Mr. Brian Kocher reports

SUNOPTA ANNOUNCES FIRST QUARTER FISCAL 2024 FINANCIAL RESULTS

SunOpta Inc. has released financial results for the first quarter ended March 30, 2024.

All amounts are expressed in U.S. dollars, and results are reported in accordance with U.S. generally accepted accounting principles, except where specifically noted.

First quarter 2024 highlights:

• Revenues of $182.8-million increased 18.0 per cent compared with $155.0-million in the year-earlier period, driven by 23.5-per-cent volume growth partially offset by a 5-per-cent price reduction for pass-through commodity pricing.
• Gross profit of $31.7-million increased 31.8 per cent compared with $24.1-million in the prior-year period.
• Operating income was $10.2-million compared with $0.5-million in the prior-year period.
• Earnings from continuing operations were $3.8-million compared with a loss of $2.8-million in the prior-year period.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations increased 20.8 per cent to $22.6-million, or 12.3 per cent of revenues, compared with $18.7-million and 12.0 per cent of revenues in the prior-year period.

"SunOpta's first quarter performance was defined by excellent revenue growth across our portfolio of products, customers and channels, which continue to see healthy, broad-based demand," said Brian Kocher, chief executive officer of SunOpta. "We are encouraged by the progress of our capacity investments and our operational improvement initiatives, which are supporting significant volume growth, driving our revenue trajectory and enabling us to improve gross margin. Based on the strength of first quarter results, the relentless pursuit of operational excellence, our robust pipeline of opportunities and confidence in our business momentum, we are increasing our 2024 outlook."

2024 outlook

For fiscal 2024, the company is raising its outlook and continues to expect strong growth in revenue and adjusted EBITDA from continuing operations.

Conference call

SunOpta plans to host a conference call at 5:30 p.m. Eastern Time on Wednesday, May 8, 2024, to discuss the first quarter financial results. After prepared remarks, there will be a question-and-answer period. Investors interested in listening to the live webcast can click on a link on SunOpta's website under the investor relations section. A replay of the webcast will be archived and will be available for approximately 90 days on the company's website.

This call will be available with the toll-free dial-in number 888-440-4182 or international dial-in number 646-960-0653 using conference ID 8338433.

About SunOpta Inc.

SunOpta (Nasdaq: STKL) (Toronto Stock Exchange: SOY) is an innovative and sustainable manufacturer fuelling the future of food. With roots tracing back over 50 years, SunOpta drives growth for today's leading brands by serving as a trusted innovation partner and value-added manufacturer, crafting organic, plant-based beverages, fruit snacks, nutritional beverages, broths and tea products sold through retail, club, foodservice and e-commerce channels. Alongside the company's commitment to top brands, retailers and coffee shops, SunOpta also proudly produces its own brands, including Sown, Dream and West Life.

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