What BellRing Brands, Inc. told the SEC could break it.

BellRing relies on a single sole supplier for the aseptic packaging — and the manufacturing equipment — used to produce its 11 oz Premier Protein RTD shakes, with that supply concentrated in three of that supplier's locations.

“We utilize a sole supplier for the aseptic packaging for, and our third-party contract manufacturers use equipment from the same sole supplier to manufacture, our Premier Protein RTD shakes in the 11 ounce size.”

All RTD shakes are produced by independent contract manufacturers; ~46.3% of Premier Protein RTD supply came from a single manufacturer and ~28.0% from a single facility of that manufacturer in FY2025.

“For example, for our year ended September 30, 2025, approximately 46.3% of our Premier Protein RTD shake supply came from our largest third-party contract manufacturer, with approximately 28.0% of our Premier Protein RTD shake supply manufactured at a single facility.”

BellRing's primary ingredients are milk-, whey- and soy-based proteins, with a single supplier providing the majority of its milk-based protein; non-fat dry milk is its principal hedged commodity.

“The primary ingredients used in our business include milk-based, whey-based and soy-based proteins, protein blends, sweeteners and vitamin and mineral blends, and one supplier provides the majority of our milk-based protein.”