TRUBAR ANNOUNCES RECORD SECOND QUARTER 2025 RESULTS HIGHLIGHTING 176% NET REVENUE GROWTH
TRUBAR generated record Net Revenue of $17.7 million from continuing operations for the three months ended June 30, 2025, representing an increase of 176% compared to Net Revenue of $6.4 million during the three months ended June 30, 2024.
During Q2 2025, the Company continued to advance its strategy to increase household penetration through retail expansion, extensive trial and awareness programs supporting existing and new distribution and accelerated direct-to-consumer sales.
TRUBAR reaffirms full-year 2025 guidance for Net Revenue in the range of $65 to $70 million
VANCOUVER, BC, Aug. 25, 2025 /CNW/ - TRUBAR Inc. ("TRUBAR" or the "Company") (TSXV:TRBR) (OTCQX:TRBRF), a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients, is pleased to announce its interim financial results for the three months ended June 30, 2025. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "Gross Revenue," "Gross Profit," "Gross Margin Percentage," "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below.
Selected financial and operating information are outlined below and should be read with the Company's interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended June 30, 2025, which are available under the Company's profile on SEDAR+ at www.sedarplus.com.
MANAGEMENT COMMENTARY
Erica Groussman, Chief Executive Officer, commented, "Our second quarter results demonstrate the strength of the TRUBAR™ brand as we continue to execute our strategy to expand distribution, drive innovation, increase trial, build brand awareness, and ultimately increase household penetration. Net revenue increased by 176% year over year driven by ongoing retail expansion and the execution of in-store consumer trial and brand awareness building efforts. Our continued retail expansion included launches across several regional and national mass, club, and grocery chains in Q2 keeping us on track to reach our goal of 25,000 retail locations by the end of 2025. As the TRUBAR™ brand continues to increase household penetration, the benefit of these efforts is reflected in continued direct-to-consumer growth, with DTC net revenue up +281% in Q2 2025 compared to Q2 2024. We are also advancing our innovation pipeline with the recent launch of TRUBAR™ Kids, a healthy and delicious snack that delivers one of the highest fiber and protein content among leading kids' bars. The highly anticipated launch of TRUBAR™ Kids is generating solid listing momentum in both physical retail and e-commerce channels. With our continued growth and momentum in the second quarter, we are well positioned to further strengthen our leadership in the better-for-you snacking category going forward."
Kingsley Ward, Executive Chairman, added, "Our expanded retail footprint, continued strength in the e-commerce channel, increase in brand awareness and trial, and a solid innovation pipeline is creating a powerful platform for long-term growth. The Company's capital structure and liquidity position provide flexibility to support ongoing expansion, and we remain confident in our ability to deliver sustained growth and long-term shareholder value."
2025 ANNUAL GUIDANCE
TRUBAR is pleased to reaffirm full-year 2025 guidance for Net Revenue in the range of $65 to $70 million.
FINANCIAL HIGHLIGHTS FOR THE THREE-MONTH PERIOD JUNE 30, 2025
Financial highlights for the Company's continuing operations during the three months ended June 30, 2025, included:
Net Revenue was $17.68 million for the three months ended June 30, 2025, representing an increase of 176% compared to Net Revenue of $6.39 million during the three months ended June 30, 2024, driven by a 328% increase in retail net revenue and a 281% increase in DTC net revenue.
Gross Revenue was $24.88 million for the three months ended June 30, 2025, an increase of 298% compared to $6.24 million for the comparable period in 2024.
Gross Profit was $3.95 million for the three months ended June 30, 2025, an increase of 35% as compared to Gross Profit of $2.91 million for the three months ended June 30, 2024. Gross Margin Percentage1 was 22% for the three months ended June 30, 2025, compared to 46% for the comparable period in 2024. The decline in Gross Margin Percentage was due to investments we have made at retail to drive consumer trial and awareness.
Operating costs were $6.77 million for the three months ended June 30, 2025, an increase of $3.16 million (or 87%), compared to $3.61 million for the three months ended June 30, 2024. This increase reflects the Company's strategic investments and operational growth initiatives.
The Company generated an Adjusted EBITDA loss of $1.85 million from continuing operations for the three months period ending June 30, 2025, compared to $0.27 million in the comparable period in 2024. The decrease was primarily due to brand-building investments at retail to drive consumer trial and awareness, as reflected in the change in gross margin.
The Company recorded a net loss from continuing operations of $1.96 million during the three months ended June 30, 2025, compared to a net loss of $7.07 million for the three months ended June 30, 2025.
SEGMENT REVENUE
Wholesale club net revenue was $11.24 million in Q2 2025, an increase of 135% as compared to $4.78 million in Q2 2024.
Retail net revenue was $2.62 million in Q2 2025, an increase of 328% as compared to $0.61 million in Q2 2024.
Direct-to-consumer (DTC) net revenue was $3.81 million in Q2 2025, an increase of 281% compared to $1.0 million in Q2 2024. DTC revenue includes e-commerce revenue generated from Amazon and Shopify.
RECENT BUSINESS HIGHLIGHTS
Target Expansion: On April 14, 2025, the Company announced the nationwide launch of TRUBARTM in select Target locations, marking further progress in expanding the brand's North American distribution footprint with key national retail partners.
Expansion into Major Regional Grocery Chains: On July 8, 2025, the Company announced the addition of over 500 stores across key grocery chains in the U.S. Midwest, Pacific Northwest, and Colorado. The new retail partnerships include Meijer, Fred Meyer, King Soopers, and Fresh Thyme Market, significantly extending TRUBAR™'s geographic reach.
Launch of TRUBAR™ Kids Line: On August 5, 2025, the Company introduced its TRUBAR™ Kids snack bar line at Sprouts Farmers Market, marking the brand's entry into the kids snack bar category. The allergy-friendly bars feature one of the highest fiber and protein content among leading kids' bars and are now available across 400 Sprouts locations in 24 states, with plans to expand to Amazon, Walmart.com, Hy-Vee, and trubar.com later in mid to late September.
CORPORATE DEVELOPMENTS
Name Change to TRUBAR Inc.: ...
