AHF isn’t reliant on one customer.
Q3 sales come through three distinct channels, Mutree/M2C in China (with a $2.5M minimum order and upfront deposits), Nutura Organic under a fee-for-service manufacturing deal, and Vietnam distributor Dunamex, so cash inflows aren’t just AZ Global IOUs but secured, pre-funded contracts.
The YTD revenue “shortfall” reflects AHF winding down about $1M of low-margin farm revenue.
Strip that out, and infant-formula sales alone soared from roughly $600k last year to over $2M YTD in FY25. A 200%+ jump.
That deliberate pivot to higher-value, pre-funded contracts isn’t risk. It’s smart strategy paying off.
AHF isn’t reliant on one customer.Q3 sales come through three...
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