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• They are like a **TreeHouse Foods, but focused on plant-based and fruit-based products** for other brands and retailers.
• Imagine the company that **makes the plant-based milks you see from store brands (like a private-label Silk or Oatly)**, and also supplies frozen fruits to retailers and foodservice.

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• Plant-Based Beverages: Offers a variety of drinks utilizing almond, soy, coconut, oat, hemp, and other plant bases, along with broths, teas, and nutritional beverages.
• Plant-Based Ingredients: Provides liquid and dry ingredients derived from various plant sources for food manufacturers.
• Sunflower Products: Manufactures and sells packaged dry- and oil-roasted in-shell sunflower and sunflower kernels, as well as raw sunflower for food and feed.
• IQF Retail Fruits: Supplies individually quick frozen (IQF) fruits, including strawberries, blueberries, mangos, and other berries for retail customers.
• Foodservice & Industrial Fruit Products: Delivers IQF and bulk frozen fruits, purées, toppings, smoothies, and custom fruit preparations for foodservice and industrial applications.
• Fruit Snacks: Produces various fruit snack formats such as bars, twists, ropes, and bite-sized products.

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SunOpta (STKL) Major Customers

SunOpta Inc. primarily sells its plant-based and fruit-based food and beverage products to other companies rather than directly to individuals. The background information provided does not list the specific names of its major customer companies or their public symbols. However, based on the company description, its customers fall into the following categories of businesses:

• Retail customers (e.g., grocery chains and other retailers)
• Foodservice distributors
• Branded food companies (for co-manufacturing or private label products)
• Food manufacturers (for ingredients and custom fruit preparations)

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Brian Kocher, Chief Executive Officer

Brian Kocher was appointed as SunOpta's Chief Executive Officer and a member of the Board on January 2, 2024. Prior to joining SunOpta, Mr. Kocher served as President and Chief Executive Officer of Calavo Growers Inc., a global avocado-industry leader, from January 2022 to February 2023. Before Calavo, he was President and Chief Executive Officer of Castellini Group of Companies, a nationwide produce distribution and supply chain services organization, from May 2015 to January 2022. Mr. Kocher also spent a decade at Chiquita Brands International, Inc., where his roles included Interim Chief Executive Officer, EVP and Chief Operating Officer, SVP and Chief Financial Officer, President of Europe, and President of North America. He also serves as chairman of AgroFresh. He holds a Bachelor of Business Administration in Accounting from Ohio University.

Greg Gaba, Chief Financial Officer

Greg Gaba joined SunOpta in 2017 as the Vice President of Corporate Finance and was appointed Chief Financial Officer on October 13, 2023. He is a CPA, CA and has nearly 20 years of finance leadership experience. Before SunOpta, Mr. Gaba spent seven years at SMTC Corporation, an electronic manufacturing services provider, in various finance roles, and six years at Ernst & Young LLP. He graduated with an Honors Bachelor of Commerce Degree from Laurentian University.

Rob Duchscher, Chief Information Officer

Rob Duchscher serves as SunOpta's Chief Information Officer, bringing over 30 years of experience in Software Engineering and Information Technology. His experience includes 17 years in Industrial Process Control and Transportation Logistics. Most recently, he held the position of CIO at Starkey Hearing Technologies.

Justin Kobler, SVP, Supply Chain

Justin Kobler is SunOpta's Senior Vice President of Supply Chain, with over 20 years of expertise in the Consumer-Packaged Goods industry. His career includes executive and general management roles at major companies like Kraft Foods and Hillshire Brands/Tyson Foods, as well as mid-sized and privately owned firms. Mr. Kobler is noted for his operational excellence and leadership in initiatives focused on operations, systems, and continuous improvement.

Danielle Duzan, Chief Human Resources Officer

Danielle Duzan joined SunOpta as Chief Human Resources Officer in 2025. She brings over 18 years of human resources experience, including leadership positions at Polaris Industries and Honeywell. Before joining SunOpta, she was Vice President of HR for Operations and Corporate Functions at Polaris, where she supported C-suite leaders and led global HR initiatives for over 2,000 employees.

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Here are the key risks to SunOpta's business:

1. Uncertainty of Pending "Go-Private" Transaction: SunOpta is currently subject to a proposed acquisition by Refresco, which would result in the company going private and its shares being delisted from public exchanges. This transaction is subject to multiple conditions, including shareholder, court, and regulatory approvals. There is a significant risk that the deal may be delayed or fail to close, which could lead to substantial volatility in the share price and other disruptions to operations, employee retention, and business relationships.
2. High Indebtedness and Capital Intensity: SunOpta carries a significant debt load and its growth strategy relies heavily on substantial capital expenditures to expand its manufacturing capacity. This high level of indebtedness and capital intensity increases financial risk, potentially compromising the company's ability to respond to market downturns, seize new opportunities, or meet its debt service obligations. Financial metrics, such as the Altman Z-Score, have indicated potential financial distress.
3. Customer Concentration Risk: A substantial portion of SunOpta's revenue is generated from a limited number of key customers. For example, its ten largest customers accounted for approximately 84% of its 2025 revenues. This high customer concentration exposes the company to significant risk, as the loss of one or more of these major customers could materially reduce its revenues and earnings.

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Addressable Markets for SunOpta's Main Products and Services

Plant-Based Foods and Beverages (specifically Plant-Based Beverages)

• The global plant-based beverage market was valued at approximately USD 33.17 billion in 2024 and is projected to reach USD 62.12 billion by 2033, growing at a CAGR of 7.16% from 2025 to 2033.
• In the U.S., the plant-based beverages market is expected to reach USD 7.95 billion by 2030.

Fruit-Based Foods and Beverages (specifically Frozen Fruits)

• The global frozen fruits market was valued at USD 4.93 billion in 2025 and is projected to grow to USD 8.84 billion by 2034, exhibiting a CAGR of 6.71%.
• The U.S. frozen fruits market is estimated to increase from USD 3.36 billion in 2025 to USD 4.63 billion by 2032, with a CAGR of 4.7%.

Fruit-Based Foods and Beverages (specifically Fruit Snacks)

• The global fruit snacks market size reached USD 6.9 billion in 2024 and is expected to reach USD 12.2 billion by 2033, exhibiting a CAGR of 6.10%.
• The U.S. fruit snacks market generated USD 4.08 billion in 2022 and is expected to reach USD 6.71 billion by 2030, with a CAGR of 6.4%.

Sunflower Products (Sunflower Seeds)

• The global sunflower seeds market size was valued at USD 41.98 billion in 2024 and is projected to reach USD 76.01 billion by 2030, growing at a CAGR of 10.4%.
• The U.S. sunflower seeds market size was valued at USD 0.58 billion in 2025 and is projected to reach USD 0.84 billion by 2035, growing at a CAGR of 3.92%.

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1. Increased Volume in Plant-Based Beverages and Fruit Snacks: SunOpta anticipates continued strong volume growth in its core categories of plant-based beverages and fruit snacks. This is evidenced by a reported 14% volume growth across the portfolio in Q2 2025, which solely drove a 13% revenue increase for the quarter. The fruit snacks segment, in particular, has demonstrated robust performance with a 22% year-over-year increase in unit production in Q2 2025, marking the twentieth consecutive quarter of double-digit growth in "Better For You Fruit Snacks". Management expects continued volume-based revenue growth.
2. Strategic Capacity Expansion and Manufacturing Investments: To support the escalating demand, SunOpta is actively investing in expanding its manufacturing capabilities. A notable investment includes $25 million for a new fruit snacks manufacturing line, projected to boost output by 25%. The company is also undertaking infrastructure work for a new aseptic line in Midlothian, indicating further investments to enhance production capacity, particularly for beverages. These expansions are crucial for turning strong demand into higher efficiency and expanded gross margins.
3. Expansion with Existing and New Customers: SunOpta aims to drive revenue growth through both expanding its share with current customers and acquiring new ones. The company positions itself as a "partner of choice for leading consumer product companies and retailers", providing customized supply chain solutions and innovation. Management explicitly stated "share expansion with existing customers, expansion with new customers" as key tools for revenue growth.
4. Leveraging Sustained Demand for Plant-Based and Healthier Food Trends: The fundamental driver underpinning SunOpta's growth strategy is the ongoing consumer shift towards plant-based and healthier food and beverage options. Analysts emphasize that belief in the "sustained demand for plant-based and healthier food choices" is central to SunOpta's investment narrative. SunOpta operates in categories that are experiencing robust growth, with its customers often growing even faster than these categories.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• SunOpta announced a share repurchase program of up to $25 million on May 7, 2025.
• The program provides the company with flexibility to acquire shares based on market conditions and financial priorities.

Share Issuance

• The number of common shares outstanding increased from 107,948,348 as of February 24, 2023, to 117,208,602 as of February 21, 2025.
• As of February 27, 2026, the number of common shares outstanding further increased to 118,358,568.

Inbound Investments

• Refresco entered into a definitive agreement to acquire SunOpta for $6.50 per share in cash, valuing the company at approximately $1.29 billion.
• This acquisition is expected to close in the second quarter of 2026, pending customary approvals and shareholder consent.
• Upon completion of the transaction, SunOpta will become a wholly-owned subsidiary of Refresco.

Outbound Investments

• SunOpta has undergone a multi-year business transformation, involving the systematic exit of low-margin or volatile businesses.
• Key divestitures include the specialty soy and corn business (2019), the Global Ingredients segment (2020), sunflower/roasted snacks (2022), and the frozen fruit business (FY23).
• These divestitures were aimed at streamlining the business to focus on high-growth plant-based beverages and fruit snacks.

Capital Expenditures

• Net cash flows used in investing activities from continuing operations were $(25.0) million in 2024, $(46.5) million in 2023, and $(121.0) million in 2022.
• SunOpta announced a $35 million investment for an additional aseptic processing capacity line at its Midlothian facility, anticipated to come online in late 2026.
• The company has made significant capital expenditures to expand its core plant-based beverage and fruit snack business lines, with these expansions expected to mature in fiscal year 2025.