SunOpta Inc. (NASDAQ: STKL)

SunOpta Inc. delivers customized supply chain solutions and innovation for top brands retailers and foodservice providers across a broad portfolio of beverages broths and better-for-you snacks. The company specializes in plant-based beverage offerings including oat almond soy coconut and rice milks which have a favorable climate profile relative to traditional dairy milks in terms of lower carbon emissions and water usage. SunOpta Inc. also produces liquid ingredients for internal use and for sale to other food and beverage manufacturers. The company operates primarily in the United States and Canada with its corporate headquarters innovation center and pilot plant located in Eden Prairie Minnesota.

SunOpta Inc. generates revenue through the sale of its plant-based beverages broths and better-for-you snacks distributed via retail club foodservice and e-commerce channels. The company also earns income from producing and selling liquid ingredients to other food and beverage manufacturers. Its products include non-genetically modified organic and gluten-free options catering to health-conscious consumers and branded product lines such as SOWN® Dream® and West Life™. Revenue is derived from both private label co-manufacturing arrangements and branded product sales serving grocery retailers club stores foodservice operators and food manufacturers principally in the United States.

The company operates through the following segments: Plant-Based Beverages and Broths and Better-for-You Snacks.

• The Plant-Based Beverages segment includes oat almond soy coconut and rice milks produced using specialized Tetra Pak processing and packaging equipment with a focus on extended shelf-life options and recyclable packaging formats. This segment emphasizes innovation in sustainable beverage solutions with over 95% of packaging by weight being recyclable.

• The Broths and Better-for-You Snacks segment encompasses a range of snack products and broth offerings that are distributed through retail foodservice and e-commerce channels. This segment leverages the company's innovation center and pilot plant in Eden Prairie Minnesota for product development and custom formulation support for customers.

SunOpta Inc. competes with major branded and private-label food manufacturers that may have significantly greater resources and brand recognition. The company differentiates itself through the strategic locations of its manufacturing and distribution facilities its in-house processing and packaging capabilities and its innovation center and pilot plant. For private label and co-manufactured products the principal competitive factors are product quality reliability of service innovation and price. For its own branded products the key competitive factors are consumer brand recognition and loyalty product quality promotion and price.

SunOpta Inc. serves grocery retailers club stores foodservice operators branded food companies and food manufacturers located principally in the United States as well as customers through e-commerce channels. A relatively limited number of customers account for a large percentage of revenues with the ten largest customers representing approximately 84% of total revenues in 2025. The company conducts business based on purchase orders or contracts that are terminable by either party following a designated notice period though some agreements extend for several years and include volume purchase commitments.