Synergy CHC (SNYR) Registration Filing summary

Company overview and business model

• Operates in consumer health care, beauty, and lifestyle products, with two core brands: FOCUSfactor (brain health supplement) and Flat Tummy (nutrition and weight management for women).

• Products are distributed through major U.S. retailers and direct-to-consumer channels, with international expansion into Canada and the UK.

• Asset-light model leverages third-party manufacturers for scalable, flexible growth.

• Brand portfolio built through strategic acquisitions, with a focus on expanding SKUs and market reach.

Financial performance and metrics

• Net revenue for 2023 was $42.8 million, up 11% from 2022; net income was $6.3 million, compared to a $32.6 million loss in 2022.

• EBITDA for 2023 was $10.8 million, a significant turnaround from negative $25.8 million in 2022.

• For the six months ended June 30, 2024, net revenue was $17.4 million (down 7% YoY), net income $1.2 million (down 50% YoY), and EBITDA $3.5 million (down 18% YoY).

• Working capital deficit was $2.2 million at year-end 2023 and $3.8 million at June 30, 2024.

• As of August 12, 2024, cash balance was approximately $2.0 million.

Use of proceeds and capital allocation

• Proceeds from the IPO are intended for general corporate purposes, including working capital and growth initiatives for FOCUSfactor and Flat Tummy.

• No specific allocation plan; management retains broad discretion over use of funds.