NASDAQ: RGF

Investor Presentation

November 2022

Disclaimer

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.All statements other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements give The Real Good Food Company, Inc.'s (the "Company," "we," "us," or "our") current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "will continue," "will likely result," "will," and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward looking statements.

In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated in or implied by the forward-looking statements, including as a result of the following factors: our limited operating history and significant operating losses; our ability to (i) increase our net sales from existing customers and acquire new customers; (ii) retain our customers; (iii) compete successfully in our industry; (iv) respond to new trends and changes in consumer preferences; (v) introduce new products or successfully improve existing products; (vi) implement our growth strategy; (vii) effectively expand our manufacturing and production capacity;

  1. retain our co-manufacturers and identify new co-manufacturers; (ix) obtain ingredients in sufficient quantities to meet demand for our products; or (x) obtain financing to achieve our goals to develop and commercialize new products, invest in our manufacturing facilities, and expand our product offerings; the impact of the COVID-19 pandemic on our supply chain and consumer behaviors; the requirements of becoming a public company; failure or interruption of our data systems; and cybersecurity incidents, or real or perceived errors, failures, or bugs in our systems or other technology disruptions or failure to comply with laws and regulations relating to privacy and the protection of data relating to our confidential information or our customers' personal information.

Forward-looking statements contained within this presentation include statements regarding our projected financial results and future financial performance; our future sales growth; new customer relationships; the price of our products; our expanding production capabilities, including commencing operations at our Bolingbrook, IL facility; and our ability to drive future growth and success. Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Industry Information

This presentation contains statistical data, estimates, and forecasts that are based on various sources, including independent industry publications and other publicly available information, as well as other information based on our internal sources. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these data, estimates, and forecasts. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Our industry and market data are subject to a variety of risks and uncertainties, including those described in the section entitled "Risk Factors," of our prospectus, which could cause results to differ materially from those expressed in these publications and reports.

Non-GAAP Financial Measures

We present adjusted gross profit, adjusted gross margin, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures and should not be considered alternatives to measures calculated and presented in accordance with GAAP. Adjusted gross profit means, for any reporting period, gross profit adjusted to exclude the impacts of costs and adjustments identified by management as affecting the comparability of our gross profit from period to period. Adjusted gross margin means adjusted gross profit as a percentage of net sales. Adjusted EBITDA means, for any reporting period, net income (loss) before depreciation and amortization, income taxes, and interest expense, and adjusted to exclude the impact of transaction expenses, as well as other costs and adjustments identified by management as affecting the comparability of our operating results from period to period. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. Adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EBITDA margin should not be considered as alternatives to gross profit, gross profit margin, net loss or any other measure of financial performance calculated and presented in accordance with GAAP. There are a number of limitations related to the use of adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EBITDA margin rather than gross profit, gross profit margin, and net loss, which are the most directly comparable GAAP measures, respectively. Our presentation of adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EBITDA margin in the future, and any such modifications may be material. In addition, adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EBITDA margin may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

Additional Information

All third-party brand names and logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with or endorsement of the Company.

1

Corporate Overview

The Real Good Food Company, Inc. is an innovative, high-growth, branded, health- and wellness-focused frozen food company

  • Authentic, Extendable Brand: Leveraging a best-in-industry, 750K strong digital community supported by highly-engagedmicro-influencers
  • Large, Fast-GrowingMarket: One of the only brands offering high protein, low carb, health-oriented food in the underserved $58B frozen foods market
  • Innovative Food Design: Using high-protein,low-carb alternatives to grain-based ingredients such as tortillas and bread enable greatly differentiated product mix
  • Strong Organic Growth: Expectation of $155-160M in net sales in 2022, pulling on 47% 5-year CAGR with a defined path to $500M in annual revenue
  • Ramping Production Capacity: Investment into expanding production capacity at Bolingbrook facility expected support $450M in annual sales
  • Experienced Management Team: Management brings decades of tier-1 food industry and capital markets experience at highly successful foods companies

NASDAQ: RGF

Share Price1

$6.69

Market Cap1

$175M

TTM Revenues2

$132M

Cash2, 3

$5.4M

Shares Outstanding

28.3M

Float

5.3M

  1. As of October 31, 2021
  2. At September 30, 2022
  3. Cash & cash equivalents, including restricted cash of $2.3M

Video: RGF Mission & Story

2

Mission Statement & Brand Commitment

Real Good Foods mission

Our mission is to make craveable, nutritious comfort foods accessible to everyone in North America and, eventually, throughout the world. By making the foods we all love to eat with fewer carbohydrates and sugars and more protein, we will help millions of people lead a healthier lifestyle.

Brand Commitment

Our brand commitment, "Real Food You Feel Good About Eating," represents our strong belief that, by eating our food, consumers can enjoy more of their favorite foods and, by doing so, live better lives as part of a healthier lifestyle.

Our Culture

We will always keep it REAL with our community and with ourselves: We are here to listen, learn and build authentic relationships.

Food You Feel About Eating

Customer

Customer

Wants

Needs

Real Food

Solution

Low Carbs /

Sugar

Simple

Gluten Free

Ingredients

High Protein

Grain Free

3

Competitive Landscape Opportunity

One of the only frozen food brands offering nutritious foods high in protein and low in carbs, and plays in a large addressable market with an underserved need state

Low

Protein

<20g Protein

Low Carbs

>10g Carbs <10g Carbs

High Carbs

High

>20g Protein

Protein

4

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Disclaimer

Real Good Food Company Inc. published this content on 21 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 21:10:42 UTC.