The capital will go toward three main areas: expanding distribution, boosting marketing efforts, and supporting our innovation pipeline. We now have access to this funding at a significantly lower cost than in previous years, thanks to our strengthened balance sheet. That’s a strong vote of confidence from the financial community.

11/06/2024 What is your exit plan and how do you expect to create value for investors?

Our strategy is straightforward: continue investing in TrueBar’s growth and look to monetize the brand within 18 to 24 months. Once we hit around $100 million in revenue, we’ll be on the radar of major strategics. We’re already in touch with bankers who could help us run a process. Based on current comps, we could see valuations of 3–4x revenue, which points to a potential share price of $3–$4 in a blue-sky scenario. We plan to return most of that capital to shareholders while continuing to look for the next “TrueBar” opportunity.

30/09/2024 Now that the restructuring is complete, what business risks keep you up at night?

The restructuring is behind us, and our balance sheet is stable. We have enough capital to pursue our path to $100 million in revenue. The main concerns now are traditional business risks, things like production issues or a potential recall, which is every CPG company’s nightmare.

But consider this: Erica built this company with no capital, no resources, and no team, yet still put us on track for $50 million. Now, with the right team and resources around her, we’re well-positioned. We also have redundancy across critical areas like co-manufacturing, ingredients, and packaging, which mitigates a lot of potential disruptions.

30/09/2024 What will you do with proceeds if TruBar is eventually sold?

The plan is to issue a special dividend with a significant portion of the proceeds and continue building SPBC and exploring new brands. As the largest shareholder, I personally look forward to that event.

Keep in mind: Erica achieved all this with no capital, no team, and no marketing spend. Now that we have a seasoned board and experienced operators supporting her, we expect an even more impressive growth trajectory.

30/09/2024 How much equity do insiders own, specifically Erica?

Erica owns between five and six million shares, including purchases, options, and warrants. I personally hold around 12 million shares. So, between us, we're the two largest shareholders in the company. Our families, along with key partners, have significant capital committed.

30/09/2024 Will you pull back operations at $100 million in revenue, or only exit if a buyer approaches?

Absolutely not pulling back. Our goal is to go well past $100 million as quickly as possible. We have the resources to reach that milestone and, if needed, access to additional capital. Once we start tracking toward $75–100 million, it’s likely we’ll receive inbound interest.

When that happens, we plan to engage top-tier investment banks, possibly boutique or global firms, to run a competitive auction process. This isn’t about slowing down; we’re stepping on the gas.

18/11/2024 Are there any working capital or payment term issues?

No issues at all. We currently have $3.5 to $4 million in cash on the balance sheet, along with lines of credit. We’re exploring expanding those to support our growth. Brian has done a great job managing the balance sheet and onboarding new facilities. Working capital is not a concern.

10/04/2025 Are there any plans to uplist to a U.S. exchange?

We've had outreach from several investment banks about uplisting to the U.S. markets. At the moment, we trade on both the OTC and the TSX Venture Exchange. Uplisting is not part of our 2025 roadmap, but we may consider it in 2026. Multiple banks have already expressed interest in supporting us through that process.

23/04/2025 Can you confirm your strategic focus now regarding the Truebar brand and M&A activity?

Absolutely. We're fully focused on Truebar, period. The name change and rebranding are aligned with our long-term vision, and we’ve halted all unrelated business development activities. Every resource is now committed to building the Truebar brand.

We believe Truebar is a category-defining opportunity. Erica and the team have done a phenomenal job getting us here, and we’re now structured to scale even faster with the experienced leadership team we’ve assembled.

06/05/2025 Why the name change to Troubar Inc. and the shift away from an M&A platform strategy?

It came down to feedback from investment bankers, institutional investors, and family offices. They said: why not reduce the uncertainty and just focus on Troubar? We’ve executed M&A before, it's what we’ve done at BRG for 40+ years, but people saw a huge opportunity with Troubar and wanted us to go all-in.

So earlier this year, after many conversations, we made that pivot. The response has been very positive. There were people who liked the M&A narrative, looking for “the next True Bar”, but now the focus is squarely on what we’re building with Troubar, and we’re genuinely excited about what’s ahead.

06/05/2025 In the event of a sale of True Bar, how do you plan to handle the proceeds and reward shareholders?

This came up in conversations with bankers, analysts, and family offices, they want certainty. I can guarantee that if there’s a liquidity event, the vast majority of proceeds will be distributed to shareholders. Eric and I are the two largest shareholders, and we like distributions. If the sale involves the Troubar division or subsidiary, not the public company, some capital will remain in the public entity to fund the next opportunity. But shareholder return is our clear priority.

29/05/2025 Will you need to raise capital due to increased marketing spend?

We’re in a strong financial position for our 2025 plans and don’t anticipate needing to raise additional capital.

Competitive Advantage

11/06/2024 Why is Whole Foods important in your distribution strategy?

Whole Foods is a gatekeeper in the industry. Many other retailers follow their lead. So getting into Whole Foods not only means national shelf presence, it signals quality to the market. A lot of people had trouble finding our bars before. Now, we’re becoming much easier to access, which allows more people to discover us and try the product.

30/09/2024 How much does success at other retailers help you pitch new accounts?

It helps tremendously. We usually start by sending samples, followed by a pitch meeting like this. Most of the time, the buyers already know they want us before we finish the deck.

For example, we were in 30 Whole Foods stores with zero marketing spend, placed right next to big brands like KIND, RX, and GoMacro, each spending millions. Despite that, we were the number one bar. The packaging pops, the taste delivers, and the numbers back it up. It’s a compelling story that resonates with new partners.

30/09/2024 If flavor is your key differentiator, how likely is it competitors will copy your product?

Imitation is the highest form of flattery, right? We’ve already seen some competitors trying to emulate us with brighter packaging or similar formats. But we’ve built strong brand equity over the years with consistent quality, clean ingredients, and standout flavor.

Of course others will try, but I’m not concerned. Our customers trust us, and we continue to innovate. In this space, having an established brand with loyalty matters more than being first to copy.

06/05/2025 How do you mitigate the risk of buyer turnover at major retailers like Costco?

That’s definitely a risk, if a new buyer comes in, they might want to bring in a different product. But our bar performs really well. If something is working, there’s no reason to replace it.

We’re also a strong partner to Costco, and they’ve been great to us. In my view, there’s no reason to worry. True Bar is highly visible in stores, and any new buyer would already know who we are.

29/05/2025 Target sell-through has been very strong, what explains the success there?

Target is a perfect demographic fit for us. But beyond that, this was our first fully resourced launch, we had a creative team and full marketing plan in place. With past launches, we didn’t have that kind of support. It shows what we can achieve when we go all-in.

Operations

11/06/2024 How do you feel about TrueBar’s current manufacturing capacity?

We’re in great shape. We currently have two state-of-the-art facilities and can scale production up to $150 million in revenue with our existing setup. There’s zero concern about capacity. It’s a huge relief to have that infrastructure in place and running smoothly.

12/08/2024 How far along is the Costco rollout and how close are you to national coverage?

We should be in every Costco store now, or will be within the next two weeks. Inventory is already in their depot, so distribution is effectively complete across regions, whether it's the old flavor or the new one.

12/08/2024 Are you still selling two SKUs in any Costco regions?

In some areas, yes, but only temporarily. That will continue until cookie dough and donut flavors sell through.

12/08/2024 Why offer 8- and 14-pack SKUs of the cookie dough flavor on Amazon?

We're trying to create flexible price points, entry options for new customers and bulk options for loyal ones. We’ll expand this model to other flavors and multipacks. It’s about optimizing our Amazon real estate.

12/08/2024 How are you staffing to support TruBar’s growth and new account volume?

Until recently, Erica led a five-person team handling nearly everything. We're now onboarding new hires with deep sector expertise, along with external consultants to assess and implement necessary software systems. These upgrades will help us scale well beyond the $50 million mark.

We're also supplementing the team with resources from VRG Capital, folks with strong operational backgrounds who are helping support Erica during this rapid growth phase.

30/09/2024 How involved are you personally in developing new products?

I'm extremely hands-on. I test every bar myself, go through the full tasting profile, and help build out what flavors we want to launch. It’s a long process, lots of tasting, texture discussions, and refinements, but also a fun one. I usually have samples scattered all over my desk.

The actual formulation happens with our co-manufacturers, not in my kitchen. We work with some of the largest, most capable co-mans in the sector. Also, Mr. Kellum, who spent years at Mars, provides invaluable guidance on innovation and product evolution.

30/09/2024 Where is TruBar currently manufactured? Do you have supply chain redundancy?

TruBar is manufactured by two state-of-the-art co-manufacturers located in different parts of the U.S. This gives us geographic coverage and supply chain redundancy, so we're not reliant on a single source. It's a key part of our risk management.

30/09/2024 Is TruBar’s sales team hiring, and have you replaced recent departures?

Yes, we’re expanding. We recently hired two phenomenal saleswomen, one started about a month ago, and another joins next week. Our current team, including Reed, is doing an outstanding job. We're in a strong place, and we're excited about the team’s momentum.

30/09/2024 Why was the almond flavor removed from the Canadian market?

The almond flavor underperformed compared to other SKUs, so we temporarily pulled it from Canada. That said, we plan to bring it back once we gain more doors and exposure. Don’t worry, it’s coming back.

18/11/2024 What is your current production capacity for TRUBAR?

There are no capacity constraints. We’re working with world-class co-manufacturers that have deep capabilities, so we can easily scale production well north of $100 million in revenue with our existing infrastructure.

10/04/2025 Where are the bars manufactured, and how are you affected by tariffs?

The bars are manufactured in the United States, so we’ve had limited exposure to tariff-related challenges. While some ingredients are sourced from China, the overall impact is minimal. We’re currently working with two co-manufacturers and will soon onboard a third, which gives us solid geographic coverage for production.

23/04/2025 How is the Western Canada rollout at Costco progressing?

The early numbers are phenomenal. Consumers are responding really well, so thank you to everyone who’s been supporting us in that region.

Sell-through is very strong across the board. Every point of distribution is showing very positive performance, so we’re gaining traction on all fron

23/04/2025 Can you comment further on how the Canada West launch performed?

Yes, as I mentioned earlier, the results exceeded expectations. The flavor profile was well received, even though it was a bit of a surprise, and the sell-through has been phenomenal. We’re very pleased with the initial response.

23/04/2025 How are you ensuring product quality, shelf availability, and execution as you scale rapidly?

We’ve built a top-tier CPG team. Kate, our VP of Sales, joined from Red Bull, Sazerac, and L’Oréal, she’s driving our retail partnerships. Claire handles global supply chain, procurement, operations, and food safety. She’s world-class, with experience from Mars and Kimberly-Clark.

Luke is our VP of Finance, also from Mars, with 25 years of experience. He’s exceptional at financial modeling and controls. And Natasha, our first dedicated VP of Marketing, is building robust campaigns across all channels. With the ERP system going live in June and Tier 1 systems in place, we’re confident we can maintain world-class execution throughout this next growth phase.

23/04/2025 Can you share an update on Walmart expansion and strategy?

Walmart has gone extremely well. We started with 711 stores and, after just over five months of strong performance, we expanded into another 100 doors. We’re not rushing to all 4,700 stores immediately, we're taking a phased, data-driven approach.

The strategy is to ensure we build awareness and maintain strong sell-through before scaling further. So far, we’re right on track, and performance has been excellent.

06/05/2025 How does a new flavor go from idea to final product?

Sometimes someone suggests a flavor, but odds are it's already on my list. I talk through the idea with our R&D and flavor teams, what kind of chocolate, what flavor notes we want, then we start sampling. We’ll taste different versions, often over Zoom, and talk through how each one lands.

It can take three weeks or it can take eight months. Some flavors are tricky. I tried to do a s’mores bar but couldn’t get the smoky chocolate and graham cracker to come together. But I ended up creating another bar that tastes even better. Some take time, mint chip took forever because there are so many variations of mint to choose from.

06/05/2025 When launching a new flavor, how easy is it to get it into existing retail distribution?

Typically, we’ll present the new flavor to the buyer, or they might ask what we have coming or suggest a trending flavor they want us to try. I always say yes and figure out how to make it happen. If they love it after tasting, they usually want to bring it in.

For example, with strawberry shortcake, we launched it directly on our website and Amazon and then started rolling it into retail doors. Thanks to our strong direct-to-consumer presence, it’s easy to test a bar online, gauge customer response, and then expand into retail from there.

06/05/2025 Are there other levers impacting COGS, such as tariffs?

Yes, tariffs affect everyone. Ingredients like cacao and sugar cane aren’t produced domestically, so there’s some exposure. That said, we’ve run the numbers and found cost offsets elsewhere, which help balance the impact. So far it’s been marginal, and I hope it’s not permanent. We’re actively mitigating it.

06/05/2025 How do you define a successful SKU or flavor, what metrics do you track?

It depends on the store. In some locations, 14 bars per week per store is great. In others, 3 per week could be considered strong. There’s no fixed benchmark, it varies widely based on store type and customer base.

06/05/2025 When entering new retail stores, how quickly do you ramp to typical sales levels, and how do you track that progress?

When we launch in new stores, we track results immediately. For example, one recent launch saw us quickly matching and then surpassing competitor sales, because we had a strategic marketing plan in place. Without early awareness, it can take time to ramp. But with coupons and sampling, especially sampling, we see a big spike in sales during and after those activations. Sampling drives trial, and once people taste it, they want it.

06/05/2025 Any operational risks that concern you as the business scales

One area we’re executing on is a full ERP implementation, which we plan to have live by quarter-end. There’s always a little risk in rolling out a system like that, even with backup systems in place. But this ERP is designed to improve execution and supply reliability as we expand our retail footprint. We’ve got a world-class team, and I’m confident they’ll deliver.

29/05/2025 When will your third co-manufacturing facility begin full production?

It will be up and running in the next couple of months, definitely this year.

29/05/2025 Can you disclose where the new co-man facility is located?

It's in the United States. That’s part of our operational strategy, but we’re keeping exact locations confidential.

Competition

11/06/2024 What’s the current state of the nutrition bar category?

TrueBar is playing in a $6 billion market, and plant-based specifically is growing at a 14% CAGR. Our bars are clean, delicious, and come in beautiful packaging. That combination is working, we’re seeing strong momentum and standing out in a very crowded category.

12/08/2024 Are you exceeding Costco’s $1,000/store/week hurdle with the new multipack?

Yes, they're very happy with the performance. It’s a strong flavor profile and we're doing very well so far.

30/09/2024 How have you managed to get TruBar into major retailers like Costco and CVS?

We’ve actually been very lucky with some of the big names. In a few cases, the buyer wasn’t planning to reset their category for another six to nine months, but once they tasted our bar, and in some cases were already buying it at Costco, they made room for us early. It helps when the product is that good.

The typical process involves documentation, presentations, and then waiting. But having top-tier brokers has been critical. They get us in the door, but once we’re there, the bar sells itself.

30/09/2024 What marketing responsibilities do you have when launching in retail channels

We take marketing seriously because many people still haven’t seen or tasted our bar. Sampling is key, when we sample in stores, we’ve seen sales spike up to 4,000%. That firsthand experience really drives adoption.

We’re also working with a new marketing partner that uses AI technology to target people who’ve shown interest or interacted with the brand. Our website and social media now track how people discover us, where they go next, and whether they convert, so we can optimize everything from awareness to purchase.

30/09/2024 Are retailers like Costco putting pricing pressure on you?

No, not at this time. We’re right in line with where we need to be on pricing. There hasn't been any pressure from retailers to reduce prices.

30/09/2024 Are retailers asking to carry more than 2–3 TruBar flavors, or relist in BJ’s with new packaging?

Yes, we get asked constantly about variety packs and samplers, especially from our DTC customers. We're working on those and exploring multi-flavor SKUs for retail too.

As for BJ’s, we’re currently in active discussions with them. We’re looking to relist with new flavors and packaging, more updates on that soon.

18/11/2024 Do you have sell-through data and retailer feedback on rollout performance?

Yes, as I mentioned earlier, we’re outperforming or matching competitors in-store. TRUBAR is doing extremely well, and we’re excited about the results. Costco is a particularly strong sell-through indicator, it's our third year there, and it now represents 40% of our U.S. business. Other retailers are beginning to show similar patterns.

23/04/2025 Do you have recent data comparing Truebar's sell-through or reorders to peers?

Yes. While I don’t have retailer-by-retailer comparisons, I can tell you that Amazon performance is a strong proxy, it directly reflects customer demand. For instance, in a recent soft launch test, we achieved 12 bars per week per store without any marketing. Their best-performing bar, which had a full marketing push, was only doing 13. That shows we’re exceeding expectations with minimal effort.

We also have SPINS data across 8,000 stores showing Truebar is outperforming competitors, by over 30% in some cases. We’re clearly tracking above category benchmarks in both velocity and performance

06/05/2025 How do you view the trade-off between margin and reach when selling through Costco?

You’re spot on, Costco gives us massive trial and awareness, which is critical at this stage of building the brand. Everywhere I go, people tell me they’ve tried us at Costco or have the Costco pack. It’s an entry point, and then they look for other flavors elsewhere.

Costco carries just two flavors at a time in an eight-pack format, but we have ten more delicious flavors. So customers go online or to retailers like Whole Foods or convenience stores to explore the rest. It’s absolutely worth it from a brand-building standpoint, even if the margin is lower

06/05/2025 What’s driving the success of specific Amazon flavors that reached the top 10?

The Costco flavors tend to perform best because they’ve had broader trial. The bars we’ve had in market the longest are doing very well. Strawberry Shortcake was our first launch with actual marketing support, prior flavors had little to no backing. That campaign marked a real shift, as it was driven by a marketing team instead of just me and a few others uploading listings.

Growth

11/06/2024 What inspired you to start TrueBar?

My mother had poor eating habits, so I became aware early on of the importance of nutrition. I wanted food that tasted good and made you feel good after eating. Later, when I had kids, I couldn’t find healthy, on-the-go snacks that actually tasted good. Everything was either healthy but unappetizing, or tasty but bad for you. So we created TrueBar, vegan, gluten-free, soy-free, no sugar alcohols, and they genuinely taste amazing. It’s the kind of bar you’re excited to eat, not one that gets forgotten at the bottom of your bag.

11/06/2024 Why is the plant-based snacking trend accelerating?

Plant-based is growing fast, again, 14% CAGR. But more broadly, people are constantly on the go now. Whether you’re a parent, working professional, or just busy, everyone’s moving and snacking more. I’m always snacking myself. So we’re fortunate to be positioned right in that intersection, on-the-go convenience and plant-based health.

11/06/2024 What’s driving TrueBar’s major retail expansion this year?

We’re incredibly excited, we’re entering 6,500 CVS stores, 600 Walmarts across the U.S., and over 500 Whole Foods stores. We’re going nationwide with Whole Foods, and those products will be hitting shelves in the next couple of weeks. It’s a massive leap in availability and visibility for the brand.

11/06/2024 Besides retail, which channel is showing strong momentum for TrueBar?

E-commerce. We’ve recently launched on walmart.com and Amazon, and our performance has been incredible. On Amazon alone, we saw around 700% growth. We’ve learned how to win there, and that exposure is driving real traction. It’s been a very exciting channel for us.

11/06/2024 What are your plans for international expansion?

We’re in discussions with Costco, who’ve been an incredible partner for us. They operate in 14 regions outside the U.S., and we’re actively talking about extending our U.S. leadership programs abroad. There’s strong interest from their side too, they’re reaching out, which is exciting. Costco gave us our initial break in Canada, then helped scale us in the U.S., so the trust and momentum are already there.

12/08/2024 Any international expansion updates or progress from inbound customer calls?

Nothing we can formally announce yet, but we’re in good conversations. There’s movement on that front.

12/08/2024 What are you doing to support TruBar’s Amazon growth?

Internally, we’re actively managing Amazon, running ads to improve visibility and expanding our assortment with new pack sizes. This gives us more real estate and momentum. We're also increasing monthly subscriptions and investing in customer acquisition.

As context, this is a standout achievement given that TruBar has reached a $50 million run rate with virtually no marketing budget until very recently. With new capital flowing in, we’re allocating more to marketing. We've also brought in top-tier talent to scale our e-commerce and social strategies heading into fall.

30/09/2024 What new product iterations or flavors are coming next for TruBar?

I have so many dessert-inspired flavors in the pipeline that I'm excited about. I can't share all of them just yet, but they're really delicious and fun. We're definitely exploring things beyond our current offerings.

Right now, we're focused on bars, because they’re just the best-tasting option, we hear that from everyone who tries them. That said, we’re playing with ideas like higher-protein, lower-sugar variations, children's versions, and different textures like adding crunch. For now, though, bars are our core.

30/09/2024 Are you focused exclusively on growing TruBar, or are you exploring other business lines?

Right now, 100% of our focus is on TruBar. When we took over, the company was in rough shape, so the past few quarters have been about restructuring and rebuilding. That work is largely complete.

Going forward, it's all about supporting Erica with world-class resources to execute the plan. We do have smaller divisions that we’re managing, but this is really about doubling and tripling down on TruBar for the foreseeable future.

30/09/2024 Are you considering launching a larger, higher-protein version of TruBar like Cliff’s “builder” line?

Charles, I hadn’t considered a double-sized bar until now, so that’s a great idea. But I have been working on a larger bar with more protein. It’s something we’re developing, and while it’s not finalized, it’s definitely on the roadmap. Maybe we’ll call it the Charles Bar!

30/09/2024 Are you actively working with partners to grow internationally?

Yes, we’re making great progress in Canada. We’re engaged with Costco Canada and other retailers. We’re also onboarding a new sales broker agency specifically focused on international expansion, so expect to see a lot more activation in that market.

30/09/2024 How is your subscription program performing, and what are the advantages?

Our subscription plan is doing well. It includes a loyalty program where customers can earn points toward discounts, swag like hats, and even early access to new flavors. Subscribers often get perks before the general public, it’s a strong retention tool.

30/09/2024 Do any other SBBC brands like NOBs show breakout potential?

It’s still early for those other brands. Most are generating under $2–3 million in revenue. Right now, our focus is squarely on TruBar. We’re maintaining the smaller divisions, but unless something surprising develops, they’re not a strategic priority at the moment.

18/11/2024 How many stores carry TRUBAR today and what is your market penetration in the U.S.?

The total number of stores we expect to be in by year-end is 15,000. In terms of market penetration, the U.S. is a massive market, worth about $6 billion globally, and we’re just getting started. The category is growing at a compound annual growth rate of 14–15%, so there's significant room for expansion. That’s the context in which we view our progress.

18/11/2024 What’s driving the expected revenue acceleration in Q4?

It's largely distribution expansion. As we enter more stores and build in-store inventory, turnover has been strong. Erica can speak more to that, but we’re essentially outperforming or at least matching key competitors in many locations. We’re consistently refilling and opening new retail doors, and we also expect a club event in Q4. Ecommerce is also gaining momentum.

18/11/2024 Are retailers like Walmart expanding shelf space as a result of your mini bar promotions?

We’re not necessarily seeing more shelf space yet, but that’s not the main goal of the mini bar promotion. The purpose is to build brand awareness and drive trial so that customers try the bars and then purchase. It’s all about accelerating the trial-to-purchase cycle. I'm not agreeing or disagreeing with the shelf space point, it’s just not our primary focus here.

18/11/2024 How does the mini bar giveaway at Walmart work in practice?

It’s part of a grocery program. If a customer orders online for pickup or delivery, similar to Instacart, the mini bar is included in the bag with their order. It’s not a gift bag, just part of the delivery or pickup package.

18/11/2024 What’s the expected timeline for international expansion with Costco

We can't share an exact timeline yet, but international expansion with Costco should happen in the very near future.

18/11/2024 Are there any Costco promotions or roadshows planned for Q1?

Yes, we are planning a roadshow. Once we finalize the weekends and locations, we’ll share those details. The TRUBAR team will be present at each location, engaging with customers, showcasing the product, and driving trial. It should be a strong brand moment.

18/11/2024 What are your expansion plans for Canada?

We’re dedicating significant resources to Canada. We’ve recently launched in Walmart, have other initiatives in the pipeline, and hired a new salesperson to lead Canadian growth. We also onboarded Acosta, a top-three national distributor, to replace our previous small-scale distributor.

18/11/2024 Are you expanding to more Walmart stores and what signs of success are you seeing?

We’re performing well at Walmart. While we’re not yet entering additional stores, we expect to in the near future. It’s only been about eight weeks since launch, and we’re in 700 stores. If we sell through at those, we have a clear path to expand into Walmart’s 4,000-store footprint. Walmart will be a priority for us in 2025.

18/11/2024 What’s the latest on Amazon and overall direct-to-consumer performance?

Amazon is performing very strongly. We started the year at $40,000 per month and are now over $600,000 per month. We’re about to launch in Canada, and DTC is becoming a major growth channel. In 2025, we’re targeting a run rate of $10 million, or just under $1 million per month.

18/11/2024 What’s your influencer marketing strategy, especially with smaller accounts?

We’ve had strong organic exposure, people with 1M to 6M followers have posted about TRUBAR on their own. Going forward, we plan to proactively send influencer boxes to build more brand awareness and foster engagement. We also now have the marketing budget to invest more seriously in this channel.

23/04/2025 Can you provide more details on your marketing plans and which channels you're prioritizing?

Yeah, we're working on all fronts, PR, influencer campaigns, and a full-funnel paid media strategy aimed at awareness and conversion. We've already been featured in a lot of news articles and TV segments, and we’re also investing in national advertising campaigns.

We're doubling down on major retail partnerships like Walmart and Target to build brand awareness and trial. That’s really the priority, getting people to try the product and know the brand exists.

23/04/2025 How will you grow from 15,000 stores in 2024 to 25,000 in 2025, and which retailers are key?

We’re expanding with existing retail partners and also onboarding new ones. While I can’t name all of them yet, we just launched in another 100 Walmart stores recently, and we’re definitely growing there.

Costco was a major focus in 2024, with about 80% of our business coming from them. This year, we’re broadening out across multiple channels and aiming to bring that down to 60% or less. Target is a new addition, and we’ve also launched in Costco Mexico, which we’re excited about.

23/04/2025 Now that you're national in bars, which channels are left to expand into for growth?

All of them. We’re targeting convenience, grocery, and club channels, and we’ve also got initiatives in alternative channels like food service.

The U.S. market is massive, there are over 100,000 doors we still need to reach. We’re scaling the team and distribution system deliberately. With the ERP system coming online and a world-class operations team in place, we’re set up to grow fast without risking execution with our retail partners.

23/04/2025 Why is trade spend still so important, and how does it fit into the growth plan?

Trade spend is essential to drive consumer trial and brand awareness. Without it, we wouldn't reach new customers or build the repurchase behavior we're seeing.

It’s also fueling direct-to-consumer growth, especially through Costco. While we're working on improving margins, trade spend is a necessary short-term investment to build long-term equity and performance.

23/04/2025 How are you balancing wholesale club growth with DTC channels like Amazon?

The two channels are largely independent. We're pursuing full-scale distribution across every viable route to market, and both DTC and wholesale are critical to that vision.

Heavy trade spend in wholesale, particularly club, has helped us build trial, and that’s now translating into strong DTC traction, especially on Amazon. Each ecosystem is being optimized individually as part of the overall brand strategy.

23/04/2025 Can you explain how you're marketing on Amazon and your DTC strategy?

We're investing in keyword-based marketing on Amazon, but the organic traction is impressive, people are actively searching for Truebar, and some competitors are even targeting our brand name as a keyword, which speaks to the strength of our demand.

We've also brought on top-tier advisors to support our DTC expansion, including through Shopify. With our recent marketing leadership hires, we’re expecting 2025 to be a breakout year for DTC.

06/05/2025 How does True Bar perform in a downturn or recession?

Food is something everyone needs. Even with things like appetite-suppressing medications, people still want to eat and enjoy food. Our bar is delicious, nutrient-dense, high in protein and fiber, and it supports on-the-go consumption. It’s shelf-stable and reasonably priced for the value it provides, so I think it holds up well in any economic climate.

Also, the market is massive. Our segment, plant-based and protein-enhanced, has a growth rate between 14% and 16%, depending on the report. So while consumers may seek cheaper alternatives, that hasn’t been our experience. Once people try True Bar, they tend to stick with it, and that gives us confidence in the growth potential ahead.

06/05/2025 What’s the status of distribution expansion and how are you diversifying away from Costco?

Costco was about 80% of our business in 2024. The goal is to bring that down to 60% or lower, while still growing with Costco. They’ve been an amazing partner and we value that relationship.

In terms of diversification, we’ve added Walmart about five months ago and Target three weeks ago, along with thousands of other retail doors in the pipeline. We’re in active discussions with many retailers, and as those open up, Costco will naturally become a smaller share of the total business while still remaining a key partner.

06/05/2025 How important is DTC growth, and what’s your view on the significance of Amazon and DTC in M&A valuation?

DTC is very important, it gives us a direct view into what consumers want. I don’t have a target mix, but we want to see continued growth. The way it’s trending now is phenomenal. We’re aiming to move from 80% Costco concentration in 2024 to a 60/40 split between Costco and all other channels. DTC has better margins. Grocery and convenience fall in the middle, while club channels typically lean discount. We want a healthier distribution mix by 2025.

29/05/2025 Are there specific categories you're targeting to reach 25,000 doors this year?

We’re focused across the board, but grocery and convenience stores are where we're putting the most effort right now.

29/05/2025 Are you planning to launch minibars in 2025, and how will they be positioned?

We’re already producing and selling them, so they’re out there now. They’ll be in larger pack sizes and mainly targeted at food service, cafeterias, office buildings. That’s a new market for us.

29/05/2025 Has food service been a revenue driver for you historically?

Not at all. This is a new target for us.

29/05/2025 How does your increased marketing spend support growth?

We didn’t have this last year, but now we’ve launched a major initiative across every part of the funnel, awareness, trial, and velocity. It's already making a huge impact. People are reading about us, seeing us everywhere, and going out to try the bar. Marketing is driving real results.

29/05/2025 What's your innovation focus for TrueBar products?

We’re launching a new line called True Kids in the next few weeks. It’s a kids-focused extension of the TrueBar brand and will be rolling out at new retailers shortly.

29/05/2025 What growth are you expecting in your direct-to-consumer (DTC) channel?

We’re working on some additional DTC avenues beyond Amazon and Shopify. By the end of the year, we expect DTC to reach a $20 million run rate.

Financials

11/06/2024 Tim, what attracted you to invest in SBDC and what were the early challenges?

We invested 18 months ago when the business was on a strong growth path toward $100 million in revenue. Initially, we were impressed with the prior management team. Unfortunately, we later realized they were overspending significantly, especially on the Pure Cana brand, which pushed the company into financial distress. We had to act quickly earlier this year. We always believed in TrueBar’s potential and tried to highlight it in board discussions, but the previous team didn’t prioritize it. Since making leadership changes, we’ve stabilized the business, strengthened the balance sheet, and are now giving Erika and TrueBar the support they didn’t get last year.

30/09/2024 Is TruBar still meeting the $1,000/week per-store threshold at Costco?

Costco has been an amazing partner, and we're seeing phenomenal growth with consumers there. We are definitely exceeding the performance threshold, so everything is going very well on that front.

30/09/2024 Does CVS require specific sell-through performance before paying?

No, CVS purchases our products outright like any other retailer. There are no special terms or performance-based payment delays.

18/11/2024 How do you see gross margins evolving as store count grows?

Generally, you can think about a 50% gross margin as our benchmark. Club channels obviously run at a discount, but the volume makes up for it. Brian and Erica have done an excellent job managing the margin upwards. Year over year, we've improved margins from 40% to 50% across all channels. With expected volume increases, we also see room to further reduce raw material costs and contract manufacturing rates.

23/04/2025 Can you explain the trade spend adjustments in Q4 and what gross margin targets you have for 2025?

Yes. We made some year-end accounting adjustments, trade spend reallocation and cleanup similar to last year. We’ve added strength to our accounting team and are aiming for more normalized and transparent financials.

Right now, trade spend is about 20% of gross sales, including discounting, listing fees, and couponing. We're working to bring that closer to 15%. COGS is improving, and our gross margin is currently around 30%. We aim to move that toward 40% over time. It’ll take 12 to 18 months, but we’re progressing steadily with strong execution and deep CPG experience on the team.

06/05/2025 Are there any working capital concerns as you scale into 2025 and 2026?

No concerns at all. We are fully funded to execute on our 2025 plan.

We’ve secured the capital we need, and thanks to Kingsley and the support from BRG, there’s no issue on the working capital front. We’re in a strong position to scale at the pace we’ve laid out.

06/05/2025 What are the drivers behind your path to 40% margin, specifically the improvement in COGS?

Just buying forward. As we increase volumes, we’re able to negotiate better pricing on ingredients. We’re also building redundancy into our procurement processes, different suppliers, more negotiation leverage. Previously, I was doing all procurement myself. Since Claire joined in December, we’ve made progress, but we’re still ramping up. Over time, we expect to sign better ingredient contracts and benefit from scale.

06/05/2025 At what point of scale do you expect purchasing advantages to materialize?

We're already seeing those benefits. The improvements in cost from scale are already happening as volumes grow.

06/05/2025 What’s the industry average for trade spend as a percentage of gross sales?

Across the board, it’s 15 to 20%. We’re right in line with that.

06/05/2025 How has your marketing spend and team structure changed?

Last year we spent around $2 million on marketing, which was below the net sales line. This year, we’ve allocated $8 million. We’ve also built a new team around that budget. Erica, who’s fantastic with customers and in PR, now has more time to be out front telling our story. With more capital and the right people in place, I believe we’ll see real impact in the results.

29/05/2025 What's your current gross margin profile?

Gross margins are roughly 30%, though it varies by channel. We're working on improving that by locking in better contracts and buying forward.

29/05/2025 Did your Q1 inventory increase mainly due to Costco MVM shipments or tariff prep?

It was a bit of both. We built up inventory for the MVM campaign, but we’re also preparing to scale quickly, so we're holding more inventory to support that gro

29/05/2025 Can you explain the Q1 revenue dip due to MVM timing?

Sure. Our MVM campaign with Costco started two weeks ago. That’s when they send a booklet with coupons to all members, ours included a $6 discount on a 16-count pack, valid at every Costco in the U.S. Because of this, a lot of the product shipments and sales moved into Q2 instead of Q1.

29/05/2025 Why was Q1 revenue lower this year versus last year?

Last year in Q1, we ran an MVM (multi-vendor mailer) campaign that generated over $8 million in sales. This year, that campaign didn't run in Q1, it launched in Q2. These campaigns create lumpy revenue because when one lights up, it significantly increases sales. That explains the timing shift.

Outlook & Guidance

11/06/2024 Will TrueBar help SPPC achieve positive EBITDA in 2024?

Absolutely. The whole plan is focused on profitable growth. We expect TrueBar to make a meaningful positive EBITDA contribution to SPPC this year. Right now, nearly all of our capital spend is concentrated within TrueBar. So yes, we’ll be EBITDA positive in 2024.

11/06/2024 Will innovation contribute meaningfully before the planned exit?

Yes, absolutely. We’ve got several innovation initiatives lined up for release in the next 6 to 12 months. These new products are designed to sustain and accelerate our growth trajectory. The Board will decide the precise exit timing, but we’re aligned on launching these products well before then, which will strengthen our positioning ahead of any transaction.

12/08/2024 Should we expect store additions to boost second-half sales to meet reiterated guidance?

Sometimes timing differences distort quarter comparisons. We're confident in reaching our $45–50 million target. The brand is growing fast, and nothing in Q2 changes that trajectory. The quarter's result just reflects timing of shipments and promotions, especially around key retail partners like Costco.

To elaborate, Q1 wasn't linear and included major in-store promotions that shifted revenue between quarters. That's what affected Q2’s optics. Despite that, we remain fully committed to the full-year numbers. Q3 and Q4 will ramp up as needed. On stock movement, there’s pressure from warrant holders cashing out and legacy shareholders not aligned with the long-term view. We’re focused on stabilizing and regaining trading levels seen earlier this year.

12/08/2024 How does the pipeline for the second half of the year look compared to H1?

Even better. The doors Erica mentioned are scaling quickly, in some cases ahead of plan. That’s why we’re excited and confident about Q3 and Q4 from a financial perspective.

12/08/2024 Are Walmart and CVS still on track for rollout in the second half of 2024?

Yes, absolutely. While we've referenced names like Walmart and CVS in past interviews, we can’t formally announce until product is delivered and in stores. That said, all distribution activities shown in our expansion slides are progressing well, and we’re confident these accounts will activate in Q3 and Q4.

30/09/2024 Is launching on SamsClub.com part of a broader strategy to get into physical retail?

Yes, exactly. We launched on SamsClub.com about a month ago and it’s going really well. The goal is to demonstrate strong e-commerce performance, which helps justify a move into their physical stores. It’s a proven path.

30/09/2024 Are you planning to expand investor relations efforts to attract more U.S. shareholders?

Yes, absolutely. There was no real IR strategy in place before we came on board. We've spent the past few quarters focused on restructuring and building around TruBar, but now we’re shifting our attention to investor relations. Expanding our U.S. investor base is a priority over the next few quarters.

30/09/2024 Is acquisition a more likely path than direct competition from larger brands?

Yes, exactly. What we’re hearing from our board, who have deep CPG experience, is that large strategics aren’t focused on innovation. They’d rather acquire a proven, high-performing brand and plug it into their ecosystem.

If we can scale TruBar to a $100 million run rate, we get on their radar. From there, it’s not uncommon to see that scaled up to $300-400 million within 12–18 months once integrated into a larger platform. So we’re focused on executing that growth path with the right resources in place.

30/09/2024 Why did you choose to list at CVS given it’s primarily a pharmacy chain?

CVS gives us access to thousands of neighborhood locations where people already shop for essentials like Claritin or prescription refills. It’s about visibility and convenience. It helps extend brand recognition at the community level without requiring high listing or consignment fees.

30/09/2024 What key metrics or catalysts should investors focus on moving forward?

Revenue is the key. We’re building toward growth but also with an eye on bottom-line stability, avoiding past mistakes from previous management.

Catalysts to watch include onboarding new major retailers and executing targeted marketing initiatives, social media campaigns, influencer partnerships, and international rollouts. All of these have the potential to significantly accelerate revenue.

30/09/2024 Any final key messages you want investors to take away?

We’re excited about the future. TruBar has three core pillars of support: a solid capital base, growing resources, and a sharp focus on execution. We’re well capitalized, and if more is needed, we can access it. 2025 looks very promising, and we’re focused on scaling the business to much greater heights.

18/11/2024 Are you maintaining the 2024 TRUBAR revenue guidance of $45–50 million?

Yes, we are absolutely maintaining that guidance and feel very comfortable with it.

18/11/2024 Will distribution growth in 2025 mirror 2024’s expansion rate?

We’re not in a position to give formal guidance yet, but our focus remains on reaching $100 million as fast as possible. We’re building out the team and have the capital to support that initiative. We'll likely release guidance in March with Q4 results.

18/11/2024 When will Mini TRUBARs be available?

We expect Mini TRUBARs to be available sometime between Q2 and Q3.

18/11/2024 What’s your profitability profile at the $100 million revenue target?

At the gross margin level, we’re targeting an average of 50%. As we diversify away from Costco, which has lower margins, we expect to maintain high 40s to 50%. On EBITDA, we're balancing growth investment with profitability. For 2025, we expect 9–10% EBITDA margins, with long-term potential in the 20% range as we scale.

10/04/2025 When will the company be meaningfully cash flow positive?

The business is already cash flow positive, specifically, True Bar is operating in the black. Our 2025 plan is centered around profitable growth. While we do carry the burden of public company costs, we still expect to maintain a positive EBITDA when consolidating both the public entity and the operating business. True Bar is a healthy unit, and we’re anticipating strong bottom-line performance in 2025.

10/04/2025 Are you profitable at $100 million in sales?

Yes, absolutely. Our target is to reach a bottom-line margin of 6% to 8%. We're in a strong position thanks to our capital-light model, there’s essentially no CapEx. That allows us to reinvest into marketing to further accelerate growth as revenue expands.

23/04/2025 What are your international plans going forward?

We're only pursuing international expansion if we have the right partner in place. That’s how we approached Mexico, one of our partners showed strong initiative there. Canada is already active, and we’ll assess other markets case by case.

I’m not going to commit to full global rollout. Especially given ongoing tariff shifts and geopolitical factors, we’re taking a measured, day-by-day approach. No rigid plan, just smart, partner-led moves when it makes sense.

23/04/2025 When should we expect formal financial guidance?

Let’s first close out Q1. We’re expecting to release guidance with our Q1 reporting. There are several major deals in the pipeline right now that could influence our outlook, so timing guidance alongside that reporting cycle makes the most sense.

23/04/2025 What key milestones or inflection points should investors watch for over the next year?

Distribution is a major focus, expanding our retail footprint across all channels. We’re also investing in innovation: new SKUs, new pack sizes, variety packs, and entirely new flavors.

We’ve launched four new flavors recently and are seeing increased shelf presence in existing doors. Expect continued marketing acceleration and broader product visibility across the board in 2025.

06/05/2025 How has participating in Costco’s multi-vendor mailers impacted your topline performance?

Yes, we participated in more than one program in 2024 and we hope to continue that momentum into 2025.

There’s only so much I can share, but we’re very happy with the results. Costco has been a great partner and those programs have helped drive visibility and trial. We’re excited to keep that momentum going.

06/05/2025 What’s the timeline for the company name and ticker change, and are there plans to uplist to the TSX?

We expect the legal process to be completed in the next few weeks to finalize the name change. As for an uplist, we’re considering a move to the TSX later this year and potentially broader listings down the line. But right now, 2025 is all about building the brand, no specific timetable on the uplisting yet.

06/05/2025 Which marketing strategies have proven most effective since reallocating resources to Troubar?

Target was our first retail launch with a full marketing rollout. When we launched in Walmart five months earlier, we didn’t have a team in place, so it wasn’t supported. With Target, everything was strategically planned, team, messaging, execution, and sales were strong from day one. Right now, we’re testing all marketing channels since we never had the infrastructure before, and we’ll double down on what performs best.

29/05/2025 Do you expect margins to improve going forward?

Yes. We're aiming to raise gross margins to 35%, then 40%. That’s a core focus right now.

29/05/2025 How confident are you in the $65–70M revenue guidance, and what’s the channel outlook?

We’re feeling very confident in the $65–70M range. All our channels are seeing growth, velocities are increasing, and sell-through is strong. We expect continued momentum.

29/05/2025 Last year one channel drove 80% of revenue, what’s the channel mix outlook now?

We’re seeing a shift. The goal is to get Costco to 60% or less of total revenue, with stronger contributions from other channels.

29/05/2025 What’s the plan for international expansion, especially with Costco Mexico?

We launched in Costco Mexico a few months ago and it’s going really well. It’s a new market where nobody knew us, but people are trying the product and coming back for more. We’re also piloting a large trial initiative with one of the biggest retail chains there. For other countries, we plan to expand only with Costco’s support.

29/05/2025 Are you targeting a return to positive adjusted EBITDA in 2025 or 2026?

Yes. Positive EBITDA is absolutely the goal. We're also focused on brand-building through trial and awareness, but profitability is a key objective.

29/05/2025 How much are you increasing marketing spend this year?

We’re spending about four times more on marketing this year compared to last year. That includes PR, digital ads, and full-funnel trial and awareness efforts. Last year’s spend was around $2 million, so we’re scaling up meaningfully.

Risks & Macro

11/06/2024 Erika, what was it like running TrueBar during those early challenges?

It was very tough. We didn’t have money for inventory or marketing, when I say no money, I mean maybe $50 a month on Facebook and Instagram. It was like trying to grow a brand without oxygen. Now, having a board that truly sees the potential and is willing to invest capital changes everything. It allows us to finally grow and flourish.

23/04/2025 Have global market dynamics or tariffs impacted your international expansion, especially with Costco?

Initially, there were broad tariffs that affected everything, but those have shifted. As of now, there's no interference with our exports, including into Canada. We're monitoring the situation daily, but for now, it's business as usual on the international front.

Financially, the impact of tariffs is nominal. Our team has done a great job navigating any changes. At this point, we don't foresee any significant disruption to expansion plans in markets like the U.K., Mexico, or Australia.

06/05/2025 What worries you most as you grow, what keeps you up at night?

I used to have nightmares about ingredients or packaging, did I forget something? But now I sleep like a baby. We’re on an upward rollercoaster, and I’m just excited. If I’m awake at night, it’s because I’m pumped for a meeting or what’s happening next. I feel nothing but positive energy right now.

Personal Questions

11/06/2024 Tell us about your team behind TrueBar.

We have an amazing sales team, just a couple of guys, but they’ve been in the consumer packaged goods (CPG) space for years. I’m very lucky to have them. They bring a lot of experience and have been critical in helping us navigate retail and drive growth.

11/06/2024 How would you describe the team behind TrueBar’s growth?

We’re a tight-knit group who genuinely like each other and stay in close communication every day. Internally, I’m incredibly proud of the team, we’re small but powerful. The Board has also been amazing. They’re experienced and deeply engaged; I can call or text them anytime and they’re there. That kind of access is invaluable. On top of that, we’ve partnered with outstanding brokers and distributors who are helping us get the product into more hands.

11/06/2024 What additional teams deserve credit for TrueBar’s momentum?

Our finance team deserves huge recognition, they’ve been through a tough restructuring and are now supporting rapid growth. Same goes for our administrative and operations teams who’ve kept things moving during all the transitions. We’re actively hiring across these functions to match the scale we’re seeing and continue building support for the next phase.

06/05/2025 What’s your background and what have you learned since starting True Bar?

Yeah, my background, I was a communications major, grew up in Buffalo, New York, and went to UCLA. I’ve done film finance, worked in real estate, and I’m a mother of two and a great wife. I didn’t expect to be doing this, but I committed fully and treated this like my third child.

I’ve learned so much along the way. One of the biggest things is to trust your gut and do whatever needs to be done. I’ve worn every hat, I’m not afraid to get my hands dirty, in fact, I enjoy it. There are so many lessons in building a company, but for me it’s really been about showing up and getting it done, no matter what.

06/05/2025 What role do events and sampling play in driving brand awareness, and what feedback are you hearing from customers?

If they taste it, they love it. That’s the number one thing we hear, people are shocked by how good and delicious it is. I’m handing out bars everywhere I go. I flew in last night, landed at 5 a.m., and I’m still passing them out. Maybe that’s why my energy’s low, Kingsley said to have another coffee. These shows are incredible for visibility. The brand has personality, fun, happy, lovable, and I hope that comes across on our Instagram and in person.

Other

18/11/2024 Are there major DTC events in Q4 like Prime Day?

There’s no Prime Day in Q4, but we do have Black Friday sales planned.

18/11/2024 Are you planning to list on other exchanges like NASDAQ?

No, that’s not in our immediate plans. We currently trade on the U.S. OTC market and are aiming to upgrade to the OTCQX tier. We’ll expand investor relations in the U.S. but have no plans to list on a major U.S. exchange at this time.

23/04/2025 Any closing remarks for shareholders?

We’re incredibly excited about what’s ahead. Right now, we're thriving, and the time couldn’t be better. Go try some Truebars.

We’re just getting started. The team is in place, the foundation is built, and we’re fully positioned to scale. Thanks to all of you for your support.

29/05/2025 What’s your current strategy for social media marketing and influencers?

We’ve rolled out creative campaigns across Instagram and other social platforms. We're working with both micro and larger influencers, and we’re leveraging TikTok heavily to drive trial and awareness. It’s a multi-tiered approach.

29/05/2025 What are some specific Q2 marketing activities you've launched?

We’re running field marketing activities, including an influencer dinner and fitness events. We’ll also have campaigns in New York this summer. The TruBar truck is doing product sampling, we’re rolling out new mini bar flavors, and we’re launching the TruKids campaign. On the PR side, I’ve appeared on about six TV shows in the past two months, and there's significant press attention we’re slowly rolling out.

29/05/2025 What have you learned so far from Instagram ad spend?

We run a full-funnel campaign across Meta, which includes Instagram. While I don’t have exact spend breakdowns for Instagram alone, it’s part of a broader, multi-platform campaign currently active on nearly 10 different channels.

29/05/2025 How do the True Kids and Mini lines differ, and are the Kids bars nut-free?

True Kids bars are 35 grams, compared to 50 grams for our standard bars. They’re nut-free, making them suitable for schools and sports practices. They still have high protein, fiber, and clean ingredients, just tailored for kids. Minis are 25 grams, exactly half the size of our core bar.

Sources

Simply Better Brands (TSX.V: SBBC) - Interview with Kingsley Ward, Erica Groussman, and team

Simply Better Brands (SBBC.V): The Team Behind the Growth of Trubar

Disclaimer:

The following transcript and Q&A have been generated with the assistance of Artificial Intelligence (AI). While we strive for accuracy, completeness, and clarity, the content may contain errors, inaccuracies, or misinterpretations. Neither the company featured in this document nor ValueBridge assumes any responsibility or liability for the accuracy, reliability, or completeness of the information presented.

This material is for informational purposes only and should not be construed as official company communication, financial advice, or a definitive representation of the company's views. Readers should independently verify any information before making decisions based on it.

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