Once Upon a Farm (OFRM) Registration Filing summary

Company overview and business model

• Provides organic, fresh, and convenient food for babies and kids, with no added sugar or artificial ingredients.

• Operates as a public benefit corporation, balancing financial interests with social and environmental impact.

• Products include cold-pressed pouches, refrigerated oat bars, dry baby snacks, and frozen meals, distributed through over 25,000 retail doors and a direct-to-consumer platform.

• Focuses on innovation, quality, and transparency, with a strong brand reputation and high consumer trust.

• Maintains a capital-efficient, global supply chain with rigorous quality control and social responsibility standards.

Financial performance and metrics

• Net sales grew from $66.3M in 2022 to $225.9M in the twelve months ended September 30, 2025, a 56.2% CAGR.

• Gross margin increased from 39.3% in 2022 to 41.7% in the twelve months ended September 30, 2025.

• Contribution margin rose from 28.0% in 2022 to 36.0% in the twelve months ended September 30, 2025.

• Net loss increased from $19.3M in 2022 to $52.0M in the twelve months ended September 30, 2025.

• Adjusted EBITDA loss improved from $14.0M in 2022 to $2.4M in the twelve months ended September 30, 2025.

Use of proceeds and capital allocation

• Plans to use $43M to repay outstanding borrowings under the Revolving Credit Facility.

• $25M allocated for new equipment, $7M for spokesperson agreement, $1.6M to settle vested SARs, and the remainder for general corporate purposes.

• No anticipated cash dividends for the foreseeable future; focus remains on reinvestment and growth.