Tony's Chocolonely, the impact company working to end exploitation in cocoa, has released its annual FAIR Report, and also announced record revenue growth.

The cocoa industry has come upon bitter times, faced with crop shortages driving prices sky high. In the last year, cocoa prices have increased significantly, from roughly $3,600 per metric ton in October 2023 to a high of $12,440 in June 2024, making it one of the most volatile years in cocoa market history, all whilst crop yields have decreased 20%, leading to reports of delayed orders, reduced product volumes, and more in attempts to cope with steep commodity prices hikes.

However, the company reported $248 million in net annual revenue, growing 33% year over year. Growth was driven primarily by successful expansion across the U.S. market, where the brands business increased 86%, a credit to its recent launches in Walmart and Kroger, among other things, it says.

What sets Tony’s Chocolonely apart from their chocolate aisle peers is its unique approach to sourcing, the company says, made possible through Tony’s Open chain—the brand's collaborative sourcing initiative, which recently onboarded MrBeast’s chocolate company, Feastables, to its portfolio of partners. The company's commitment to ending exploitation not only helps them land notable partnerships but also plays a role in building a supply chain that is more resilient to climate-change-related challenges, it says. 

The cooperatives where the Tony’s Open Chain model has been at work the longest report crop losses of only 11%, nearly half the industry average, allowing them to increase its cocoa bean volumes to a hefty 30,000mt in orders (+71% YoY) placed for the current season. Tony’s Open Chain’s 5 Sourcing Principles—which include paying a higher price, traceability, a focus on quality and productivity, long-term commitments, and promoting strong farmer cooperatives—play a critical role in long-term successes including supply chain reliance and continued downward trajectory on child labor cases at its long-term partner co-operatives. 

Crop diseases and the growing impact of climate change continue to pose significant challenges for the cocoa industry, contributing to price volatility. While analysts predict a turbulent 2025 for the chocolate sector, Tony’s Chocolonely remains steadfast in its commitment to its mission and values—a dedication that has consistently delivered meaningful results, it says.

These numbers, among others, were reported in Tony’s Chocolonely’s integrated impact and financial report for the year end September 30, 2024. The Annual Fair Report, which won a 2024 Anthem Award (which honors the purpose and mission-driven work of people, companies, and organizations worldwide), transparently reports the company’s financial and impact-related results at the end of each fiscal year. 

Commenting on the results Douglas Lamont, chief Chocolonely, says: “This year has undoubtedly presented significant challenges to the industry with rising cocoa prices. In spite of that, Tony's Chocolonely is growing and our impact on the ground in West Africa is growing too.  Our report this year is more evidence that our 5 Sourcing Principles model can work at scale and deliver step-change long-term benefits to cocoa farmers and their families, not least in creating a pathway to structurally eradicate child labor from the cocoa value chain."

"Whilst Tony's Chocolonely has grown rapidly, our cocoa volumes have grown even faster. We've welcomed many new partners, our Mission Allies, who have chosen to source their cocoa through Tony’s Open Chain, including some of the fastest-growing chocolate brands and household-name grocers. To inspire systemic change, we need to show the industry that our business model delivers for shareholders. The figures show we're on the right track, with significantly increased net revenue while delivering a positive EBITDA, built on strong growth in the U.S. and many of our core European markets. I am grateful to the growing Tony's team, and the increasing number of Mission Allies that have joined us on this journey, together we can end exploitation in cocoa."


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