Sow Good Inc., a U.S.-based manufacturer specializing in freeze-dried candy and snacks, reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company achieved revenues of approximately $32.0 million, marking a 99% increase from $16.1 million in the previous year. This surge in revenue is attributed to the full-year commercialization of its freeze-dried candy products, which began in the first quarter of 2023, and the installation of three new freeze-drying units that expanded production capacity.
Despite the revenue growth, Sow Good Inc. reported a net loss of $3.6 million for the year, compared to a loss of $3.1 million in 2023. The increase in losses was primarily driven by a substantial rise in general and administrative expenses, which totaled $14.5 million, up from $4.4 million the previous year. This increase was largely due to higher salaries and benefits, professional services, and other operational costs associated with the company's rapid expansion and increased workforce.
Operationally, Sow Good has made strides in expanding its market presence, with its products now available in approximately 3,000 retail locations across the United States, including major retailers such as Five Below, Hy-Vee, and Kroger. The company has also diversified its product offerings, launching a new line of freeze-dried ice cream bars and sandwiches, which contributed to its overall sales growth. As of December 31, 2024, Sow Good had 86 full-time employees, reflecting its commitment to job creation and community impact.
Looking ahead, Sow Good Inc. aims to continue its growth trajectory by enhancing its distribution network and expanding its product line. The company has plans to enter new markets and increase its SKU portfolio, which it believes will drive further revenue growth. However, management has acknowledged the challenges posed by competition and market conditions, emphasizing the need for effective execution of its growth strategies to achieve profitability in the future. The company is also exploring additional financing options to support its operational needs and expansion plans.
About Sow Good Inc.
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