not explicitly available in the provided sources for the last 3-5 years.

Capital Expenditures

• BranchOut Food's capital expenditures were -$2.76 million in the last 12 months.
• The company operates large-scale production facilities in Peru and Chile, strategically located in regions rich in fruits and vegetables, which suggests a focus on production infrastructure.