Meat N' Bone — CAC & CLTV Intelligence

Period

Channel

Mar 5 – Apr 4, 2026 · Online channels only

    Online Only — showing Online Store, Tapcart, Draft Orders, Recharge, and all digital channels. POS excluded — it has a $122–124 AOV vs $245–252 online and is driven by boutique foot traffic, not paid media.  Toggle "+ Include POS" to see full blended picture.
  

Gross Revenue · 30D

$824K

↑ +13.3% YoY

vs $743K Mar 2025 · Shopify

Total Orders · 30D

4,212

↓ −14.7% YoY orders

But AOV up: $196 vs $148 → quality > volume

Avg Order Value · 30D

$196

↑ +32% YoY

vs $148 Mar 2025 · Shopify all channels

Paid Spend · 30D

$66.5K

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

↓ −10.6% YoY · was $84 Mar 2025

90D new online orders · 30D spike = $79 (not representative)

CVR · Shopify Verified

1.31%

↑ +7% per Shopify Analytics

402,916 sessions · 5,289 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 +13.3% YoY

Strong

AOV grew from $148 → $196 (+32%) 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.

$824K gross revenue · 30D · Shopify

Blended ROAS of 12.4x

Strong

For every $1 of paid media, $12.40 returns in Shopify revenue. This is the real efficiency metric — not platform-reported ROAS which over-attributes. At $66.5K monthly spend, 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 1.31% — up +7% per Shopify

On Track

Shopify's own conversion rate breakdown shows 1.31% CVR on 402,916 sessions — verified, not estimated. The +7% improvement signal means on-site performance and traffic quality are both holding despite scaled spend.

402,916 sessions · 5,289 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 10.6% YoY on the 30D window ($75 vs $84) and down 4.1% YoY on 90D ($67 vs $70). The $45 historical figure comes from 2019–2022 when paid spend was a fraction of today's level — it's not a fair current benchmark. At $67–75 against a $245–252 online AOV, the economics are sound.

30D: $75 (−10.6% YoY) · 90D: $67 (−4.1% YoY) · YTD: $69 (flat YoY) · 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 · 5,289 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 Apr 4, 2026. Revenue and orders from Shopify (source of truth). Spend from Google Ads and Meta APIs via Windsor.ai. CVR from Shopify Analytics (402,916 sessions / 5,289 purchases / 90D). YoY comparisons use Mar 2025 vs Mar 2026 monthly 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 = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

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 customers	6.3x	~4x	2.4x	3–5x	✓ Leads all comps
LTV:CAC — all customers	3.5x	~3x	2.4x	3–5x	⚠ Low end — retention gap
CAC payback — best segment (VIP)	1.1 mo	~6 mo	12–18 mo	1–3 mo	✓ Best in class
CAC payback — avg customer	4.9 mo	~12 mo	12–18 mo	6–12 mo	✓ 2× faster than comps
Order 1→2 conversion	37.3%	47.6%	75%+	50–60%	✗ Primary gap to close
One-and-done rate	62.7%	~52%	<25%	40–50%	✗ Retention infra fix
Repeat revenue share	64.9%	~65%	80%+	60–70%	✓ On par with WP
Blended AOV	$196	$252	$180+	$150–$200	✓ Top of DTC range
Gross margin (online)	52%	55%	24%	45–60%	✓ Strong for food DTC
NPS	76+	80+	~65	50+	✓ Near WP level
Revenue CAGR	44.6% (6yr)	20.9% (2yr)	~50% (early)	20–40%	✓ Above all benchmarks
Blended CAC	$45–$56	~$40–60	$65–90	$40–80	✓ Efficient
Active customer rate	54.1%	~70%	85%+	60–70%	⚠ Gap to close
Physical locations	5 boutiques	145+ stores	None	N/A	↑ Scaling to 18 by 2028
Q4 revenue concentration	32.7%	<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 red metric is a retention problem, not an acquisition problem. MnB's purchase frequency is structurally higher than Warby Parker's — protein weekly vs eyewear every 1–2 years. The retention infrastructure in development will close the 1→2 gap and 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	$226	100%
COGS	−$108	48%
Gross Profit	$117	52%
Shipping	−$19	8%
Warehouse & Fulfil.	−$8	3%
Merchant Fees	−$7	3%
Contrib. Margin	$84	37%
CAC (new only)	−$60	27%
Net 1st Order	$24	11%

Channel 2 · Best Margin

Online — Local Delivery

Line	$	%
AOV	$222	100%
COGS	−$115	52%
Gross Profit	$107	48%
Delivery	−$14	6%
Packaging	−$2	1%
Merchant Fees	−$7	3%
Contrib. Margin	$79	36%
Marketing (local)	−$5	2%
Net per Order	$74	33%

Channel 3 · Trust Engine

Boutique (In-Store)

Line	$	%
AOV	$117	100%
COGS	−$61	52%
Gross Profit	$56	48%
Delivery	$0	0%
Packaging	−$2	1.7%
Merchant Fees	−$4	3%
Contrib. Margin	$40	34%
Marketing	−$5	4%
Net per Order	$35	30%

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 $45–$56 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 being fixed. InboxAlly warming (24 sends in progress). Blended 24.8% open rate reflects large cold segments dragging the average down.

Zero automated flows yet. All revenue from broadcasts. No post-purchase sequence, no win-back automation, no 84-day flow. When flows launch, 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

Year	Reported EBITDA	Fire Impact	Adjusted
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. 5 → 9 boutiques by end 2026, 18 by 2028. Each new market lifts local 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 = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

Business Overview

$0.87M → $7.95M · 44.6% CAGR · 2019–2025

2025 Annual Revenue

$7.95M

↑ +9.2% vs 2024

MnB operations only · Online + Boutiques

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

↑ +13.3% YoY · On pace $9.9M run rate

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

Annual Revenue 2019–2025 · MnB Operations

44.6% CAGR — Six Years of Sustained Growth

New vs Repeat Revenue Mix

Repeat Revenue Growing Every Year Since 2021

Shopify · Apr 2024 – Apr 2026

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

Metric	Current	Target	Signal
Online AOV	$226	$215+	✓ Above target
Blended AOV (all channels)	$196	$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 (active customers)	6.3x	3x+	✓ 2× benchmark
CAC (historical blended)	$45	≤$56	✓ Within target
CAC (90D current)	$56	≤$70 FOCM	⚠ Watch trend
First Order Contribution Margin	$70	$70	✓ Target met (90D)
Blended contribution margin	38.6%	40%+	⚠ Near target
NPS	76+	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 0.1x on one-and-done customers is the problem. The gap between them is the entire retention opportunity — and why the Loopy program and retention flows compound the unit economics dramatically.

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	$9.9M run rate	↑ Online pacing; boutique expansion drives gap
AOV	$153	$161	$211	$196 (30D)	↑ +$35 gap — AOV growing fast, on pace
CAC	$69	$89	$60	$56 (90D)	✓ Ahead of target by $4
CVR	1.28%	1.31%	1.85%	1.31% (90D)	⚠ Flat — shipping fix is the unlock
Annual Orders	48,294	50,161	75,510	~51,552 pace	↓ Requires boutique scale + CVR improvement
Active Customers	25,120	27,929	47,848	~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 CVR1.31% → 1.85%

2026 → AOV$196 → $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

Competitor	Free Ship	Standard Rate	Express	Overnight	Loyalty / Notes
Snake River Farms	$199	$9.99	$39.99	$49.99	Club SRF Insider: free at $149
Crowd Cow	$149	$19.99	—	+$29.99	Members: free at $125
Omaha Steaks	$169	$9.99–$19.99	Varies	Varies	Gold members: always free
ButcherBox	Always	$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–$65	Loopy 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

CVR1.31%

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 = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

Section 01

Revenue by Channel — What Shopify Actually Shows

7-Day Actual · Shopify Data

Order & Revenue Mix by Sales Channel

Section 02

CAC — Online Channels Only (POS Excluded)

14-Day Rolling Average

CAC Trend

Online · 30D

Paid Spend

Channel Allocation

Paid Media Channels

CAC by Channel — Blended Spend Attribution

Online · 30D

Channel	Spend	Est. Orders	Est. New Cust.	Blended CAC	New-Only CAC	% Spend	Efficiency

⚠ 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

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

Persona	Customers	Avg CLTV Rev	CLTV Margin	LTV:CAC ($45)	Payback	24m Forecast	Verdict
Mega VIP	1,881	$3,012	$1,162	25.8x	1.1 mo	$5.7M	✓ Best
High-Value Loyalist	4,226	$1,281	$495	11.0x	3.3 mo	$5.4M	✓ Strong
Emerging Loyalist	4,924	$613	$237	5.3x	3.5 mo	$3.0M	✓ Good
Seasonal Gifter	13,695	$382	$147	3.3x	16.1 mo*	$5.2M	⚠ Watch
Day-to-Day	10,903	$323	$125	2.8x	4.9 mo	$3.5M	⚠ Watch
One-and-Done	27,182	$16	$6	0.1x	N/A	$0.4M	✗ Leak
TOTAL / BLENDED	62,811	$404	$156	3.5x blended	—	$23.2M

* Seasonal payback on annual cycle. Active-only LTV:CAC: 6.3x. CAC = $45 current.

CAC Payback Period

Months to Recover $45 CAC

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), blended math is punishing. Fix is 1→2 conversion, not less spend.

$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 = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

Conversion Analysis

Order Velocity & Revenue Efficiency · Shopify Source of Truth

14-Day Rolling Average

Daily Orders & Revenue · Shopify

Online · 90D

14-Day Rolling

Average Order Value · Shopify

90D

14-Day Rolling

Conversion Rate · Orders ÷ GA4 Sessions

Shopify: 1.31% verified

        Source: Shopify Analytics — 1.31% CVR verified from Shopify's own "Conversion rate breakdown": 402,916 sessions → 5,289 completed checkouts. Sessions here are scaled to match Shopify's count (excludes bot traffic that inflates GA4 to 795K). GA4 raw CVR of 0.58% is not the correct number.
      

Google Ads · 90D

Spend vs Orders · Efficiency Signal

14D Rolling

Weekly Performance · Shopify

Orders & AOV by Week

Revenue Efficiency · Shopify

Key Metrics

ℹ Source of truth: Shopify — CVR of 1.31% verified from Shopify Analytics "Conversion rate breakdown" (402,916 Online Store sessions, 5,289 completed checkouts, 90 days). GA4 inflates session count to 795K due to bot traffic and non-storefront hits — do not use GA4 session count as denominator. All order counts, revenue, and AOV are from Shopify. Spend from Google Ads and Meta APIs.

Data Sources & Provenance

⬤ Live API Shopify Analytics
CVR · Sessions · Purchases — source of truth

⬤ Live API Google Ads
Spend · Clicks

⬤ Live API Meta Ads
Spend · Clicks

          CVR of 1.31% verified from Shopify Analytics (402,916 sessions · 5,289 purchases · 90D). GA4 session count (795K) inflated by bot traffic and non-storefront API hits — do not use as CVR denominator.

          ⬤ Live API = direct platform data, no manual entry

          ⬤ Mgmt. Report = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

Retention Intelligence

Customer Retention, Cohort Quality & State-Level Performance

Active Customer Rate

54.1%

vs 60–70% benchmark

One-and-Done Rate

62.7%

vs 40–50% benchmark

1→2 Order Rate

37.3%

Target: 45%+

Dormant Customers

28,952

46% of base · 18m+ inactive

Win-Back Opportunity

$1.5M

4,677 dormant · 3+ orders

Shopify · Apr 2024 – Apr 2026

Monthly Order Volume — Seasonality & Growth

7-Day Sample · Shopify Online Channels

Order Frequency Distribution

Section 02

2nd-Order Rate at 29.9% — Below 50–60% Benchmark

"The 2024 cohort reaches order 2 at half the rate of the 2019 cohort, and spends 78% less on average. This is not because the product got worse — it is because the post-purchase experience and retention infrastructure have not scaled with acquisition volume."

MnB Customer Analytics Report · April 2026

Acquisition Year

2nd & 3rd Order Rate by Cohort

2nd Order Rate

Cohort Data · Full Detail

Performance by Acquisition Year

Section 03

Retention & Dormancy by Persona

12-Month Retention vs Benchmark

Active Rate & Dormancy by Persona

Dormancy Risk

Dormant Count

Section 04

Retention by State — CVR & Returning Customer Mix

Shopify Checkout Data · Top States

Checkout CVR by State

Sorted by CVR

State Detail · Shipping Strategy Data

CVR vs Returning Customer % by State

Section 05

Key Findings & Action Priorities

Priority · 1→2 Order Rate

2nd-Order Rate at 29.9% — Below 50–60% Benchmark

The 2024 cohort converts to a 2nd order at 29.9% vs the 50–60% DTC benchmark — and at half the rate of the 2019 cohort. The 84-day return window is real: customers who come back do so within 84 days. The retention flows being built will directly capture this window before it closes.

Critical · HVL Retention Gap

HVL 12-Month Retention: 37.6% vs 60%+ Benchmark

High-Value Loyalists are the most valuable retention segment ($2,153 CLTV each) and they're being lost at 2.4× the acceptable rate. 1,980 dormant HVLs represent ~$4.3M in unrealized CLTV. Highest-priority win-back segment — personal outreach, not mass email.

Warning · State CVR Spread

73-Point CVR Spread: FL 72.9% vs NJ 26.8%

Northeast and West Coast underperform due to shipping friction — high free-shipping thresholds relative to median AOV. CA alone has 276 abandoned checkouts per period, 47% from returning customers. Loopy Gold+ free shipping in CA, NY, NJ, NH recovers an estimated 871 orders/year at $63K contribution with zero incremental CAC.

Warning · Off-Peak Attrition

Jul–Sep Revenue Only 20.3% of Annual — Seasonal Churn Risk

Summer is the retention danger zone. Customers who don't repurchase in Q3 are significantly more likely to go fully dormant. A grilling season campaign targeting Day-to-Day and Emerging Loyalists in Jul–Aug can defend the 20.3% floor and push toward 25%+.

Opportunity · Win-Back

$1.5M in Zero-CAC Win-Back Available Now

4,677 dormant customers with 3+ orders and $500+ historical LTV. Email-only reactivation at 20% = 935 recovered customers × ~$500 avg spend = $467K immediate revenue, plus 24-month compounding. These customers already know the brand — no acquisition spend needed.

In Progress — Retention Infrastructure

Loopy + Retention Flows Will Shift These Numbers

Loopy loyalty program and retention email flows currently in development. Once live: 1) the 84-day window captures 1→2 conversion before it closes; 2) Loopy Gold+ fixes the state-level shipping abandonment; 3) the 3rd-order trigger locks in Emerging Loyalists permanently. Each percentage point improvement in 1→2 rate = ~$220K annualized revenue at current acquisition volume.

ℹ Data sources: Cohort quality (2nd/3rd order rates, LTV) from MnB Customer Analytics Report · April 2026 (62,811 customers, March 2018–April 2026). State CVR and returning customer % from MnB Shipping Strategy v3.4 (Shopify checkout data). Monthly order volume from Shopify via Windsor.ai. Order frequency distribution from 7-day Shopify sample.

Data Sources & Provenance

⬤ Live API Shopify
Monthly orders · Order frequency · 2-year trend

⬤ Mgmt. Report MnB Analytics Report
Cohort 2nd/3rd order rates · Persona retention

⬤ Mgmt. Report MnB Shipping Strategy v3.4
State CVR · Returning customer % · Abandonment

          Cohort quality data (2nd/3rd order rates, avg spend by year) is from internal management analysis of full Shopify order history (March 2018–April 2026). State CVR data is from Shopify checkout funnel by state.

          ⬤ Live API = direct platform data, no manual entry

          ⬤ Mgmt. Report = internal estimates, not independently audited

        Meat N' Bone — Marketing Intelligence Dashboard · April 4, 2026
        Confidential · Password protected · Data snapshot — not auto-refreshing
      

Boutique Performance · 8 Locations

$5.0M Revenue · 3 Mature · 2 Growing · 3 New

    Reference tab. Boutique data is management-reported from internal location financials — not a live API connection. Included here to show the omnichannel unit economics story alongside the online analysis. 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 placed on the website but fulfilled by that boutique. Both are driven by the boutique's physical presence and trust-building in its market. EBITDA includes all variable and fixed costs for the location: COGS, labor, rent, utilities, delivery fees, merchant fees, and packaging.
  

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 · 2023–2024 Actuals · Revenue = POS (in-store) + Online Delivery (web orders fulfilled by boutique)

Boutique-by-Boutique Performance

Location	Opened	Status	2024 Revenue	2024 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
Oakland Park 3555 Dixie Hwy	Sep 2024	↑ New	$138,595	−$27,714	−20.0%	43%	1,410	↑ Early stage — ramp expected
Hallandale Hallandale	Sep 2025	↑ New	—	—	—	—	—	Data pending
Total / Avg (ex-Hallandale)			$5,030,276	$943,416	18.8% 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 and Oakland Park ramping. Tampa loss narrowed from −$55K (2023) to −$12K (2024) in 12 months. Oakland Park from −$35K to −$28K. Both on trajectory to EBITDA+ in 2025.

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 Way	8,362	$1,053,536	$126	4,269	$1,055,140	$247	+96%
Wellington	3,915	$488,472	$125	4,558	$623,797	$137	+10%
Coral Springs	2,189	$242,516	$111	1,368	$251,571	$184	+66%
Pinecrest	3,280	$392,786	$120	306	$64,616	$211	+76%
Tampa	1,916	$198,744	$104	586	$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.