Eshbal reports 20% revenue jump, stronger margins for Full-Year 2025
The performance underscores rising global demand for health-oriented, plant-based, and clean-label solutions, which remain central to Eshbal‘s business strategy.
CANADA – Eshbal Functional Food has released its financial results for the year ended December 31, 2025, posting revenues of US$13.8 million, up from US$11.4 million in 2024, representing an increase of approximately 20% year-on-year.
The results underscore the company’s strengthening position as a rising force in North America’s fast-growing functional and health-oriented food sector.
Gross profit increased to US$3.5 million, with gross margin improving to approximately 25.4%, compared to 22.7% in the prior year.
The increase in revenues and gross profit reflects continued growth in the company’s core operations, including expanded product offerings, increased sales to existing customers, and the addition of new customers.
Despite the top-line gains, the bottom line told a more complex story. Operating loss for the year was US$0.3 million, compared to operating income of US$0.6 million in 2024, primarily reflecting higher general and administrative expenses associated with the company’s transition to a public company.
Net loss for the year was US$2.9 million, mainly due to one-time listing expenses incurred in connection with the reverse takeover completed in April 2025.
Management has indicated these costs are non-recurring and not indicative of the company’s future trajectory.
Since listing on the TSX Venture Exchange in 2025, Eshbal has been executing its North American growth strategy through a combination of organic expansion and strategic acquisitions.
During this period, the company completed the acquisition of Gluten Free Nation, acquired a majority interest in Dare to Be Different Foods, launched localized North American production in partnership with Queen Street Bakery, and strengthened its regional commercial infrastructure.
The momentum has carried into 2026. The company reported estimated Q1 2026 revenues of approximately US$5.3 million, compared to US$3.755 million in Q1 2025, reflecting the integration of its recently acquired US-based gluten-free operations.
Eshbal Functional Food Inc. is a publicly traded food-tech company focused on building a scalable platform of gluten-free and health-oriented food brands across retail, foodservice, and online channels in North America, with its strategy centered on integrating complementary better-for-you brands into a centralized operating platform designed to expand distribution and create long-term growth opportunities.
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