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olivLaw · US equity research

BranchOut Food Inc. BOF

Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)

1.69USD−1.74% · 1 dayClose 04 Nov 2026

BranchOut Food Inc. is a consumer packaged foods company that develops, produces and sells clean-label snacks made from dehydrated fruit and vegetables, manufactured in its own plant in Peru. The company has grown quickly but remains loss-making, and its 2026 quarterly revenue depends on new programs with large retailers. Net revenue for 2025 was 13.7 million USD.

At the close of 04 Nov 2026, BranchOut Food Inc. (BOF) stock was 1.69 USD (−1.74% on the day), with market capitalisation 25.9 m USD, beta 1.12, 52-week range 1.68–5.09 USD. Latest reported quarter (Q2 2026): revenue of 4.5 m USD (+36.1% YoY), net income of -2.7 m USD, diluted EPS -0.18 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
25.9 m USD
shares as of 13 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.60 · TTM to 30 Jun 2026
E/P (TTM)
-35.30%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.12
Volatility (1y) 78%
52-week range
1.685.09

Price history

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Technical reading

RSI (14)
18.4
oversold (≤ 30)
Bollinger (20, 2)
1.07 – 3.29
in the lower half of the band · %B 0.28 · band width 101.4%
SMA 50 / 200
3.17 / 3.64
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.47 / -0.47
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−57.3%−1.1%−56.2 pp—
3 months−59.7%−0.5%−59.2 pp—
6 months−53.1%+4.4%−57.4 pp—
Year to date−46.9%+12.3%−59.2 pp—
1 year−43.5%+13.5%−57.0 pp−45.4%
3 years+4.3%+76.4%−72.1 pp−72.2%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−67.0%
01 Jul 2026 → 02 Nov 2026
Max drawdown (5y)
−86.4%
20 Jun 2023 → 12 Aug 2024
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
4.5 m USD
+36.1% YoY
Net income
-2.7 m USD
unavailable YoY
Diluted EPS
-0.18
unavailable YoY
net / operating
-61.0% / -57.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.2 m1.4 m3.2 m3.3 m3.2 m4.0 m2.6 m4.5 m
Cost of revenue1.8 m1.4 m2.6 m2.7 m2.7 m3.7 m2.2 m4.4 m
Gross profit336.3 k13.1 k529.9 k581.7 k569.6 k305.9 k400.7 k96.8 k
Research & development-2.1 k ≈3.8 k——190.9 k ≈61.7 k16.6 k—
Operating income-903.2 k-1.1 m-645.2 k-1.3 m-1.4 m-1.9 m-1.6 m-2.6 m
Depreciation & amortisation60.6 k ≈———————
Interest expense370.5 k345.0 k278.3 k301.1 k149.0 k126.9 k174.9 k184.6 k
Pre-tax income-1.3 m-1.5 m-918.4 k-1.6 m-1.6 m-2.0 m-1.8 m-2.7 m
Net income-1.3 m-1.5 m-918.4 k-1.6 m-1.6 m-2.0 m-1.8 m-2.7 m
Diluted EPS-0.19-0.19 ≈-0.11-0.17-0.14-0.16 ≈-0.12-0.18
Operating cash flow-1.9 m ≈-1.6 m-1.9 m-2.0 m ≈-1.1 m ≈-1.9 m-2.1 m-2.8 m ≈
Capex1.5 m ≈726.9 k377.8 k113.5 k ≈82.7 k ≈173.1 k515.4 k204.5 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20222023⚠ 20242025
Revenue888.9 k3.2 m6.4 m13.7 m
Revenue YoYunavailable+258.2%—+113.3%
Net income-4.6 m-3.9 m-4.8 m-6.1 m
Net income YoYunavailableunavailable—unavailable
Diluted EPS-3.87-1.44-0.83-0.57
Diluted EPS YoYunavailableunavailable—unavailable
net %-522.4%-123.3%-73.8%-44.6%
Free cash flow-2.5 m-3.6 m-7.7 m-7.7 m

The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
0 USD
Financial debt
4.9 m USD
Net debt
4.9 m USD
Equity
5.6 m USD
Total assets
14.5 m USD
Debt / equity
0.89x
Current ratio
0.91x
ROE
-154.8%
ROA
-44.8%
FCF margin
-56.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.2 m
2024
6.4 m
2025
13.7 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
2.9 m
2024
5.7 m
2025
11.7 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
-96.2 k
2024
781.8 k
2025
2.0 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
—
2024
18.2 k
2025
270.0 k

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-3.5 m
2024
-3.9 m
2025
-5.4 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
223.9 k
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

EBITDA
2023
-3.3 m ≈
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024derived

Interest expense
2023
435.3 k
2024
863.2 k
2025
780.6 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
-3.9 m
2024
-4.8 m
2025
-6.1 m

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-3.9 m
2024
-4.8 m
2025
-6.1 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-1.44
2024
-0.83
2025
-0.57

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
2.7 m
2024
5.7 m
2025
10.7 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
0
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
635.5 k
2024
418.5 k
2025
1.3 m

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
336.8 k
2024
1.9 m
2025
2.4 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
1.7 m
2024
4.9 m
2025
5.7 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
915.0 k
2024
4.1 m
2025
5.7 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
850.0 k
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

Total assets
2023
3.1 m
2024
12.9 m
2025
14.5 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
382.9 k
2024
1.2 m
2025
1.3 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
—
2024
—
2025
3.9 m

SEC (XBRL)· 31 Mar 2026verified

Long-term debt
2023
234.5 k
2024
—
2025
999.8 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
779.1 k
2024
8.8 m
2025
6.3 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
914.6 k
2024
10.5 m
2025
8.9 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
2.2 m †
2024
2.3 m †
2025
5.6 m †

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-3.5 m
2024
-4.9 m
2025
-7.0 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
116.6 k
2024
2.8 m
2025
747.0 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-3.6 m ≈
2024
-7.7 m ≈
2025
-7.7 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-116.6 k
2024
-2.8 m
2025
-747.0 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
3.8 m
2024
9.4 m
2025
6.0 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
113.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
149.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
9.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-52.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-56.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-62.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-202.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-53.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-53.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-79.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
7.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-11.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-7.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
975.6 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-8.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
58 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
69 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
54 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
72 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
25.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
33.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-35.3%
computed by olivLawTTM to 30 Jun 2026
P/B
5.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
2.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-34.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.69 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 25.9 m USD

Key indicators

Market capitalisation
25.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
5.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-202.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-56.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
113.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 13 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 531derived 45

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Food and Kindred Products (SIC 2000)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-53.9%17 (vs peers)24%
Net margin · Quality-56.8%16 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth149.0%100 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-11.8x0 (on a fixed band)14%
Current ratio · Balance sheet1.0x19 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-34.4%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality16/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

BranchOut Food Inc. (BOF). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 13.7 m USD in 2025; YoY growth 113.3%; net margin -56.8%; ROE -202.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 149.0%

What contradicts it

  • ROIC: -53.9%
  • Net margin: -56.8%
  • Interest coverage: -11.8x
  • Current ratio: 1.0x
  • FCF yield: -34.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
—
vertical median 24.3x
EV/EBITDA
—
vertical median 10.1x
P/S
1.8x
vertical median 0.8x
above median (+137.8%)
P/B
5.8x
vertical median 2.3x
above median (+148.6%)
ROE
-202.6%
vertical median -15.8%
below median
Net margin
-56.8%
vertical median -3.4%
below median
EBIT margin
-52.6%
vertical median -9.4%
below median
Revenue YoY
113.3%
vertical median 4.7%
above median (+2,321.3%)
Net debt/EBITDA
—
vertical median 3.3x
Dividend yield
—
vertical median 8.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MDLZMondelez International, Inc.85.3 bn21.215.5%10.2%+5.8%+17% / −5%
CAGConagra Brands, Inc.7.3 bn—-24.9%-17.0%−2.9%−14% / −46%
CPBThe Campbell’s Company6.9 bn17.810.4%4.1%−5.0%−24% / −42%
OTLYOatly Group AB5.1 bn—-247.9%-17.7%+4.7%−34% / −55%
BYNDBeyond Meat, Inc.3.7 bn——111.7%−15.6%−76% / −97%
STKHSteakholder Foods Ltd.2.3 bn—-266.3%-112,470.0%unavailable−95% / −100%
FLOFlowers Foods Inc1.5 bn27.34.0%1.1%unavailable−34% / −66%
BRBRBellRing Brands, Inc.1.2 bn7.2—7.3%+16.1%−67% / −81%
SMPLThe Simply Good Foods Company1.2 bn—-9.6%-11.5%−6.5%−32% / −66%
VITLVital Farms, Inc.450.8 m—-7.4%-3.0%+25.3%−68% / −21%
UCFICN Healthy Food Tech Group Corp.287.8 m36.739.2%24.6%+144.6%−46% / unavailable
BGSB&G Foods, Inc.208.9 m—-15.8%-4.0%unavailable−44% / −72%
CHSNChanson International Holding131.0 m112.00.5%1.0%+0.2%−99% / −100%
SOWGSow Good Inc.44.4 m—-346.4%—unavailable−75% / −98%
MLECMoolec Science SA32.7 m—-86.4%-130.0%+521.5%−86% / −100%
LSFLaird Superfood, Inc.26.9 m—-22.9%-3.4%+15.2%−12% / +129%
BOFBranchOut Food Inc.25.9 m—-202.6%-56.8%+113.3%−43% / +4%
BRLSBorealis Foods Inc.24.7 m——-56.5%+8.2%−38% / −90%
HAINThe Hain Celestial Group, Inc.13.7 m—-96.8%-22.5%−13.2%−86% / −99%
NOMDNomad Foods Limited——5.3%4.5%−2.2%+2% / −22%
DDCDDC Enterprise Limited——-124.4%-123.3%+4.6%−96% / −100%

1- and 3-year price returns: for BOF from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    BranchOut Food Inc. is a consumer packaged foods company that develops, produces and sells clean-label snacks made from dehydrated fruit and vegetables, manufactured in its own plant in Peru. The company has grown quickly but remains loss-making, and its 2026 quarterly revenue depends on new programs with large retailers 123. Net revenue for 2025 was 13.7 million USD 1.

    SWOT

    Strengths

    • The GentleDry technology, licensed exclusively and protected by more than 17 patents, gives a differentiated dehydration process with speed and oxidation control 1.
    • The company's own plant in Peru, close to agricultural regions, allows seasonal sourcing and lower transport costs than outsourced production 1.
    • The company has won recurring programs with large retailers, showing that its products can gain national-scale acceptance 3.

    Weaknesses

    • The company posts net losses and negative working capital, and its auditor has expressed substantial doubt about its ability to continue as a going concern 1.
    • Production runs below normalized utilization, which raises fixed costs per unit and compresses gross margins 12.
    • A small number of customers generates a large part of sales, and orders are not backed by long-term commitments 1.

    Opportunities

    • If programs with the warehouse club and a mass retailer expand, production volumes could rise and improve plant utilization 3.
    • Growth in the ingredient business and contracted raw material purchasing could improve margins over the medium term 23.
    • New dairy-based and high-protein lines could widen the product range offered to existing customers 2.

    Threats

    • Dependence on a single production site in Peru exposes the company to disruption, political risk and currency fluctuations, since some costs are in soles 1.
    • Large competitors and private-label brands could press prices and limit available shelf space 1.
    • If financing is not available on acceptable terms, the company could be forced to cut investment or accept significant dilution 1.

    Risks

    • Going concernhigh

      The auditor has expressed substantial doubt about the company's ability to continue as a going concern, which may make it harder to raise capital 1.

    • Single-facility dependencehigh

      All production takes place in Pisco, Peru, with no redundant capacity, so any interruption could halt deliveries 1.

    • Customer concentrationhigh

      A limited number of large customers account for a significant part of sales, and a change in orders or terms could affect results 1.

    • Shareholder dilutionmedium

      If the company issues new shares, warrants or convertible notes, existing shareholders could be significantly diluted 1.

    • Currency and cost riskmedium

      Revenue is in U.S. dollars while part of the costs are in Peruvian soles, and the company does not hedge this exposure, which could reduce margins 1.

    Investment thesis

    What would need to be true (bull case)

    • If the club and mass-retailer programs become recurring, revenue could grow much faster than costs, and higher plant utilization could improve margins 3.
    • Record second-quarter 2026 revenue and a growing ingredient business show that the products can win important customers 3.
    • Proprietary technology and patents could offer a differentiation advantage over competitors using conventional processes 1.

    What would break the thesis

    • The company remains loss-making, has negative working capital and depends on external financing, and its auditor has flagged doubt about going concern 1.
    • If a major customer cuts orders or runs into difficulty, revenue could drop sharply, and further dilution could weigh on the shares 1.

    What to watch

    • Delivery of the estimated fourth-quarter revenue of 6-7 million USDQ4 2026
    • Whether plant utilization doubles and production reaches 70-80 metric tons per monthQ4 2026
    • Trend in gross margin as programs become recurring and raw materials are bought in advance2027
    • Progress on financing, the going-concern assessment and Nasdaq listing compliancenext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    BranchOut Food Inc. is headquartered in the U.S. and produces mainly at its 50,000 square foot facility in Pisco, Peru, using proprietary GentleDry technology licensed exclusively from EnWave Corporation 1. Its products are sold through three channels: BranchOut-branded snacks, private-label products for major retailers and industrial ingredients for food manufacturers 1. Sales go mainly to a few large U.S. customers, including Costco and Walmart, on purchase orders and program basis without long-term volume commitments 1.

    Segments

    BranchOut-branded snacks

    The branded line includes dehydrated fruit and vegetables such as pineapple, strawberry, banana and bell pepper, sold through grocery stores, clubs, online retailers and direct-to-consumer channels 1. An approximately 8 million USD annual everyday program across 309 clubs, starting in September 2026, could become an important revenue source 3.

    Private label

    The company manufactures for North American retailers under their own brands, including dehydrated prunes, carrots, brussels sprouts and raisins 1. A new mixed variety pack launched for Sam's Club contributed to lower margins in the first two quarters of 2026 2.

    Industrial ingredients

    Dehydrated fruit and vegetable ingredients are sold to makers of cereals, snack bars, baked goods and other foods 1. The company expects ingredient revenue to grow to approximately 6-7 million USD in 2026 from about 2 million USD in 2025, and it could exceed 10 million USD in 2027 3.

    Market context

    The U.S. consumer packaged foods industry is large, at approximately 1.5 to nearly 2 trillion USD a year, and the better-for-you snacking segment, with clean-label products and natural ingredients, is growing 1. The global better-for-you snacks market was estimated at approximately 50.4 billion USD in 2024 1. Private label is gaining ground, with record U.S. sales of 282.8 billion USD in 2025, which could pressure prices for branded producers 1.

    Trends

    • Demand for healthier snackstailwind

      Consumers increasingly prefer snacks with simple ingredients, less sugar and clean-label claims, which favors dehydrated fruit and vegetable products 1.

    • Expansion of private labelheadwind

      Retailers are expanding private-label assortments and competing on value and quality, which could limit shelf space and margins for branded products 1.

    • Demand from clubs and large retailersmixed

      Distribution programs with warehouse clubs and large retailers can bring significant volumes, but customer concentration makes revenue sensitive to the decisions of a few buyers 23.

    • Raw material and freight costsmixed

      Volatile agricultural prices, for example for strawberries, and air freight costs have reduced margins, while signed procurement contracts could lower future costs 12.

    Competitive position

    BranchOut competes with established food manufacturers, emerging better-for-you snack brands and private-label suppliers, many of which have far greater financial, marketing and distribution resources 1. Its advantage rests on the GentleDry technology, protected by more than 17 patents, and on its ability to produce differentiated textures and formats 1. Competition is based on quality, price, brand recognition and access to retail shelf space 1.

    • Established food manufacturers

      Large food companies with superior financial and distribution resources that dominate retail shelves and can pressure prices 1.

    • Emerging better-for-you snack brands

      Newer clean-label snack brands that compete for the same consumers and the same shelf space 1.

    • Private-label suppliers

      Manufacturers that produce under retailer brands, competing on price and quality while benefiting from the rapid growth of this segment 1.

    • Dried fruit ingredient suppliers

      Ingredient suppliers to cereal and bar makers, with which BranchOut competes for new industrial contracts 13.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report29 Oct 2026
      Other events · Financial statements and exhibits
    • Current report26 Oct 2026
      Material agreement · Other events · Financial statements and exhibits
    • Current report22 Oct 2026
      Other events · Financial statements and exhibits
    • Current report02 Sept 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report31 Aug 2026
      Other events · Financial statements and exhibits
    • Current report28 Aug 2026
      Material agreement · Other events · Financial statements and exhibits
    • Current report13 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report13 Aug 2026
    • Current report04 Aug 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report01 Jul 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BranchOut Food Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BranchOut Food Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / BranchOut Food Inc. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.