Better Choice Company Inc. (BTTR): History, Ownership, Mission, How It Works & Makes Money

Better Choice Company Inc. (BTTR) is no longer just a pet health player; with its projected $270 million in 2025 pro forma revenue, are you defintely tracking how this business is evolving?

The company's strategic pivot-culminating in the April 2025 merger with SRx Health Solutions and the subsequent name change to SRx Health Solutions Inc.-fundamentally reshaped its market position from a pet-focused brand to a global health and wellness platform.

This shift, plus the 75% insider ownership stake, raises critical questions about capital structure and long-term strategy: how does a combined entity, now projecting over $10 million in 2025 EBITDA, actually generate revenue across such diverse segments, and what does that mean for your investment thesis?

Better Choice Company Inc. (BTTR) History

You're looking for the real story behind Better Choice Company Inc., not the boilerplate. The company's history is less about a single founding moment and more about a series of strategic acquisitions, transforming it from a niche pet CBD company into a broader health and wellness platform. The most recent, and most dramatic, shift happened in April 2025 when the company completed a major acquisition and rebranded to SRx Health Solutions Inc.

Given Company's Founding Timeline

The corporate entity that became the publicly-traded Better Choice Company Inc. (BTTR) has roots in two distinct periods: the initial pet health brand aggregation and the later formation as a Special Purpose Acquisition Company (SPAC) vehicle.

Year established

The foundational operating business, centered on pet products, traces back to a 2019 acquisition. The SPAC entity that took the name Better Choice Company Inc. was incorporated in Delaware in August 2020.

Original location

The company announced its major 2019 acquisition from New York, but its more recent operational base has been Tampa, Florida.

Founding team members

The team that built the initial pet health platform included Damian Dalla-Longa (CEO at the time of the Halo acquisition) and Lori Taylor (founder of the foundational brand TruDog and an initial board member). Bruce Linton served as a Special Advisor, providing strategic guidance during the early M&A phase.

Initial capital/funding

The operating entity's first major capital infusion was a $28 million financing round closed in December 2019 to fund the Halo acquisition. The later SPAC structure raised $40 million in its Initial Public Offering (IPO) in June 2021.

Given Company's Evolution Milestones

The company's trajectory is defined by its strategic M&A activity, moving from pet-focused consumer goods to a global health and wellness business in 2025. This is a story of deliberate, high-stakes pivots.

Given Company's Transformative Moments

The biggest inflection point wasn't the IPO; it was the two major acquisitions that completely redefined the business model. Honestly, the company you're looking at today is defintely a different animal than the one from five years ago.

The December 2019 acquisition of Halo, Purely for Pets for approximately $46.9 million was the first major step. This gave the company a 30-year-old, established brand in premium pet food, which immediately anchored its revenue base and provided a crucial e-commerce and retail distribution network.

But the true game-changer was the April 2025 business combination with SRx Health Solutions, valued at approximately $125 million. This instantly shifted the company's focus from just pet food to a global health and wellness platform that includes specialty pharmacy and human health solutions. The quick math here shows the scale: the combined entity's 2025 revenue is expected to be approximately $270+ million, with an expected EBITDA of over $10 million. That's a huge jump in scale and profitability outlook.

• Strategic Pivot: The name change to SRx Health Solutions Inc. and the ticker change to SRXH on April 30, 2025, cemented the move away from being solely a pet products company.
• Financial Strength: The full-year 2024 results, announced in March 2025, showed the legacy business was stabilizing, with a gross margin increase to 37% and a net loss improvement of 99% to just $(0.2) million.
• New Leadership: The merger brought in Adesh A. Vora, the founder of SRx Health, as the new CEO, signaling a clear change in strategic direction and operational focus.

If you want to understand who is betting on this new direction, you should be Exploring Better Choice Company Inc. (BTTR) Investor Profile: Who's Buying and Why?

Better Choice Company Inc. (BTTR) Ownership Structure

The ownership structure of Better Choice Company Inc. underwent a dramatic shift in 2025 due to its merger with SRx Health Solutions Inc., culminating in a name change to SRx Health Solutions Inc. (SRXH). This publicly traded entity, listed on the NYSE American, is now largely controlled by a combination of insiders and retail investors, a structure that defintely impacts corporate governance and strategic direction.

Given Company's Current Status

As of November 2025, the company you know as Better Choice Company Inc. (BTTR) is legally operating as SRx Health Solutions Inc. (SRXH). The transition became effective on April 30, 2025, following the completion of a business combination with SRx Health Solutions. The combined entity remains a public company, trading on the NYSE American under the new ticker SRXH. This is a critical point: you are analyzing a new company with a different core business focus, which is reflected in its shareholder base.

This post-merger structure means that the original Better Choice Company shareholders now hold approximately 15% of the combined entity, while the former SRx Health Solutions shareholders hold around 85%, fundamentally altering the control dynamic. If you want to dive deeper into the financial implications of this merger, you should read Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

Looking at the current shareholder base for the SRx Health Solutions Inc. (SRXH) entity, the ownership is heavily concentrated among insiders and individual retail investors. This is a common pattern in smaller-cap growth companies, but it means that management and large individual shareholders have significant voting power. Here's the quick math on the breakdown for the 2025 fiscal year:

The low institutional ownership of less than 1% means major funds aren't driving the stock price; retail sentiment and insider decisions are paramount.

Given Company's Leadership

The combined company's leadership team was restructured in June 2025 to reflect the new strategic direction, bringing in key executives from the former SRx Health Solutions Inc. This is a new team steering the ship.

• Adesh Vora: Appointed Chief Executive Officer (CEO) in June 2025, transitioning from his role as Executive Chairman.
• Lionel Conacher: Appointed Chairman of the Board in June 2025.
• Kent Cunningham: Transitioned from the former CEO role to become the company's President in June 2025.
• Nina Martinez: Appointed Chief Financial Officer (CFO) in June 2025.

The Board of Directors has also seen recent additions, including the appointment of Sammy Dorf, Esq. on November 10, 2025, and Joshua Epstein on October 1, 2025. These appointments, particularly in late 2025, signal a focus on capital markets and strategic development as the newly merged entity finds its footing.

Better Choice Company Inc. (BTTR) Mission and Values

Better Choice Company Inc.'s core purpose centers on leveraging nutrition and science to support the health of pets, a mission that significantly expanded in 2025 to encompass a broader global health and wellness focus for entire families.

You're looking past the quarterly earnings, which is smart; the mission is the long-term anchor. The company's strategic move in 2025, completing the business combination with SRx Health Solutions Inc., fundamentally shifted its cultural DNA from a pet-centric firm to a holistic health provider, aiming for a much larger market.

Better Choice Company Inc.'s Core Purpose

The company's foundation is built on the belief that better nutrition leads to longer, happier lives for pets, a concept known as pet humanization. This core belief drove the initial focus on premium, science-based pet products, but the 2025 merger signaled a clear intent to apply this philosophy to human health as well.

Here's the quick math on the impact: the combined entity, which completed its name change to SRx Health Solutions Inc. on April 30, 2025, projected a 2025 combined revenue of over $270 million and an EBITDA of over $10 million, demonstrating the financial commitment to this expanded purpose.

Official mission statement

While the formal language evolves with the new corporate structure, the driving mission for the former Better Choice Company Inc. is clear:

• Lead the industry shift toward pet products and services that help dogs and cats live healthier, happier, and longer lives.
• Take an alternative, nutrition-based approach to pet health, moving away from conventional offerings.
• Position the portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness.

This commitment to health-focused growth is defintely a key takeaway for investors looking at Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors.

Vision statement

The company's vision for the post-merger entity is much broader, explicitly targeting a global market across species and family members:

• Become a leading global health and wellness company.
• Provide better products and solutions for pets, people, and families.
• Expand into veterinary medicine with initiatives like Better Pet Rx in 2025 to complement the existing pet food portfolio.

The vision is about comprehensive family health, not just pet food.

Better Choice Company Inc. slogan/tagline

The company does not publicly use a single, formal, or widely-promoted slogan or tagline. Instead, its messaging emphasizes the core value proposition of its premium brands, like Halo, which focuses on high-quality, thoughtfully sourced ingredients for natural, science-based nutrition.

The strategic actions speak louder than a tagline, anyway. For example, the company's focus on operational improvement resulted in a full year 2024 Adjusted EBITDA Loss improving 78% year-over-year to $(1.9) million, showing a clear path toward their profitability goal in 2025.

Better Choice Company Inc. (BTTR) How It Works

The company formerly known as Better Choice Company Inc. (BTTR) operates today as SRx Health Solutions Inc. (SRXH) following its April 2025 merger, fundamentally transforming from a pet-focused brand into a diversified global health and wellness enterprise. This combined entity now generates revenue by pairing premium pet nutrition with a specialty pharmacy and healthcare network, creating a dual-pillar business model that aims for stability and growth in both the consumer defensive and healthcare sectors.

SRx Health Solutions Inc.'s Product/Service Portfolio

You can think of the company's value proposition in two clear segments: the established, high-margin pet products business and the newly acquired, high-growth specialty healthcare network. The merger was a smart move to diversify risk and capture a larger share of the overall family health and wellness spend.

SRx Health Solutions Inc.'s Operational Framework

The operational process is designed to maximize efficiency and brand control across two very different supply chains, which is where the real complexity-and the opportunity-lies. The goal is to drive the projected 2025 revenue of over $270 million by leveraging shared infrastructure.

• Pet Product Value Chain: The Halo brand uses a strategic manufacturing partnership with Alphia, Inc., the largest custom manufacturer of super-premium pet food in the U.S. This outsourcing model reduces capital expenditure risk while maintaining quality control.
• Omnichannel Sales & Distribution: Products reach consumers through a balanced digital-first approach (Chewy, Amazon, and direct-to-consumer platforms) and traditional brick-and-mortar pet specialty stores in North America. Sales growth on Chewy and Amazon was a strong 32% in Q4 2024.
• Healthcare Service Delivery: The SRx Health segment operates a vertically integrated model for specialty pharmaceuticals, managing everything from wholesale drug distribution to dispensing and patient-specific infusion services across its network of 35 pharmacies and 40 clinics.
• Synergy Focus: The combined entity is working to integrate back-office functions and distribution networks, plus, it's using the established Halo customer relationships to launch the Better Pet Rx veterinary medicine vertical.

Here's the quick math: combining the pet business's consumer reach with the pharmacy's infrastructure is defintely a faster path to market for high-margin animal pharmaceuticals.

SRx Health Solutions Inc.'s Strategic Advantages

The company's competitive edge comes from its strategic pivot, moving away from being a pure-play pet food company to a more resilient, diversified health and wellness platform. This is a smart way to smooth out the cyclicality of consumer spending. You can learn more about the financial implications in Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors.

• Diversified Revenue Base: The merger creates a combined entity with a projected 2025 EBITDA of over $10 million, blending the consumer-driven pet sector with the less-cyclical, government-reimbursed specialty pharmacy sector.
• Premium Brand Equity: The Halo brand holds significant recognition, which drove a 33.5% increase in online sales during 2023, showing strong consumer trust in its natural, high-quality, nutrition-based approach.
• High-Margin Product Mix: The company benefits from the emerging veterinary supplement market, which reported gross margins of 52.4% in 2023, significantly higher than traditional kibble.
• Specialty Pharmacy Infrastructure: SRx Health provides a robust, national-scale specialty pharmacy network in Canada, a high-barrier-to-entry business that provides a platform for expansion into the US and veterinary markets.

The core advantage is the new ability to capture a greater share of the total health spend for both pets and people in the family unit, which is a powerful, sticky business model.

Better Choice Company Inc. (BTTR) How It Makes Money

The entity formerly known as Better Choice Company Inc. (BTTR) now operates as SRx Health Solutions Inc. (Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors) and generates revenue through a two-pronged strategy: selling premium, science-driven pet nutrition products and, now primarily, providing human healthcare solutions via specialty pharmacy and clinical services.

The company, which completed its transformative acquisition of SRx Health Solutions in early 2025, makes money by leveraging an omnichannel distribution network for its pet products and by capitalizing on high-margin, recurring revenue from its expanded human health segment, which includes pharmacy and clinical care services.

Given Company's Revenue Breakdown

The company's 2025 financial picture is dominated by the strategic pivot into human health. Based on the pro forma projections for the combined entity, which is the most relevant 2025 data, the revenue streams have shifted dramatically from the legacy pet business.

Here's the quick math: The combined entity is projected to achieve over $270 million in revenue for the 2025 fiscal year. The Human Health segment, primarily driven by the SRx Health acquisition, is the clear revenue engine, accounting for the vast majority of the total. The legacy Pet Health and Wellness business, centered on the Halo brand, still provides a stable base, though its percentage of the total is now much smaller.

Business Economics

The business model is now a diversified health and wellness play, reducing reliance on the competitive pet food market alone. The Human Health segment focuses on specialty pharmacy services, which typically command higher, more stable margins and recurring prescription revenue compared to consumer packaged goods like pet food.

• Pricing Power: The Pet Health segment (Halo brand) operates in the premium, naturally-formulated pet food space, allowing for higher average selling prices (ASPs) than mass-market competitors.
• Margin Improvement: Management's focus on margin expansion in the pet business is evident, with the full-year 2024 gross profit margin surging to 37%, up significantly year-over-year. That's the kind of operational discipline I like to see.
• Cost Synergy: The merger is expected to yield immediate annual cost savings of about $1.7 million from integration, directly boosting the bottom line in 2025.
• Distribution Shift: The company is strategically moving away from unprofitable brick-and-mortar retail relationships and a direct-to-consumer channel that was shut down, prioritizing high-growth digital platforms like Chewy and Amazon, where Q4 2024 sales grew by 32%.

Given Company's Financial Performance

The financial performance for 2025 is a story of transformation, moving from a smaller, loss-making pet company to a substantially larger, projected profit-generating health and wellness entity. This is a complete re-rating of the business fundamentals.

• 2025 Revenue Target: The combined entity forecasts a 2025 annual revenue of over $270 million. This is a massive leap from the legacy Better Choice Company's 2024 net revenue of $35 million.
• EBITDA Swing: The most critical metric is the projected shift to positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of over $10 million for the 2025 fiscal year. This moves the company from a 2024 adjusted EBITDA loss of $(1.9) million to clear profitability.
• Working Capital: The company ended 2024 with a healthy working capital position of $7.9 million, providing a good buffer as the integration of the two businesses proceeds.
• Net Loss Improvement: The legacy company dramatically improved its net loss for the full year 2024 to just $(0.2) million, showing the underlying pet business was already nearing a break-even point before the acquisition-driven growth.

What this estimate hides is the execution risk of integrating two very different businesses-pet food and specialty pharmacy-to realize those projected synergies and maintain the combined TTM revenue growth rate of 25% quarter-over-quarter. Finance: Monitor the Q3 2025 earnings report for SRx Health Solutions Inc. (formerly BTTR) when released in November to validate the $270M revenue trajectory.

Better Choice Company Inc. (BTTR) Market Position & Future Outlook

The company, now operating as SRx Health Solutions Inc. following its April 2025 merger, is aggressively pivoting from a niche premium pet food provider to an integrated health and wellness platform. This strategic shift is projected to drive the combined entity's 2025 revenue to over $270 million and its EBITDA to over $10 million, marking a significant scale-up from its pet-only roots.

Competitive Landscape

You need to see Better Choice Company in its proper context. It's not competing head-to-head with the giants on volume; it's carving out a specialized space in the premium, integrated health segment. The scale difference is immense, so its market share is a tiny fraction of the overall pet care market.

Opportunities & Challenges

The core opportunity is leveraging the humanization of pets trend, where owners are willing to pay more for products that mirror human health standards. But honestly, this merger introduces some very real execution risks, too.

Industry Position

Better Choice Company's position is that of a small, aggressive disruptor attempting to bridge two lucrative markets: premium pet nutrition and specialty healthcare. You can see the full financial picture in Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors.

• The combined entity's projected 2025 revenue of over $270 million is a strong base, but it remains a micro-cap player in the global pet care market, which is valued at up to $380 billion in 2025.
• Its strength lies in its omnichannel distribution-a mix of e-commerce (Chewy and Amazon) and brick-and-mortar specialty stores-which is crucial in the premium pet food space.
• The move into specialty pharmacy services, a less cyclical and more resilient market, provides a defintely needed hedge against the competitive pressures in the pet food segment.
• The company is betting that its integrated model-selling Halo pet food and offering veterinary services/pharmaceuticals-will create a stickier customer base, which is a key to maximizing lifetime customer value.