FY25 + Q1 FY26

Investor Report
From Consolidation
to Execution.
Prepared for Investors
Hrvst Limited · Lusaka, Zambia
Aiponics Inc. · US Holding Company
Reporting Period
Fiscal Year 2025
Quarter 1, Fiscal Year 2026
Issued
May 2026
FY25 GMV
$1.02M
ZMW 24.61M · Across Q1–Q4 FY25
FY25 Revenue
$74.7K
Take-rate improved · Marketplace activity sustained
Q1 FY26 Revenue
$31.6K
+145% YoY · +32% QoQ — momentum into FY26
HRVST · Where life grows
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Mission

To solve global
food insecurity
by accelerating Africa's position
as the breadbasket of the world.

The Enduring Thesis

The opportunity is not limited by demand —
it is shaped by how effectively we structure supply, infrastructure, and execution.

Executive Summary
01

A Period of Building
and Realignment.

We would like to begin by apologizing for the delay in sharing this report. 2025 was an intensive period for the business. Rather than producing quarterly updates, our focus shifted toward execution across multiple fronts — commodities, export exploration, supply-side infrastructure, and technology development. Much of this work was foundational and required time, iteration, and learning.

We closed FY25 with ZMW 24.61M in GMV (~$1.02M USD) and $74,668.57 in revenue, maintaining strong marketplace activity while navigating real operational challenges. Q1 FY26 has started with encouraging momentum — $31.6K of revenue at +32% QoQ — and the shape of the year ahead is clearer than at any point since we began.

The past 12–15 months have clarified a central theme that now anchors everything we are building.

FY25 GMV
ZMW 24.61M
≈ $1.02M USD
FY25 Revenue
$74,668
Marketplace activity sustained
Q1 FY26 Revenue
$31,634
+32% QoQ — momentum into FY26
The Enduring Thesis

The opportunity is not limited by demand — it is shaped by how effectively we structure supply, infrastructure, and execution.

— What FY25 made unmistakable
By the Numbers

The year, in numbers.

FY25 GMV (ZMW)
24.61M
Across Q1–Q4
FY25 GMV (USD)
$1.02M
FX-translated
FY25 Revenue
$74.7K
Take-rate improved
Q1 FY26 Revenue
$31.6K
+32% QoQ
Big Wins · FY25

Progress across
multiple fronts.

FY25 wasn't a year defined by a single breakthrough. It was a year of parallel progress — the marketplace held its rhythm, monetization improved, the customer base broadened, and we laid the groundwork for the kind of supply-side control that will compound for years. Each of the five wins below tells one part of that story.

01

Marketplace stability at scale

Consistent quarterly throughput across the FY25 cycle, with Q3 marking the strongest quarter.

02

Revenue growth & monetization

Take-rate, basket composition and transaction quality all improving — more value captured per order.

03

Operational recovery

Stronger supplier coordination, better forecasting, and improved execution discipline from Q2 onwards.

04

Customer base expansion

111 active customers spanning HORECA and emerging retail — diversifying single-segment risk.

05

Foundations for supply-side control

Packhouse initiated, direct sourcing strengthened, commodities structured, export channels mapped.

01 · Marketplace Stability

Steady throughput
across every quarter.

The marketplace continued to perform consistently through FY25, holding within a narrow band quarter after quarter. The pattern matters more than any single number: it tells us the demand side of our business is not the constraint. Q3 marked the strongest quarter of the year, reflecting sustained demand across core categories and the early benefits of tighter supplier coordination.

QuarterGMV (ZMW)
Q1 FY254.94M
Q2 FY256.61M
Q3 FY257.10M ★
Q4 FY255.96M
Q1 FY264.99M
Q3 Strongest

Q3 FY25 marked the strongest quarter of the year — sustained demand across core categories carried by stronger supplier coordination.

On Churn

We did experience some client churn during the year — almost entirely tied to supply-side partner misalignment rather than any failing in customer demand. That distinction matters. It tells us where the work needs to go next: tighter control on fulfillment is now non-negotiable, and it's the single thread that connects nearly every strategic decision in the rest of this report.

02 · Revenue & Monetization

Capturing more value
per transaction.

Revenue progressed steadily through FY25 and accelerated into FY26. The arc isn't accidental — it reflects deliberate work on pricing discipline, basket composition, and transaction quality. The same volume of marketplace activity is producing meaningfully more value per order than it did twelve months ago, and that's the lever we expect to keep pulling.

$12.9K
Q1 FY25
$16.7K
Q2 FY25
$21.2K
Q3 FY25
$23.9K
Q4 FY25
$31.6K
Q1 FY26
+145%

Revenue growth from Q1 FY25 to Q1 FY26.

Drivers
  • Pricing discipline
  • Basket composition
  • Transaction quality
03–04 · Recovery & Reach

Stabilizing the engine,
broadening the base.

Q1 FY25 presented a difficult start to the year, with elevated unmet demand across key categories — the kind of gap that erodes trust quickly if it isn't addressed. From Q2 onwards, performance improved meaningfully and a more stable operating rhythm emerged across the remainder of the year.

Operational Recovery

The recovery wasn't one decision — it was three things working together.

  • Stronger supplier coordination
  • Better demand forecasting
  • Improved execution discipline
Customer Base
111

Active customers across HORECA and emerging retail — broader coverage that reduces single-segment risk and supports more consistent throughput across the marketplace.

05 · Supply-Side Control

Building control
into the system.

One of the most important outcomes of FY25 has been the decision to build greater control into the system. Where customer expectations and partner execution diverged, we paid the price in churn. The response is a deliberate move to internalize control across the value chain rather than rely on partners whose execution we cannot dictate. None of these are finished — they are foundational moves that compound.

Packhouse

Development Initiated

First-party fulfillment infrastructure to enforce quality, consistency, and standards.

Direct Sourcing

Relationships Strengthened

Reducing reliance on aggregators and intermediaries that obscure the source.

Commodity Strategy

Becoming Structured

From opportunistic transactions to a repeatable trade pipeline.

Export Channels

Better Understood

Ground-level diligence in Tanzania has reset expectations and unlocked new enquiries.

Stacked maize bags inside the packhouse
From the Ground · Lusaka
Aggregating commodity volumes at scale — the foundation of structured, repeatable trades.
Part Two

Strategic
Insights.

What the year revealed

Three lessons that will shape how we operate in FY26 and beyond.

Insight 01 · Marketplace
01

The marketplace requires
controlled fulfillment.

The marketplace continues to show strong demand — that part is settled. What remains variable is the consistency of supply, and FY25 showed us in real time how decisive that variable is. Where supply-side partners performed well, customer relationships strengthened. Where there was misalignment, the impact was immediate and visible in the churn data.

This has reinforced the case for owning more of the fulfillment layer ourselves — better aggregation, quality control, and clear operating standards that don't depend on a partner's good day.

The Need is Clear
Better aggregation
 
Quality control
 
Clear operating standards
Insight 02 · Commodities
02

Commodities require
dedicated focus.

Early engagement in commodities revealed the scale of the opportunity. In Q1 FY25 alone, commodity demand exceeded the entire size of the existing marketplace business. That single data point reframed how we think about the segment — both the potential and the complexity.

Rather than pursue fragmented opportunities one trade at a time, we stepped back to build a more structured approach. The early proof points are encouraging: a successful yellow maize trade closed in August 2025, with a follow-on engagement of approximately 800 tonnes of white maize already in motion.

Direction: structured, repeatable trades — not one-off transactions.

Proof Points
Yellow maize trade
Successfully closed · Aug 2025
White maize follow-on
~800 tonnes engaged
Insight 03 · Export
03

Export requires
ground-level understanding.

Our work on avocados put us on the ground in Tanzania, and what we found there reset our assumptions about export supply chains across the region. The realities only become visible when you walk them: multiple intermediary layers, limited visibility into the true source, and meaningful quality variability across what should be a uniform product.

While Zambia's seasonality and post-drought conditions limited what we could execute on this year, the engagements have already produced enquiries from Turkey and the UAE. The groundwork is in place — and the patience required for export is now part of how we plan, not a surprise.

  • Multiple intermediary layers
  • Limited visibility into source
  • Quality variability
Emerging Interest
Turkey
UAE

Enquiries already in motion despite Zambia's seasonality and post-drought constraints.

SimuPod · Status
SimuPod vertical farming towers
Vertical Towers · Controlled Production
First Growing Phase
SimuPod logo
SimuPod where life grows

From concept
to execution.

The China trip in FY25 marked the inflection point — the moment SimuPod stopped being an idea on a deck and started becoming physical infrastructure. Through sourcing and setup we encountered exactly the kinds of friction the deck never warned us about: importation processes, government coordination, technical setup complexity, and talent alignment.

Timelines extended. But the process produced something more valuable than schedule adherence — clarity on what successful deployment actually requires. That clarity is what we will carry into the franchise model long after the first pod is operational.

Where We Are

Approaching readiness for the first growing phase.

Strategic Role
  • Consistent supply
  • Reduced seasonality
  • Retail integration
  • Demonstration of controlled production
SimuPod logo
SimuPod · Vertical Farms where life grows
Build Progress

From sourcing to standing.

A year of physical work — sourcing trips in China, container conversions, deck builds, and the towers that will carry the first growing phase. The pictures tell the story words can't.

SimuPod with vertical farming towers and solar at sunset
Lusaka · Q1 FY26
SimuPod approaching readiness — towers + solar.
China sourcing trip — meeting with manufacturer
China · Sourcing Trip FY25
The inflection point — concept to physical infrastructure.
SimuPod build with greenhouse and container
Build · Phase II
Container + greenhouse.
Pergola construction overhead view
Build · Pergola
Deck and shade frame going up.
SimuPod illuminated at night
Operating Hours
Lights on. Systems live.
Personnel

A streamlined team.

During the period, Carol transitioned out of the business. We are grateful for her contribution during Hrvst's early growth and foundational stages — without that work, much of what is described in this report would not have been possible.

The current structure has allowed for more streamlined decision-making and clearer operational ownership — qualities the next phase will demand more of, not less.

Leadership
Curtis
Co-Founder
Chris
Co-Founder
FX Analysis

Reading the numbers
through an FX lens.

FX movements played a meaningful role in how FY25 and Q1 FY26 read on paper. The Kwacha strengthened materially through the period, which improved USD-reported GMV and gave revenue a more favorable USD positioning than ZMW activity alone would suggest. Both views are useful — but they tell different parts of the same story.

QuarterAverage USD/ZMW
Q1 FY2528.20
Q4 FY2522.75
Q1 FY2619.44
Kwacha Strengthening

The Kwacha appreciated meaningfully through the period, lifting USD-translated GMV and revenue.

How to Read It

ZMW reflects underlying activity. USD reflects reporting impact. Both views matter — read together.

The Scorecard

Five quarters,
at a glance.

KPI Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26
GMV (ZMW) 4.94M 6.61M 7.10M ★ 5.96M 4.99M
GMV (USD) $175K $276K $301K $268K $261K
Revenue $12.9K $16.7K $21.2K $23.9K $31.6K ★
Avg Basket 269 381 398 373 386
Active Customers 111 111 111 111 111
★ Strongest GMV quarter. ★ Highest revenue print to date.
Unmet Demand

Closing the gap
between demand and supply.

2.73M
Q1 FY25
0.74M
Q2 FY25
0.53M
Q3 FY25
0.73M
Q4 FY25
0.54M
Q1 FY26
The Pattern

Sharp drop from Q1 FY25, then stable.

The decline from Q1 to Q3 reflects improved alignment between demand and supply. Q1 FY26 holds within the new, stable range.

Core unmet demand (ZMW) by quarter

Marketplace · Channels

Strengthening the core,
learning from the edges.

The marketplace continues to serve as the central engine of the business — and our priorities reflect that. Strengthening HORECA, expanding into retail, sharpening supplier coordination, and refusing to compromise on reliability and consistency. The Shoprite and Cheers retail partnerships are an important step toward a more balanced demand mix, anchoring us beyond a single channel.

The Core

Marketplace remains
the engine.

  • Strengthened HORECA relationships
  • Expansion into retail channels
  • Improved supplier coordination
  • Reliability and consistency focus

Retail with Shoprite & Cheers — toward a more balanced demand mix.

Learning Carried Forward

FreshBox & Afridelivery.

The FreshBox initiative gave us a direct read on B2C demand and validated three things that aren't always obvious until you ship them: strong consumer interest, the viability of curated produce boxes as a format, and the outsized importance of the delivery experience itself.

While the Afridelivery partnership has concluded, none of those learnings are wasted.

They will be incorporated into a future SimuPod-led retail strategy, where production, packaging, and distribution can be tightly integrated under one roof rather than handed across partners.

Technology & AI Strategy

Building the
Hrvst Operating System.

A key development coming out of FY25 is a renewed focus on technology. The lesson became unavoidable through the year — partner-led fulfillment introduces too much variance, and software is the lever that turns variance into discipline. The work that began as a Packhouse OS is now growing into something larger: an integrated operating system that gives us better visibility across the entire value chain.

Born of Shortcoming

The Packhouse Operating System covers the operational core — inventory management, order tracking, quality control, supplier coordination, and customer fulfillment. But it is designed to do two jobs at once: run our internal operations today, and run the future franchise model tomorrow.

The long-term vision is not for Hrvst to operate every packhouse directly. It is to enable a network of franchised packhouses supported by our technology — software running the operation, AI doing the heavy lifting, and Hrvst owning the platform.

Packhouse OS · Capabilities
  • Inventory management
  • Order tracking
  • Quality control
  • Supplier coordination
  • Customer fulfillment
The mandate stays asset-light — franchising, not ownership, is how we scale.
The Hrvst Operating System

From a single packhouse
to a franchised network.

AI plays an essential role in this strategy — not as a feature bolted on, but as the operating logic that makes the franchise model viable at scale. Demand forecasting that compounds with every order. Supply optimization across vendors. Automated reconciliation that strips manual touches out of every transaction. And the operational efficiency that makes margin compound rather than erode as we grow.

These elements are coming together into an integrated Hrvst Operating System — providing better visibility across the entire value chain and mirroring the SimuPod thesis: technology is the asset, not the building.

Licensing is the Horizon

Demand Forecasting

Smarter purchasing, less waste.

Supply Optimization

Better routing across vendors.

Auto-reconciliation

Fewer manual touches per order.

Operational Efficiency

Compounding margin at scale.

What's Next · Q2 FY26

Five priorities.
One phase: execution.

FY25 was the work of understanding. The next chapter is the work of doing. These five priorities aren't a wishlist — they are the connecting tissue between the foundations we've laid and the cohesive, scalable system we are building toward.

01
Operationalize the Packhouse
Bring Hrvst's first-party fulfillment infrastructure online.
02
Begin SimuPod growing phase
Move from setup to harvest — controlled, repeatable production.
03
Advance retail partnerships
Deepen Shoprite, Cheers, and emerging retail channels.
04
Execute structured commodity trades
From opportunistic to repeatable — across grains and legumes.
05
Develop technology and AI systems
Ship the Packhouse OS foundation and AI primitives.
Closing Thoughts

FY25 provided clarity.
Q1 FY26 marks the beginning of execution.

The Business is Now Positioned With
  • Strong marketplace demand
  • Expanding retail relationships
  • Structured commodity pipeline
  • Emerging export opportunities
  • Developing infrastructure and technology

The next phase is about connecting these elements into a cohesive, scalable system.

Sign-Off

Thank you for your
continued partnership.

Curtis · Chris

On behalf of the Hrvst team

Corporate Structure

Hrvst Limited · Lusaka, Zambia
Aiponics Inc. · US Holding Company
hrvst.market

HRVST · Where Life Grows
Issued May 2026