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 owe an apology for the delay in sharing this report. 2025 was an intensive year — execution took precedence over communication as we worked across commodities, exports, supply-side infrastructure, and technology development. The work was foundational, and it required time, iteration, and learning.

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
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.

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.

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

Some client churn occurred — largely tied to supply-side partner misalignment. The lesson is clear: tighter control on fulfillment is now non-negotiable.

02 · Revenue & Monetization

Capturing more value
per transaction.

$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.

Operational Recovery

Q1 FY25 was a difficult start — elevated unmet demand across key categories. From Q2 onwards, performance steadied.

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

Diversification reduces single-segment risk and supports more consistent throughput across the marketplace.

Active customers across HORECA and emerging retail.

05 · Supply-Side Control

Building control
into the system.

One of the most important outcomes of FY25 was a deliberate move to internalize control across the value chain — rather than rely on partners whose execution we cannot dictate.

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.

Demand is robust. Consistency of supply is the variable. Where supply-side partners performed well, customer relationships deepened. Where they didn't, the impact was immediate.

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

Commodities require
dedicated focus.

In Q1 FY25 alone, commodity demand exceeded the entire size of our marketplace business. The opportunity is real — and complex enough that opportunistic trading was always going to fall short.

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 reset our assumptions about export supply chains across the region.

  • 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 sourcing trip in FY25 marked the inflection point — moving SimuPod from idea to physical infrastructure. Sourcing, importation, government coordination, technical setup and talent alignment have all extended timelines, but the process produced something more valuable: clarity on what successful deployment actually requires.

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.

The current structure has allowed for more streamlined decision-making and clearer operational ownership.

Leadership
Curtis
Co-Founder
Chris
Co-Founder
FX Analysis

Reading the numbers
through an FX lens.

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 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.

Afridelivery has concluded, but FreshBox proved B2C demand: strong consumer interest, viable curated produce boxes, and the importance of the delivery experience.

These learnings carry forward into a future SimuPod-led retail strategy where production, packaging and distribution can be tightly integrated.

Technology & AI Strategy

Building the
Packhouse OS.

Born of Shortcoming

FY25 made the lesson unavoidable — partner-led fulfillment introduces too much variance. The Packhouse Operating System is our response: a software-led approach to running fulfillment with the discipline our customers need.

Packhouse OS · Capabilities
  • Inventory management
  • Order tracking
  • Quality control
  • Supplier coordination
  • Customer fulfillment
The mandate stays asset-light — franchising is how we scale.
The Hrvst Operating System

From a single packhouse
to a franchised network.

Long-term, we will not operate every packhouse ourselves. Instead, the Hrvst Operating System will enable a franchised network of packhouses — software running the operation, AI doing the heavy lifting, and Hrvst owning the platform. The model mirrors our 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.

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