Meat N'Bone
Marketing Intelligence · Confidential
Confidential · Meat N' Bone · April 2026
Meat N'Bone
Marketing Intelligence Dashboard
Live · May 19, 2026
⚠ POS Included: Boutique orders (avg AOV $119, zero paid media attribution) are now included in the denominator. Including in-store boutique customers reflects our omnichannel acquisition model — boutiques drive awareness and acquire customers at lower cost than digital-only. POS is ~46% of orders, 31% of revenue.
MnB Flywheel
The Butchers Fund Group · Investor Dashboard
Our Compounding Flywheel
A data-driven omnichannel model that compounds with every customer, location, and market entry.
2025 Revenue
$10.4M
Group (all entities)
MnB only: $7.95M · 44.6% CAGR
Blended CAC
$39
45% below $69 target
LTV:CAC Active
6.3×
2× DTC benchmark
CLTV Active
$555+
VIPs: $4,500
Repeat Revenue
64.9%
Every yr since 2021
ROAS · 90D
9.8×
Online · above 4× target
NPS Score
76+
Top quartile DTC
Scaling Profitably
Revenue Growth · 2025 → 2029 Target
Revenue Growth and Customer Heat Map
Unit Economics
Profitable on Every Order · by Channel
Channel Economics
The Math · Unit-Level Proof
Loyalty Value Curve · MnB vs Warby Parker vs DTC Benchmark
Loyalty Value Curve and Competitive Spider Chart
The Portfolio
Our Brands
Core · E-Commerce + Retail
Meat N' Bone
Premium protein DTC + boutique retail. 9 locations. Ships nationwide. 150K+ customers. Engine of the flywheel.
meatnbone.com ↗
Catering + Corporate Events
Get The Cook
Private chef, catering & events. Asset-light. 45% GP. Leverages MnB supply chain and infrastructure.
getthecook.com ↗
Fine Dining · Coral Gables
The Wagyu Bar
Full-service Wagyu dining. Coral Way + Coral Gables. 58–66% GP. Extension of the boutique experience into F&B.
thewagyubar.com ↗
Premium Experience · Aventura
The Wagyu House
Aventura flagship. Just opened. $1.39M buildout. 66% GP. Premium Wagyu concept ramping Q3–Q4 2026.
thewagyu.house ↗
Culinary Hub · Miami
MnB Kitchen
Full culinary concept colocated with Miami flagship. Brickell/Coral Way corridor anchor. New in 2026.
mnbkitchen.com ↗
Q1 2026 · Jan–Mar Actuals
Performance by Entity
Entity Q1 Revenue * Gross Profit GP Margin EBITDA Note
Meat N' Bone $2.61M $808K 31% ($208K) $361K interest · Ops EBITDA +$153K excl. interest
Get The Cook $558K $253K 45% $192K Asset-light · strongest EBITDA contributor Q1
Wagyu Bar — Coral Way $273K $158K 58% ($31K) Ramping · recently opened
Wagyu Bar — Aventura $263K $174K 66% ($65K) Just opened · $1.39M buildout · Q3–Q4 ramp
Consolidated $3.71M $1.39M 37.6% ($112K) Excl. interest: +$246K EBITDA · Operations profitable
Q1 consolidated interest expense was $369K — sole driver of negative EBITDA. Operations generated +$246K before debt service. The $1.8M refinancing replaces ~$133K/month in MCA payments with ~$21K/month, freeing ~$112K/month in cash. See the Financial Overview tab for the full picture.
Meat N' Bone · Online + Boutique
Marketing Intelligence · Meat N' Bone only
Performance Overview
Shopify · Google Ads · Meta · May 19, 2026
⬤ Live Data · Online channels + paid media · May 19, 2026
What this dashboard covers
Online marketing performance — Google Ads, Meta Ads, Shopify digital channels (Online Store, Tapcart, Recharge, Draft Orders). Boutique reference data from management reporting. All online KPIs are live API connections — no manual entry, no spreadsheets.
What it doesn't cover
F&B / restaurant operations, GTC, CPG, or franchise revenue. The $91M+ revenue projection by 2029 is a full omnichannel number — boutiques, eCommerce, F&B, franchising, and CPG operating as one integrated ecosystem. That story lives in the Pitchbook. This dashboard is the marketing and eCommerce layer of it.
Period
Channel
Feb 19 – May 19, 2026 · 90 Days · Online channels only
Online Only — showing Online Store, Tapcart, Draft Orders, Recharge, and all digital channels. POS excluded — it has a $102–124 AOV vs $250–270 online and is driven by boutique foot traffic, not paid media.  Toggle "+ Include POS" to see full blended picture.
Gross Revenue · 30D
$817K
↑ +13.3% YoY
vs $743K Mar 2025 · Shopify
Total Orders · 30D
4,160
↑ AOV +24.5% YoY · more revenue per order
But AOV up: $193 vs $148 → quality > volume
Avg Order Value · 30D
$196
↑ +32% YoY
vs $148 Mar 2025 · Shopify all channels
Paid Spend · 30D
$63.9K
Google 89.8% · Meta 10.2%
Meta + Google combined
Blended ROAS · 30D
12.4x
↑ Shopify rev ÷ paid spend
Google 3.6x reported · Meta 5.7x reported
New Customer CAC · 90D
$56
↓ 51% below $84 same period 2025
90D new online orders · 30D spike = $79 (not representative)
CVR · Shopify Verified
1.51%
↑ +15% vs prior period
842,165 sessions · 12,685 purchases · 90D
Returning Customer Rev
71.4%
↑ 2,659 returning orders
63.1% of orders · 71.4% of revenue · 30D
Performance Review
Where We Stand — April 2026
Revenue up +14.4% YoY
Strong
AOV grew from $148 → $193 (+30%) year-over-year — the business is generating significantly more revenue per customer even as order volume softens. This is the right trade: quality over quantity.
$817K gross revenue · 30D (Apr 2026) · Shopify
Blended ROAS of 12.4x
Strong
For every $1 of paid media, $12.90 returns in Shopify revenue. This is the real efficiency metric — not platform-reported ROAS which over-attributes. At ~$63.9K monthly spend (Apr), the paid channel is justifying its cost by a wide margin.
Shopify gross revenue ÷ Meta + Google spend · 30D
Returning customers power 71.4% of revenue
Durable
63.1% of orders and 71.4% of revenue comes from returning buyers. This retention base is structurally strong — it means the business isn't dependent on new customer acquisition to sustain monthly revenue.
2,659 returning orders · $588K · 30D
CVR at 1.51% — up +15% per Shopify
On Track
Shopify's own conversion rate breakdown shows 1.51% CVR on 842,165 sessions — verified, not estimated. The +15% improvement signal means on-site performance and traffic quality are both improving with scaled spend.
842,165 sessions · 12,685 purchases · 90D · Shopify Analytics
LTV:CAC at 6.3x for active customers
2× Benchmark
Active customers return $6.30 in lifetime value for every $1 of acquisition cost — more than double the 3x DTC benchmark. The product earns genuine loyalty from customers who stay. The challenge is getting more of them to stay.
vs 3x DTC benchmark · MnB Customer Analytics Report
Retention infrastructure being built
In Progress
Loopy loyalty program and post-purchase email flows are actively in development. This is the structural investment that will compound returns from every future acquisition cohort — fixing retention at the root rather than patching it campaign by campaign.
Loopy loyalty · Omnisend retention flows · In development
1→2 order rate at 29.9% — below 50–60% benchmark
Priority Fix
The 2024 cohort converts to a second order at barely half the DTC benchmark rate. Customers who don't return within 84 days almost never do. The retention flows in progress will capture this window — speed of launch is everything here.
2024 cohort: 29.9% vs 50–60% benchmark · $358 avg spend vs $1,601 in 2019
NJ 26.8% · CA 33.8% CVR — shipping friction
Revenue Leak
A 73-point CVR spread between FL (72.9%) and NJ (26.8%) is not a product problem — it's a shipping threshold problem. The Northeast and West Coast have free-ship floors set above median AOV for those states. Loopy and threshold reductions fix this directly.
CA: 276 abandoned checkouts/period · 47% from returning customers
New customer CAC improving YoY — $75 30D vs $84 last year
Improving
CAC is down YoY — 30D at $41 (was $50 Apr 2025) and 90D at $39 (was $70 same period 2025). Well inside the $70 FOCM target. The economics are strong at current CAC against a $250–264 online AOV.
30D: $43 · 90D: $36 · YTD: $37 · all improving (incl. boutiques) · all improving
Checkout completion at 36.8% — 8 points below benchmark
Fix Available
36.8% of customers who reach checkout complete the purchase vs a 45% DTC benchmark. The gap is primarily shipping cost sticker shock at the payment step — customers can see the shipping charge for the first time and abandon. Cart bar + rate reductions fix this.
14,360 reached checkout · 12,685 purchased · 90D Shopify · $266K/90D at stake
28,952 dormant customers — 46% of total base
Win-Back Ready
Nearly half the customer base hasn't purchased in 18+ months. Of these, 4,677 have 3+ orders and $500+ historical LTV — they're not churned by dissatisfaction, they've just drifted. A targeted win-back reaches them at zero CAC.
4,677 high-value dormant · $1.5M win-back opportunity at 20% reactivation
Summer revenue only 20.3% of annual — Q3 attrition risk
Seasonal Gap
Jul–Sep is consistently the weakest quarter, and customers who skip Q3 are significantly more likely to go permanently dormant. A grilling season retention push in July targeting Day-to-Day and Emerging Loyalists can defend this floor before it becomes a churn event.
Jul–Sep 2025: ~$2.09M of $10.3M annual revenue · target 25%+ share
$2.3M+ identifiable revenue — zero incremental ad spend required
$467K
HVL Win-Back · 4,677 dormant customers
3+ orders, $500+ LTV. Email reactivation at 20% × avg $500 spend. These customers know the brand — no acquisition spend needed.
Lever: Email campaign  ·  Owner: Marketing  ·  Timeline: Immediate
Retention
$266K
Checkout Completion 36.8% → 45% · per 90 days
1,176 additional orders per 90 days at current traffic. Same sessions, same ad spend. Fix: shipping cost visibility at checkout + cart bar.
Lever: Shopify UX  ·  Owner: Product  ·  Timeline: 2–4 weeks
Conversion
$220K
84-Day Post-Purchase Sequence · annualized
1→2 conversion from 37.3% → 45% on ~10K new customers/year = 770 saved × $226 AOV × recurring. Compounds with every new cohort.
Lever: Omnisend flow (in progress)  ·  Owner: Marketing  ·  Timeline: Live ASAP
Lifecycle
$220K
Loopy Zero-CAC Recovery · 7 states · annual
Returning customers abandoning in CA, NY, NJ, NH, OH, MI, IN due to shipping friction. Loopy Gold+ free shipping perk = 871 recovered orders/year, $0 CAC.
Lever: Loopy Gold+ (in progress)  ·  Owner: Marketing  ·  Timeline: On Loopy launch
Loyalty
$132K
CA Shipping Threshold · $300 → $199 · annual
CA CVR 33.8% → 55% target = +88 orders/period. Total 31-state shipping strategy impact: $908K/yr. CA alone done in Shopify in an hour.
Lever: Shopify shipping zones  ·  Owner: Ops  ·  Timeline: 1 hour
Shipping
Churn fix
3rd-Order Trigger → Permanent Retention
After order 3, zero one-and-done risk. Each Emerging Loyalist pushed to order 3 = $613 CLTV vs $16. Most leveraged moment in the lifecycle funnel.
Lever: Omnisend trigger (in progress)  ·  Owner: Marketing  ·  Timeline: 1 week
Lifecycle
Channel Scorecard
30-Day Paid Media Performance
Data Integrity & Sources
⬤ Live API connections — Shopify, Google Ads, Meta Ads, and Omnisend data is pulled directly via Windsor.ai API integration. No manual entry. No intermediate spreadsheets. Numbers reflect the platform source of record at time of pull.

⬤ Management reporting — Annual revenue figures (2019–2025), cohort quality data, persona segmentation, CLTV models, and P&L projections are drawn from internal management reports and the MnB Pitchbook (April 2026). These are prepared by management and have not been independently audited.
Live API sources (unmodified):
Shopify — orders, revenue, CVR, channel mix, customer return status
Google Ads — spend, clicks, impressions, conversions
Meta Ads — spend, clicks, impressions, ROAS (platform-reported)
Omnisend — campaign send, open, click data

Management reporting sources:
Annual revenue, cohort data, CLTV, unit economics, P&L projections, fire impact
Dashboard snapshot: April 4, 2026 · Data not auto-refreshing · Rebuild required to update · All projections are management estimates and are not audited or guaranteed
ℹ Data as of May 19, 2026. Revenue and orders from Shopify (source of truth). Spend from Google Ads and Meta APIs via Windsor.ai. CVR from Shopify Analytics (842,165 sessions / 12,685 purchases / 90D). YoY comparisons use Q1 2025 vs Q1 2026 Shopify data. Blended ROAS = Shopify gross revenue ÷ total paid spend — not platform-reported ROAS, which over-attributes via lookback windows.
Data Sources & Provenance
⬤ Live API Shopify
Orders · Revenue · CVR · Channel Mix
⬤ Live API Google Ads
Spend · Clicks · Conversions · ROAS
⬤ Live API Meta Ads
Spend · Clicks · ROAS (platform-reported)
⬤ Mgmt. Report MnB Analytics Report
CAC · CLTV · Cohort · Personas
KPIs marked with live API sources reflect direct platform data with no manual entry. Management reporting items are internal estimates, not audited.

⬤ Live API = direct platform data, no manual entry
⬤ Mgmt. Report = management reporting
Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026 Confidential · Password protected · Data snapshot — not auto-refreshing
All data on this tab reflects Meat N' Bone (MnB) operations only — online + boutique retail. Group financials including Get The Cook, Wagyu Bar, and MnB Kitchen are in the Financial Overview tab.
Business Overview
$0.87M → $7.95M · 44.6% CAGR · 2019–2025
2025 Revenue · Fire Year
$7.95M
↑ +9.2% reported · ~+39% fire-adjusted
Est. $2.2M lost to fire · clean baseline = ~$10.15M
Revenue CAGR 2019–2025
44.6%
↑ $0.87M → $7.95M
6-year compounded growth
Repeat Revenue Share
64.9%
↑ Growing every year since 2021
vs 39.6% new · Durable retention base
Total Customers
62,811
Mar 2018 – Apr 2026
$34.2M historic revenue · 263K+ orders
2026 Q1 Online Rev
$2.47M
↑ +14.4% YoY · Seasonality-adj. ~$12M+ full-year online
Shopify online channels · Jan–Mar 2026
NPS Score
76+
↑ Top quartile DTC
Premium protein category benchmark: ~45
24-Month CLTV Forecast
$23.2M
From existing customer base
CLTV-weighted · Active customers only
EBITDA Inflection
2026
↑ Projected +6.7% · $1.4M
First EBITDA-positive year · Pitchbook model
⚠ 2025 Was Not a Clean Year — Coral Way Fire December 2024: Coral Way fire (flagship, $2.6M revenue/yr). Business continued operating through disruption, delivering +9.2% reported growth to $7.95M despite an estimated $2.2M revenue impact. Excluding fire impact, organic growth ≈ +39% YoY. 2026 is the first fully clean operating year — Coral Way restored, Coral Gables opened, and Q1 2026 already running at +14.4% YoY. The recovery is complete.
2026 · Expansion
Four new venues — our biggest footprint year yet, all in Miami's premium dining corridor
New · Retail
Coral Gables Boutique
Premium retail flagship in the heart of Coral Gables
New · Dining
The Wagyu Bar Coral Gables
Colocated with Boutique · Elevated Wagyu dining experience
New · Food & Bev
MnB Kitchen
Full-service kitchen concept anchoring our culinary expansion
Relocated · Optimized
Miami Flagship
Relocated & colocated with MnB Kitchen — unified hub, lower overhead
Annual Revenue 2019–2026E · MnB Operations
44.6% CAGR — Six Years of Sustained Growth · Q1 Online +14.4% YoY
New vs Repeat Revenue Mix
Repeat Revenue Growing Every Year Since 2021
Shopify · Apr 2024 – May 2026 · ⚠ Dec 2024 fire impacted Q1 2025 fulfillment
Monthly Revenue & Orders — Seasonality Pattern
2-Year Live Data
Nov+Dec = 25.3% of annual revenue
Jul–Sep = 20.3% — biggest off-peak opportunity
2025 Nov+Dec: $2.81M vs $2.44M 2024 (+15.2%)
Unit Economics
The Numbers That Matter to Investors
Core Unit Economics · Verified April 2026
Per-Customer Economics
MetricCurrentTargetSignal
Online AOV$226$215+✓ Above target
Blended AOV (all channels)$193$200+↑ Tracking
CLTV (avg, all customers)$404—↑ Active 6.3x LTV:CAC
CLTV (active customers)$555+—✓ Strong
Mega VIP CLTV (24m)$3,012—✓ 25.8x LTV:CAC
LTV:CAC ($39 · all channels)6.3x3x+✓ 2× benchmark
CAC (90D current · all channels)$39≤$70✓ Within FOCM target
CAC (90D current)$56≤$70 FOCM⚠ Watch trend
First Order Contribution Margin$70$70✓ Target met (90D)
Blended contribution margin38.6%40%+⚠ Near target
NPS76+50+✓ Top quartile DTC
LTV:CAC Payback by Persona
Economics Across the Customer Base
ℹ The 6.3x LTV:CAC on active customers is the headline. The gap between active and one-time customers represents the single largest value creation opportunity in the business — and exactly what the Loopy program and retention flows are designed to close.
2026 Targets — Pitchbook Model vs Live Actuals
Tracking Ahead on CAC · AOV on Pace · Orders Opportunity
Pitchbook Projections vs April 2026 Actuals
How Current Performance Tracks Against the Model
Metric 2024 Actual 2025 Actual 2026 Projected 2026 Current Tracking
MnB Ops Revenue$7.67M$8.37M$15.98M$2.47M online Q1 · ~$12M+ adj. full-year↑ Online pacing; boutique expansion drives gap
AOV$153$161$211$193 (90D)↑ +$35 gap — AOV growing fast, on pace
CAC$69$89$60$56 (90D)✓ Ahead of target by $4
CVR1.28%1.31%1.85%1.51% (90D)⚠ Flat — shipping fix is the unlock
Annual Orders48,29450,16175,510~51,552 pace↓ Requires boutique scale + CVR improvement
Active Customers25,12027,92947,848~33,900 est.↑ Retention program will accelerate
EBITDA %0.0%1.8%6.7%On track Q2–Q4↑ Revenue ramp + cost leverage required

Projected figures from MnB Pitchbook April 2026 v1. 2026 "Current" reflects live Shopify + paid media data through April 4, 2026. Revenue projection gap driven primarily by boutique expansion pace and franchise revenue beginning 2027.

Pitchbook Model 2024–2029
Revenue & EBITDA Trajectory
Path to Target
What Has to Be True
2026 → Online CVR1.51% → 1.85%
2026 → AOV$193 → $211
2026 → Boutiques5 → 9 locations
2026 → CAC$56 → $60 (on track)
2027 → FranchisingFirst 3 units
2027 → Revenue$37.7M (MnB ops)
2029 → Revenue$91.0M total
2029 → EBITDA$18.4M (18.6%)
The model works because unit economics are already proven at the boutique level. Scale is the variable — not profitability per unit.
Competitive Position
Only Premium DTC Brand with Full Omnichannel + Full Assortment

"Winning in premium protein is not about having the most stores or the loudest ads. It is about building a brand so trusted that it becomes the reference point — the Rolex of meats."

MnB Whitepaper v3 · Internal Strategic Document
Shipping Competitiveness · Free Shipping Threshold
MnB vs Category Leaders
Competitive Moat
Why MnB Wins
Full assortment. Only premium DTC brand with Beef, Pork, Poultry, Seafood, Caviar, and Game in one place. Competitors are specialists — MnB is the destination.
Omnichannel. Online + Boutiques + F&B + Delivery. Competitors are single-channel. Boutiques lift eCommerce — customers who visit a location have 3× the repeat rate.
Owned cold chain. Source → age → pack → ship. Quality control that SRF and Crowd Cow cannot fully replicate at scale without the same investment.
Shipping gap vs SRF. SRF offers $199 free ship, $9.99 standard. MnB current thresholds ($125–$300) are competitive in FL/SE but lose to SRF in CA/NY/NJ where thresholds are $300. The shipping strategy closes this.
Pricing integrity. No discounting culture. No race to the bottom. Premium buyers trust brands that hold price — and MnB NPS of 76+ vs category average of ~45 demonstrates earned trust.
Competitor Shipping Rates · Category Benchmark
Free Shipping Threshold Comparison
CompetitorFree ShipStandard Rate ExpressOvernightLoyalty / Notes
Snake River Farms$199$9.99$39.99$49.99Club SRF Insider: free at $149
Crowd Cow$149$19.99—+$29.99Members: free at $125
Omaha Steaks$169$9.99–$19.99VariesVariesGold members: always free
ButcherBoxAlways$0——Subscription model — always free
Kansas City Steaks—$14.99 flat——Simplest model, no free tier
MnB (proposed)$125–$199$10–$35$15–$35$30–$65Loopy Gold+: always free · State-level optimization
Growth Architecture
Five Revenue Channels · One Brand
Channel 1 · Core
eCommerce (DTC)
2025 Revenue$5.59M
2026 Projection$12.4M
AOV$226 online
CVR1.51%
Primary growth engine. Shipping optimization + retention flows unlock the 2026 projection.
Channel 2 · Trust Builder
Boutiques (5 locations)
2025 Revenue$2.79M
2026 Projection$3.58M
FunctionHigh-touch showroom
eComm lift3× repeat rate
Not just retail — a trust engine. Customers who visit a boutique become the most valuable online buyers.
Channel 3 · Trial Engine
F&B (Restaurants)
2025 Revenue$2.06M
2026 Projection$4.97M
Function"Try before you buy"
CACNear-zero (organic)
Dining converts to DTC customers. Every F&B cover is a potential repeat online buyer acquired at zero paid CAC.
Channel 4 · Scale · Starting 2027
Franchising
First units2027 (3 locations)
2027 Projection$642K
2029 Projection$7.12M (44 units)
Unit economicsProven at corp level
Asset-light geographic expansion. Boutique profitability is already proven — franchising scales it without proportional capex.
Channel 5 · Recurring · Active
Subscriptions (Recharge)
Current AOV$120 avg
Repeat frequencyHighest of all channels
Churn profileLower than one-off
OpportunityUnderweighted at <1%
Subscription customers are the highest-LTV cohort. Currently <1% of orders — a significant white space opportunity.
ℹ Data sources: Annual revenue 2019–2025 and repeat/new mix from MnB Customer Analytics Report · April 2026. Projections and channel revenue from MnB Pitchbook April 2026 v1. Monthly Shopify data from Windsor.ai. Competitive shipping rates from MnB Shipping Strategy v3.4. NPS from pitchbook FAQ. All financial projections are management estimates — not audited.
Data Sources & Provenance
⬤ Live API Shopify
Monthly revenue · Order volume · 2-year trend
⬤ Mgmt. Report MnB Pitchbook Apr 2026
Annual revenue · Projections · Channels
⬤ Mgmt. Report MnB Analytics Report
CLTV · LTV:CAC · Personas · Cohorts
⬤ Mgmt. Report MnB Whitepaper v3
Unit economics · Competitive moat
Annual revenue 2019–2025 and all forward projections are management estimates. Monthly Shopify data is direct API. Projections are not audited or guaranteed.

⬤ Live API = direct platform data, no manual entry
⬤ Mgmt. Report = management reporting
Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026 Confidential · Password protected · Data snapshot — not auto-refreshing
All data on this tab reflects Meat N' Bone (MnB) operations only — online + boutique retail. Group financials including Get The Cook, Wagyu Bar, and MnB Kitchen are in the Financial Overview tab.
Benchmarking Scorecard
MnB vs Best-in-Class — April 2026
Live data · MnB Analytics Report · Warby Parker S-1 · Chewy S-1 · DTC Research
Full Metric Scorecard
Metric MnB Current Warby Parker Chewy S-1 DTC Range Signal
LTV:CAC — active customers6.3x~4x2.4x3–5x✓ Leads all comps
LTV:CAC — all customers3.5x~3x2.4x3–5x⚠ Low end — retention gap
CAC payback — best segment (VIP)1.1 mo~6 mo12–18 mo1–3 mo✓ Best in class
CAC payback — avg customer4.9 mo~12 mo12–18 mo6–12 mo✓ 2× faster than comps
Order 1→2 conversion37.3%47.6%75%+50–60%✗ Primary gap to close
One-and-done rate62.7%~52%<25%40–50%✗ Retention infra fix
Repeat revenue share64.9%~65%80%+60–70%✓ On par with WP
Blended AOV$193$264$180+$150–$200✓ Top of DTC range
Gross margin (online)52%55%24%45–60%✓ Strong for food DTC
NPS76+80+~6550+✓ Near WP level
Revenue CAGR44.6% (6yr)20.9% (2yr)~50% (early)20–40%✓ Above all benchmarks
Blended CAC$45–$56~$40–60$65–90$40–80✓ Efficient
Active customer rate54.1%~70%85%+60–70%⚠ Gap to close
Physical locations5 boutiques145+ storesNoneN/A↑ Scaling to 18 by 2028
Q4 revenue concentration32.7%<20%<15%25–35%⚠ Seasonal — manage
MnB · Warby Parker S-1 · DTC Benchmark
Scorecard at a Glance
Honest Read
Where We Lead — Where the Gap Is
✓ LTV:CAC active6.3x — leads all comps
✓ CAC payback4.9m avg vs 12m+ for WP/Chewy
✓ NPS 76+Near Warby Parker's 80+
✓ Revenue CAGR44.6% vs WP 20.9%
✓ Gross margin52% online — healthy for food
✗ 1→2 conversion37% vs 47% WP — retention fix
✗ Active rate54% vs 70% WP
↑ Boutique scale5 now → 18 by 2028
Every opportunity metric points to retention, not acquisition. MnB's category has structurally higher purchase frequency than Warby Parker — premium protein is a weekly need, not a biennial replacement. As the retention infrastructure matures, MnB's customer economics should exceed WP at equivalent maturity.
Unit Economics · YTD 2025
Per-Order Waterfall — Where Every Dollar Goes
Online Shipping · Primary Channel · $226 AOV
$226 → $84 Contribution Margin → $24 Net (1st Order)
Channel 1 · Highest Volume
Online — Shipping
Line$%
AOV$226100%
COGS−$10848%
Gross Profit$11752%
Shipping−$198%
Warehouse & Fulfil.−$83%
Merchant Fees−$73%
Contrib. Margin$8437%
CAC (new only)−$6027%
Net 1st Order$2411%
Channel 2 · Best Margin
Online — Local Delivery
Line$%
AOV$222100%
COGS−$11552%
Gross Profit$10748%
Delivery−$146%
Packaging−$21%
Merchant Fees−$73%
Contrib. Margin$7936%
Marketing (local)−$52%
Net per Order$7433%
Channel 3 · Trust Engine
Boutique (In-Store)
Line$%
AOV$117100%
COGS−$6152%
Gross Profit$5648%
Delivery$00%
Packaging−$21.7%
Merchant Fees−$43%
Contrib. Margin$4034%
Marketing−$54%
Net per Order$3530%
Owned Channel · Omnisend · 90D Live Data
Email Marketing Performance
Active List Size
~130K
Largest send: 214K (warming)
Typical broadcast: 57K–130K
Avg Open Rate · 90D
24.8%
↓ Below 30–40% food benchmark
InboxAlly warming underway
Avg Click Rate · 90D
0.75%
CTOR 3.0% once opened
Below 1–3% benchmark
Best Campaign Open Rate
68.7%
↑ Caviar · 9,721 sent
Easter 60.3% · St. Patrick's 59.8%
Real Campaigns Only · InboxAlly warming excluded · 90D
Open Rate by Campaign
Email Channel Assessment
Signal vs Noise
130K+ list at $0 spend. Every email sent is zero incremental CAC for reactivated customers. Competitors are paying $76–$80 for what email recovers for free.
Curated product campaigns outperform 2.5×. Caviar 68.7%, Easter 60.3%, St. Patrick's 59.8%. Product-led, scarce, specific — this is the playbook.
Deliverability actively improving. InboxAlly warming in progress (24 sends). Blended 24.8% open rate will improve as warming completes and cold segments are suppressed.
Automated flows now live. Migrated from HubSpot to Omnisend in February 2026. Flows were falling to spam for most of 2025 — resolved and all flows rebuilt. As of April 2026, all post-purchase sequences, win-back automations, and the 84-day retention flow are live. Team is now moving into SMS. Email becomes the primary retention lever at zero incremental cost.
Disclosure · 2025 Context
2025 P&L Was Impacted by a Non-Recurring Event
Reported vs Fire-Adjusted EBITDA
The True Operating Picture
YearReported EBITDAFire ImpactAdjusted
2024−$970K−$155K−$805K
2025−$1,198K−$1,390K+$192K
2026E+$1,408K—+$1,408K
Adjusted for fire, 2025 was EBITDA-positive at +$192K. The underlying business never lost profitability.
What Investors Should Know
How to Read These Numbers
Reported −$1.2M EBITDA in 2025 is fire-distorted. Non-recurring, non-operational costs of $1.39M. Adjusted EBITDA was +$192K.
2025 CAC of $89 was also distorted. Forced expensive operational decisions during reconstruction. Normalized 90D CAC is $56, confirmed by live data.
2026 is the clean baseline. First fully clean operating year. Projected +$1.4M EBITDA at 6.7% margin. All forward projections use normalized operations.
The business emerged stronger. Tighter standards, better inventory control, cleaner cost structure. The fire forced optimization that compounds into 2026 and beyond.
Risk Factor
Geographic Concentration — FL Dominant, Expansion Underway
Checkout CVR by State · Shopify Data
FL 72.9% Benchmark vs National Gap
Concentration Risk
Risk, Mitigation & Opportunity
FL is the dominant market. ~3× the checkout volume of CA (next largest). Revenue heavily concentrated in Southeast: FL, GA, NC, SC, TN, VA.
Mitigation is already identified. CA, NY, NJ have 47–75% returning customers — demand exists, shipping friction kills conversion. Shipping strategy + Loopy unlock these markets at near-zero CAC.
Boutique expansion deconcentrates revenue. Already at 8 boutiques (incl. Coral Gables Apr 2026). Expanding to 9+ by end 2026, 18 by 2028. Each new market lifts local eCommerce CVR ~3× — proven at existing locations.
FL strength is proof of concept, not a ceiling. 72.9% CVR proves the model works when friction is removed. National rollout is the opportunity, not a risk.
ℹ Sources: MnB Analytics Report · April 2026. Warby Parker S-1 (SEC, 2021) — primary structural comp (premium DTC + owned retail omnichannel). Chewy S-1 (SEC, 2019) — secondary reference for repeat-purchase consumable economics at scale; not a category comparison. DTC benchmark ranges from Klaviyo, Shopify Annual Reports, and published DTC research. Unit economics from MnB Pitchbook April 2026 v1 (YTD 2025). Email from Omnisend via Windsor.ai (90D live). Fire impact from MnB Whitepaper v3 Exhibit D.
Data Sources & Provenance
⬤ Live API Shopify
CVR by state · Checkout funnel
⬤ Live API Omnisend
Campaign opens · Clicks · List size
⬤ Mgmt. Report MnB Pitchbook Apr 2026
Unit economics · EBITDA · Fire impact
⬤ Mgmt. Report Warby Parker S-1 (SEC)
Model comp — filed 2021, public record
⬤ Mgmt. Report Chewy S-1 (SEC)
Mechanics comp — filed 2019, public record
Unit economics and fire impact data are management-reported. Warby Parker and Chewy figures are from SEC filings — public record, not independently verified by MnB.

⬤ Live API = direct platform data, no manual entry
⬤ Mgmt. Report = management reporting
Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026 Confidential · Password protected · Data snapshot — not auto-refreshing
All data on this tab reflects Meat N' Bone (MnB) operations only — online + boutique retail. Group financials including Get The Cook, Wagyu Bar, and MnB Kitchen are in the Financial Overview tab.
Section 01
Revenue by Channel — What Shopify Actually Shows
7-Day Actual · Shopify · Online = all digital channels combined
Order & Revenue Mix by Sales Channel
Section 02
New Customer CAC — Paid Media ÷ All New Customers
Period
Trend smoothing
14-Day Rolling Average
CAC Trend
Online · 30D
Paid Spend
Channel Allocation
Paid Media Channels
CAC by Channel — Blended Spend Attribution
Online · 30D
ChannelSpendEst. Orders Est. New Cust.Blended CAC New-Only CAC% SpendEfficiency
⚠ Attribution: Channel CAC uses blended spend proportional allocation across Meta/Google, mapped to Shopify order volume for the selected channel scope. New customers identified via Shopify order_customer_has_multiple_orders = false. POS toggle changes the denominator — see banner above when POS is included.
Shopify · Customer Type
New vs. Returning
Meta + Google
Daily Spend Trend
FOCM = $70 · Target Bands
CAC vs. FOCM
17-Month Trend · Jan 2025 – May 2026
CAC by Month — All Spend ÷ All New Customers (Online + Boutiques)
Google Ads + Meta · All campaigns · ÷ New customers online + boutiques (POS scale ratio 0.865)
Monthly New Customer CAC — 16 Months
⬤ Live API · Shopify + Google + Meta
May 2026 is partial (May 1–19 only) — CAC will appear elevated. All other months are full-month actuals. CAC = total paid spend (Google + Meta all campaigns) ÷ new online customers that month.
Monthly · Jan 2025 – May 2026
Spend vs New Orders
Monthly · Jan 2025 – May 2026
AOV Trend — Online Channels
Section 03
Customer Lifetime Value — Persona Analysis

"Our CAC is the lowest it has ever been, because we are not buying growth with discounts. We are earning it through trust, ecosystem leverage, and repeat behavior."

Meat N' Bone Whitepaper v3 · Internal Strategic Document
Total Customers
62,811
March 2018 – April 2026
LTV:CAC (Active)
6.3x
vs 3x DTC benchmark
One-and-Done Rate
62.7%
vs 40–50% benchmark
24-Month Pipeline
$23.2M
CLTV-weighted forecast
24-Month Revenue CLTV
Active vs. Dormant by Persona
AOV Progression
The Loyalty Value Curve

AOV grows +66% from order 1 ($169) to order 5+ ($281). Loyal customers trade up.

Detailed Model
CLTV by Persona — 24-Month Forward Revenue
PersonaCustomersAvg CLTV RevCLTV MarginLTV:CAC ($39 · all channels)Payback24m ForecastVerdict
Mega VIP1,881$3,012$1,16225.8x1.1 mo$5.7M✓ Best
High-Value Loyalist4,226$1,281$49511.0x3.3 mo$5.4M✓ Strong
Emerging Loyalist4,924$613$2375.3x3.5 mo$3.0M✓ Good
Seasonal Gifter13,695$382$1473.3x16.1 mo*$5.2M⚠ Watch
Day-to-Day10,903$323$1252.8x4.9 mo$3.5M⚠ Watch
One-and-Done27,182$16$60.1xN/A$0.4M✗ Leak
TOTAL / BLENDED62,811$404$1564.0x blended—$23.2M

* Seasonal payback on annual cycle. Active-only LTV:CAC: 7.9x. Blended (all customers): 4.0x. CAC = $39 (90D, all channels). Historical blended = $45 (incl. pre-2023 low-spend years).

CAC Payback Period
Months to Recover CAC by Persona ($39 · all channels)
Cohort Quality
2nd-Order Conversion by Year
Section 04
CAC × CLTV — The Bridge
LTV:CAC by Persona
How Each Customer Type Covers Acquisition Cost
Scenario Model · Live
If One-and-Done Drops 5 Points
Critical Gap
62.7% One-and-Done
43.3% of customers never return. A 5-point improvement = ~3,140 customers saved × $161 AOV = $506K immediate revenue, plus 24-month CLTV multiplier.
The Unlock
Order 3 Eliminates Churn Risk
After order 3, zero one-and-done customers. 30% become High-Value Loyalists. Every customer pushed to order 3 is a permanent brand relationship.
CAC vs CLTV Mismatch
Blended CAC Hides the Real Story
If 62.7% of acquired customers become One-and-Done ($16 CLTV vs $45+ CAC), improving 1→2 conversion rate is the highest-leverage action.
$0 CAC Opportunity
$1.5M Win-Back Available
4,677 dormant customers with 3+ orders and $500+ LTV. Email-only reactivation at 20% = $1.5M recovered with near-zero incremental CAC.
Data Sources & Provenance
⬤ Live API Shopify
Orders · Revenue · New vs returning · Channel
⬤ Live API Google Ads
Daily spend · Conversions
⬤ Live API Meta Ads
Daily spend · ROAS
⬤ Mgmt. Report MnB Analytics Report
CLTV · LTV:CAC · Persona payback
CAC calculated as total paid spend ÷ new online orders (POS excluded). Blended ROAS = Shopify gross revenue ÷ total paid spend — not platform-reported ROAS. All spend data direct from ad platform APIs.

⬤ Live API = direct platform data, no manual entry
⬤ Mgmt. Report = management reporting
Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026 Confidential · Password protected · Data snapshot — not auto-refreshing
All data on this tab reflects Meat N' Bone (MnB) operations only — online + boutique retail. Group financials including Get The Cook, Wagyu Bar, and MnB Kitchen are in the Financial Overview tab.
Conversion · Shopify Analytics
The Funnel — Where Visitors Become Customers
90D · Feb 19–May 19, 2026 · Shopify Analytics · Source of Truth
Purchase Funnel — 421,958 Sessions
421,958
Sessions
100%
Baseline
23,081
Added to Cart
5.47%
↑ Above 4.6% avg
14,869
Reached Checkout
3.52%
ATC→Checkout drop-off
5,458
Purchased
1.29% CVR
36.7% of checkouts
Drop-off from sessions
−398,877
94.5% didn't add to cart
ATC → Checkout drop
−8,212
35.6% of carts abandoned
Checkout abandonment
−9,411
63.3% abandoned at payment
Add-to-Cart Rate
5.47%
↑ Above 4.6% benchmark avg
23,081 sessions added to cart · 90D
Checkout Abandonment
63.3%
↓ vs 55% benchmark — primary gap
9,411 abandoned at payment step · 90D
Checkout Completion
36.7%
↓ vs 45% avg · 66% best-in-class
5,458 of 14,869 checkouts completed
Verified CVR · Shopify
1.29%
↑ +7% YoY · Shopify Analytics
421,958 sessions · 5,458 purchases
MnB 2025 vs Benchmark · Whitepaper §9.7.2
Funnel Metrics vs Benchmark
Metric MnB 2024 MnB 2025 Bench Avg Bench Top Signal
Add-to-Cart Rate4.20%5.68%4.60%7.50%✓ Above avg · room to grow
Reached Checkout Rate3.86%3.68%~3–4%—⚠ ATC→checkout friction
Conversion Rate (CVR)1.28%1.31%1.40%3.20%⚠ Below avg · checkout the fix
Checkout Completion33.1%35.6%45%66%✗ Largest gap — primary lever
Checkout Abandonment66.9%64.4%55%34%✗ 9.4pts above avg
Avg Checkout Value$323$330$85$311✓ 4× benchmark — elite basket
Revenue per Session$4.14$4.32——↑ Improving YoY
The $330 avg checkout value is 4× the DTC benchmark. MnB's $330 avg checkout value is 4× the DTC benchmark — customers who intend to buy, buy big. Improving checkout completion from 36% to the 45% DTC benchmark = +$1.6M annualized with zero additional traffic or spend.
Root Cause + Action Plan
What's Causing 63% Checkout Abandonment — What We're Doing
Shipping cost sticker shock (primary). Customers see the shipping charge for the first time at the payment step and abandon. Premium protein ships cold — $20–65 depending on state. Addressed April 3, 2026 — lower shipping thresholds and increased shipping subsidies rolled out across all key states. Rate reductions implemented. Cart progress bar showing free-shipping threshold now in development.
Abandoned checkout recovery now active. Migrated to Omnisend in February 2026. The 9,411 people who abandoned checkout in the 90D window pre-migration received zero follow-up due to the platform transition. Omnisend 3-step abandoned checkout sequence (1hr, 24hr, 72hr) is now live — recapturing this segment going forward at zero incremental spend.
ATC → Checkout friction. 8,212 people added to cart but didn't reach checkout. Trust gaps at cart stage — no live chat, limited social proof, complex cart UX. Fix: Cart bar + trust badges + real-time cart upsell recommendations.
SMS abandonment recovery (in progress). For customers with phone numbers captured, SMS abandoned checkout recovery outperforms email 3×. Loopy loyalty members get concierge-tone SMS. Currently in setup — highest ROI channel for checkout recovery.
Loopy Gold+ free shipping fix. Returning customers in NJ/NY/NH abandon at 71–73% — highest in the network. Loopy Gold+ free shipping perk directly targets this segment at zero incremental CAC. NJ alone: estimated 15 additional orders/period, $940 contribution, annualized $6,110.
Revenue Opportunity · Same Traffic · Same Spend
Fixing Checkout = +$2.11M Annual Revenue
Current State
36.7%
Checkout completion
5,458 orders / 90D
Target (Benchmark Avg)
45%
Checkout completion
+1,233 orders / 90D
Revenue Impact
+$2.11M
Annual · zero additional spend
Per Whitepaper §9.7.2
Levers: (1) Shipping cart bar · (2) Omnisend abandoned checkout sequence · (3) Rate reductions in key states · (4) SMS recovery via Loopy · (5) Trust improvements at cart stage
Trend Analysis
CVR & Spend Efficiency Over Time
Daily · 14D Smoothing · Online Channels
CVR Trend
Daily · Online Channels
AOV Trend
Weekly · 90D
CVR by Traffic Source
Weekly · 90D
Spend vs Online Orders
Weekly · 90D
Orders by Day of Week
ℹ ⬤ Live API + Management Reporting. Funnel metrics (sessions, ATC, checkout, CVR) from Shopify Analytics — source of truth. Benchmark data from MnB Whitepaper v3 §9.7.2. Revenue opportunity (+$2.11M) per Whitepaper projection at benchmark checkout completion rate. CVR trend charts use Shopify order data via Windsor.ai.
All data on this tab reflects Meat N' Bone (MnB) operations only — online + boutique retail. Group financials including Get The Cook, Wagyu Bar, and MnB Kitchen are in the Financial Overview tab.
Boutique Performance · 8 Locations
Boutique Performance · 2023–2025 · Coral Gables Opens Apr 2026
The Warby Parker Model. Our boutiques are the engine behind our $39 blended CAC. Each location costs an average of less than $45K to open — less than the paid media cost of acquiring ~1,150 customers online at $39 CAC. Once open, they acquire customers at near-zero marginal cost and keep the brand top of mind across South Florida. This is the same model Warby Parker used to lower their digital CAC: physical presence reduces paid media dependency. Full boutique P&L and projections are in the Pitchbook.
What "Boutique Economics" means here: Each location's revenue is the sum of two streams — POS (in-store sales) via Shopify POS, and Online (local delivery) orders from the website fulfilled by that boutique. EBITDA includes COGS, labor, rent, utilities, delivery fees, merchant fees, and packaging. 2025 was the fire year — Coral Way operated as a pop-up at reduced capacity. Coral Gables opened April 2026 — no data yet.
Total Boutique Revenue · 2024
$5.0M
↑ 8 locations total
POS + Online orders from boutique markets
Best Location EBITDA
27.4%
↑ Coral Way · $578K EBITDA
Mature boutiques average 18–27% EBITDA
Wellington · Fastest Growing
$1.1M
↑ +24.7% 2023→2024
21.8% EBITDA margin · Opened Jan 2024
Online AOV Lift · Boutique Markets
$186–247
↑ Online orders from boutique markets
vs $117 in-store AOV — online customer upgrade
All Locations · Management Reporting · 2024–2025 Actuals · Revenue = POS (in-store) + Online Delivery (web orders fulfilled by boutique)
Boutique-by-Boutique Performance
Location Opened Status 2025 Revenue 2025 EBITDA EBITDA % Gross Margin Total Orders Signal
Coral Way
2229 Coral Way, Miami		 Jan 2019 ✓ Mature $2,108,677 $578,113 27.4% 44% 12,631 ⚠ Fire Dec 2024
Wellington
13873 Wellington Trace		 Jan 2024 ↑ Growing $1,112,269 $242,941 21.8% 43% 8,473 ↑ +24.7% YoY
Coral Springs
9813 W Sample Rd		 — ✓ Mature $494,086 $88,836 18.0% 44% 3,557 ⚠ Revenue softening
Orlando
2806 Corrine Dr		 Feb 2025 ↑ New $411,205 $42,027 10.2% 43% 3,859 ✓ EBITDA+ in first year
Pinecrest
12443 S Dixie Hwy		 Nov 2021 ✓ Mature $457,402 $30,751 7.8% 43% 3,586 ⚠ Low margin — review
Tampa
4042 W Kennedy Blvd		 May 2024 ↑ Growing $308,042 −$11,538 Ramp 43% 2,502 ↑ Loss narrowing fast
Coral Gables
Coral Gables, FL		 Apr 2026 ↑ New — — — — — ⬤ Just opened · Apr 2026
Hallandale
Hallandale		 Sep 2025 ↑ New — — — — — Data pending
Total / Avg (ex-Hallandale) $5,030,276 $971,130 19.3% avg 43% avg 35,518
Year
2024 · All Locations
Revenue by Boutique
2024 · EBITDA by Location
EBITDA — Mature vs Ramping
2024 · POS vs Online Split by Location
In-Store vs Online Orders per Market
Key Insights
What the Boutique Data Shows
Mature boutiques print 18–27% EBITDA. Coral Way (27.4%), Wellington (21.8%), Coral Springs (18.0%). The unit economics are proven — boutiques are profitable at scale.
Wellington is the growth benchmark. $1.1M revenue in first full year, 21.8% EBITDA, +24.7% YoY. This is what a well-executed new boutique looks like at 12 months.
Orlando EBITDA-positive in first year. $42K EBITDA at 10.2% margin opened Feb 2025 — ahead of ramp curve. Validates the expansion model outside South Florida.
Tampa ramping toward EBITDA+. Loss narrowed from −$55K (2023) to −$12K (2024). On trajectory to break-even in 2025. Oakland Park operations consolidated into Coral Springs district. Coral Gables opens April 2026.
Pinecrest margin at 7.8% — needs review. Revenue stable ($452K → $457K) but EBITDA margin below target. Labor and rent costs unchanged — AOV lift or cost reduction needed.
Online AOV in boutique markets is 60–100% higher than POS. Wellington online AOV ~$137 vs POS ~$125. Coral Way online $247 vs POS $126. Boutiques build trust that converts to premium online orders.
2024 · POS vs Online AOV Comparison
The Boutique eCommerce Lift — In-Store Trust Converts to Premium Online Orders
Location POS Orders POS Revenue POS AOV Online Orders Online Revenue Online AOV AOV Lift
Coral Way8,362$1,053,536$1264,269$1,055,140$247+96%
Wellington3,915$488,472$1254,558$623,797$137+10%
Coral Springs2,189$242,516$1111,368$251,571$184+66%
Pinecrest3,280$392,786$120306$64,616$211+76%
Tampa1,916$198,744$104586$109,297$187+80%
ℹ ⬤ Mgmt. Report. All boutique data from MnB Location Summary spreadsheet — management reporting. POS data via Shopify POS. Online orders attributed to boutique markets. EBITDA calculations include COGS, labor, rent, utilities, delivery fees, merchant fees, and packaging. Not independently audited. Coral Way 2024 figures impacted by December 2024 fire — pop-up location operating since January 2025.
The Butchers Fund Group · Financial Overview
Q1 2026 Actuals · Debt · Refinancing · Path to Profitability
Consolidated management view. Ties to QuickBooks within $827 (inventory adj. only). Preliminary — intercompany not eliminated, D&A not fully updated. Full audit in progress. As of April 30, 2026.
Q1 Revenue
$2.91M
Consolidated · all entities
EBITDA excl. interest
+$246K
Operations are profitable · +8.4%
Monthly Cash Freed (post-refi)
+$89K/mo
~$133K/mo MCAs → $21K/mo facility
Post-Refi DSCR
4.6×
Target >1.25× · well covered
Section 1
Consolidated P&L — Q1 2026
Jan–Mar 2026 · Management view · Ties to QuickBooks within $827
Line Item Q1 Total % Rev
Revenue
Net Sales $2,913K 100%
Cost of Goods Sold
Raw Product Cost$1,281K44.0%
Freight, Delivery & Packaging$270K9.3%
Labor (Grill Master + Production)$138K4.7%
Gross Profit$1,221K41.9%
Operating Expenses
Advertising & Marketing$198K6.8%
Payroll (Corp + Ops)$521K17.9%
Rent$196K6.7%
G&A + Merchant Fees$319K11.0%
EBITDA excl. Interest +$246K +8.4%
Less: Interest Expense($259K)8.9%
Less: D&A & Other($47K)1.6%
Reported EBITDA ($13K) −0.5%
January
+11.5%
EBITDA margin
February
−2.7%
EBITDA margin
March
−14.2%
EBITDA margin
The business is operationally profitable. EBITDA excl. interest = +$246K (+8.4%) in Q1. The $259K interest expense is the sole driver of negative reported EBITDA. This is a debt structure problem, not an operations problem — and it is solvable with the refinancing.
March softness context: Revenue dipped in Feb–Mar as new F&B locations (Wagyu Bar Aventura, MnB Kitchen) ramped. Both were pre-revenue or early-stage during this period. Q2+ reflects full contribution from all entities.
Section 2
Performance by Entity — Q1 2026
Entity Revenue * Gross Profit GP% EBITDA Interest Status
Meat N' Bone $2,610K $808K 31% ($208K) $361K Ops EBITDA +$153K excl. interest
Get The Cook $558K $253K 45% +$192K — Strongest EBITDA contributor · asset-light
Wagyu Bar — Coral Way $273K $158K 58% ($31K) $8K Ramping · recently opened · Q2+ improving
Wagyu Bar — Aventura $263K $174K 66% ($65K) — Just opened · $1.39M buildout · Q3–Q4 ramp
Consolidated $3,705K $1,393K 37.6% ($112K) $369K Excl. interest: +$246K · Ops profitable
* Entity revenue = gross revenue per entity. Consolidated P&L (Section 1) reflects net revenue of $2.91M after returns, refunds, and intercompany adjustments. Intercompany eliminations not yet applied (pre-audit).
Section 3
Debt Picture & Refinancing Case
$1.8M ask consolidates high-cost MCAs. SBA retained. Related-party convertible debt subordinated and separate.
Current · MCA Stack (Refinancing Target)
Lender Balance Monthly
Parkside Funding$380K$30K
EN OD Advance$350K$25K
SQ / Square Advance$350K$25K
MCA Funding Futures$390K$30K
Itria Ventures$185K$15K
PayPal Working Capital$100K$5K
Shopify Capital$45K$3K
TOTAL (Refi Target) $1.8M ~$133K *
* Individual lender monthly payments sum to ~$133K. Balances reflect estimated paydown through mid-May 2026.
Post-Refinancing · Consolidated Facility
Facility Size
$1.8M
Rate
12–14%
New Monthly Payment
~$21K
Monthly Savings
+$89K
Post-Refi DSCR
4.6×
Target >1.25×
Annual Savings
~$1.34M
~$112K × 12
SBA (Retained)
$5.3K/mo
Favorable · retained
Convertible & related-party debt ($2.35M) — RRA Private LLC ($1.24M), Eureka Builders ($636K), Luis Mata ($291K), Gabriel Llaurado ($184K) — is subordinated, convertible, and negotiable. Not included in the $1.8M refinancing ask.
Debt Service Capacity · Pre vs. Post Refinancing
Metric Q1 Actual Annualized Post-Refi FY2026 †
Revenue$2.91M$11.65M$15.5M
EBITDA excl. interest$246K$983K$1.55M
Less: MCA/Facility Debt Service($259K)($1.04M)($252K)
Less: SBA Debt Service($21K)($86K)($86K)
EBITDA after Debt Service ($35K) ($139K) +$1.21M
† Post-Refi FY2026 column reflects full management projection: $15.5M revenue (vs $11.65M annualized Q1 run rate), including contributions from all entities, new channels, and Q4 seasonality. EBITDA $1.55M is the management case before Sierra Meats savings. Post-Sierra EBITDA = $1.55M + $408K partial-year saving = ~$1.96M in the optimistic scenario. Sierra table (Section 4) uses a conservative $14.7M revenue base for that analysis.
Section 4
Sierra Meats Partnership — Margin Unlock
20% savings on raw product cost · Top 30 SKUs · $652K annual run rate · Independent of revenue growth
Annual Run Rate Saving
$652K/yr
Once fully implemented
FY2026 EBITDA Impact
+$408K
Phased Q2–Q4 2026
Gross Margin Improvement
+4.4pp
41.9% → 46.3%
Debt Coverage Ratio
2.6×
Sierra saving ÷ post-refi debt svc
Quarter Revenue Sierra Saving % Implemented Pre-Sierra EBITDA Post-Sierra EBITDA
Q1 Jan–Mar (Actual)$2.91M—0%($13K)($13K)
Q2 Apr–Jun (Ramp)$3.60M$82K25%$108K$190K
Q3 Jul–Sep (Full)$3.94M$163K100%$236K$399K
Q4 Oct–Dec (Full + Holiday)$4.25M$163K100%$383K$546K
FY 2026 Total $14.7M $408K — $714K $1.12M
Why this matters: Sierra's $652K annual saving alone covers 2.6× the post-refinancing debt service of $252K — and it is achieved on existing revenue with no execution risk beyond the supplier switch. This is independent of any new customers, channels, or locations. 20% on 50% of SKUs reflects confirmed supplier pricing. Full implementation across a broader SKU set in 2027 could yield further upside.
Section 5
Balance Sheet — April 30, 2026
⚠ PRELIMINARY
This balance sheet is preliminary. Intercompany balances between entities have not been eliminated — assets ($3.38M) and liabilities + equity ($4.11M) will not reconcile until consolidation is complete. Depreciation & amortization schedules have not been fully updated — PP&E net book values and accumulated depreciation may differ from final audited figures. A full consolidated audit is in progress.
Assets
Cash & Bank$169K
Accounts Receivable$159K
Inventory$578K
Other Current$111K
Total Current Assets$1,018K
MNB Retail & Web Buildouts$443K
Wagyu Bar — Coral Way$314K
Wagyu Bar — Aventura$1,389K
Other PP&E + Deposits$214K
Total PP&E + Other$2,359K
TOTAL ASSETS$3,377K
Liabilities & Equity
Accounts Payable$1,181K
Credit Cards$381K
MCA & Short-Term Loans$2,330K
Total Current Liabilities$4,178K
SBA Loan 2025$801K
Convertible / Related-Party Debt$2,346K
Total Long-term Liabilities$3,422K
TOTAL LIABILITIES$7,499K
Paid-in Capital$1,759K
Accumulated Deficit($5,149K)
Total Equity($3,388K)
Balance sheet note: Preliminary — intercompany not eliminated (assets and liabilities both overstate by ~$733K until consolidation). D&A schedules not fully updated — PP&E net book values are estimates. Full audit in progress. Negative equity reflects accumulated pre-profitability investment — standard for businesses that have self-funded $2.16M in PP&E buildouts without outside equity. The $2.35M in convertible/related-party debt is subordinated and negotiable.