BranchOut Food Inc. (BOF) research, news, and more from GeoInvesting

Company description

Wed, 19 Mar 2025 11:45:38 GMT

BranchOut Food Inc. develops, markets, sells, and distributes plant-based dehydrated fruit and vegetable snacks, and powders in the United States. The company offers dehydrated fruit and vegetable-based snacks, including avocado chips, chewy banana bites, pineapple chips, brussels sprout crisps, and bell pepper crisps; avocado, banana, and blueberry powders; and industrial ingredients, such as bulk avocado powder, dried avocado pieces, and other fruit powders/pieces. It also provides chocolate covered fruit items and private label products for retailers. The company was formerly known as AvoLov, LLC and changed its name to BranchOut Food Inc. in November 2021. BranchOut Food Inc. was incorporated in 2017 and is headquartered in Bend, Oregon.

Research

Thu, 14 May 2026 19:44:01 GMT

Branchout Food Inc. (NASDAQ:BOF) ($3.23; $47.0M market cap) announced a shareholder update on record production and major customer deliveries:

BranchOut expects Q2 2026 to be a record revenue quarter driven by major customer deliveries.
Production reached record levels of approximately 46,000kg per month in March and into Q2.
The company launched its largest order to date nationwide in 600+ locations at the nation’s second largest warehouse club retailer.
BranchOut estimates the Crunchy Fruit Chips everyday program could represent approximately $15 million in annual recurring revenue.
A potential tolling partnership with a household brand could generate approximately $6–7 million in annual revenue once fully ramped.
The nation’s largest warehouse club retailer placed another large Pineapple Chips order and committed to a larger Q4 follow-on order.
BranchOut secured its first regional Mango Chips launch into the Bay Area market during Q2.
Four regions are showing high intent to move forward with multipack products for Q3 and Q4.
Ingredient and bulk supply revenue is expected to reach approximately $6–7 million in 2026, up from nearly $2 million in 2025.
BranchOut expects its first European private label commercial order this month, representing roughly $500,000 in revenue.
Kaufman Capital provided approximately $2.25 million in April and May 2026 through working capital loans and warrant exercise.
Kaufman Capital’s convertible note maturity was extended to December 31, 2027, and its interest rate was reduced to 8%.

Management Commentary:

"We remain extremely bullish on the strength of our sales pipeline and the customer response we are seeing across both our retail and ingredient products,” said Eric Healy, CEO of BranchOut Food. “Q1 was primarily a quarter of inventory build and operational ramp up to support major Q2 deliveries. As production volumes continue increasing, we are seeing strong improvements in throughput and efficiency, highlighted by record production in March and April. Just as importantly, customer feedback on both our products and innovation pipeline continues to be extremely positive, which we believe positions us well for continued growth."

Our Quick Take:

Interesting that BOF is pre-announcing a strong Q2 2026 while simultaneously flagging that Q1 came in below Q4 2025. Would be funny if the stock pulls back on the Q1 print despite them telegraphing it right now. A few things stand out:

The $2M order from the new club retailer (nation's second largest) has shipped and is now live in 600+ locations, with early sell-through reportedly exceeding the retailer's thresholds for everyday placement, increasing the odds of this converting into the $15M annual recurring revenue opportunity.

The biggest new item is the large-scale tolling partnership. BOF is in final negotiations with an unnamed "household name" brand on a structure where the customer supplies the raw materials and BranchOut just provides the drying. It would run on the fourth REV line nearly 24/7, generate an estimated $6–7M annually once ramped in H2, and carry substantially higher gross margins given there's no raw material cost. Expected to be signed in Q2 2026.

On the financing side, Kaufman put in $2.25M in April/May: $1.5M as non-dilutive 8% working capital debt (separate from the convertible), and $750K from exercising 500K warrants at $1.50. Separately, the existing convertible note ( $2.9M outstanding; converts at $0.7582) was amended: maturity extended to Dec 2027, interest cut from 12% to 8%, and a 9.99% ownership cap added on conversions. The cap doesn't reduce total dilution overhang but forces it to drip out gradually rather than hit in one block.

BranchOut Food Inc. produces and sells plant-based dehydrated fruit and vegetable snacks, powders, and ingredients for retail, private label, and industrial customers

Research

Wed, 28 Jan 2026 18:07:52 GMT

BranchOut Food Inc. (NASDAQ:BOF) ($3.13; $41.9M market cap) announced Q4 2025 and full year preliminary sales:

Q4 sales of $4.2 million vs. $1.5 million in the prior year
Full-year 2025 sales of $14 million vs. $6.5 million in the prior year
Nearly $2 million order from a new warehouse club customer; potential to scale to $15 million annually. (First order from second largest club warehouse operator in the U.S., which would be Sam’s Club, which is owned by Walmart)
Development program with world’s largest retailer for up to nine SKUs, targeted for 2H 2026 launch; potential $10 million in annual revenue. (This would be Walmart and expands their current relationship)
Launching shelf-stable dehydrated cheesecake using GentleDry™ tech.
Installing fourth REV drying line (operational by March 1, 2026) to support dairy/high-protein product expansion.
Ingredient and bulk channel to generate $5–6 million in 2026, with new $1.8 million CPG customer order expected.
2025 gross margin was 16%, impacted by air freight (8% of COGS) and 5% tariffs; normalized margin estimated at 25%.
Gross margin expected to expand significantly in 2026 from reduced freight, zeroed tariffs, operational efficiency, and high contribution margins ( 50%) from incremental revenue.
Secured $1.5 million working capital loan from Kaufman Capital; $500,000 of convertible note voluntarily converted to equity.
ATM program to raise up to $1.5 million additional working capital to meet demand.

Our Quick Take:

The company has had multiple small ATM vehicles in place since we started covering the stock. While we are not a big fan of ATMs, it’s somewhat comforting that their biggest backer (who we highly respect) outside the ATMs (Kaufman Capital) continues to back the company.

It is also worth noting that the Company is expanding its relationship with the world's largest retailer, Walmart, and that it appears they have secured their first order with the second largest warehouse club customer, Sam’s Club.

Even though gross margins were down significantly, the company expects them to expand significantly in 2026, something we will monitor closely.

Taking this all in conjunction with the fact that the company is expanding its relationship with the nation's largest warehouse club operator, Costco, shows it is building a nice customer portfolio.

Obviously, the key is for the company to reach profitability while dealing with cost pressures on gross margins and potentially some of the nuances that come with having large customers who have been known to be stingy on pricing.

BranchOut Food Inc. produces and sells plant-based dehydrated fruit and vegetable snacks, powders, and ingredients for retail, private label, and industrial customers.

Research

Tue, 21 Oct 2025 04:00:00 GMT

BranchOut Food Inc. (NASDAQ:BOF) ($2.10; $24.7M market cap) announced Q3 2025 results:

Q3 sales of $3.2 million vs. $2.2 million in the prior year
Production milestone: Record output of 38,500 kg in September, establishing a $16M annualized run rate (breakeven production level)
Capacity expansion: Committed to purchasing an additional EnWave REV™ 120kW machine
New product rights: Secured global exclusive rights to produce dragon fruit using EnWave’s REV™ technology
New CMO: Jesse Thomas appointed Chief Marketing Officer; granted 50,000 stock options at $2.09/share

“This has been a transformative quarter,” said Eric Healy, CEO of BranchOut Food. “This year, and this quarter in particular, was defined by extensive scale-up and R&D efforts across our entire product portfolio. Each time we launch a new product, we invest heavily in the scale-up process to ensure quality, consistency, and efficiency. These efforts often extend production timelines and, in many cases, require air shipping to meet strict customer delivery dates.

Our third quarter marks a true turning point. With most of our R&D and scale-up investments now behind us, operations are positioned for greater efficiency and improved cost performance as we continue to scale.”

Healy added: “With a cleaner balance sheet, record output, and rising demand across multiple channels, we’re entering 2026 with the foundation built and the engine ready. The next 12 months will be about accelerating scale, driving profitability, and solidifying BranchOut as the category defining brand in dehydrated snacks.”

Our Quick Take:

BOF was part of our March 2025 MSM Microcap Virtual Conference, you can see that summary here. Today’s update is clearly bullish. It’s nice to see management discuss break-even levels and goals of driving profitability. How quick and to what levels this can occur will be key in driving the multiple expansion.

BranchOut Food Inc. produces and sells plant-based dehydrated fruit and vegetable snacks, powders, and ingredients for retail, private label, and industrial customers.

Research

Wed, 19 Mar 2025 13:59:41 GMT

BranchOut Food Inc. (NASDAQ:BOF) ($1.86; $14.6 market cap) announced a definitive agreement with MicrDried, a leading provider of premium dried fruit and vegetable ingredients to the food and beverage industry. (previously announced early December as LOI)

“Under the agreement, BranchOut and MicroDried will collaborate to drive large-scale production through BranchOut’s new 50,000 square foot high-efficiency Peru facility, complementing MicroDried’s established portfolio of premium dried ingredients. The collaboration is expected to generate $5-6 million in annual ingredient sales, with additional growth anticipated as food manufacturers seek versatile, high performance dried ingredient options. This arrangement marks a major milestone in BranchOut’s rapid expansion into the industrial ingredient market of its GentleDry technology.”

In early December the company announced a letter of intent for this deal, which now has become definitive.

With trailing twelve month revenues of around $7 million, this deal is very significant for BOF. The company presented at the MS Microcap virtual conference in early March, you can see the full presentation here, where the CEO highlights why he’s extremely excited about the ingredients business at the 19:11 mark.