$OFRM

Once Upon a Farm, PBC

CIK:0001696556|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 85,392	$ 60,017	$ 158,112	$ 110,620
Cost of goods sold	54,743	35,564	97,785	67,074
Gross profit	30,649	24,453	60,327	43,546
Selling, general and administrative expenses	36,288	24,433	82,116	52,713
Income (loss) from operations	(5,639)	20	(21,789)	(9,167)
Other income (expense):
Interest expense	(49)	(660)	(469)	(1,183)
Interest income	835	73	1,334	194
Change in fair value of derivative liability	0	(8,180)	340	(17,860)
Other expense, net	(132)	(528)	(135)	(985)
Total other income (expense)	654	(9,295)	1,070	(19,834)
Net loss before income tax provision	(4,985)	(9,275)	(20,719)	(29,001)
Income tax (provision) benefit	35	237	(42)	497
Net loss	$ (4,950)	$ (9,038)	$ (20,761)	$ (28,504)
Net loss per share attributable to common stockholders:
Basic	$ (0.12)	$ (1.36)	$ (0.6)	$ (4.3)
Diluted	$ (0.12)	$ (1.36)	$ (0.6)	$ (4.3)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic	41,934,553	6,652,399	34,454,883	6,624,282
Diluted	41,934,553	6,652,399	34,454,883	6,624,282

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net loss	$ (20,761)	$ (28,504)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability	(340)	17,860
Change in fair value of convertible preferred stock warrant liability	(13)	928
Change in fair value of SARs liability	72	9
Stock-based compensation	6,809	1,898
SARs issued to a customer recorded as a reduction to revenue	109	24
Inventory adjustments	1,877	441
Depreciation and amortization	1,049	554
Amortization of debt discounts and deferred financing costs	99	284
Non-cash interest	29	149
Changes in operating assets and liabilities:
Accounts receivable	(8,176)	(8,414)
Inventory	(6,783)	(11,931)
Prepaid expenses and other assets	(3,093)	(1,326)
Accounts payable	(689)	7,546
Accrued expenses and other liabilities	11,950	3,309
Net cash used in operating activities	(17,861)	(17,173)
INVESTING ACTIVITIES
Purchase of property and equipment	(2,429)	(2,024)
Net cash used in investing activities	(2,429)	(2,024)
FINANCING ACTIVITIES
Proceeds from issuance of common stock	155,366	0
Proceeds from term loan facility	0	14,000
Proceeds from exercise of stock options	246	231
Payment of debt issuance costs	0	(253)
Repayment of line of credit	(43,000)	0
Payment of offering costs	(9,641)	0
Payment of deferred offering costs	0	(1,428)
Net cash provided by financing activities	102,971	12,550
Net change in cash and cash equivalents	82,681	(6,647)
Cash and cash equivalents, beginning of period	10,860	17,306
Cash and cash equivalents, end of period	93,541	10,659
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	342	681
Cash paid for income taxes	0	3
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Reallocation of borrowings from term loan to line of credit	0	22,000
Capital expenditures included in accounts payable and accrued expenses	110	321
Debt issuance costs included in accrued expenses	0	176
Deferred offering costs included in accounts payable and accrued expenses	0	2,318
Deferred offering costs transferred to additional paid in capital	13,987	0
Conversion of convertible preferred stock to common stock	101,967	0
Conversion of convertible notes to equity	18,678	0
Reclassification of Derivative Liability to Equity	32,073	0
Issuance of common stock upon net exercise of warrants	$ 1,871	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 93,541	$ 10,860
Accounts receivable, net	36,959	28,783
Inventory	51,887	46,981
Prepaid expenses and other current assets	4,727	15,520
Total current assets	187,114	102,144
Property and equipment, net	9,794	8,903
Intangible assets, net	522	561
Goodwill	4,244	4,244
Other non-current assets	955	567
Total assets	202,629	116,419
Current liabilities:
Accounts payable	16,005	19,606
Accrued expenses and other current liabilities	30,675	24,269
Total current liabilities	46,680	43,875
Nonconvertible debt, net	0	43,000
Convertible notes	0	17,214
Derivative liability	0	32,413
Other non-current liabilities	667	2,017
Total liabilities	47,347	138,519
Commitments and contingencies (Note 6)
Convertible preferred stock, $0.0001 par value; 100,000,000 and 1,347,305 shares authorized; no shares and 1,164,696 shares issued and outstanding as of June 30, 2026 and December 31, 2025; aggregate liquidation preference of $0 and $94,261 as of June 30, 2026 and December 31, 2025	0	101,967
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 1,000,000,000 and 38,250,607 shares authorized; 41,979,811 and 7,458,069 shares issued and outstanding as of June 30, 2026 and December 31, 2025	4	1
Additional paid-in capital	311,776	11,669
Accumulated deficit	(156,498)	(135,737)
Total stockholders' equity (deficit)	155,282	(124,067)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 202,629	$ 116,419