The Real Good Food Company, Inc. (RGF): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind The Real Good Food Company, Inc.'s operational blueprint following its major August 2024 financial shift, and honestly, the numbers tell a compelling, if complex, tale about a company in transition. We've mapped out their entire Business Model Canvas, showing how they plan to hit an estimated $350 million in 2025 revenue, driven largely by that 85% slice from branded retail sales across over 16,000 doors, while still managing a projected loss per share of -$0.58 despite a $40 million EBITDA forecast. Dive in below to see exactly how their key partnerships, proprietary low-carb innovation, and mass retail footprint are set to deliver on this post-privatization strategy.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Key Partnerships

You're analyzing the structure of The Real Good Food Company, Inc. (RGF) after its major financial reset. The partnerships are now heavily influenced by its new private ownership and focus on operational stability following the Chapter 11 filing in June 2024.

Solace Capital Partners is the linchpin of the current structure. They became the controlling equity owner following the acquisition in August 2024, taking the company private. This financial partnership is formalized through agreements like the Exchange Agreement effective September 20, 2024, which involved parties including PMC Financial Services Group, LLC and the Emblem Parties, setting the terms for unit and share exchanges based on the prior Emblem Loan Agreement.

The distribution network relies on deep relationships with major US retailers. As of late 2025, The Real Good Food Company, Inc. products are available across over 16,000 US retail locations. This physical footprint is critical to achieving the forecasted $350 million in full-year 2025 revenue. The core of this distribution includes shelf space secured at partners like Walmart, Costco, and Kroger.

The operational model uses a hybrid approach, meaning co-manufacturers are essential partners to augment internal production capacity. While specific contract values aren't public now that the company is private, this flexibility helps manage the scale required to meet the projected $40 million in estimated EBITDA for 2025 without over-committing fixed capital.

Ingredient sourcing is tied directly to product innovation, which in turn drives specific retailer acceptance. For instance, the nationwide launch of the Seed Oil Free Breaded Chicken in July 2025 implies established supply chains for those specific ingredients. Furthermore, the launch of Bold New Chicken Meatballs to H-E-B in September 2025 confirms a direct, active partnership with that specific retailer for new product introductions.

Here's a quick look at the scale tied to these distribution and financial partnerships:

The most critical partners driving volume and structure are:

• Solace Capital Partners: Controlling equity owner post-August 2024 acquisition.
• Major US Retailers: Securing shelf space in over 16,000 doors, including Walmart, Costco, and Kroger.
• Co-manufacturers: Partners enabling the hybrid production model for scale.
• Key Ingredient Suppliers: Supporting innovation like the Seed Oil Free product line.
• PMC Financial Services Group, LLC: Party to the September 20, 2024 Exchange Agreement.

Finance: draft 13-week cash view by Friday.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Key Activities

You're looking at the core actions The Real Good Food Company, Inc. (RGF) focuses on to deliver its value proposition. These aren't just things they do; they are the engine room of the business, especially now that they've transitioned to OTC trading.

Proprietary Product Innovation: Developing new low-carb, high-protein, clean-label frozen foods.

The activity centers on creating food that fits specific dietary needs. The mission is to provide "Real Food You Feel Good About Eating," focusing on meals that are low in sugar, low in carbohydrates, and high in protein. This innovation pipeline supports the entire product family spanning breakfast, lunch, dinner, and snacks.

Manufacturing and Supply Chain Optimization: Consolidating production to the Bolingbrook, IL facility.

Bringing manufacturing in-house is a major key activity aimed at improving the cost structure and margins. The state-of-the-art manufacturing facility in Bolingbrook, Illinois, was designed for high-throughput and flexibility. At full capacity, this single plant was projected to support approximately $250 to $300 million in net sales. This consolidation effort followed the opening of the plant, which was expected to more than double the Company's manufacturing capacity.

Mass Retailer Account Management: Securing and maintaining shelf space in over 16,000 stores.

A critical function is managing relationships with major retailers. The Real Good Food Company, Inc. serves retailers across natural, conventional grocery, drug, club, and mass merchandise stores. The current physical footprint for product availability stands at over 16,000 stores nationwide. This activity is essential for driving volume through traditional retail channels.

Digital Marketing and Social Media Engagement: Building brand loyalty and driving product awareness.

Building a direct connection with the consumer is paramount, especially given the shift away from public market reporting requirements. The company maintains a significant presence on social media to foster brand loyalty. For example, their Instagram presence, @realgoodfoods, has over 485,000 followers. This digital engagement supports both retail sell-through and direct-to-consumer sales.

Here's a quick look at some of the hard numbers underpinning these activities as of late 2025:

The focus on innovation is also reflected in product launches, such as bringing new Chicken Meatballs to H-E-B in September 2025, and launching its first ever Seed Oil Free Breaded Chicken Nationwide in July 2025. These launches directly feed the Key Activity of Proprietary Product Innovation.

• Develop grain-free breaded poultry platforms.
• Introduce zero-sugar Asian entrees.
• Expand into protein fries and tots categories.
• Ensure product availability in over 16,000 retail doors.

Finance: draft 13-week cash view by Friday.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Key Resources

You're analyzing the core assets The Real Good Food Company, Inc. relies on to execute its strategy in the health-conscious frozen food space. These resources are what allow them to compete against established brands. Honestly, given the company's recent financial restructuring and move off the Nasdaq in January 2025, these tangible and intangible assets are more critical than ever for driving the forecasted 2025 revenue of approximately $350 million.

Proprietary Product Formulations

The intellectual property centers on creating comfort foods that meet strict dietary requirements. This involves the know-how to swap traditional high-carbohydrate ingredients for alternatives like protein or vegetable bases. The company's mission is to provide "Real Food You Feel Good About Eating," focusing on low sugar, low carbohydrate, and high protein profiles. This formulation expertise supports product lines including pizzas, entrees, breakfast items, and snacks.

• Focus on grain-free and gluten-free bases, often using chicken or cauliflower.
• Recent innovation includes the July 2025 national launch of seed oil-free breaded chicken products.
• Commitment to removing industrial seed oils from the entire product portfolio.

Manufacturing Infrastructure

The physical backbone is the consolidated, optimized production capability, anchored by the Bolingbrook, IL facility. This site is USDA and gluten-free certified and is key to managing scale and improving cost structure. The company completed supply chain optimization, including facility consolidation and transition, by June 30, 2024. The Bolingbrook plant was designed for high-throughput and flexibility to support current products and innovation platforms.

Here's the quick math on the facility's potential scale, based on prior estimates: at full capacity, the Bolingbrook facility was expected to support approximately $250 million to $300 million in net sales. As of March 2023, the facility had eight production lines running, capable of approximately $200 million in sales, with the ability to add another $50 million to $70 million in capacity with limited capital expenditure.

Retail Distribution Footprint

Access to the consumer shelf is a major resource, translating demand into revenue. The Real Good Food Company, Inc. has secured a significant national presence across the United States. This physical reach is what drives the sales volume, even as the company focuses on profitability, targeting an Adjusted EBITDA of $40 million for 2025.

The scale of their market penetration is substantial:

Brand Equity and Social Media Following

The brand equity is rooted in a strong, engaged digital community within the health food niche. This community provides direct feedback and drives trial for new, specialized products. The company maintains some of the largest followings in the frozen food industry today on social media platforms. This digital engagement is a low-cost way to maintain brand relevance, especially important after the voluntary delisting from Nasdaq in January 2025.

• Strong consumer interest indicated by large social media followings.
• Brand appeal targets health-conscious consumers and those on low-carb/high-protein diets.

Finance: draft 13-week cash view by Friday.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Value Propositions

You're looking at how The Real Good Food Company, Inc. (RGF) positions its offerings against the standard frozen meal aisle. The core value here is delivering the comfort you crave without the nutritional trade-offs you're trying to avoid.

Healthier Convenience: Frozen comfort foods that are low-carb, high-protein, and low-sugar

The company designs its frozen meals to fit a health-conscious routine. You get the ease of freezer-to-table preparation, but the nutritional profile is fundamentally different from legacy brands. For instance, the breaded chicken line, launched in July 2025, delivers over 20+ grams of protein per serving. This focus on high protein and low sugar is central to the proposition, helping you maintain dietary goals even when you need a quick meal.

Clean Ingredients: Commitment to removing industrial oils, exemplified by the July 2025 seed oil-free chicken launch

RGF is making a clear stand on ingredient quality. A major move was the national rollout in July 2025 of breaded chicken products made without industrial seed oils like canola, soybean, sunflower, and corn oil. Instead, these items use pure beef tallow as the cooking fat. This signals a commitment to removing ultra-refined ingredients from the entire portfolio, which is a big deal for consumers wary of inflammation-linked omega-6 fats. Honestly, this kind of ingredient swap is not easy to execute at scale, but it's a key differentiator.

Dietary Alignment: Products catering to Keto, low-sugar, and GLP-1-friendly diets

The product development explicitly targets specific, popular eating patterns. You'll find that RGF's portfolio is designed to be gluten- and grain-free, which naturally aligns with Keto principles. Furthermore, the low-carb, high-protein nature of many entrees, including the new chicken line, positions them as suitable for consumers following GLP-1-friendly eating plans. The company is meeting the moment by creating foods that align with modern nutritional values.

Here's a quick look at what some of these core product attributes look like:

Broad Accessibility: Availability in mass retail channels for easy consumer access

A great value proposition is useless if you can't find the product. RGF has pushed hard for broad distribution. As of late 2025, their products are available in over 16,000 stores nationwide. This includes major mass merchandise, club, and conventional grocery retailers. The July 2025 seed oil-free chicken launch, for example, was made available at Sam's Club and select retailers across the U.S., ensuring that this cleaner option is accessible to the mass market, not just specialty stores. To give you a sense of scale, new Seasoned Chicken Breast Chunks were launched nationally in approximately 4,000 Walmart stores back in June 2024, showing a consistent strategy for mass retail penetration.

The company's forecasted annual revenue for the fiscal year ending 2025-12-31 is projected at $350MM, which underscores the volume needed to support this wide distribution network.

• Products in over 16,000 stores nationwide.
• National launch of seed oil-free chicken at Sam's Club.
• Seasoned Chicken Breast Chunks launched in approximately 4,000 Walmart stores.
• Distribution covers natural, conventional grocery, drug, club, and mass merchandise stores.

Finance: draft 13-week cash view by Friday.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Customer Relationships

You're looking at how The Real Good Food Company, Inc. (RGF) connects with the people buying their low-carb, high-protein frozen foods. The relationship model is heavily weighted toward broad, transactional reach, but they back that up with digital community building.

The primary customer relationship is transactional, driven by massive physical distribution. This means most interactions are point-of-sale decisions in the grocery aisle, not direct conversations with the brand. The company's products are available in over 16,000 stores nationwide as of late 2025. This extensive retail footprint, covering major grocery chains and club stores, is the backbone of their volume. For context, the SPINS data, which tracks consumption in the Food, Drug and Mass retail channel, historically represented about 50% of the Company's net sales.

To foster a deeper bond beyond the shelf, RGF leans heavily into community-driven engagement. They use social media platforms to maintain high engagement and direct communication with their core demographic. As of August 2025, the brand maintained a following of over 485,000 Instagram followers. This digital presence helps them respond to consumer trends, like the July 2025 launch of seed oil-free breaded chicken, which was a direct response to ingredient concerns voiced by the community. The company invested approximately $15 million in marketing during 2024 to support this visibility and growth.

The e-commerce channel provides the dedicated support structure, acting as a direct feedback loop. While the retail channel dominates, the direct-to-consumer (D2C) path allows for personalized service and immediate feedback collection. You can see the digital channel is gaining traction; e-commerce sales grew by 15% in 2024. To give you a sense of the channel's history, their early direct-to-consumer sales generated around $500,000 in the founding year.

Here's a quick look at the quantitative elements defining these customer relationships as of late 2025:

The company uses a multi-channel approach to keep the customer base engaged, balancing the high-volume, low-touch retail sales with targeted digital interaction. You'll want to watch the e-commerce percentage closely, especially given the January 2025 transition to trading on the OTC Pink Open Market, which might increase the need for direct digital sales channels.

• Primary sales are driven by placement in mass retail channels.
• Community engagement is high on social media platforms.
• E-commerce offers a direct customer service pathway.
• Product innovation, like the seed oil-free line, responds to community feedback.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Channels

You're looking at how The Real Good Food Company, Inc. gets its low-carb, high-protein frozen foods from the kitchen to your freezer case as of late 2025. The channel strategy is clearly built around high-volume, broad-reach retail, but with a growing focus on margin-accretive digital sales.

Mass Retail Grocery Stores

This is the bedrock of The Real Good Food Company, Inc.'s volume. The company's products are designed to be found across the natural and conventional grocery aisles, drug stores, and mass merchandise locations. As of late 2024, the company reported its products were available in over 16,000 stores nationwide. You can see the commitment to this channel when they launched their Garlic Parmesan and Lightly Buttered Seasoned Chicken Breast Chunks in approximately 4,000 Walmart stores back in June 2024. This scale is what supports the analyst projection of a full-year 2025 revenue reaching approximately $350 million, even after the company's financial restructuring. Honestly, shelf velocity in these major chains dictates the financial health of the entire operation.

Club Stores

Club stores represent a crucial, high-volume segment, often allowing for larger pack sizes and potentially better per-unit economics, though with different margin profiles than traditional grocery. The Real Good Food Company, Inc. has actively targeted this channel for growth. For instance, the national debut of their first seed oil-free breaded chicken products in July 2025 included placement at Sam's Club, alongside other select retailers. This focus on club channel expansion is a key part of the strategy to hit long-term sales targets, which analysts have pegged near $500 million in sales down the road.

Direct-to-Consumer (D2C) E-commerce

The company uses its e-commerce channel to capture higher margin opportunities directly from the consumer. This channel isn't just the company website; it also includes sales through the online platforms of their retail customers. The D2C component is essential for testing new products quickly and building a direct relationship with the health-conscious buyer. While specific D2C revenue percentages for 2025 aren't public following the transition to OTC trading, this channel is a strategic lever for margin improvement against the backdrop of the company's projected $40 million in 2025 EBITDA.

The distribution footprint relies on a multi-pronged approach:

• Mass Retail Grocery: Core volume driver.
• Club Stores: High-volume, bulk sales focus.
• D2C E-commerce: Higher margin capture.
• International: Targeted initial expansion.

Here's a quick look at the scale of the primary channels based on recent data points:

International Distribution

Geographical expansion is happening, though it appears targeted for now. The Real Good Food Company, Inc. started its international push by introducing refrigerated burritos into the Canadian club channel. This initial move occurred in February 2024. This step diversifies revenue away from being solely dependent on the US market, which is a necessary risk mitigation strategy given the company's recent financial volatility. It's a small start, but it proves the model can translate across borders.

Finance: draft 13-week cash view by Friday.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Customer Segments

The Real Good Food Company, Inc. serves consumers primarily through widespread retail distribution and a direct-to-consumer e-commerce platform, aiming for a forecasted annual revenue of $350MM by 2025-12-31 to support these segments.

Health-Conscious Consumers

This segment actively seeks convenient, nutritious meal solutions, prioritizing products that are high in protein, low in sugar, and gluten- and grain-free.

• Target age range generally falls between 25-54.
• There is a slight inclination towards female shoppers within this group.
• Marketing efforts emphasize nutritional benefits and ingredient quality.

Diet-Specific Adherents

Consumers following structured diets are a core focus, which the company addresses through continuous product innovation. The company launched seed oil-free breaded chicken and GLP-1 friendly meals in July 2025 to adapt to emerging dietary trends.

The value proposition centers on providing options that align with low-carb and GLP-1-friendly diets, emphasizing clean ingredients like using beef tallow instead of industrial seed oils in certain new products.

Convenience Seekers

This group prioritizes quick, easy-to-prepare frozen meals that do not compromise on the company's core nutritional profile. Accessibility is key to serving this segment through extensive physical and digital reach.

The company maintains a multi-channel approach, combining a significant physical retail presence with a growing e-commerce footprint to capture diverse purchasing habits.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Cost Structure

You're analyzing the cost structure for The Real Good Food Company, Inc. after its significant 2024 restructuring. Honestly, the costs are still heavily weighted toward production and getting the product onto shelves, even with the overhead reduction from going private.

Manufacturing and Production Costs: Raw material procurement and operating the Bolingbrook facility

Manufacturing is a primary cost driver, centered around raw material procurement and the operation of the Bolingbrook facility, which the company has been focused on ramping up capacity at. Looking at historical data, the Cost of Goods Sold (COGS) was $128.34 million in fiscal year 2022, against Total Revenue of $141.59 million for that year. The focus on high-protein, grain-free ingredients means raw material costs are a critical variable to manage.

• Focus on capacity ramp-up at the Bolingbrook facility.
• Historical COGS (2022): $128.34 million.
• Historical Gross Profit (2022): $13.25 million.

Distribution and Logistics: Costs associated with maintaining the cold chain and shipping to 16,000+ stores

Maintaining the cold chain for frozen goods across a wide network is inherently expensive. The Real Good Food Company, Inc. products are available in over 15,000 stores nationwide as of late 2025, requiring significant logistics expenditure to ensure product integrity from the facility to the retail freezer case.

• Distribution network covers over 15,000 retail locations.
• Cold chain maintenance is a non-negotiable, high-cost component.
• Shipping costs are directly tied to the velocity and reach across the US.

Retail Slotting and Marketing Fees: Significant expenses for securing and maintaining shelf placement

Securing and maintaining premium shelf space in major grocery chains involves substantial fees, often categorized within Selling, General & Administrative (SG&A) expenses. These slotting fees and promotional costs are significant hurdles for any CPG company trying to scale distribution. While specific 2025 fee breakdowns aren't public, historical Operating Expenses in 2022 were $51.64 million, which encompasses these commercial costs.

Operational Overhead: Despite a projected 2025 EBITDA of $40 million, the company still faces a projected annual loss per share of -$0.58

The company's overhead structure reflects a business still in turnaround mode. The projected 2025 Adjusted EBITDA of $40 million suggests core operational efficiency is improving, stripping out non-cash items and financing costs. However, the projected annual Earnings Per Share (EPS) for 2025 remains a loss of -$0.58 per share, indicating that interest, taxes, depreciation, and amortization (the items EBITDA excludes) are still driving the bottom line into a net loss position.

Here's the quick math on the 2025 outlook:

• Projected Annual Revenue: $350 million.
• Projected Annual Adjusted EBITDA: $40 million.
• Projected Annual EPS: -$0.58.
• Current Trading Market Cap (OTC: RGFC, Dec 2025): $3.603 million.

The Real Good Food Company, Inc. (RGF) - Canvas Business Model: Revenue Streams

You're looking at the engine room of The Real Good Food Company, Inc.'s current financial structure, focusing only on where the money comes in as of late 2025.

The full-year 2025 annual revenue is projected to reach approximately $350 million, according to analyst forecasts. This top-line expectation sits alongside a projected annual EBITDA of $40 million for the same period.

The revenue streams are heavily concentrated, reflecting the core strategy of mass retail penetration. Here is the estimated breakdown of the revenue mix for fiscal year 2025:

Branded Retail Product Sales is the core revenue stream, estimated to be approximately 85% of total sales. This segment drives volume through placement in major stores like Walmart, Kroger, and Costco. The company's physical footprint supporting this stream is substantial, with products available in over 16,000 US retail locations as of late 2025.

The remaining 15% of revenue is split between the other two streams, which are growing but represent a smaller portion of the total intake:

• Private Label Sales: Estimated at 10%.
• E-commerce/Direct-to-Consumer (D2C): Estimated at 5%.

The D2C channel is noted for offering a higher margin compared to the mass retail channel, even though it contributes a lower volume to the overall revenue base. Despite the strong top-line growth projection of $350 million, the projected annual Earnings Per Share (EPS) for 2025 remains negative at -$0.58 per share.

Finance: draft 13-week cash view by Friday.