NuZee expands relationship with major customer
Image: Pexels/Darina Belenogova
Co-packing and technology company, NuZee, Inc, have announced an expanded relationship with one of its largest customers, as well as received a forecast for shipments from the customer, and agreed to begin supplying additional products to the customer starting in the first and second quarters of fiscal year 2024. Revenues from this customer for the first nine months of fiscal year 2023 totaled approximately USD $427,000.
The non-binding forecast provided by the customer for 2024 would result in over $2 million in incremental fiscal year gross revenue to NuZee, if achieved, including both existing and new products. The new products primarily include bagged coffee, which is currently being produced for this customer by other suppliers. With the expansion of this relationship, NuZee will become the principal supplier of all coffee products for this customer.
Masa Higashida, CEO, stated, “NuZee anticipates that this is a major step toward growing and diversifying our business and attaining profitability. We believe this customer forecast validates our decision to expand our business beyond the single serve market where we have already achieved successful acceptance and distribution.”