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• Imagine a Stouffer's specializing in Italian-American comfort food like meatballs and pasta dishes, sold in grocery stores.
• Think of it as a Rao's Homemade brand, but expanded to offer a full line of prepared, ready-to-heat Italian-American entrees and deli items.

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• Meatballs (Beef & Turkey): Prepared, ready-to-eat meatballs made from beef or turkey.
• Meat Loaf: Cooked and seasoned ground meat in loaf form.
• Chicken & Sausage Products: Various prepared dishes featuring chicken or sausage.
• Pasta Entrees with Sauce: Pre-packaged pasta dishes served with a variety of sauces.
• Ready-to-Serve Dinners & Bowls: Complete, convenient meals designed for quick consumption, including single-size pasta bowls.
• Packaged Refrigerated & Frozen Foods: A range of their prepared foods sold in chilled or frozen packaged formats, including bulk deli items.

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Mama's Creations (MAMA) sells its products primarily to other companies. Based on the company's description, it manufactures and distributes prepared, frozen, and refrigerated food products to supermarkets, mass-market retailers, food retailers, and distributors. While specific customer names are not explicitly provided in the company's public description, the following are identified as highly probable major customers, representing prominent companies within the categories described:

• Walmart Inc. (NYSE: WMT) - A leading mass-market retailer and a significant grocery provider across the United States.
• The Kroger Co. (NYSE: KR) - One of the largest supermarket chains in the United States, operating numerous grocery store banners.
• Target Corporation (NYSE: TGT) - A major mass-market retailer that also features a substantial food and grocery presence.
• Albertsons Companies, Inc. (NYSE: ACI) - A large food and drug retailer operating multiple supermarket banners across the U.S.

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Adam L. Michaels, Chairman & CEO

Adam L. Michaels was appointed Chief Executive Officer of Mama's Creations, Inc. in September 2022, and became Chairman in February 2023. Since his appointment, he has been recognized for leading the company to record revenue growth and a return to sustainable profitability. Michaels' strategic priorities include a strong focus on margins, establishing a robust finance team, and optimizing pricing and costing within the company.

Anthony Gruber, CFO

Anthony Gruber serves as the Chief Financial Officer for Mama's Creations. He was recruited by CEO Adam Michaels and joined the company shortly after Michaels' appointment, as part of Michaels' effort to build a strong financial organization.

Daniel Mancini, Co-Founder

Daniel Mancini is a Co-Founder of Mama's Creations. The company was originally established based on his late Italian grandmother's authentic meatball recipes.

Anthony Morello, President, Creative Salads & The Olive Branch

Anthony Morello holds the title of President, Creative Salads & The Olive Branch at Mama's Creations.

Lauren Sella, Chief Marketing Officer

Lauren Sella is the Chief Marketing Officer for Mama's Creations.

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The key risks to Mama's Creations (MAMA) include:

1. Customer Concentration: A significant portion of Mama's Creations' revenue is dependent on a small number of large customers. For example, two customers represented approximately 37% of gross revenues for the fiscal year ended January 31, 2023, and three customers accounted for about 58% of gross revenue in the prior fiscal year ended January 31, 2022. The loss of any of these major customers could significantly reduce revenue and adversely affect the company's results of operations.
2. Reliance on Acquisitions for Growth: A considerable part of the company's recent growth has been attributed to strategic acquisitions, such as the Crown 1 business. There is an explicit risk that Mama's Creations may need to continue making acquisitions to sustain investor expectations for growth. Should the company be unable to identify or successfully integrate future acquisitions, its growth trajectory could decelerate significantly.
3. Intense Competition and Margin Pressures: Mama's Creations operates in a highly competitive prepared deli food market, facing large-scale competitors like Hormel Foods and Tyson Foods. These larger players can pose shelf-space risks and maintain stronger pricing positions. Additionally, the company is susceptible to fluctuations in commodity costs, such as chicken prices, which can lead to margin pressures, despite efforts to mitigate these through forward contracts.

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The clear emerging threat for Mama's Creations (MAMA) is the significant growth and proliferation of direct-to-consumer (DTC) prepared meal delivery services. These services, such as Factor Meals, CookUnity, and others, deliver fully cooked, ready-to-heat meals directly to consumers' homes. This model bypasses traditional supermarket channels where Mama's Creations sells its products and offers a compelling alternative for consumers seeking convenience, often with curated menus, specific dietary focuses, and the added benefit of doorstep delivery. This shift in how consumers acquire prepared meals directly competes with Mama's ready-to-serve dinners and other convenience offerings, potentially diverting sales and reducing demand for its products in retail stores.

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Addressable Market Sizes for Mama's Creations' Main Products (U.S. Region)

Frozen Prepared Foods

Refrigerated and Deli Prepared Foods

Meatballs

Pasta Entrees and Pasta Dishes

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Mama's Creations (NASDAQ: MAMA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions: The company has a history of growth through strategic acquisitions, most notably the recent acquisition of Crown 1, which significantly contributed to revenue and is anticipated to further enhance production capabilities. Mama's Creations emphasizes a multi-year mergers and acquisitions (M&A) strategy as a lever for future growth, actively seeking accretive deals to expand its market presence and product portfolio.
2. Expansion of Retail Distribution and Customer Base: Mama's Creations is focused on broadening its reach by securing new national placements with tier-one retailers, including recent successes with Target and Food Lion. The company also aims to deepen its relationships with existing major retail partners like Walmart and Costco, working towards increasing the number of SKUs offered within these key accounts and diversifying its overall channel mix.
3. Product Innovation and Portfolio Expansion: A significant driver of revenue growth is the continuous innovation and expansion of Mama's Creations' product portfolio. This includes introducing new branded SKUs, such as those launched at Walmart and Costco, and developing new products. The company also highlights differentiation strategies, such as transitioning its chicken products to "No Antibiotics Ever" (NAE), to meet evolving consumer demands and create a competitive advantage.
4. Leveraging Pricing Actions and Operational Efficiencies: Mama's Creations has demonstrated success through strategic pricing actions and ongoing improvements in operational efficiencies across its procurement, manufacturing, and logistics processes. These efforts lead to enhanced gross margins, which in turn support profitable revenue growth and provide capital for reinvestment in further expansion and growth initiatives. The company's investments in expanding manufacturing capacity, such as the Farmingdale facility, also contribute to higher production volumes and revenue potential.

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Share Issuance

• Mama's Creations's shares outstanding increased from 35.72 million in 2021 to 39.63 million in March 2026.
• The acquisition of Crown 1 in September 2025 was partially funded through a $20.0 million private placement, which involved share issuance.

Inbound Investments

• In September 2025, Mama's Creations secured a $20.0 million private placement concurrent with the acquisition of Crown 1 Enterprises.

Outbound Investments

• In September 2025, Mama's Creations acquired Crown 1 Enterprises from Sysco Corporation for $17.5 million in an all-cash transaction.
• On June 28, 2022, the company acquired a 24% minority interest in CIF, a developer and marketer of prepared foods.

Capital Expenditures

• The company has made strategic investments in automation and facility build-outs, including expanding its East Rutherford, NJ facility by 19,000 sq. ft.
• A recent $6 million capital investment program was completed at the 42,000 sq. ft. Crown 1 facility prior to Mama's Creations' acquisition, focusing on automated processing, hand-cut portion-controlled products, and refrigeration/grill capacity.
• Planned capital expenditures include improving people and process capabilities, utilizing new demand vs. supply modeling tools, and disciplined performance management with a focus on KPI-based balanced scorecards.