Pillsbury for frozen dough products, combined with Jack Link's for meat snacks.

Imagine a blend of **Pillsbury**'s baked goods with **Jack Link's**' jerky.

• Biscuits: These are frozen dough products offered to food service and retail customers.
• Bread Dough Items: A variety of frozen bread dough products sold to food service and retail customers.
• Roll Dough Items: Frozen roll dough products distributed to food service and retail customers.
• Dry Sausage Products: Snack food items primarily distributed to supermarkets, mass merchandise, and convenience stores.
• Beef Jerky Products: Snack food items offered to supermarkets, mass merchandise, and convenience retail stores.

Bridgford Foods (symbol: BRID) primarily sells its products to other companies (B2B) rather than directly to individuals. Based on the provided background information, specific customer company names are not disclosed. However, its major customers fall into the following categories:

• Food Service Customers: This category includes various establishments like restaurants, institutions, and cafeterias that utilize Bridgford's frozen food products.
• Retail Customers: This broad category covers retail outlets such as supermarkets, mass merchandise stores, and convenience retail stores, which sell Bridgford's frozen and snack food items to end consumers.
• Wholesalers, Cooperatives, and Distributors: These are intermediary businesses that purchase Bridgford's products for further distribution to food service and retail customers.

Baron R. H. Bridgford II, President and Chairman of the Executive Committee

Baron R. H. Bridgford II was elected President and Chairman of the Executive Committee in October 2021. He previously served as Vice President, responsible for the company's marketing and processing operations in the Snack Food Products Segment. From 2008 to 2021, he led the Chicago Meat Snack division, gaining hands-on experience in direct store delivery (DSD) distribution, route operations, key account management, and building co-packing and warehouse businesses. Mr. Bridgford holds a B.S. in Business Administration from the University of Colorado. The Executive Committee, which he chairs, functions as the CEO of Bridgford Foods.

Cindy Matthews-Morales, Chief Financial Officer, Corporate Secretary, and Controller

Cindy Matthews-Morales was named Chief Financial Officer, Corporate Secretary, and Controller, effective October 29, 2022. Born in 1970, she is responsible for managing the company's financial strategy, including financial planning, risk management, and reporting, and is crucial for the company's fiscal health and profitability.

Michael W. Bridgford, Chairman of the Board

Michael W. Bridgford was elected Chairman of the Board effective October 30, 2021. Prior to this role, he served as Vice President of Bridgford Foods Corporation, overseeing the company's sales and marketing operations within the Frozen Food Products Segment.

William L. Bridgford, Vice President and Director

William L. Bridgford serves as a Vice President and Director of Bridgford Foods Corporation, a role he took on in October 2021. Born in 1955, he brings extensive experience and a deep understanding of the company's operations and strategic direction, contributing significantly to its growth and success. He previously held the position of Chairman of the Board.

Chris Cole, Senior Vice President

Chris Cole was elected Senior Vice President of Bridgford Marketing Company in October 2021.

The key risks to Bridgford Foods (BRID) are:

1. Inflation, Commodity Volatility, and Rising Costs: Bridgford Foods is significantly impacted by ongoing inflation and volatility in commodity costs, particularly for meat and freight, which has pressured profitability and gross margins. The company has experienced increased costs for meat commodities, temporary labor, healthcare expenses, and repairs and maintenance, leading to a decrease in gross margin.
2. Customer Concentration: A substantial portion of Bridgford Foods' sales is concentrated with a few major customers, most notably Walmart, which accounted for 32.9% of quarterly sales. Dollar General is another significant customer, representing 14.0% of sales. A reduction in orders or changes in relationships with these key customers could materially and adversely affect the company's revenues and financial performance.
3. Financial Challenges and Loan Covenant Breaches: Bridgford Foods has reported ongoing net losses and faced financial challenges. The company has breached loan covenants, including a net income loan covenant and a quick ratio covenant, although these have been waived by its lender. Continued losses and covenant pressures elevate financial risk and could impact liquidity and borrowing capacity.

The increasing consumer demand for plant-based food alternatives poses a clear emerging threat to Bridgford Foods' dry sausage and beef jerky products. As the market for plant-based snacks and meat alternatives expands, new companies and existing competitors are introducing a wide range of plant-based jerky and sausage products that directly compete with and aim to displace traditional meat-based offerings in the snack food segment.

The addressable markets for Bridgford Foods' main products and services in the United States are as follows:

Frozen Food Products

• Biscuits: The U.S. biscuits market size was valued at USD 22.19 billion in 2024.
• Bread Dough Items and Roll Dough Items: The frozen dough market in the United States generated a revenue of USD 7,174.9 million in 2021 and is expected to reach USD 10,918.8 million by 2030.

Snack Food Products

• Dry Sausage Products: The global dry sausage market was valued at approximately USD 5.41 billion in 2024, and North America is a significant market, leading with 35% of global production share. The United States consumed over 620,000 metric tons of dry sausage in 2024.
• Beef Jerky Products: The market size of Meat Jerky Production in the U.S. is USD 1.0 billion in 2025.

Bridgford Foods (symbol: BRID) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Price Increases: The company has consistently utilized higher selling prices to drive revenue growth, often offsetting declines in unit volumes. This approach is expected to continue contributing to top-line expansion across its product segments. Notably, the Snack Food Products segment has seen sales increases primarily due to higher pricing.
2. Expansion in Private-Label Product Offerings: Bridgford Foods is strategically focusing on the growth of its private-label product lines. This initiative aims to capture additional market share by providing custom-branded solutions to retailers and foodservice customers.
3. Growth in Retail Sales Volume for Frozen Food Products: The Frozen Food Products segment has demonstrated increased retail sales volume, with a notable 27% rise in Q2 2025 despite a decline in foodservice visits. This indicates a strong performance in the retail channel for its frozen offerings, which the company aims to sustain.
4. Continued Focus on Product Innovation: As a core part of its long-term growth strategy, Bridgford Foods emphasizes product innovation. While specific new product launches were not detailed, ongoing innovation is anticipated to cater to evolving consumer preferences and market trends within the competitive bakery and snack foods industry.

Share Repurchases

• Bridgford Foods Corporation did not repurchase any shares of its common stock during fiscal years 2025, 2024, and 2023.
• As of November 1, 2024, 120,113 shares remained authorized for repurchase under the company's stock repurchase program.
• The company completed a buyback program, originally announced in January 2000, having repurchased 1,863,527 shares for $17.76 million, with no repurchases made between July 12, 2025, and October 31, 2025.

Share Issuance

• Bridgford Foods Corporation did not sell or issue any equity securities during the fiscal year ended November 1, 2024.
• The number of shares outstanding for Bridgford Foods remained consistently at approximately 9 million from October 2020 through October 2025.
• As of January 29, 2025, there were 9,076,832 shares of common stock outstanding.

Capital Expenditures

• Bridgford Foods' capital expenditures were $6 million in fiscal year 2021, $4 million in fiscal year 2022, $3 million in fiscal year 2023, and $4 million in fiscal year 2024.
• For fiscal year 2025, capital expenditures are projected to be $9 million, and for fiscal year 2026, they are projected to be $10 million.
• The capital expenditures are primarily focused on funding long-term assets and infrastructure.