Outlook for Future Years

Innovation Community Center

In August 2019, we opened our Innovation and Community Center in Twin Falls, Idaho, a 71,000 square foot research and development facility that is designed to promote a culture of collaboration, creativity, innovation, and wellness among employees and our community. Our innovation center is constantly testing new products, supporting continued expansion of our product offering. Since 2020, we have launched into three new categories and commenced distributing over 100 new items.

Production Facilities

At the heart of our infrastructure in the United States are our two production plants: our original facility in New Berlin, New York and our state-of-the-art facility in Twin Falls, Idaho. As an example of the advantages of these owned assets and the excellence of our production team, we successfully met 98% of heightened demand in 2020 despite the unprecedented obstacles posed by the COVID-19 pandemic, while many other food and beverage manufacturers struggled to keep products stocked in stores. Supported by our planned capacity expansion, we expect to have the ability to quickly scale production in new categories to meet anticipated demand. We also have developed relationships with co-manufacturers, distribution and cold storage warehouse suppliers that allow us to flex our capacity to produce certain new items or address surges in volume. We have an international presence in Melbourne, Australia, where we produce yogurt and are currently expanding manufacturing capacity to launch our refrigerated oat beverages by year-end 2021.

Build Out New Geographies Beyond the U.S.

While our focus has been primarily on domestic markets to date, we have successfully established a leadership position in Australia and have extended our presence in North America into Mexico and Canada, where we believe there is a significant runway to expand our offerings. In Mexico, Chobani has recently expanded to 44 SKUs across yogurt and oat milk. In Canada, we launched plant-based products (due to restrictive dairy import guidelines in Canada) in August 2019 and now have eight SKUs across oat yogurt and oat milk. Incremental international expansion is a large opportunity and can be a meaningful growth driver across our entire product portfolio over the longer term. In the near term, we expect to focus on North America and Australia – markets we know well and where we have competitive advantages.

Production Facilities

At the heart of our infrastructure in the United States are our two production plants: our original facility in New Berlin, New York and our state-of-the-art facility in Twin Falls, Idaho. As an example of the advantages of these owned assets and the excellence of our production team, we successfully met 98% of heightened demand in 2020 despite the unprecedented obstacles posed by the COVID-19 pandemic, while many other food and beverage manufacturers struggled to keep products stocked in stores. Supported by our planned capacity expansion, we expect to have the ability to quickly scale production in new categories to meet anticipated demand. We also have developed relationships with co-manufacturers, distribution and cold storage warehouse suppliers that allow us to flex our capacity to produce certain new items or address surges in volume. We have an international presence in Melbourne, Australia, where we produce yogurt and are currently expanding manufacturing capacity to launch our refrigerated oat beverages by year-end 2021.