1. Imagine a new functional beverage brand, similar to a startup Celsius, that is also developing a range of other wellness and over-the-counter products.

2. A health and wellness product developer, akin to a small, R&D-focused Johnson & Johnson Consumer Health (Kenvue), with a prominent functional beverage in its portfolio.

• Safety Shot: A functional beverage focused on wellness.
• Photocil: An over-the-counter product designed to address psoriasis and vitiligo.
• JW-700: An over-the-counter product developed for the treatment of hair loss.
• JW-500: An over-the-counter product targeting women's sexual wellness.
• NoStingz: A sunscreen specifically formulated for jellyfish sting prevention.
• JW-110: An over-the-counter product intended for the treatment of atopic dermatitis/eczema.

Safety Shot, Inc. (symbol: SHOT) primarily sells its products through a business-to-business (B2B) model. Based on the provided background information, specific names of major customer companies are not disclosed. However, the company states that it "primarily sell its products through third-party physical retail stores and partners."

Therefore, its major customers fall into the following categories:

1. Third-party Physical Retail Stores: These are brick-and-mortar establishments where consumers can purchase Safety Shot's over-the-counter products. This category typically includes pharmacies, supermarkets, convenience stores, and specialty wellness shops.
2. Partners: This broad category can encompass various types of business partners such as distributors, e-commerce platforms, or other strategic collaborators that assist in the distribution and sale of the company's products.

Specific names of these retail chains or partners are not detailed in the provided description.

Jarrett Boon, Chief Executive Officer
Jarrett Boon is a seasoned entrepreneur with over 30 years of experience in creating and growing successful businesses. He co-founded and served as CEO of GBB Drink Lab, which developed Safety Shot. Prior to that, he was an original thought leader and investor in LifeLock, helping it grow to $500M in revenue and go public in 2012 before its acquisition by Symantec for $2.3B. He also founded SW Promotions, Inc., a resort marketing and advertising firm that was acquired by one of its publicly traded partners.

Markita Russell, Chief Financial Officer
Markita Russell has over 30 years of extensive experience in the financial and accounting sectors, with a proven track record of managing significant growth and providing strategic financial oversight across multiple industries. She served as Safety Shot's Controller since August 2021 before being appointed CFO in July/August 2025. Her career began in the beverage industry at PepsiCo, and she previously managed the accounts of a marine industry company that grew from $7 million to $56.8 million in gross revenue.

Jordan Schur, President
Jordan Schur's career spans over two decades in the music and film industries. His achievements include re-launching Geffen Records, boosting its revenue to over $1 billion, and founding Flip Records. In the film sector, he co-founded Mimran Schur Pictures and Suretone Pictures, producing notable films such as the Academy Award-nominated "Warrior." He also founded Suretone Entertainment, which encompasses record labels and management companies.

John Gulyas, Chairman of the Board
John Gulyas is a serial entrepreneur known for multiple 7-figure exits across various industries including cellular services, waste management, and hospitality. Over the last 13 years, he has owned, operated, and invested in multiple franchise brands. He has also consulted franchisors on brand development, notably helping European Wax Center grow from 4 to 640 locations.

David Sandler, Executive, R&D and Product Innovation
David Sandler is a goal-driven executive with over 30 years of experience in the nutrition and health industry, where he has developed, built, and managed high-growth, results-oriented projects. He previously held COO and CSO positions at other supplement brands with revenues exceeding $75 million. Recognized as an industry leader, he is an expert in R&D, innovation, product formulation, flavoring science, and ingredient development, overseeing products from ideation to commercialization.

The addressable markets for Safety Shot, Inc.'s main products and services are as follows:

• Wellness and Functional Beverages (Safety Shot):
  • The global functional beverages market is expected to reach approximately USD 618.8 billion by 2034, growing at a CAGR of 9.4%. Another estimate projects the global functional drinks market to grow from USD 162.2 billion in 2025 to USD 387.5 billion by 2035, at a CAGR of 9.1%.
  • The global functional shots market size is expected to reach USD 1.87 billion by 2030, with a compound annual growth rate (CAGR) of 15.1%. North America was the largest region in the functional shots market in 2025, accounting for 33.5% of the global share. The U.S. functional shots industry accounted for 83.1% of the North American market in 2025.
• Photocil (for Psoriasis and Vitiligo):
  • Psoriasis Treatment Market: The global psoriasis treatment market was estimated at USD 25.3 billion in 2021 and is expected to exceed USD 51.24 billion by 2030, with a CAGR of 8.16%. Other estimates include a global market size of USD 23.3 billion in 2025, projected to grow to USD 54.9 billion by 2033 (CAGR of 11.4%), and USD 28.1 billion in 2024, expected to reach USD 68.4 billion in 2034 (CAGR of 9.4%). The North America psoriasis treatment market was valued at USD 10.9 billion in 2021. North America held the largest share of 38.3% of the global market in 2025. The U.S. psoriasis treatment market was valued at USD 10.4 billion in 2024.
  • Vitiligo Treatment Market: The global vitiligo treatment market was valued at over USD 1.25 billion in 2025 and is expected to reach USD 2.04 billion by 2035, growing at a CAGR of 5%. Another source estimates the global vitiligo treatment market size at USD 1.69 billion in 2025, projected to grow to USD 2.3 billion by 2034, at a CAGR of 3.51%. North America is the largest region, expected to hold a 40.8% share by 2035. North America dominated the vitiligo treatment industry, accounting for a 31.18% share in 2024. The U.S. market is projected to reach USD 0.43 billion by 2026.
• JW-700 (for Hair Loss):
  • The global hair loss treatment products market was valued at USD 2.15 billion in 2025 and is expected to reach USD 3.12 billion by 2034, with a CAGR of 4.25%. The global hair growth supplement and treatment market was estimated at USD 7.73 billion in 2023 and is projected to reach USD 11.58 billion by 2030, growing at a CAGR of 6.15%. The global alopecia market, which includes hair loss treatments, was valued at USD 10.5 billion in 2025 and is projected to grow to USD 26.8 billion by 2033, with a CAGR of 12.8%. North America is estimated to hold a dominant position in the global hair loss treatment market, with 33.5% of the market share in 2026. The U.S. is a leading market with about a 32% market share in 2023.
• JW-500 (for Women's Sexual Wellness):
  • The global sexual wellness market was valued at USD 35.06 billion in 2023 and is projected to reach USD 54.20 billion by 2029, with a CAGR of 7.53%. Another estimate states the global sexual wellness market was valued at over USD 36.5 billion in 2023 and is projected to reach more than USD 75.7 billion by 2032. The women's segment accounted for 54.74% of the sexual wellness market size in 2025. Asia-Pacific dominated the global sexual wellness market in 2023, accounting for over 40% of the total market share. The U.S. sexual wellness market accounted for over USD 10 billion in 2022.
• NoStingz (Jellyfish Sting Prevention Sunscreen):
  • An estimated 150 million people worldwide are exposed to jellyfish stings annually. While a specific market size in USD for "jellyfish sting prevention sunscreen" was not available, this figure indicates the global reach of the potential user base.
• JW-110 (for Atopic Dermatitis/Eczema):
  • The global atopic dermatitis treatment market size was valued at USD 17.04 billion in 2025 and is estimated to increase to USD 46.77 billion by 2034, demonstrating a CAGR of 11.87%. Other sources indicate the global atopic dermatitis drugs market size was valued at USD 19.4 billion in 2025 and is projected to grow to USD 37.3 billion by 2033, with a CAGR of 8.3%, and the global eczema market is expected to reach USD 37.1 billion by 2034. North America is anticipated to dominate the global atopic dermatitis market, holding a 44.6% revenue share in 2025, and approximately 41% of the global atopic dermatitis drugs market. The U.S. atopic dermatitis drugs market holds approximately 38% share within North America.

Here are 3-5 expected drivers of future revenue growth for Safety Shot, Inc. (SHOT) over the next 2-3 years:

1. Expansion of Distribution and Retail Partnerships: Safety Shot is actively broadening its market reach through strategic distribution agreements and retail partnerships across the United States. Recent expansions include availability in New York and New Jersey via Prime CSB, as part of a larger Northeast expansion plan. The company has also secured distribution in Las Vegas and through partners like GoPuff and BevMo. A significant milestone is the distribution agreement with a major national grocery chain to sell its "Sure Shot" beverages in 192 stores across Nevada, Arizona, and California, with this chain operating over 2,200 stores nationwide, indicating substantial future growth potential. Furthermore, Safety Shot is focusing on business-to-business (B2B) sales to distributors, retailers, restaurants, and bars throughout 2024.
2. Acquisition of Yerbae Brands Corp.: The acquisition of Yerbae Brands Corp. is a major expected driver, anticipated to significantly increase Safety Shot's annual revenue. Yerbae, which generated approximately $12 million in revenue in fiscal year 2023, is expected to boost Safety Shot's revenue by 1000% in 2025 over the previous year. This strategic move is poised to enhance Safety Shot's retail footprint by leveraging Yerbae's established partnerships with a large club store retailer, over 1,200 Kroger locations, Sprouts Farmers Market, Casey's General Stores, and various distributors including Anheuser Busch and Molson Coors. The acquisition will also broaden the product portfolio and allow Safety Shot to capitalize on the rapidly growing plant-based energy beverage market.
3. Product Innovation and Expansion of the "Sure Shot" Product Line: The rebranding of the flagship product from "Safety Shot" to "Sure Shot" in Q4 2024 is intended to capture significant market share. The company has demonstrated strong consumer demand with the "Sure Shot" product selling out on Amazon within hours of its November 2023 launch, followed by a successful e-commerce channel launch in January 2024. Future revenue growth is also expected from product innovations, including the introduction of a 4 oz. package and On-the-Go Stick Packs in new flavors, as well as exploring additional product lines like a powdered stick pack version of Safety Shot.
4. Growth in Direct-to-Consumer (D2C) and E-commerce Sales: Safety Shot aims to grow revenue through its online presence. Its products are available on its dedicated e-commerce platform, DrinkSafetyShot.com, and through Amazon. The successful launch and consumer demand observed on its e-commerce channels indicate potential for sustained growth in D2C sales.

Share Repurchases

• In June 2022, Jupiter Wellness, Inc. (the company's former name) announced a $5.0 million share buyback program and purchased 2,433,894 common shares, reducing outstanding shares by approximately 10%.
• During the year ended December 31, 2022, the company repurchased 2,825,617 shares of its common stock for $2,880,045 from the public market and subsequently cancelled them.

Share Issuance

• On August 25, 2025, Safety Shot priced a $30 million financing that included a registered direct offering for approximately $5 million in cash and a concurrent private placement for $25 million paid in BONK tokens by founding members of BONK.
• On July 23, 2025, Safety Shot announced a registered direct offering of 22,993,492 shares of common stock and a concurrent private placement of warrants to purchase up to 45,986,984 shares, expected to generate approximately $16.3 million in gross proceeds.
• In January 2023, Jupiter Wellness issued 4,315,787 shares of common stock at $0.70 per share through a registered direct offering, contributing to approximately $4.1 million in aggregate gross proceeds (with net proceeds of $3,450,675) from a combined PIPE and RD Offering.

Inbound Investments

• Safety Shot secured a $30 million strategic investment on August 25, 2025, from a consortium of investors including FalconX and BONK founding members, consisting of a $5 million cash offering and a $25 million private placement paid in BONK tokens.
• The company's latest funding round was a Post IPO round on April 5, 2024, with Core 4 Capital participating as an investor.
• An institutional investor provided approximately $16.3 million in gross proceeds through a registered direct offering and private placement in July 2025.

Outbound Investments

• Safety Shot acquired Yerbae, a plant-based energy beverage company.
• The company acquired 2.7% of BONK's circulating supply by October 8, 2025, with a year-end target of 5%, as part of a strategic pivot to the BONK digital asset ecosystem.
• In August 2023, Jupiter Wellness acquired the functional beverage "Safety Shot" from GBB Drink Lab, Inc. for $200,000 in cash and 5,000,000 shares of its restricted common stock.

Capital Expenditures

• The company continues to invest in marketing and brand development, including capital expenditures on product displays to support channel marketing through retail partners.
• Research and development expenses, which contribute to future product development, were $1,637,117 in 2022 and $100,591 in 2023.