TRUBAR (SBBC) Status Update summary

Strategic restructuring and financial stabilization

• Closed 10 of 17 operating units, reduced overhead by 36%, and cut headcount by two-thirds to stabilize finances and focus on core brands.

• Extinguished $13 million in debt through Chapter 7 bankruptcy of PureKana and secured $10 million in new credit facilities at improved rates.

• Secured an additional $5 million credit facility with a Tier One Canadian bank, lowering cost of capital to 8.85–9.0% per annum.

• Management and directors now own over 20% of shares, with significant personal capital invested.

• 90.7M basic shares outstanding, 118.7M fully diluted; 78% institutional shareholders and float, 22% management and directors.

TRUBAR brand growth and market expansion

• Achieved nearly 150% year-over-year growth for TRUBAR with minimal resources, now targeting accelerated growth over the next 12–18 months.

• Updated distribution forecast to 9,500 new retail locations in 2024, bringing total to over 12,000 stores, including CVS, Walmart, Whole Foods, GNC, Costco, and Safeway.

• E-commerce channels, especially Amazon and Walmart.com, have seen 700% growth, with strong performance and exposure.

• Full-year 2024 revenue guidance for TRUBAR raised to $45–$50 million, up from $40–$45 million, driven by expanded North American distribution and ecommerce growth.

• TRUBAR is positioned as the flagship brand, targeting the $6B global snack bar market with a 14% CAGR.

Innovation, marketing, and operational capacity

• Strong innovation pipeline with new flavors and bar sizes, including retailer-specific innovations and smaller bar sizes.

• Marketing acceleration includes increased in-store and online activity, retail program participation, and multi-channel affiliate programs.

• Manufacturing capacity is robust, with two state-of-the-art facilities able to scale to $150 million in sales.

• Focus on plant-based, allergen-free protein bars with no gluten, dairy, soy, or sugar alcohols.

• E-commerce and retail marketing efforts previously limited by lack of capital are now expanding.