The Real Good Food Company, Inc. operates as a high-growth, branded, health and wellness (H&W) focused frozen food company.
The company develops, markets, and manufactures delicious and convenient comfort foods designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients that are intended to be sold in the H&W segment of the frozen food category. The company offers delicious and nutritious options across breakfast, lunch, dinner, and snacking occasions, which a...
The Real Good Food Company, Inc. operates as a high-growth, branded, health and wellness (H&W) focused frozen food company.
The company develops, markets, and manufactures delicious and convenient comfort foods designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients that are intended to be sold in the H&W segment of the frozen food category. The company offers delicious and nutritious options across breakfast, lunch, dinner, and snacking occasions, which are available in approximately 15,000 stores nationwide, and directly from its website at www.realgoodfoods.com.
The company's branded products are sold to consumers through an increasing number of locations in retail channels, primarily in natural and conventional grocery, drug, club, and mass merchandise stores, including Walmart, Kroger, and Costco. The company operates in multiple large subcategories within the U.S. frozen food category.
Products
Historically, the company has sold substantially all of its products under the company's 'Realgood Foods Co.' brand. The company also sells a limited number of private label products to select retail customers. The company's branded products are sold to consumers through an increasing number of locations within retail channels, primarily in natural and conventional grocery, drug, club, and mass merchandise stores, including Walmart, Kroger, and Costco.
The company produces and sells entrees, bowls, breakfast sandwiches, enchiladas, other H&W products and snacks within the frozen food category. The company's craveable products are offered in ready-to-heat and ready-to-cook formats for consumers to prepare. The company's breakfast sandwiches and entrees are the company's core products and have been the chief drivers of the company's growth. All of the company's products are designed to be free of gluten-containing ingredients and added sugar, and to be higher in protein and lower in carbohydrates than their conventional equivalents. The company is focused on making its products delicious, while ensuring they are balanced in macronutrients.
The manufacture of the company's products requires a specialized process and purpose-built equipment to help ensure they have the macronutrient composition the company strives to achieve while maintaining taste. The vast majority of the company's products are manufactured within the United States. The company operates a best in class manufacturing facilities in the City of Industry California (the 'City of Industry Facility'), and in Bolingbrook Illinois (the 'Bolingbrook Facility'), where the company produced over 80% of its goods sold during 2022. These facilities meet the United States Department of Agriculture ('USDA') standards and contain several flexible production lines, which are the U.S. Food and Drug Administration ('FDA') and USDA registered. In addition, the products the company manufactures at these facilities are certified by the Gluten-Free Certification Organization ('GFCO') to be labeled for sale as 'gluten free' (a gluten threshold of 10ppm or less), in accordance with the standards set by the GFCO.
Entrees
Bowls
The company's entree bowls are designed to have the satisfying taste of comfort food. For example, instead of using traditional wheat flour pasta, the company's lasagna bowl is made with layers of the company's chicken and parmesan pasta base, marinara sauce that the company makes with simple ingredients, and ricotta and mozzarella cheese. The company's lasagna bowls contain 11 grams of carbohydrates and 32 grams of protein per serving, compared to a similar dish produced by one of the company's competitors, which has 40 grams of carbohydrates and 16 grams of protein per serving. The company also produces over half a dozen other bowls, all of which are microwavable and convenient to prepare.
Enchiladas
The company's enchiladas provide a macronutrient balanced, delicious sampling of Mexican food. Instead of carbohydrate-loaded wheat flour tortillas, the company uses thin, round slices of the company's innovative chicken and cheese 'tortilla.' The company rolls freshly seasoned and cooked shredded chicken, pork, cheese, or beef into the company's 'tortillas' and top them with the company's tomatillo verde sauce or roasted chili poblano red sauce. The company's sauces are made using fresh produce. The result is a delicious enchilada with fewer than four grams of carbohydrates and 20 grams of protein per serving.
Stuffed Chicken
The company's bacon wrapped stuffed chicken is the company's modern take on a classic dish. The company wraps its cheese-stuffed chicken with thick-cut bacon in lieu of the wheat-flour breading used by certain of the company's competitors, which can comprise up to one-third of their final product. The company's product design results in a high-protein meal that is grain-free and gluten-free, and contains three grams of carbohydrates and 32 grams of protein. A conventional version of this dish has 16 grams of carbohydrates and 20 grams of protein per serving.
The company's fully cooked stuffed chicken offers a convenient, and nutritious entree for any occasion. Wrapped in chicken breast, and stuffed with flavors like cordon bleu, spinach artichoke and broccoli & cheese. The company's stuffed chicken is 100% grain free and gluten free, and has 80%-90% less carbs than the company's competitors with one to two times more protein.
Asian Chicken
The company's Asian chicken entrees use lightly breaded chicken made from nutritious ingredients and are 100% grain-free and gluten-free, and are low carb with only one gram of sugar, packed with 25g of protein per serving. The company offers three varieties: Orange Chicken, General Tso's Chicken and Sweet and Sour Chicken.
Breaded Chicken
The company offers nutritious Chicken Nuggets and Strips which are 100% grain and gluten free, with only 3g-4g net carbs and with 23g protein per serving. The company's breaded chicken lineup consists of four offerings: original lightly breaded nuggets, lightly breaded strips, buffalo nuggets and buffalo strips.
All the company's breaded chicken products use real food ingredients, such as chickpea flour and egg whites to make its crispy breading.
Breakfast Sandwiches
The company's breakfast sandwiches have a delicious bun made with grain-free, gluten-free, and protein-rich ingredients, including cheese, almond flour, and eggs. The company uses this innovative bun to sandwich eggs, cheddar cheese, and a sausage, bacon, or turkey patty. The company's breakfast sandwiches are designed to look and taste like traditional breakfast sandwiches but without wheat flour, grain, or other carbohydrate-dense ingredients. Each breakfast sandwich provides 18 to 20 grams of protein and four grams of carbohydrates per serving, compared to a similar breakfast sandwich produced by one of the company's conventional counterparts, which has 29 grams of carbohydrates and 13 grams of protein per serving.
Snacks and Pizza
The company participates in the snacks and appetizers subcategory with the company's bite-sized, breading-free chicken nuggets stuffed with cheese. The company also offers frozen pizza, which is a large segment with consumers continually trying new items and discovering new brands. The company uses this category to funnel new consumers into the company's franchise.
Other Frozen Food Items
The company provides macronutrient balanced foods for all eating occasions and times of day and offer products in multiple subcategories within the frozen food category. Certain of these products are offered on a limited time basis, such as the company's no-added sugar, extra-creamy ice cream, offered through the company's E-commerce platform. The company considers products, such as these to be the company's non-core products.
Sales and Marketing
Sales: In addition to the company's sales team, the company uses an extensive network of brokers to service the company's customers. The vast majority of the company's net revenue is derived from products shipped directly to the company's retailer customers' warehouses, with no involvement with distributors.
Trademarks and Other Intellectual Property
The company considers 'Real Good Food Company' and its 'Realgood Foods Co.' logo trademarks to be among its most valuable intellectual property assets. Accordingly, the company's products are marketed and sold uniformly using the term 'Realgood'. The company has registered trademarks identifying its major products, including Realgood Enchiladas, Realgood Stuffed Chicken, Realgood Entree Bowls, and Realgood Breakfast Sandwiches, among others.
As of December 31, 2022, the company held 16 U.S. trademark registrations, one pending U.S. trademark application, two foreign trademark registrations and one pending foreign trademark registration. Further, the company has a registered domain name, www.realgoodfoods.com.
Research and Development
During the year ended December 31, 2022, the company incurred $4.8 million of research and development expenses.
Government Regulation
The company's business is subject to extensive regulation by the FDA, USDA, and the U.S. Federal Trade Commission (FTC), and other federal, state, and local authorities in the United States, and any other jurisdictions in which it may manufacture or sell its products.
Competition
The company competes with conventional packaged food companies, such as Conagra Brands, Inc., Kraft Heinz Company, Nestle S.A., and Tyson Foods, Inc. The company also competes with H&W brands such as Amy's Kitchen, Atkins, Dr. Praeger's, EVOL, Quest Nutrition, Saffron Road, and Tattooed Chef.
History
The Real Good Food Company, Inc. was founded in 2016. The company was incorporated in 2021. It was formerly known as Project Clean, Inc. and changed its name to The Real Good Food Company, Inc. in October 2021.
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