Lifeway Foods, Inc.

Lifeway Foods, Inc. (the "Company") is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q the period ended June 30, 2022 (the “Form 10-Q”). The Company has determined that it is unable to file its Form 10-Q within the prescribed time period provided by the applicable rules of the Securities and Exchange Commission without unreasonable effort and expense. As previously reported in the Company’s Form 12b-25 filed April 1, 2022, the Company was delayed in filing its Form 10-K for the year ended December 31, which has been subsequently filed on July 21, 2022. The Company is working diligently with its external auditor on this matter

Lifeway Foods, Inc. (the "Company") is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q the period ended March 31, 2022 (the “Form 10-Q”). The Company has determined that it is unable to file its Form 10-Q within the prescribed time period provided by the applicable rules of the Securities and Exchange Commission without unreasonable effort and expense. As previously reported in the Company’s Form 8-K filed May 5, 2022, during the preparation of its financial statements for the year ended December 31, 2021, the Company identified an error in accounting for income taxes. Specifically, in connection with its 2009 acquisition of Fresh Made, Inc., the Company did not record a deferred income tax liability and corresponding increase to goodwill related to the difference in the book and income tax bases for an indefinite-lived brand name intangible asset. The error resulted in a $1.18 million understatement of both deferred income tax liabilities and goodwill of as of January 1, 2020, but had no impact on the Company’s liquidity or cash position. The Company intends to restate the audited consolidated financial statements for the year ended December 31, 2020, and unaudited consolidated financial statements for the quarterly periods ended March 31, 2020, June 30, 2020, September 30, 2020, March 31, 2021, June 30, 2021, and September 30, 2021 and correct the related “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as soon as practicable. The Company is working diligently with its external auditor on this matter. 2

Lifeway Foods, Inc. (the "Company") is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K the period ended December 31, 2021 (the “Form 10-K”). The Company has determined that it is unable to file its Form 10-K within the prescribed time period provided by the applicable rules of the Securities and Exchange Commission without unreasonable effort and expense. During the preparation of its financial statements for the year ended December 31, 2021, the Company identified an error in accounting for income taxes. At the time of a 2009 business acquisition, the Company did not record a deferred income tax liability, and a corresponding increase to goodwill, related to the difference in book and income tax basis for one indefinite-lived brand name intangible asset. The identified amount is $1.18 million of increase in goodwill and increase in deferred income tax liability. The Company is evaluating the effect of this error on its current and prior period filings. The Company is working diligently with its external auditor on this matter