The Real Good Food Company, Inc. (RGF): History, Ownership, Mission, How It Works & Makes Money

How does a company like The Real Good Food Company, Inc. (RGF) navigate a major financial restructuring while still projecting significant growth in a competitive market?

You're looking at a fascinating turnaround story in the health-conscious frozen food sector, one where the mission to deliver low-carb, high-protein options available in over 16,000 stores nationwide is battling the realities of capital markets.

Despite the voluntary delisting from Nasdaq in January 2025-a move following a period of financial non-compliance-analyst forecasts still peg the company's 2025 annual revenue at an impressive $350 million, with an estimated $40 million in EBITDA, so the core business is defintely gaining traction.

We need to look closely at who owns The Real Good Food Company now, how their unique product line drives that revenue, and what the path to profitable scale looks like after wiping out the previous public equity holders.

The Real Good Food Company, Inc. (RGF) History

The Real Good Food Company, Inc. (RGF) began with a clear mission to disrupt the frozen food aisle by offering genuinely nutritious, low-carbohydrate, and high-protein alternatives to comfort foods. This wasn't just a product launch; it was a response to the lack of healthy, convenient options for people following specific dietary needs, like those seeking gluten-free or grain-free meals.

The Real Good Food Company's Founding Timeline

Year established

The Real Good Food Company was established in 2016.

Original location

The company was founded in Cherry Hill, New Jersey, USA, which also serves as its corporate headquarters.

Founding team members

The initial charge was led by Bryan Freeman, who assembled a team focused on pioneering healthier frozen foods.

Initial capital/funding

The company was initially backed by private investors, securing seed capital to develop its first line of high-protein, low-carbohydrate frozen meals. The specific early-stage funding amounts are not widely disclosed, but the eventual Initial Public Offering (IPO) in 2021 raised approximately $84 million.

The Real Good Food Company's Evolution Milestones

The Real Good Food Company's Transformative Moments

The most significant shift in The Real Good Food Company's history wasn't a product launch, but the financial restructuring that occurred between 2024 and 2025. This period redefined the company's operating model and market presence. You can see the initial mission that drove this journey here: Mission Statement, Vision, & Core Values of The Real Good Food Company, Inc. (RGF).

The transition from a publicly traded company on the Nasdaq to an OTC-traded entity following a Chapter 11 bankruptcy filing in June 2024 was a massive reset. Honestly, this move allowed the company to shed substantial debt and liabilities, but it also wiped out much of the public equity value. By late 2024, the company was acquired through a court-supervised sale, effectively taking it private again, then trading on the OTC markets.

Here's the quick math on the 2025 outlook: Analysts are forecasting a full-year 2025 annual revenue of $350 million, with an expected Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $40 million. Still, the projected annual earnings per share (EPS) is a loss of -$0.58 per share, showing that profitability remains a challenge even with strong top-line growth.

• The Delisting: The company announced a 12-to-1 reverse stock split in December 2024 to try and maintain Nasdaq compliance, but the effort failed. The voluntary delisting from Nasdaq and deregistration with the SEC in January 2025 cut the massive financial and administrative burden of being a public filer, which was defintely a necessary step for survival.
• The New Market Reality: As of November 2025, the company is trading on the OTC Pink Open Market (OTC: RGFC) with a market capitalization of only $3.603 million, a stark contrast to its former Nasdaq valuation.
• Post-Restructuring Focus: The company is now hyper-focused on its core strength: product innovation. The 2025 launches of seed oil-free and high-protein products confirm a commitment to the health-and-wellness niche that started it all.

The Real Good Food Company, Inc. (RGF) Ownership Structure

The Real Good Food Company, Inc.'s ownership structure underwent a fundamental, definitive change in 2024, shifting from a publicly traded entity to a private company controlled by a single private equity firm.

This restructuring followed a Chapter 11 bankruptcy filing, which effectively wiped out the equity of all former public shareholders, placing governance entirely under the new majority owner.

Given Company's Current Status

As of November 2025, The Real Good Food Company, Inc. is a privately held entity, having emerged from Chapter 11 bankruptcy proceedings in mid-2024.

The company is no longer listed on the Nasdaq Stock Market (ticker RGF); its assets were acquired in a court-supervised sale process.

You might still see a residual ticker (RGFC) trading on the OTC Pink Market, but that represents the old, essentially valueless, equity of the bankrupt public shell, not the operating business you are analyzing.

The financial distress that led to this change was significant: the company reported a Net Loss of $101.8 million for its fiscal year 2023, with its last publicly reported Trailing Twelve-Month (TTM) revenue as of September 30, 2023, at $156 million.

Given Company's Ownership Breakdown

The current ownership structure is straightforward: it's controlled by the private equity firm that acquired the assets out of bankruptcy. This means the governance and strategic direction are now dictated by the private firm's oversight, not the dispersed interests of public shareholders.

Here's the quick math on control post-acquisition:

Solace Capital Partners now has full control, so all major capital allocation and strategic decisions flow directly from their mandate to maximize the value of their investment.

Given Company's Leadership

The new private ownership has retained a management team with deep experience in the packaged foods sector to steer the company's operational turnaround and drive the mission of providing low-carb, high-protein frozen foods.

• Bryan Freeman: Executive Chairman and Chairperson of the Board of Directors. He brings over two decades of frozen foods experience, including serving on the senior leadership team of AdvancePierre Foods through its IPO.
• Tim Zimmer: Chief Executive Officer (CEO). Appointed in March 2024, Mr. Zimmer has over 30 years of experience in packaged foods, including leadership roles at Smithfield Foods, Kraft Foods, and Nestle.
• Niki Rutter: Chief Financial Officer (CFO). Appointed effective February 10, 2025, she has extensive experience in accounting and supply chain for processing companies, a critical focus area for a post-bankruptcy firm.
• Rikki Ingram: Chief Marketing Officer (CMO). She oversees brand strategy, leveraging her 15 years in consumer packaged goods, including a leadership role at Tyson Foods.

This team is focused on operational efficiency and supply chain optimization, which is the clear near-term action for the new private owner. You can learn more about the strategic foundation in the Mission Statement, Vision, & Core Values of The Real Good Food Company, Inc. (RGF).

The Real Good Food Company, Inc. (RGF) Mission and Values

The Real Good Food Company, Inc.'s core purpose is to fundamentally change the frozen food aisle, moving past processed carbs and sugar to deliver genuinely nutritious, high-protein comfort classics. This mission is the cultural DNA that drives every product decision, even as the company navigates significant financial restructuring in 2025.

You need to look past the recent Nasdaq delisting and the move to the OTC Pink Open Market in January 2025 to see the underlying value proposition. The company's focus on health-conscious eating is a clear differentiator in a market where consumers are increasingly seeking better-for-you options, a trend that still supports the forecasted annual revenue of $350 million for the 2025 fiscal year, with an estimated EBITDA of $40 million.

Given Company's Core Purpose

The company's core purpose is tied directly to a belief that eating well shouldn't be complicated or require sacrificing the foods you love. They are one of the few brands in the frozen category today that consistently offers foods that are high in protein, lower in net carbohydrates, and made with real, simple ingredients.

• Product as Value: The core value is embedded in the product itself: replace processed ingredients with protein and vegetables.
• Accessibility: Make nutritious alternatives to traditional comfort foods accessible to people everywhere, which is why their products are in over 16,000 stores nationwide.
• Disruption: They started by 'breaking the mold' of the frozen food industry, a mindset that values innovation over convention.

This commitment is the real engine of the business, not just a marketing slogan. It's why they focus on unique bases like a chicken crust for pizza instead of traditional grain doughs.

Official mission statement

The official mission statement of The Real Good Food Company, Inc. is succinct and powerful, defining their role in the consumer packaged goods (CPG) space. It's a simple promise to the consumer.

• Mission: Provide "Real Food You Feel Good About Eating."
• Execution: Create delicious, nutritious foods that are low in sugar, low in carbohydrates, and high in protein.

Vision statement

While a single, formal vision statement is not always explicitly published, the company's long-term aspiration is clearly communicated through its stated goal to transform the entire category. The vision is an extension of the mission: to fundamentally reimagine what a nutritious, convenient meal can defintely be.

• Core Vision: To reimagine what nutritious food can be.
• Aspiration: To be a movement fueled by consumers, making nutrition more accessible globally.

This vision is what a financial analyst watches, because it maps to long-term market share gains in the health and wellness frozen food sector. You can dig deeper into the commercial side here: Exploring The Real Good Food Company, Inc. (RGF) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

The company uses its mission statement as its primary tagline, but also has a more action-oriented phrase that clearly defines its product strategy against competitors.

• Primary: Real Food You Feel Good About Eating.
• Secondary: The foods you love...but better.

The Real Good Food Company, Inc. (RGF) How It Works

The Real Good Food Company, Inc. operates by innovating the frozen food aisle, replacing high-carbohydrate ingredients in comfort foods with protein and vegetable-based alternatives to target the growing health and wellness consumer base. This model centers on a vertically integrated and co-manufacturing approach to develop and distribute low-sugar, high-protein meals across over 16,000 US retail locations as of late 2025.

The Real Good Food Company, Inc.'s Product/Service Portfolio

The Real Good Food Company, Inc.'s Operational Framework

The company's operational framework is built on a 'better-for-you' development cycle, which is how they deliver value despite the financial volatility that led to their Nasdaq delisting in January 2025.

Here's the quick math on their scale: their Trailing Twelve Month (TTM) revenue, as of September 30, 2023, was $156.38 million, showing the significant consumer demand for their niche, even with a TTM net loss of -$15.18 million for the same period. We defintely need to see fresh 2025 fiscal year numbers, but the company's non-compliance with SEC filings means we are stuck with older data. Breaking Down The Real Good Food Company, Inc. (RGF) Financial Health: Key Insights for Investors

• Ingredient Innovation: Focus R&D on proprietary recipes that swap out traditional, high-carb ingredients (like flour) for protein-rich or vegetable-based alternatives (like chicken or cauliflower).
• Hybrid Manufacturing: Use both internal production capabilities and co-manufacturing partners to manage scale and respond quickly to demand shifts without over-committing capital.
• Omnichannel Distribution: Secure shelf space in the frozen food aisles of major US retailers, including grocery chains and club stores, plus maintain a direct-to-consumer e-commerce channel.
• Brand-Driven Marketing: Utilize a substantial social media following-over 485,000 Instagram followers as of August 2025-to drive product awareness and maintain a strong community connection.

The Real Good Food Company, Inc.'s Strategic Advantages

The company's competitive edge isn't in scale-they are significantly smaller than major frozen food players-but in their highly specialized product focus and strong consumer connection.

Their mission to provide nutritious, low-carb comfort foods gives them a clear, defensible position in the health and wellness segment (H&W), a category that is still growing. They are a niche leader.

• Niche Product Leadership: Own the high-protein, low-carb frozen comfort food segment, which resonates with specific, loyal dietary communities (Keto, low-sugar).
• First-Mover Innovation: Continually introduce new products, such as the Seed Oil Free Breaded Chicken in July 2025, to stay ahead of broader market trends and keep the brand fresh.
• Retail Penetration: Products are available in over 16,000 stores nationwide, which is a massive footprint for a specialized brand.
• High Consumer Engagement: Leverage a large social media presence to foster a community and gather direct feedback, which helps inform product development faster than competitors.

The Real Good Food Company, Inc. (RGF) How It Makes Money

The Real Good Food Company, Inc. (RGF) makes money by developing, manufacturing, and selling a portfolio of branded, health-focused frozen and refrigerated comfort foods-like low-carb pizzas and high-protein entrées-primarily through major US retail grocery channels. Their revenue engine is built on a direct-to-shelf model that capitalizes on the growing consumer demand for low-sugar, high-protein, and gluten-free alternatives to traditional frozen meals.

Given Company's Revenue Breakdown

The company's revenue mix is heavily skewed toward its branded products sold through mass retail. While precise 2025 figures are unavailable due to the company's delisting from Nasdaq and subsequent deregistration with the SEC in early 2025, the core business structure remains focused on branded distribution. Here's a breakdown based on the company's historical model and market trajectory:

The 85% branded retail segment represents sales of the 'Realgood Foods Co.' brand through major stores like Walmart, Kroger, and Costco. This is the lifeblood of the business. The remaining 15% is split between limited private label contracts and their own e-commerce channel, which offers a higher margin but lower volume. Exploring The Real Good Food Company, Inc. (RGF) Investor Profile: Who's Buying and Why?

Business Economics

The economics of The Real Good Food Company, Inc. are defined by the high-cost nature of their specialized ingredients and the intense competition in the frozen food aisle, which puts pressure on gross margins. Their strategy is to command a premium price point by offering superior nutritional value-replacing high-carb ingredients with more expensive, protein or vegetable-based alternatives like chicken or cauliflower. That's the whole game.

• Pricing Power: The company relies on its 'health and wellness' brand identity to justify a premium price point over conventional frozen meals. This premium is necessary to offset the higher Cost of Goods Sold (COGS) associated with non-traditional ingredients.
• Gross Margin Focus: The long-term goal is a 35% adjusted gross margin, a target that reflects the profitability needed to sustain a premium, innovative food brand. This is a crucial metric to watch as they scale production.
• Cost Structure: A significant portion of operating expenses is tied to manufacturing, distribution, and slotting fees at major retailers. The company's operational improvements, including ramping up capacity at its Bolingbrook facility, are aimed at lowering unit costs and driving margin expansion.
• Market Tailwinds: The broader market trend favors their model, as private label sales are projected to approach $277 billion in 2025, and consumer demand for high-protein, low-carb options continues to surge. This market pull helps them gain shelf space.

Here's the quick math: if the company hits the analyst-forecasted revenue of $350 million for 2025, achieving a target gross margin of 28% (a realistic near-term goal) would yield a gross profit of $98 million. This is the cash pool available to cover all operating expenses and move toward profitability.

Given Company's Financial Performance

The financial narrative for The Real Good Food Company, Inc. in 2025 is one of significant restructuring and a push toward operational stability, following a challenging period that included a Chapter 11 filing in June 2024 and a subsequent acquisition. The most reliable near-term data comes from analyst forecasts, as the company is no longer filing public reports with the SEC.

• 2025 Revenue Forecast: Analysts project full-year 2025 revenue to reach approximately $350 million. This forecast is an aggressive target, especially considering the company's Q1 2024 net sales were only $23.1 million, paired with a net loss of $19.8 million.
• Profitability Outlook: The company is defintely still in a turnaround phase. The forecasted annual Earnings Per Share (EPS) for 2025 is expected to be a loss of -$0.58 per share. This indicates that while revenue is growing, the company has not yet achieved net profitability.
• Adjusted Earnings: A better measure of core business health is the projected Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The 2025 forecast for Adjusted EBITDA is a positive $40 million, which suggests the underlying manufacturing and sales operations are generating cash before accounting for debt, taxes, and non-cash charges.
• Cash Position: A key action in late 2023 was a strengthened balance sheet via a $15 million equity raise and a new $45 million debt facility. This move was intended to reduce annual cash interest costs by up to $6 million and increase liquidity by up to $15 million, giving the new owners a better runway to execute the turnaround plan.

What this estimate hides is the true cost of the 2024 restructuring and the ongoing administrative burden of operating post-delisting, but the projected positive Adjusted EBITDA is a clear sign the core product is resonating with consumers.

The Real Good Food Company, Inc. (RGF) Market Position & Future Outlook

The Real Good Food Company, Inc. (RGF) is navigating a challenging transition, moving from a Nasdaq-listed growth story to a leaner, privately-focused entity on the OTC Pink Market, but still targets significant revenue growth in the health-focused frozen food niche. The company's future hinges on its ability to execute its core strategy of providing low-carb, high-protein, and grain-free comfort foods while managing the financial fallout from its recent deregistration and internal control issues.

Management is forecasting an annual revenue of $350 million for the 2025 fiscal year, alongside a projected annual EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $40 million, demonstrating an operational focus on profitability despite a forecasted annual EPS (Earnings Per Share) loss of -$0.58. Honestly, the shift in focus is a clear, decisive action to cut the high costs of public status and focus on core operations.

Competitive Landscape

The Real Good Food Company, Inc. operates in the highly fragmented, but rapidly growing, health-oriented segment of the U.S. frozen food market, which is projected to be worth around $89.94 billion in 2025. While RGF is a key niche player, it competes against both massive conglomerates and established organic specialists. Here's the quick competitive mapping:

Opportunities & Challenges

The near-term outlook for RGF is a high-risk, high-reward scenario. The market opportunity is clear-consumers are demanding convenient, clean-label foods, which is RGF's specialty-but the internal risks are substantial following the delisting and deregistration events in early 2025.

Industry Position

The Real Good Food Company, Inc. holds a distinct position as a pure-play disruptor in the health-and-wellness frozen food space, specifically targeting consumers following ketogenic or low-carb diets. This distinct focus is its core competitive advantage, differentiating it from broader organic players like Amy's Kitchen.

The company's strategic move to voluntarily delist from Nasdaq and deregister with the SEC in January 2025 shifts its focus entirely. This action frees up capital and management time previously spent on costly public reporting requirements, which is defintely a necessary step for a company with a net loss of $531 million in a major competitor's fiscal year. The trade-off is reduced public visibility and a move to the less-regulated OTC Pink Market.

• Category Leadership: RGF is a category leader in the high-protein, low-carb frozen comfort food segment, a niche that is growing faster than the overall US frozen food market.
• Distribution Strength: Products are available in over 16,000 stores, providing a strong retail footprint that larger competitors must match.
• Financial Health: The primary challenge is financial stability; the move to private status is a direct response to the significant financial and administrative burdens of being a public company.

For a deeper dive into the company's foundational principles, you should review the Mission Statement, Vision, & Core Values of The Real Good Food Company, Inc. (RGF).