RiceBran Technologies is a small specialty grain ingredient company. After divesting its stabilized rice bran business in June 2023 and its Golden Ridge Rice Mills operation in January 2024, the company's sole remaining business is its MGI Grain facility in East Grand Forks, Minnesota. The MGI facility mills and processes barley, oats, and mustard into specialty grain ingredients sold to food manufacturers that value specific nutritional, functional, or clean-label attributes like non-GMO and organic certification. RiceBran sells primarily through an internal sales force to domestic and international customers, though the customer base is concentrated — three customers accounted for roughly 48% of revenues from continuing operations in 2023. The business model is straightforward: buy raw grains, process them at the MGI mill, and sell the finished ingredients at a margin. Profitability is driven by volume, pricing, and raw material costs, with grain input costs being a key margin driver. The mill completed a capacity expansion in early 2023 that increased throughput by 50%. The business has high fixed costs relative to its current scale, and the company has historically operated at a gross loss or near breakeven, with SG&A driving operating losses. Achieving positive adjusted EBITDA has been an ongoing challenge.