Chobani for baby and kids' food.

Tesla for baby food and kids' snacks.

• Cold-pressed Pouches: Nutrient-packed, cold-pressed food in a convenient pouch format, setting a new standard for childhood nutrition.
• Freshly Frozen Meals: Prepared meals that are frozen to maintain freshness and nutritional value for babies and kids.
• Refrigerated Oat Bars: Snack bars made with high-quality organic oats, designed to be kept refrigerated for freshness.
• Dry Baby Snacks: Shelf-stable snack options specifically crafted for babies, made with organic ingredients.

Once Upon a Farm PBC (OFRM) primarily sells its products to other companies, specifically a network of retailers.

The company states it has strong relationships with well-known retailers across U.S. Multi-Outlet (“MULO”) and Natural Expanded channels, including both brick-and-mortar stores and e-commerce platforms. However, the provided background information does not explicitly name these major customer companies.

John Foraker Co-Founder & CEO

John Foraker is the Co-Founder and CEO of Once Upon a Farm. He is a natural and organic food industry veteran with over 30 years of experience. Prior to Once Upon a Farm, he was the longtime leader of Annie's, Inc. from 1999 to 2017, taking the company public in 2012 before its acquisition by General Mills for $820 million in 2014. He then advised General Mills' small business incubator, 301, Inc. Once Upon a Farm itself has received funding from private equity firms, including CAVU Consumer Partners.

Lawrence Waldman President & CFO

Lawrence Waldman serves as the President and Chief Financial Officer of Once Upon a Farm. He previously held the role of COO & CFO from November 2017 to May 2022, and then President and COO from May 2022 before assuming his current position. His background includes experience as an independent Supply Chain Consultant and as a Board Member, President, and CFO/COO at ALOHA Nutrition. He has also held senior roles in supply chain, operations, and finance at companies such as Annie's Inc. and Columbus Foods.

Jennifer Garner Co-Founder & Chief Brand Officer

Jennifer Garner is a Co-Founder and Chief Brand Officer at Once Upon a Farm. An actress, philanthropist, and mother of three, she joined the company in September 2017, guiding its overall vision with a focus on brand voice, design, and activation. Her family's century-old farm in Locust Grove, Oklahoma, serves as inspiration for some of the company's recipes.

Cassandra Curtis Co-Founder & Chief Innovation Officer

Cassandra Curtis is a Co-Founder and Chief Innovation Officer for Once Upon a Farm. She co-founded the company in 2015 with Ari Raz, developing the original cold-pressed, organic baby food recipes in her own kitchen due to a lack of nutritious options available in stores for her daughter. She is responsible for leading product innovation and developing products using high-quality organic ingredients.

Ari Raz Co-Founder & President

Ari Raz is a Co-Founder and President of Once Upon a Farm. He co-founded the company in 2015 alongside Cassandra Curtis. In his role, he guides aspects of the company's business operations and helps ensure product distribution.

Key Business Risks for Once Upon a Farm PBC (OFRM)

1. Maintaining Product Quality, Safety, and Consumer Trust: Once Upon a Farm’s brand identity and market success are critically tied to its commitment to providing "real, organic, farm-fresh food—made with no added sugar, no preservatives, and nothing artificial." As a public benefit corporation, the company is also required to uphold high social and environmental standards and provide transparency. Any perceived or actual failure to maintain these stringent product standards, ensure product safety, or uphold its public benefit commitments could severely damage consumer trust, brand reputation, and sales. Furthermore, the reliance on "high-quality organic ingredients" introduces risks related to the availability, cost, and consistent sourcing of these specific inputs, which could impact production and profitability.
2. Competitive Landscape and Sustaining Market Leadership: Despite being a "rapidly growing leader" and the "#1 growth brand" in the categories it plays in, the childhood nutrition market is likely competitive and subject to evolving consumer preferences and innovations. Maintaining its current growth trajectory and market leadership will require continuous product development, effective marketing strategies, and the ability to adapt to competitive pressures and changing dietary trends among parents and children.
3. Dependence on Retailer Relationships and Distribution Channels: Once Upon a Farm's products are sold in "more than 25,000 doors nationwide" and the company highlights "strong relationships with well-known retailers." A significant portion of its sales and market reach relies on these established distribution channels. Any disruption to these key retailer relationships, changes in retailers' merchandising or procurement strategies, or challenges in maintaining effective distribution across its multi-outlet and natural expanded channels could negatively impact product availability, sales, and overall market presence.

The addressable market for Once Upon a Farm PBC's main products and services, which include organic baby and kid food such as cold-pressed pouches, frozen meals, refrigerated oat bars, and dry baby snacks, is estimated to be approximately $79 billion in retail sales annually. This market size is specific to the U.S. region.

Expected Drivers of Future Revenue Growth for Once Upon a Farm PBC (OFRM)

• Expansion of Cooler Program and Retail Distribution: Once Upon a Farm plans to significantly expand its cooler program, targeting 5,000 units by the end of 2026. This expansion, along with increased distribution to new stores and optimizing placement within existing retailers, is expected to enhance brand visibility and drive incremental sales growth. The company currently sells through over 25,000 retail doors nationwide.
• New Product Introductions and Innovation: The company is actively launching innovative products across its baby and kids' categories. Recent introductions in early April 2026 include refrigerated, cold pressure-protected meat pouches for babies, smoothies with protein and probiotics for older children, and Power Wheels soft and chewy snack bars. These new offerings are anticipated to drive continued growth and expand the brand's presence in various aisles.
• Increased Household Penetration: Once Upon a Farm aims to significantly increase its household penetration. With a household penetration of 5.1% as of December 31, 2025, the company sees substantial opportunity to attract new consumers and grow its customer base.
• Higher Average Selling Prices (ASP): Revenue growth in Q4 2025 was partly attributed to higher average selling prices. This suggests a strategy of maintaining premium pricing for its organic, fresh products, contributing to top-line expansion.
• Continued Market Share Gains: As a rapidly growing leader and the "#1 growth brand in the category," Once Upon a Farm is positioned to continue capturing market share within the modern childhood nutrition segment. Its focus on real, organic, no-added-sugar products appeals to parents, fostering strong brand loyalty and advocacy.

Share Issuance

• Once Upon a Farm completed an initial public offering (IPO) in February 2026.
• The company issued 7.6 million primary shares of common stock, along with an additional 1.6 million shares through the underwriters' option, at a price of $18 per share.
• The net proceeds to the company from the IPO were approximately $139.3 million.

Inbound Investments

• Prior to its IPO, Once Upon a Farm raised $52 million in a funding round in 2022.
• As of June 30, 2025, the company had received $110.4 million in fair market value investments from investors including Cambridge Companies SPG, CAVU Venture Partners, and S2G Investments.

Outbound Investments

• The company's most recent acquisition was Raised Real on June 22, 2021.

Capital Expenditures

• Once Upon a Farm allocated approximately $25 million of its IPO proceeds towards purchasing new equipment for operations.
• The company reported increased investments in capital expenditures to support its growth, which contributed to a decrease in net cash as of December 31, 2025.
• A significant focus of capital expenditures is on upfront slotting fees for placing more coolers in stores and for research and development, with plans to expand its baby aisle cooler program to 5,000 units by the end of 2026.