Sow Good Inc. SOWG
Sow Good Inc. is a U.S.-based consumer packaged goods company that pioneered the freeze dried candy category. Since commencing commercial sales in the first quarter of 2023, Sow Good developed and scaled a proprietary freeze drying manufacturing operation dedicated to transforming traditional candy and snacks into novel, intensely flavorful treats it markets under the "hyper dried, hyper crunchy, hyper flavorful" brand positioning.
On December 30, 2025, the Company sold substantially all of its manufacturing assets, including six proprietary freeze drying machines and other property and equipment with an aggregate net book value of approximately $10,793,563, to Trea Grove, LLC, ("Trea Grove"), a related party, for total consideration of $1.5 million. Concurrently, the Company entered into an exclusive Distribution Agreement with Trea Grove, pursuant to which Trea Grove serves as the exclusive worldwide distributor of Sow Good's remaining finished goods inventory, with the Company receiving 10% of gross receipts from customer sales. The Distribution Agreement has a term through July 31, 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $16.1M | $428.1K | $88.4K | $0 | $466.6K | $0 | $1.0M | $1.0M |
| Cost of revenue | — | $19.0M | $12.8M | $308.3K | $81.3K | $0 | — | — | — | — |
| Gross profit | — | $13.0M | $3.3M | $119.8K | $7.1K | $0 | — | — | — | — |
| SG&A | $6.6M | $11.1M | $4.4M | $10.7M | $6.9M | $3.0M | $3.1M | $1.9M | $2.4M | $2.5M |
| Total operating expenses | $6.6M | $11.1M | $4.5M | $11.0M | $7.1M | $3.0M | $3.1M | $1.9M | $2.5M | $2.5M |
| Operating income | -$6.6M | -$11.1M | -$1.2M | -$10.9M | -$7.1M | -$3.0M | -$2.6M | -$1.9M | -$1.5M | -$1.5M |
| Interest expense | $160.0K | $741.2K | $1.8M | $1.3M | $5.9K | $386.2K | $0 | $0 | $8.7K | $0 |
| Pre-tax income | -$6.8M | -$11.8M | -$3.1M | -$12.1M | -$6.9M | -$5.3M | $12.9M | $263.7K | -$145.4K | $40.1M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $67.0K | $0 |
| Net income | -$40.6M | -$3.7M | -$3.1M | -$12.1M | -$6.9M | -$5.3M | $4.1M | -$344.0K | -$392.5K | $29.9M |
| EPS, basic | -3.44 | -0.40 | -0.59 | -2.51 | -1.61 | -2.82 | 2.58 | -0.21 | — | 0.62 |
| EPS, diluted | -3.44 | -0.40 | -0.59 | -2.51 | -1.61 | -2.82 | 2.58 | -0.21 | 0.00 | 0.62 |
| Shares, diluted (wtd. avg.) | 11.8M | 9.2M | 5.2M | 4.8M | 4.3M | 1.9M | 1.6M | 1.6M | 161.0M | 50.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.5M | $3.7M | $2.4M | $276.5K | $3.3M | $1.9M | $108.8K | $1.5M | $1.5M | $66.3K |
| Receivables | — | $460.1K | $2.6M | $191.0K | $12.4K | $0 | $0 | $13 | $1.6K | $0 |
| Inventory | $22.9K | $0 | $4.1M | $1.9M | $1.5M | $141.4K | $0 | — | — | — |
| Total current assets | $3.4M | $25.1M | $10.4M | $2.6M | $4.9M | $2.4M | $7.1M | $1.6M | $1.6M | $153.9K |
| Property, plant and equipment | $21.7K | $128.9K | $6.7M | $5.0M | $2.7M | $1.9M | $6.4K | $1.2K | $10.7K | $28.4K |
| Goodwill | — | — | — | $0 | $4.9M | $6.4M | $0 | — | — | — |
| Other intangibles | — | — | — | $0 | $304.2K | $219.7K | — | — | — | — |
| Total assets | $3.8M | $54.7M | $21.5M | $8.9M | $14.1M | $12.3M | $7.1M | $142.9M | $140.6M | $235.2K |
| Accounts payable | $1.3M | $1.4M | $853.5K | $392.7K | $279.3K | $273.9K | $35.7K | $31.9K | $91.2K | $21.6K |
| Total current liabilities | $6.2M | $7.4M | $5.8M | $890.2K | $403.1K | $622.8K | $1.4M | $659.4K | $186.7K | $36.6K |
| Long-term debt | — | — | — | — | $699.2K | — | — | — | — | — |
| Total liabilities | $6.3M | $22.7M | $14.2M | $6.1M | $3.3M | $2.3M | $1.4M | $659.4K | $186.7K | $36.6K |
| Retained earnings | -$103.1M | -$62.4M | -$58.7M | -$55.7M | -$43.6M | -$36.7M | -$31.4M | -$35.5M | -$35.1M | -$34.8M |
| Total equity | -$2.6M | $32.0M | $7.3M | $2.8M | $10.8M | $10.1M | $5.7M | $1.5M | $1.5M | $198.6K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.3M | -$9.4M | -$4.8M | -$5.1M | -$5.6M | -$1.7M | -$9.7M | -$187.9K | -$792.3K | $3.0M |
| Depreciation and amortisation | $33.1K | $31.6K | $459.3K | $299.6K | $208.4K | $3.6K | $872 | $9.5K | $10.8K | $3.1M |
| Stock-based compensation | $2.4M | $3.7M | — | $862.1K | $1.4M | $726.7K | $100.5K | $310.7K | $574.9K | $626.6K |
| Capital expenditure | — | — | — | — | — | — | $6.0K | $0 | — | $0 |
| Investing cash flow | $0 | -$5.9M | -$2.3M | -$2.6M | -$653.1K | $3.3M | $6.9M | $213.9K | -$137.6M | -$4.8M |
| Financing cash flow | $2.1M | $16.7M | $9.2M | $4.7M | $7.6M | $262.9K | $1.4M | $450 | $139.8M | $1.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-133385.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $1.0M | $0 | $466.6K | $0 | $88.4K | $428.1K | $16.1M | $0 | $0 |
| Gross profit | — | — | — | — | $0 | $7.1K | $119.8K | $3.3M | $13.0M | — |
| Net income | $29.9M | -$392.5K | -$344.0K | $4.1M | -$5.3M | -$6.9M | -$12.1M | -$3.1M | -$3.7M | -$40.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event Item 8.01
- Material agreement signed Item 1.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2000
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MDLZ | Mondelez International, Inc. | $81.90B | 33.8x | 5.8% |
| CAG | CONAGRA BRANDS INC. | $7.11B | — | -2.9% |
| CPB | CAMPBELL'S Co | $6.18B | 10.3x | 6.4% |
| BYND | BEYOND MEAT, INC. | $3.69B | — | -15.6% |
| FLO | FLOWERS FOODS INC | $1.30B | 15.4x | 3.0% |
| BRBR | BELLRING BRANDS, INC. | $1.11B | 5.7x | 16.1% |
| SMPL | Simply Good Foods Co | $920.9M | 10.2x | 9.0% |
| VITL | Vital Farms, Inc. | $392.4M | 6.3x | 25.3% |