Pyxus is a global leaf tobacco merchant that bridges small-scale farmers and large cigarette and nicotine product manufacturers. The company buys raw tobacco across Africa, Asia, and South America, processes the leaf to customer specifications, and sells the finished product to major global manufacturers. Pyxus primarily sources flue-cured, burley, and oriental tobacco. It also produces value-added products, such as cut rag and reconstituted tobacco, which utilize tobacco byproducts. Pyxus earns a spread between raw tobacco acquisition costs and the price of processed leaf, alongside fees from third-party processing services. Higher sales volumes improve fixed cost absorption, while larger crop sizes typically lower raw tobacco acquisition costs and expand margins. The business has significant seasonality, characterized by heavy working capital needs for purchasing and processing in the first half of the FY. Revenue and cash collection peak in the second half of the FY, particularly Q4, as product shipments to customers accelerate. Pyxus manages the entire supply chain, including agronomic support for farmers and global logistics, to serve a concentrated customer base of multinational tobacco companies.