Lifeway Foods (NASDAQ: LWAY) is a consumer packaged foods company that manufactures and sells kefir and probiotic dairy products. Revenue is transactional, generated through sales of branded products to distributors, retailers, and direct store delivery customers. The primary brand is Lifeway, centered on drinkable kefir. Approximately 95% of FY2025 revenue came from products manufactured at the company's own U.S. facilities. Distribution runs through two primary channels: a distributor channel accounting for approximately 47% of total net sales (FY2025), and a direct store delivery model limited to the Chicago, Illinois metropolitan area representing approximately 2% of total net sales (FY2025). The company is headquartered in the United States, with all manufacturing and distribution fixed assets located domestically. Primary raw material is milk, with prices subject to federal minimum pricing regulations. Lifeway trades on the Nasdaq Global Market.

Revenue model

Transactional product sales. Lifeway sells branded kefir and probiotic products through distributors (approximately 47% of net sales, FY2025) and direct store delivery in the Chicago metro area (approximately 2% of net sales, FY2025). Remaining sales flow through other channels not separately itemized in the excerpts. Approximately 95% of FY2025 revenue derived from products manufactured at company-owned facilities.

Products and services

Drinkable kefir products sold under the Lifeway brand. The company also produces other probiotic dairy products and pursues extensions into additional formats, flavors, and formulations. Products are manufactured primarily at company-owned U.S. facilities, with a co-packer supplement for a small portion of output.

Customers and end markets

Distributors (approximately 47% of net sales, FY2025) who resell to retail customers. Direct retail customers served via DSD in the Chicago metropolitan area (approximately 2% of net sales, FY2025). Target channels include grocery retail, convenience, foodservice, club, and drug stores. Primary market is the United States; certain U.S.-based distributors sell products internationally.

Value-chain role

Manufacturer and brand owner. Lifeway controls production at its own facilities for approximately 95% of revenue (FY2025), manages its own DSD fleet and merchandising team in the Chicago metro area, and sells through third-party distributors and brokers elsewhere. Raw material sourcing centers on fluid milk subject to federal price regulations.

Geographic exposure

United States is the primary market. All manufacturing, storage, and distribution fixed assets are located in the United States. Some international sales occur through U.S.-based distributors, but international exposure is not separately quantified in the filing excerpts.

Source: SEC 10-K, filed 2026-03-17

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