RiceBran Technologies (RIBT): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has fundamentally changed its game, and honestly, it's a tough spot. RiceBran Technologies (RIBT) isn't really in the ingredient business anymore; it's become a public shell fighting foreclosure while sitting on a treasure chest of tax assets-specifically, federal Net Operating Loss (NOL) carryforwards totaling about $54.4 million. We need to look past the old revenue streams, like the TTM sales of $22.82 million ending Q1 2024, to see the real value proposition today: access to those significant tax shields for a strategic buyer. Dive into this Business Model Canvas to see how the key activities and resources have shifted from milling grain to managing debt and compliance.

RiceBran Technologies (RIBT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships RiceBran Technologies (RIBT) relies on to keep its significantly streamlined operations running as of late 2025. Given the major asset divestitures in 2023 and 2024, the nature of these partnerships has shifted from growth-focused to maintenance and strategic wind-down support.

Financial Lenders like Funicular Funds, LP (now in foreclosure proceedings)

The relationship with Funicular Funds, LP, is a critical historical data point defining the current structure. Funicular Funds, LP, which had provided a senior secured promissory note totaling $4 million in December 2023, initiated a UCC Article 9 Sale in October 2024 after RiceBran Technologies defaulted on its obligations. This action resulted in Funicular Fund, LP acquiring substantially all of the Debtor's personal property, including the equity interests in MGI Grain Incorporated, on October 24, 2024. While the term foreclosure proceedings suggests an ongoing process, the key event-the asset transfer-is complete as of late 2024.

Grain Suppliers for Remaining Small Grain Milling Operations

The operational footprint is much smaller now. RiceBran Technologies sold its Golden Ridge Milling Facility in January 2024 and divested its Stabilized Rice Bran (SRB) Business to Stabil Nutrition, LLC for $3.5 million in June 2023. This means current grain supplier needs are focused only on the remaining, smaller-scale processing or ingredient sourcing supporting the current revenue base. For context, the Trailing Twelve Months (TTM) revenue breakdown shows the scale of the remaining business requiring inputs:

• Food and Beverage revenue: $18.11M (representing 69.14% of TTM revenue).
• Animal Nutrition revenue: $8.09M (representing 30.86% of TTM revenue).

The remaining operations definitely depend on securing raw materials for these two segments.

Specialized Third-Party Logistics and Distribution Partners

With the divestiture of major operating assets, the need for extensive, dedicated third-party logistics (3PL) partners is likely reduced to managing inventory from remaining locations or fulfilling direct sales contracts. Historically, RiceBran Technologies had an Exclusive Supply and Distribution Agreement for the Taiwan Market dating back to December 2013, showing a past reliance on international distribution channels. Currently, the focus is on managing the distribution of the remaining ingredient portfolio, which requires reliable, albeit perhaps less complex, logistics support.

Legal and Financial Advisors for Strategic Review and Asset Sales

The strategic review process, which began before 2024, necessitated specialized external support for asset transactions. For the October 2024 sale of assets to Funicular Fund, LP, Jennifer Harris & Patricia Chen of Ropes & Gray LLP acted as legal advisors for Funicular. Furthermore, Rock Creek Advisors, LLC (Heidi Lipton) was the point of contact for prospective bidders during the UCC Sale process, indicating their role in managing the disposition of assets. These firms represent the type of high-level advisory support RiceBran Technologies uses to navigate its current strategic path, which involves maximizing value from remaining assets.

Here's a quick map of the key entities and associated financial/transactional data points:

The current Key Activities likely revolve around managing the remaining intellectual property and ingredient sales, which directly ties into the TTM revenue of $26.20M (sum of $18.11M and $8.09M).

RiceBran Technologies (RIBT) - Canvas Business Model: Key Activities

Executing a strategic review to maximize shareholder value involved significant asset restructuring leading up to late 2025.

The review process included the sale of the Stabilized Rice Bran (SRB) Business on June 23, 2023, for $1.8 million in cash, along with the assumption of $1.7 million of liabilities.

Further divestiture occurred when the Golden Ridge milling facility was sold through a public foreclosure auction on November 1, 2024.

The management activity centers on the potential monetization of the accumulated deficit, which stood in excess of $333 million through December 31, 2023.

Minimal production and marketing of remaining small grain products is an activity overshadowed by the divestiture of the core SRB business.

The company's focus shifted to overseeing transitional services for its former subsidiary, MGI Grain, Incorporated, which was acquired by the secured lender in November 2024.

Financial reporting and compliance for OTC Markets listing is a critical, ongoing activity, given the company's common stock is listed on the OTC Pink Market under the symbol RIBT.

There is explicit risk noted regarding the ability to maintain compliance with the continued listing requirements for the OTC Pink Market.

Defending against foreclosure and managing debt obligations is a primary operational focus, especially following events in late 2024.

The company defaulted on obligations related to a promissory note from Funicular Funds, which led to foreclosure proceedings.

The debt level cited in September 2024 was $5.4 million.

The company previously secured a $4 million cash investment from Funicular Funds, LP, to repay a term loan and exchange warrants.

An existing factoring agreement, as of the 2023 10-K, provided for a $7.0 million credit facility, secured by personal property assets.

The Board was evaluating strategic transactions, which may include reorganizing under Chapter 11 of the bankruptcy code.

Director compensation, effective from November 15, 2024, was set at $6,000 quarterly for non-executive directors.

• Defaulted on obligations to Funicular Funds.
• Foreclosure initiated on collateral assets (Golden Ridge, MGI Grain).
• Significant debt obligation noted as $5.4 million.
• Factoring facility size was $7.0 million.
• Potential strategic transaction evaluation includes Chapter 11 filing.

RiceBran Technologies (RIBT) - Canvas Business Model: Key Resources

You're looking at the core assets RiceBran Technologies (RIBT) relies on to execute its current strategy, which, to be defintely honest, is heavily weighted toward monetizing its tax assets following the divestiture of its operating segments.

The most tangible, non-operational key resource right now is the significant Net Operating Loss (NOL) carryforwards, which are the primary driver for any potential future enterprise value, assuming the company can generate taxable income. You need to track these closely, as their value is directly tied to the company's ability to utilize them under Section 382 rules.

Here's a quick look at the hard numbers associated with these key resources as of the latest available data points:

Beyond the balance sheet figures, the remaining physical and intellectual assets represent the historical foundation, even if their operational status is in flux or they have been sold.

• Proprietary technology for stabilizing rice bran, which was the basis of the sold SRB business.
• Remaining small grain milling facility (MGI Grain), which was reportedly under foreclosure proceedings initiated by Funicular Funds as of late 2024, with one source indicating an acquisition by Funicular Fund, LP in November 2025.
• The public company listing itself, trading on the OTC Markets, which provides the shell structure for potential future transactions.

The concentration risk in the remaining operational assets is high; for instance, in 2023, just three customers accounted for 48.4% of revenues, and the top ten accounted for 75.1% of revenues, which you must factor into any valuation of the remaining grain business, if any is still active. Finance: draft 13-week cash view by Friday.

RiceBran Technologies (RIBT) - Canvas Business Model: Value Propositions

You're looking at the core value RiceBran Technologies (RIBT) offers to potential partners or acquirers as of late 2025, based on the latest available operational structure following significant asset sales. The value proposition is now heavily weighted toward its remaining assets and strategic positioning.

Access to significant tax assets (NOLs) for a strategic acquirer

This proposition centers on the potential for a buyer to utilize the company's accumulated tax attributes. While specific Net Operating Loss (NOL) carryforwards as of late 2025 aren't publicly itemized in the latest filings, the context of the strategic review initiated in late 2023 suggests this is a key component of the residual entity's value. The sale of the Stabilized Rice Bran (SRB) Business in June 2023 for $1.8 million cash, alongside the assumption of $1.7 million in liabilities, was part of a process to streamline the business, making the remaining entity potentially more attractive for its tax basis. The $4.1 million loan secured in December 2023 from Funicular Funds, LP, alongside a $0.4 million equity investment, provided stability to advance this strategic process. This asset class is a pure financial benefit for an entity with sufficient taxable income.

Niche, non-GMO, clean-label small grain ingredients (barley, oats, mustard)

The operational core remaining focuses on specialty grain processing. RiceBran Technologies operates a grain mill and processing facility in East Grand Forks, Minnesota, which specializes in processing these specific small grains. This facility is the source of the value proposition here. The company markets its products under the RiceBran brand across several sectors. The focus is clearly on ingredients that meet specific clean-label and non-GMO demands in the market. The company had 35 employees as of the last reported count, supporting this focused operation.

High-quality, domestically sourced ingredients for food and animal feed

The ingredients produced-barley products, oats products, and mustard-are marketed to the food, companion animal, and equine feed industries. The domestic sourcing aspect is a quality differentiator for customers concerned with supply chain transparency and security. You see the revenue concentration, which indicates the importance of key relationships in this supply chain. The table below summarizes the last fully reported financial performance, which frames the scale of the current ingredient business.

Functional ingredients for nutraceuticals and specialty wellness markets

While the dedicated SRB business, which served the nutraceutical and functional ingredient categories, was sold, the remaining portfolio still targets these high-value segments with its specialized grain offerings. The company's product portfolio includes rice bran, barley products, and oats products, which are ideal for various bakery applications and the broader wellness space. The strategic divestiture in mid-2023 suggests a pivot or refinement of focus, but the expertise and remaining processing capability still cater to markets demanding functional attributes from ingredients.

The remaining value propositions are concentrated in these areas:

• Focus on specialty grain processing capability.
• Serving nutraceutical and animal feed segments.
• Maintaining a domestic processing footprint in Minnesota.
• Offering ingredients suitable for clean-label demands.

Finance: draft 13-week cash view by Friday.

RiceBran Technologies (RIBT) - Canvas Business Model: Customer Relationships

You're looking at how RiceBran Technologies (RIBT) connects with the entities that buy its products and those who own a piece of the company. Because RIBT focuses on ingredients, the relationships are primarily business-to-business (B2B), which means fewer, larger, and more complex interactions than a direct-to-consumer setup.

Highly transactional, direct sales to food and feed manufacturers

The core of RiceBran Technologies' customer relationship is direct engagement with food and feed manufacturers. This is a highly transactional model where the value proposition-stabilized rice bran powder and derivative products like RiBran-is sold as a functional ingredient. While specific customer counts aren't public, the nature of this business implies a need for strong technical support and supply chain reliability with each buyer.

For context on the B2B environment RiceBran Technologies operates in as of late 2025, digital channels dominate the initial stages of engagement. For instance, generally in B2B sales in 2025, 80% of interactions between suppliers and buyers happen online. Furthermore, most B2B deals require around 62+ touchpoints spanning 6+ months before a final decision is made. RiceBran Technologies' latest reported annual revenue was $22.65M in the year 2023, with trailing twelve months revenue reaching $22.82M as of the first quarter of 2024.

Here's a look at the transactional structure:

Investor relations and communication with micro-cap shareholders

For a micro-cap entity like RiceBran Technologies, investor relations (IR) is a distinct and necessary relationship stream. This involves communicating financial health, strategic direction, and regulatory compliance to a shareholder base that includes institutional holders and individual retail investors. The company's status as of late 2025 is noted in some sources as Deadpooled.

Financial milestones relevant to this group include the last reported funding round, a Post IPO round on Mar 08, 2019, which raised $12.1M. As of December 04, 2025, the stock price was reported at $0.0003 per share. The company has had 4 institutional investors, including Continental Grain Company.

• Latest Reported Stock Price: $0.0003 (as of Dec 04, 2025)
• 52-Week High for Stock: $0.0100
• 52-Week Low for Stock: $0.0001000000
• Known Institutional Investors: 4

Minimal direct consumer interaction due to B2B ingredient focus

RiceBran Technologies' relationship model is intentionally distant from the end consumer. The products, such as stabilized rice bran powder marketed under the RiBran brand, are sold as ingredients to other businesses that incorporate them into their final consumer goods, like food or nutraceuticals. This means the company relies on its B2B customers to manage the final consumer relationship and brand perception.

The company's focus on ingredients means that customer success is measured by product performance within the manufacturer's formulation, not by direct consumer feedback or satisfaction scores. The relationship is maintained through technical specifications, quality assurance documentation, and supply agreements, rather than consumer marketing campaigns. For example, the company's products are claimed to be gluten free and non-GMO, which are key specifications communicated to the B2B buyer, not the end-user directly.

Finance: review Q4 2024 cash flow statement against the $22.82M TTM revenue figure by Wednesday.

RiceBran Technologies (RIBT) - Canvas Business Model: Channels

You're looking at how RiceBran Technologies (RIBT) gets its specialized ingredients-like stabilized rice bran fractions-to market as of late 2025. Honestly, the public data paints a picture of a company whose primary ingredient sales channels are supported by historical agreements, while its public trading channel reflects significant distress.

Direct sales force targeting food and animal nutrition manufacturers

This channel targets customers needing ingredients for human food, nutraceuticals, pet care, and animal feed markets. The company's product portfolio includes ingredients like RiBalance, RiSolubles, and RiFiber, which are marketed for their nutritional benefits and clean-label appeal. RiceBran Technologies also offers custom blending and contract manufacturing services directly to partners looking to integrate these rice-bran-based solutions into their final products, such as baked goods or beverages.

Here's a look at the scale of the business these channels serve, based on the most recent full-year figures available:

Third-party distributors for specialized ingredient markets (e.g., Hela Spice Canada)

RiceBran Technologies has used third-party distributors to penetrate specific geographic or specialized ingredient sectors. A notable example is the multi-year distribution and supply agreement entered into with Hela Spice Canada Inc. This agreement, announced on January 16, 2014, covered the distribution of the RiBran family of stabilized rice bran ingredients throughout Canada to sectors including meat, poultry, and bakery.

The company's product line distributed through such channels includes:

• RiBalance stabilized rice bran ingredients.
• RiSolubles, a soluble fiber in powder form for dairy and beverages.
• RiFiber, an insoluble fiber suitable for various food applications.

The strategy here is to rely on established leaders in formulation and supply within those regional markets to drive sales growth for their functional products.

OTC Markets for stock trading and public disclosures

This channel relates to the public trading of RiceBran Technologies stock, ticker RIBT, on the OTC Markets. As of late 2025, the public trading environment reflects a very low market valuation and limited activity. The company is noted as being on the Expert Market, which restricts quotations from public viewing and suggests the company may not be current in its reporting obligations under SEC Rule 15c2-11.

Key trading metrics as of early December 2025 are stark:

• Market Cap (as of Dec 06, 2025): $3K.
• Closing Price (Dec 02, 2025): $0.0001.
• 52-Week Range High: $0.0100.
• Volume on Nov 24, 2025: As low as 531 shares reported for one trade time.

The stock is traded on the OTCMKTS exchange, and the last reported revenue on a TTM basis is $22.82M, contrasting sharply with the market capitalization of $3K.

RiceBran Technologies (RIBT) - Canvas Business Model: Customer Segments

You're looking at the customer base for RiceBran Technologies (RIBT) as of late 2025, which is a complex picture given the company's status. Keep in mind that the most recent full-year financial data available is for the fiscal year ending 2023-12-31, with annual revenue reported at $22.65M. Furthermore, public records indicate a status of Deadpooled as of July 30, 2025. The next scheduled earnings date mentioned was 06/30/25.

RiceBran Technologies, before this status change, focused its marketing efforts across several distinct groups, leveraging its stabilized rice bran (SRB) and other small grain derivatives which are non-GMO and allergen free.

The primary customer groups targeted by RiceBran Technologies included:

• Strategic acquirers seeking to utilize the large NOL tax shield: This segment is interested in the company's potential tax assets, which often involves a transaction structure rather than direct product sales.
• Animal nutrition and feed manufacturers: This group uses the stabilized rice bran for feed applications. The company noted expansion to meet demand from the rapidly growing companion animal market.
• Specialty food and beverage manufacturers needing non-GMO grains: These customers incorporate RiceBran Technologies' ingredients into products like sports nutritional beverages, non-GMO soups, and pastas. The addressable market in wellness foods and supplements was stated to be north of $880 million.
• Health food retailers and mass merchandisers (indirectly): While RiceBran Technologies markets its products to food manufacturers, the ultimate placement is often through these channels, which include mass merchandisers and health food retailers.

To give you a sense of the ownership structure around the time of the last reported financials, institutional investors held approximately 2.5% of RiceBran Technologies shares.

Here is a summary of the key customer-facing elements and related financial context:

The company's product applications were noted to benefit from growth in specific end-user industries in Q1 2022, including food processing at 18%, alcoholic beverages at +22%, and agriculture at 24%. This shows where the demand pull was coming from across their customer base. Finance: draft 13-week cash view by Friday.

RiceBran Technologies (RIBT) - Canvas Business Model: Cost Structure

You're looking at the cost structure for RiceBran Technologies (RIBT) as the company operates as a leaner entity following significant asset sales. The costs are now heavily weighted toward corporate overhead and debt servicing rather than direct production.

High legal and administrative costs related to strategic review and debt default

The cost profile reflects a company heavily engaged in corporate restructuring and strategic review, which drives up non-operational expenses. For instance, in the fiscal year ending December 31, 2023, Selling, General and Administrative (SG&A) expenses from continuing operations were reported at $5.9 million. This figure was noted to have increased primarily due to increased legal costs as the Board continued to explore strategic alternatives. Given the ongoing need to manage prior obligations and the shell company status, these administrative and legal outlays remain a significant, fixed cost burden.

• Legal and administrative costs are a primary driver of operating expenses.
• The company has been actively exploring strategic alternatives.
• Accumulated deficit exceeded $333 million through December 31, 2023.

Minimal Cost of Goods Sold (COGS) following major asset divestitures

The Cost of Goods Sold (COGS) is expected to be minimal because the core revenue-generating assets have been sold off. RiceBran Technologies completed the sale of its Stabilized Rice Bran (SRB) Business on January 25, 2024. This divestiture significantly reduced the variable costs associated with manufacturing and raw material procurement. The remaining business structure, operating as a public shell, focuses on corporate management rather than large-scale production, meaning COGS should be negligible relative to historical figures.

Interest expense on secured debt (e.g., Funicular Funds promissory note)

Servicing existing debt is a critical, non-discretionary cost. A key component is the senior secured promissory note provided by Funicular Funds, LP, announced in late 2023. This note carried a principal amount of $3.6 million, a 13.5% coupon, and a 10% original issue discount. Based solely on the stated coupon rate, the annual cash interest expense on this specific obligation would be $486,000 ($3,600,000 multiplied by 0.135). This fixed interest payment must be covered by the shell company's remaining cash or other non-operating income.

General and administrative (SG&A) expenses for a public shell company

As a public shell, the primary ongoing operating costs are the SG&A expenses required to maintain public reporting compliance and basic corporate functions. While 2025 figures aren't public, the 2023 continuing operations SG&A of $5.9 million provides a baseline for the overhead required to keep the entity active and compliant. These costs cover essential functions like executive compensation, accounting, legal compliance (including SEC filings), and investor relations, which are unavoidable for a publicly traded entity.

• SG&A is the main recurring operating cost for the shell structure.
• Costs include maintaining compliance with OTC Markets reporting requirements.
• The market capitalization as of December 6, 2025, was reported at $3K, highlighting the minimal operational scale relative to the cost base.

RiceBran Technologies (RIBT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of the Business Model Canvas for RiceBran Technologies (RIBT) as of late 2025. Honestly, the streams look thin and heavily reliant on past performance or uncertain future events, which is typical when a company is under distress.

The most concrete, recent operational revenue stream is the Sales of remaining small grain products. Based on the last reported Trailing Twelve Months (TTM) data available near the start of 2024, this segment generated $22.82 million in revenue, specifically for the period ending Q1 2024. This number gives you a baseline for the ongoing, core business activity, though you'd need to check the latest quarterly filings to see if this has held up or deteriorated further.

Next, you have to factor in Potential one-time proceeds from the sale of remaining assets. We know, for example, that RiceBran Technologies sold its Golden Ridge rice mill for $2.15 million back in January 2024. Furthermore, there was a public notice in late 2024 regarding a UCC Article 9 Sale of substantially all personal property, indicating a significant, likely distress-driven, asset liquidation process was underway. Any final proceeds from this larger sale would be non-recurring revenue, but the final take is definitely an unknown variable right now.

Finally, there are the forward-looking, yet highly speculative, figures. Analyst consensus, which you should view with extreme caution given the operational environment, projects a full fiscal year 2025 revenue of $34.3 million. Here's the quick math: this projection implies a significant jump of over 51.4% from the prior reported annual revenue of $22.6 million in 2023. What this estimate hides, though, is the operational reality; such a large projected increase in a period of distress suggests either a major turnaround or a reliance on asset sales being booked as revenue, which isn't sustainable.

To keep these moving parts straight, here's a snapshot of the key financial figures we are tracking for the revenue side:

The nature of the revenue streams, especially with the ongoing asset sales, points to a company in transition or liquidation mode. You can break down the current revenue sources like this:

• Core sales from remaining small grain products.
• One-time cash infusion from asset divestitures.
• Potential residual proceeds from the UCC Article 9 Sale.

It's defintely a mixed bag of recurring, albeit possibly shrinking, operational revenue and lumpy, non-operational asset realization. Finance: draft 13-week cash view by Friday.