BranchOut Food Inc. - BOF STOCK NEWS

BranchOut Food (NASDAQ: BOF) reported a 640% increase in net revenue for the first half of 2024, reaching $2.83 million compared to $440,000 in the same period of 2023. The company projects $5 million in revenue for the second half of 2024, aiming to close the year with an estimated $8 million in total revenue. BranchOut completed $5.4 million in combined financings in June and July 2024, including a $400,000 personal investment from CEO Eric Healy. The funds will support the completion of a new production facility in Peru, expected to provide $40 million in production capacity starting October. The company anticipates eliminating its outstanding debt by Q4 2025.

BranchOut Food Inc. (NASDAQ: BOF) has secured a $3.925M investment, including a CEO-led insider PIPE and a convertible note. This funding, combined with a recent $1.4M public offering, positions the company to complete its Peru factory construction and achieve profitability. The investment includes $525,000 from company insiders and a $3,400,000 convertible note from Kaufman Kapital.

The capital will be used to finalize the build-out of BranchOut's large-scale production facility in Peru, including two additional REV machines. The new factory, expected to be operational in Q4, will have an estimated $40M production capacity with 40-50% margins. BranchOut is currently fulfilling over $8 million in orders from major retailers and anticipates profitable growth with the increased capacity.

BranchOut Food, a food technology company specializing in dehydrated fruit and vegetable products, has closed a public offering of 1,750,000 shares at $0.80 per share, raising $1.4 million in gross proceeds.

The company has also given underwriters a 45-day option to purchase an additional 262,500 shares at the same price, minus underwriting discounts.

The funds will be used for working capital and general corporate purposes, including operating expenses and capital expenditures.

Alexander Capital L.P. was the sole bookrunner, with legal counsel from Pachulski Stang Ziehl & Jones LLP for BranchOut and Sullivan & Worcester LLP for the underwriters.

The offering was made under a registration statement declared effective by the SEC on June 26, 2024.

BranchOut Food (NASDAQ: BOF) has announced an expanded contract with the nation's largest retailer, tripling the original commitment to approximately $1 million annually. The retailer will increase the distribution of BranchOut's private label dried fruit products from 1,400 stores to 3,430 stores starting in 2024. CEO Eric Healy expressed enthusiasm for the growing popularity of their products and emphasized the importance of the private label segment for BranchOut's growth strategy. Additionally, BranchOut has purchased a fourth Radiant Energy Vacuum (REV) machine from EnWave , to be installed in their new facility in Peru, to fulfill increasing product requests from major retailers and brands.

On June 26, 2024, BranchOut Food, a food technology company specializing in dehydrated fruit and vegetable products, announced the pricing of its follow-on public offering. The offering consists of 1,750,000 shares of common stock at $0.80 per share, expected to generate approximately $1,400,000 in gross proceeds. Additionally, underwriters have a 45-day option to purchase an extra 262,500 shares at the same price. The offering aims to raise funds for working capital, corporate purposes, operating expenses, and capital expenditures. The offering will close around June 28, 2024, pending customary conditions. Alexander Capital L.P. is the sole bookrunner. The offering follows a registration statement declared effective by the SEC.

BranchOut Food (NASDAQ: BOF), a leading food technology company, has shipped the first production of its new dried brussels sprouts and dried carrot sticks to the nation's largest retailer. These innovative products, leveraging BranchOut's GentleDry technology, will see a nationwide launch in July 2024. The shipments are part of a broader $8 million annualized revenue contract with the retailer, which includes requests for additional flavored variations. CEO Eric Healy emphasized the potential for increasing the number of BranchOut items on retailer shelves. The GentleDry technology preserves the nutritional content, color, and flavor of fresh produce.

BranchOut Food (NASDAQ: BOF), a leader in dehydrated fruit and vegetable products, has announced its entry into the industrial food ingredients market, a sector valued at $335.32 billion in 2023 and projected to reach $511.33 billion by 2032, with a CAGR of 4.8%.

The company's proprietary technology and Peru-based manufacturing facility provide a competitive edge. A recent acquisition of a fourth EnWave radiant energy vacuum machine will support the growing demand. BranchOut Food is also expanding its internal sales and marketing team and will showcase its offerings at the IFT Annual Expo in July 2024.

BranchOut Food (NASDAQ: BOF) has been selected by the U.S. Army DEVCOM to enhance Meals Ready-to-Eat (MREs) with its GentleDry technology. The company's Cinnamon Churro Banana Bites and Chili Lime Pineapple Chips excelled in shelf life and sensory tests. The Cinnamon Churro Banana Bites will undergo a field test with soldiers, with the Chili Lime Pineapple Chips potentially following. Each product, if selected for MRE inclusion, could see a production volume of 1.5 million units annually. This partnership underscores BranchOut's commitment to providing nutritious, flavorful, and durable food options for military use.

BranchOut Food (NASDAQ: BOF) announced the acquisition of a 10kW Radiant Energy Vacuum machine from EnWave for its new large-scale facility in Peru.

This machine will be important for R&D, rapid product development, and scaling up production to meet demands from major retailers.

The factory has a $40 million production capacity and is anticipated to enhance BOF's gross margins by 40-50%.

Currently, BOF is fulfilling orders worth over $9 million from leading retailers and expects additional orders throughout 2024.

The new facility and technology aim to fortify BOF's position as an innovative partner for major brands.