Once Upon a Farm's IPO Tests Investor Appetite for Organic Growth

By Alexander Harris

BERKELEY, CA – January 26, 2026 – Once Upon a Farm, the organic children's food company co-founded by actress Jennifer Garner, is taking its mission from the refrigerated aisle to the trading floor. The company has officially launched the roadshow for its proposed initial public offering, aiming to list on the New York Stock Exchange under the ticker symbol “OFRM.”

The move represents a pivotal moment for the Berkeley-based brand, which has rapidly grown by challenging the long-standing dominance of shelf-stable products in the baby and kids' food market. The IPO is poised to test public market appetite for a high-growth, mission-driven consumer brand that has yet to turn a profit. The company is seeking a valuation of up to $764 million, betting that investors will buy into its vision for the future of children’s nutrition.

The Financial Picture: Growth vs. Profitability

Once Upon a Farm plans to offer nearly 11 million shares of common stock, with an initial price range set between $17 and $19 per share. At the top of this range, the offering could raise up to $209 million. The company itself is offering approximately 7.6 million shares, with the remainder being sold by existing stockholders. The proceeds from the company's portion are earmarked for repaying debt, purchasing new equipment, and fueling general corporate purposes.

Driving investor interest is the company's explosive growth trajectory. Net sales for the twelve months ending September 30, 2025, reached an impressive $225.9 million, marking a compound annual growth rate (CAGR) of over 64% since 2018. This rapid expansion highlights the brand's success in capturing a loyal consumer base.

However, this growth has come at a significant cost. The company is not yet profitable, a common characteristic of venture-backed startups scaling for market share. According to its S-1 filing with the Securities and Exchange Commission, Once Upon a Farm reported a net loss of nearly $40 million in the first nine months of 2025, following losses of $17.6 million in 2023 and $23.8 million in 2024. For the 12 months that ended in mid-2025, the net loss stood at $48.12 million on revenue of $201.59 million.

Prospective investors will likely focus on improving financial metrics that suggest a path to profitability. The company’s gross margin has shown positive momentum, rising to 41.7% in the period ending September 30, 2025. Furthermore, its adjusted EBITDA loss narrowed significantly, shrinking from $14.0 million to just $2.4 million over the same period, signaling greater operational efficiency as the company scales.

A Strategy of Disruption and Trust

Once Upon a Farm's market success is built on a strategy of disruption. The company pioneered the placement of fresh, refrigerated children's snacks in an aisle historically dominated by jars and pouches with long shelf lives. By often installing its own branded coolers in over 25,000 retail locations, including giants like Target and Walmart, the brand has physically reshaped the shopping experience for parents.

This strategy is deeply intertwined with its brand promise. As a Public Benefit Corporation (PBC), Once Upon a Farm is legally committed to social and environmental goals alongside financial returns. Its identity is built on a “clean label” ethos: all products are organic, non-GMO, and free from added sugar, preservatives, and artificial ingredients. This commitment has resonated powerfully with modern parents, who are increasingly scrutinizing ingredient lists.

The involvement of co-founder and Chief Brand Officer Jennifer Garner, known affectionately to followers as “Farmer Jen,” has been instrumental. Her authentic advocacy, which includes growing some produce for the brand on her family farm in Oklahoma, has helped build a level of consumer trust that is difficult for larger corporations to replicate. This is reflected in a Net Promoter Score (NPS) of 47, which leads its competitors, and a 2025 survey showing that 73% of its buyers consider it one of the most trustworthy brands available.

Navigating a Competitive Market

The children's food sector is fiercely competitive, populated by established giants like Nestlé S.A. and Danone, as well as specialized organic players such as Happy Family Organics and Plum Organics. Despite the crowding, Once Upon a Farm has carved out a distinct and valuable niche. According to SPINS data, it was the #1 brand driving dollar growth in its categories for the 52 weeks ending September 7, 2025.

Its differentiation lies in its cold-pressed pouches, freshly frozen meals, and refrigerated oat bars, which cater to a consumer belief that “fresh is best.” This focus has allowed it to command a premium price and foster a loyal following. The IPO funds are expected to help the company defend and expand its position by investing in new product development—such as dairy-free smoothies and oat-based meals—and further penetrating retail channels.

The capital infusion will also be used to acquire new equipment, a move aimed at reducing production costs and further improving gross margins. By paying down its credit facility, the company will also strengthen its balance sheet, providing a more stable foundation for future growth and potential acquisitions in a consolidating market.

A Bet on the Future of Food

Ultimately, the “OFRM” IPO is a referendum on a powerful and enduring consumer trend: the demand for healthier, cleaner, and more transparent food options for the youngest generation. The global organic baby food market is projected to grow at a brisk 8.5% CAGR through 2030, with North America remaining a key driver of that expansion.

Once Upon a Farm is positioned squarely at the center of this movement. The public offering provides the capital needed to scale its operations, deepen its engagement with consumers, and continue its innovation pipeline. For investors, the question is whether the company's remarkable revenue growth and strong brand loyalty are enough to justify its current valuation and pave a clear path to the profitability expected of a public company.