On this page of StockholderLetter.com we present the latest annual shareholder letter from SunOpta Inc. — ticker symbol STKL. Reading current and past STKL letters to shareholders can bring important insights into the investment thesis.

Our Mission To deliver customized supply chain solutions that fuel and sustain our customers' success. Our Vision To be North America's leading solutions provider of innovative, sustainable, better-for-you beverages, broths and snacks. FINANCIAL HIGHLIGHTS All dollar amounts in U.S. $ millions, except per share amounts 2024 2023 2022 723.7 626.7 591.4 Gross profit 96.3 86.0 98.1 Gross margin 13.3% 13.7% 16.6% Adjusted Gross margin (1) 16.4% 17.2% 17.6% 15.6 5.0 16.3 (11.5) (25.2) 2.3 ($0.10) ($0.24) ($0.01) (5.9) (153.6) (8.7) ($0.05) ($1.34) ($0.08) 13.4 5.8 5.7 Adjusted earnings from continuing operations per diluted share (2) $0.11 $0.05 $0.05 Adjusted EBITDA from continuing operations (3) 88.7 75.9 62.1 Total assets (4) 668.5 661.2 561.9 Total debt 265.2 263.5 308.5 Working capital (5) 17.9 43.0 42.6 Net cash flows from operating activities of continuing operations 52.3 3.6 30.7 (25.0) (46.5) (121.0) Revenue Operating income Earnings (loss) from continuing operations attributable to common shareholders Loss per share from continuing operations attributable to common shareholders Loss from discontinued operations Loss per share from discontinued operations Adjusted earnings from continuing operations (2) Net cash flows from investing activities of continuing operations (1) Refer to page 33 of the 2024 Form 10-K for a tabular reconciliation of adjusted gross margin to the most directly comparable U.S. GAAP measure. (2) Refer to page 34 of the 2024 Form 10-K for a tabular reconciliation of adjusted earnings from continuing operations and adjusted earnings from continuing operations per diluted share to the most directly comparable U.S. GAAP measure. (3) Refer to page 35 of the 2024 Form 10-K for a tabular reconciliation of adjusted EBITDA from continuing operations to the most directly comparable U.S. GAAP measure. (4) Total assets excludes current and non-current assets held for sale. (5) Working capital is defined as current assets less current liabilities, excluding cash and cash equivalents, current assets held for sale, current portion of long-term debt and current liabilities held for sale.
FIVE KEY INVESTMENT HIGHLIGHTS: STRONG, FOCUSED BUSINESS SERVING GROWING CATEGORIES: *includes ingredients
TO OUR SHAREHOLDERS When I joined the company in January 2024, I was incredibly excited about our asset base and the potential to leverage our deployed equipment and facilities. Today, I am even more excited and very proud of the progress our employees have delivered over the past year. To succinctly wrap up 2024, volume growth drove significant revenue growth; we completed our capital expansion efforts that were started in 2022 and 2023; we invested in sustainable supply chain process improvements and made enough progress in expanding the capacity of our existing assets that we could satisfy a 21% expansion in volume, grow Adjusted EBITDA, improve Operating Income and increase Free Cash Flow. As we turn to 2025, based on what we see not hope we expect volume driven revenue growth, expanding margins and increasing Adjusted EBITDA. Our expected revenue growth stems from two powerful forces; the steadily growing categories we support and the robust suite of solutions we provide to our customers. Shelf stable plant-based milks, broths, ready-todrink protein shakes and better-for-you fruit snacks are all growing categories. Our customer base is comprised of blue-chip brands that are outperforming the categories in which they compete. We have numerous competitive advantages including our national manufacturing footprint, broad packaging format capabilities, production redundancy across facilities and a world-class R&D team. We leverage these strengths to solve customer challenges when they win, we win. This positions us to grow share with existing and new customers and participate in total addressable market expansion opportunities. The investments made in 2024 have positioned us for success in 2025, both operationally and structurally without a need for significant capital investment until late 2026. With this strategy, Free Cash Flow will continue to be strong, enabling us to further de-lever and strengthen our balance sheet. Our management goals are simple: grow the business, make money and spend capital wisely. To reinforce that philosophy, we revised each of our executives incentive metrics for short- and long-term performance. All incentive compensation will be determined by achieving a combination of Adjusted EBITDA, Revenue Growth and Return on Invested Capital. At SunOpta, we are committed to being a solutions provider for our customers, fueling their growth with exceptional quality products and service. Our employees take pride in their work, support one another and care for the communities where they live and work. We continuously seek better, more efficient and sustainable ways to manufacture products without compromising quality or integrity. Innovation and collaboration drive us, as does our commitment to sustainability. By embedding this commitment throughout our organization, we ensure our actions consider environmental impact, evolving regulations and stakeholder needs.
2025 OUTLOOK: As we look ahead to 2025, we foresee more volume-fueled growth, expanding margins, increasing Adjusted EBITDA and continued strengthening of the balance sheet. We expect to drive our revenue growth with the growing categories we support and with the suite of solutions we provide to our customers. Our 2025 Priorities: Relentless pursuit of supply chain efficiencies to improve profitability and generate fuel for growth Deliver innovative solutions to gain share with existing customers, acquire new customers and expand our total addressable market Increase return on invested capital through disciplined capital allocation and management
 • shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/15/2023 STKL Stockholder Letter
 • stockholder letter icon 4/12/2024 STKL Stockholder Letter
 • stockholder letter icon More "Food & Beverage" Category Stockholder Letters
 • Benford's Law Stocks icon STKL Benford's Law Stock Score = 29


STKL Shareholder/Stockholder Letter Transcript:


Our Mission
To deliver customized supply chain solutions that fuel and sustain our customers' success.
Our Vision
To be North America's leading solutions provider of innovative, sustainable, better-for-you beverages,
broths and snacks.
FINANCIAL HIGHLIGHTS
All dollar amounts in U.S. $ millions, except per share amounts
2024
2023
2022
723.7
626.7
591.4
Gross profit
96.3
86.0
98.1
Gross margin
13.3%
13.7%
16.6%
Adjusted Gross margin (1)
16.4%
17.2%
17.6%
15.6
5.0
16.3
(11.5)
(25.2)
2.3
($0.10)
($0.24)
($0.01)
(5.9)
(153.6)
(8.7)
($0.05)
($1.34)
($0.08)
13.4
5.8
5.7
Adjusted earnings from continuing operations per diluted share (2)
$0.11
$0.05
$0.05
Adjusted EBITDA from continuing operations (3)
88.7
75.9
62.1
Total assets (4)
668.5
661.2
561.9
Total debt
265.2
263.5
308.5
Working capital (5)
17.9
43.0
42.6
Net cash flows from operating activities of continuing operations
52.3
3.6
30.7
(25.0)
(46.5)
(121.0)
Revenue
Operating income
Earnings (loss) from continuing operations attributable to common shareholders
Loss per share from continuing operations attributable to common shareholders
Loss from discontinued operations
Loss per share from discontinued operations
Adjusted earnings from continuing operations (2)
Net cash flows from investing activities of continuing operations
(1)
Refer to page 33 of the 2024 Form 10-K for a tabular reconciliation of adjusted gross margin to the most directly
comparable U.S. GAAP measure.
(2) Refer to page 34 of the 2024 Form 10-K for a tabular reconciliation of adjusted earnings from continuing operations and
adjusted earnings from continuing operations per diluted share to the most directly comparable U.S. GAAP measure.
(3) Refer to page 35 of the 2024 Form 10-K for a tabular reconciliation of adjusted EBITDA from continuing operations to the
most directly comparable U.S. GAAP measure.
(4) Total assets excludes current and non-current assets held for sale.
(5) Working capital is defined as current assets less current liabilities, excluding cash and cash equivalents, current assets
held for sale, current portion of long-term debt and current liabilities held for sale.

FIVE KEY INVESTMENT HIGHLIGHTS:
STRONG, FOCUSED BUSINESS SERVING GROWING CATEGORIES:
*includes ingredients

TO OUR SHAREHOLDERS
When I joined the company in January 2024, I was incredibly excited about
our asset base and the potential to leverage our deployed equipment and
facilities. Today, I am even more excited and very proud of the progress our
employees have delivered over the past year.
To succinctly wrap up 2024, volume growth drove significant revenue
growth; we completed our capital expansion efforts that were started in
2022 and 2023; we invested in sustainable supply chain process
improvements and made enough progress in expanding the capacity of our
existing assets that we could satisfy a 21% expansion in volume, grow
Adjusted EBITDA, improve Operating Income and increase Free Cash Flow.
As we turn to 2025, based on what we see  not hope  we expect volume
driven revenue growth, expanding margins and increasing Adjusted
EBITDA. Our expected revenue growth stems from two powerful forces; the
steadily growing categories we support and the robust suite of solutions we
provide to our customers. Shelf stable plant-based milks, broths, ready-todrink protein shakes and better-for-you fruit snacks are all growing
categories. Our customer base is comprised of blue-chip brands that are
outperforming the categories in which they compete.
We have numerous competitive advantages including our national
manufacturing footprint, broad packaging format capabilities, production
redundancy across facilities and a world-class R&D team. We leverage these
strengths to solve customer challenges  when they win, we win. This
positions us to grow share with existing and new customers and participate
in total addressable market expansion opportunities. The investments
made in 2024 have positioned us for success in 2025, both operationally and
structurally without a need for significant capital investment until late 2026.
With this strategy, Free Cash Flow will continue to be strong, enabling us to
further de-lever and strengthen our balance sheet. Our management goals
are simple: grow the business, make money and spend capital wisely. To
reinforce that philosophy, we revised each of our executives   incentive
metrics for short- and long-term performance. All incentive compensation
will be determined by achieving a combination of Adjusted EBITDA,
Revenue Growth and Return on Invested Capital.
At SunOpta, we are committed to being a solutions provider for our
customers, fueling their growth with exceptional quality products and
service. Our employees take pride in their work, support one another and
care for the communities where they live and work. We continuously seek
better, more efficient and sustainable ways to manufacture products
without compromising quality or integrity. Innovation and collaboration
drive us, as does our commitment to sustainability. By embedding this
commitment throughout our organization, we ensure our actions consider
environmental impact, evolving regulations and stakeholder needs.

2025 OUTLOOK:
As we look ahead to 2025, we foresee more volume-fueled growth, expanding margins, increasing Adjusted
EBITDA and continued strengthening of the balance sheet. We expect to drive our revenue growth with
the growing categories we support and with the suite of solutions we provide to our customers.
Our 2025 Priorities:
Relentless pursuit of supply chain efficiencies to improve profitability and generate fuel for growth
Deliver innovative solutions to gain share with existing customers, acquire new customers and
expand our total addressable market
Increase return on invested capital through disciplined capital allocation and management



shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 

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