Here are 1-3 brief analogies for Farmer Bros:

• Starbucks for restaurants and hotels
• Sysco for coffee
• J.M. Smucker for the B2B coffee and tea market

• Coffee: Farmer Bros. roasts, manufactures, and distributes a wide variety of coffee products, including whole bean, ground, and liquid coffee concentrates.
• Tea: The company offers a selection of hot and iced tea products, available in various forms such as tea bags and concentrates.
• Culinary Products: They provide an array of complementary culinary items, including spices, mixes, condiments, and non-dairy creamers.
• Equipment and Supplies: Farmer Bros. also supplies coffee brewing equipment, grinders, and other related accessories essential for beverage preparation.

Farmer Bros (FARM) - Major Customers

Farmer Bros (FARM) primarily sells its coffee, tea, and culinary products to other companies (B2B) within the foodservice industry.

However, specific major customer names that individually account for a significant portion (typically 10% or more) of their revenue are not publicly disclosed in their financial filings. According to their fiscal year 2023 10-K report, their single largest customer accounted for approximately 7% of net sales, meaning no individual customer met the threshold for mandatory public disclosure as a major customer.

Instead, the company serves a diversified customer base across several categories within the foodservice and hospitality sectors. These customer categories include:

• National, regional, and independent restaurants and quick-service restaurant chains
• Convenience stores
• Hotels and casinos
• Healthcare facilities
• Third-party retail and foodservice customers (for private label manufacturing and supply programs)

Given that no single public company customer accounts for 10% or more of revenue, specific names and symbols of public customer companies are not available.

John Moore, President; Chief Executive Officer; Director

John Moore was appointed President and Chief Executive Officer of Farmer Brothers in January 2024, having served as interim CEO since October 2023. Before this, he was the company's Head of Coffee, overseeing green coffee procurement, research and development, roasting, manufacturing, and sustainability initiatives. Prior to joining Farmer Brothers in May 2023, Mr. Moore was the CEO of Vassilaros Coffee from 2018 to 2023. His earlier career includes roles as senior trader and general manager at Volcafe Specialty Coffee, CEO and managing partner of FAL Coffee Inc., and vice president of sales and marketing at Octavio Inc., also known as Dallis Coffee. Mr. Moore has also founded and led several businesses, including Jolly Roger Imports, ELIXIR Cocktail & Espresso Bar, and the German expansion of New York Gourmet GmbH & Co. He possesses over 30 years of experience in the coffee industry.

Vance Fisher, Chief Financial Officer

Vance Fisher joined Farmer Brothers in June 2024 as the Chief Financial Officer. Before this role, he was the CFO of Nothing Bundt Cakes, where he contributed to tripling the company's EBITDA in three years. Mr. Fisher's previous experience includes serving as CFO for Dunn's River Brands, a DSD (direct store delivery) food and beverage company, and Daisy Brand, where he was instrumental in quadrupling revenue and profitability growth over his nine-year tenure. He brings more than 25 years of financial leadership experience to the company.

Jared Vitemb, Vice President; General Counsel; Chief Compliance Officer; Secretary

Jared Vitemb became Vice President, General Counsel, Chief Compliance Officer, and Secretary at Farmer Brothers in 2022. Prior to his current role, he held various positions with FTS International Services, Inc., from 2017 to 2022. He also worked as an in-house attorney for Dean Foods Company from 2014 to 2017.

Brian Miller, Vice President - Sales

Brian Miller joined Farmer Brothers in January 2025 as the Vice President of Sales. He is responsible for overseeing the company's sales and marketing operations. Mr. Miller has more than 25 years of experience leading teams in the consumer product industry.

David A. Pace, Chairman of the Board

David A. Pace has served as the Chairman of the Board for Farmer Brothers since 2023. He also holds the position of Chairman at Red Robin Gourmet Burgers, Inc. Previously, Mr. Pace was the Chief Executive Officer and President of Jamba Inc. from 2016 to 2018, and a Director there from 2012 to 2021. His career also includes various executive roles at Bloomin' Brands Inc. from 2014 to 2016, and as Executive Vice President and Chief Resource Officer from 2010 to 2014. Earlier in his career, he held several leadership positions at Starbucks Corporation.

The sustained and growing trend of sophisticated at-home coffee consumption, driven by the increasing accessibility of high-quality, ethically sourced specialty beans through direct-to-consumer (DTC) channels and advancements in home brewing equipment. This shift reduces reliance on and demand for "away from home" coffee, directly impacting Farmer Bros.'s primary foodservice and hospitality customer base.

Farmer Bros (symbol: FARM) operates primarily in the United States, distributing coffee, tea, and culinary products to foodservice establishments and retailers.

Addressable Market Sizes (United States):

• Coffee:
  • The U.S. coffee market was valued at approximately USD 29.0 billion in 2025 and is estimated to reach USD 39.7 billion by 2034, growing at a compound annual growth rate (CAGR) of 3.54% from 2026-2034. Other estimates place the U.S. coffee market at USD 90.97 billion in 2025, projected to reach USD 150.88 billion by 2034 with a CAGR of 5.8%. Additionally, the market was valued at USD 28.1 billion in 2024 and is forecast to grow to USD 37.4 billion in 2032, with a CAGR of 3.8% from 2025 to 2032. Consumers in the U.S. spent nearly USD 110 billion on coffee and related goods in 2022.
  • The U.S. specialty coffee market is projected to reach USD 81.8 billion by 2030, exhibiting a CAGR of 9.5% from 2025 to 2030.
  • The U.S. foodservice coffee market is projected to reach USD 154.01 billion by 2032. North America is the largest market for foodservice coffee, accounting for approximately 40% of the global market share. The global foodservice coffee market was valued at USD 427.3 billion in 2024 and is projected to grow to USD 693.59 billion by 2035, with a CAGR of 4.5% during 2025-2035.
• Tea:
  • The U.S. tea market generated USD 1.4182 billion in revenue in 2024 and is expected to reach USD 2.0353 billion by 2030, with a CAGR of 6.2% from 2025 to 2030. Another source valued the U.S. tea market at USD 1.48 billion in 2024, with a projection to reach USD 2.10 billion by 2033, exhibiting a CAGR of 3.14% from 2025-2033.
  • The U.S. foodservice tea market size is forecast to increase by USD 3.86 billion between 2024 and 2029, at a CAGR of 4.8%. The full-service restaurants segment of the U.S. foodservice tea market was valued at USD 6.57 billion in 2023.
• Culinary Products: Information on the specific addressable market size for Farmer Bros.'s "culinary products" beyond coffee and tea is not readily available. The company's product portfolio also includes premium spices, pancake and biscuit mixes, gravy and sauce mixes, soup bases, dressings, syrups, and other coffee-related products.

Here are 3-5 expected drivers of future revenue growth for Farmer Bros. (symbol: FARM) over the next 2-3 years:

1. Pricing Optimization Efforts: Farmer Bros. has been actively implementing and refining its pricing strategies, including the use of an AI-based pricing engine, to optimize margins. Although the company has indicated that it has maximized the benefits of recent price increases and does not plan additional near-term price hikes, the ongoing focus on strategic pricing is expected to contribute to revenue growth by ensuring competitive yet profitable pricing.
2. Customer Growth and Retention through Direct Store Delivery (DSD) Network: The company is committed to driving top-line revenue through customer growth and strengthening customer retention. This strategy involves leveraging its extensive Direct Store Delivery (DSD) network to enhance customer service, improve supply chain execution, and optimize equipment.
3. Expansion into New Products, Brands, and Market Penetration: Farmer Bros. plans to introduce trending products and expand its offerings. A notable initiative is the rollout of a specialty tier coffee brand and a partnership with Eurest to open 50 Sum>One Coffee Roasters-branded cafes across the country. The company also aims to increase product penetration within its existing customer accounts.
4. Increasing Overall Coffee Volumes: Management has explicitly stated its commitment to increasing overall coffee volumes in fiscal year 2026. This indicates a direct focus on growing the quantity of products sold, which is a fundamental driver of revenue expansion.
5. Operational Efficiencies and Cost Management: While primarily impacting profitability, the significant improvements in operational efficiency, cost management (including reductions in selling, general, and administrative expenses), and gross margin expansion provide a more stable financial foundation. This improved financial health can indirectly support revenue growth by allowing for investments in growth initiatives, more flexible pricing strategies, or enhanced customer offerings.

Share Issuance

• For the nine months ended March 31, 2025, Farmer Bros. Co. reported $3.896 million in common stock and stock option exercises.
• As of September 2, 2025, the company had 21,592,496 shares of common stock outstanding.

Capital Expenditures

• Capital expenditures paid were $7.4 million for the nine months ended March 31, 2025, and $10.3 million for the nine months ended March 31, 2024.
• For fiscal year 2026, the company anticipates capital expenditures to be between $9.0 million and $11.0 million.
• In fiscal 2025, capital expenditures were focused on upgrading technology infrastructure to boost digital marketing and customer service capabilities, and enhancing service with Revive network and CRM upgrades.