Barfresh Provides Fourth Quarter and Full Year 2024 Results and Business Update
Barfresh Food Group (NASDAQ: BRFH) reported record annual revenue of $10.7 million for fiscal year 2024, with a gross margin of 34% and adjusted gross margin of 37%. The company launched Pop & Go™ 100% Juice Freeze Pops in Q4 2024, contributing to initial revenue generation.
Q4 2024 revenue was $2.8 million, up from $1.9 million in Q4 2023, though gross margin decreased to 26% from 33% due to temporary production inefficiencies. The company reported a Q4 net loss of $852,000.
In February 2025, Barfresh secured $3 million in growth financing through a common stock offering to scale production capacity. The company projects fiscal year 2025 revenue between $14.5-$16.6 million, with supply chain constraints expected to resolve by end of Q2 2025 when bottle co-manufacturing partners complete equipment installations.
Barfresh Food Group (NASDAQ: BRFH) ha riportato un fatturato annuale record di $10,7 milioni per l'anno fiscale 2024, con un margine lordo del 34% e un margine lordo rettificato del 37%. L'azienda ha lanciato i Pop & Go™ 100% Juice Freeze Pops nel quarto trimestre del 2024, contribuendo alla generazione iniziale di entrate.
Il fatturato del Q4 2024 è stato di $2,8 milioni, in aumento rispetto a $1,9 milioni nel Q4 2023, sebbene il margine lordo sia diminuito al 26% dal 33% a causa di inefficienze temporanee nella produzione. L'azienda ha riportato una perdita netta nel Q4 di $852.000.
Nel febbraio 2025, Barfresh ha ottenuto $3 milioni in finanziamenti per la crescita tramite un'offerta di azioni ordinarie per aumentare la capacità di produzione. L'azienda prevede un fatturato per l'anno fiscale 2025 compreso tra $14,5-$16,6 milioni, con vincoli nella catena di approvvigionamento che ci si aspetta saranno risolti entro la fine del Q2 2025, quando i partner di co-manifattura delle bottiglie completeranno le installazioni delle attrezzature.
Barfresh Food Group (NASDAQ: BRFH) reportó un ingreso anual récord de $10.7 millones para el año fiscal 2024, con un margen bruto del 34% y un margen bruto ajustado del 37%. La compañía lanzó los Pop & Go™ 100% Juice Freeze Pops en el cuarto trimestre de 2024, contribuyendo a la generación inicial de ingresos.
Los ingresos del Q4 2024 fueron de $2.8 millones, un aumento respecto a $1.9 millones en el Q4 2023, aunque el margen bruto disminuyó al 26% desde el 33% debido a ineficiencias temporales en la producción. La compañía reportó una pérdida neta de $852,000 en el Q4.
En febrero de 2025, Barfresh aseguró $3 millones en financiamiento para crecimiento a través de una oferta de acciones comunes para aumentar la capacidad de producción. La compañía proyecta ingresos para el año fiscal 2025 entre $14.5-$16.6 millones, con restricciones en la cadena de suministro que se espera se resuelvan para finales del Q2 2025, cuando los socios de co-manufactura de botellas completen las instalaciones de equipos.
Barfresh Food Group (NASDAQ: BRFH)는 2024 회계연도에 $10.7 백만의 기록적인 연간 수익을 보고했으며, 총 마진은 34%, 조정된 총 마진은 37%입니다. 회사는 2024년 4분기에 Pop & Go™ 100% Juice Freeze Pops를 출시하여 초기 수익 창출에 기여했습니다.
2024년 4분기 수익은 $2.8 백만으로, 2023년 4분기의 $1.9 백만에서 증가했지만, 총 마진은 33%에서 26%로 감소했습니다. 이는 일시적인 생산 비효율성 때문입니다. 회사는 4분기 순손실로 $852,000을 보고했습니다.
2025년 2월, Barfresh는 생산 능력을 확장하기 위해 보통주 발행을 통해 $3 백만의 성장 자금을 확보했습니다. 회사는 2025 회계연도 수익을 $14.5-$16.6 백만으로 예상하고 있으며, 병 공동 제조 파트너가 장비 설치를 완료하는 2025년 2분기 말까지 공급망 제약이 해결될 것으로 기대하고 있습니다.
Barfresh Food Group (NASDAQ: BRFH) a annoncé un chiffre d'affaires annuel record de 10,7 millions de dollars pour l'exercice 2024, avec une marge brute de 34% et une marge brute ajustée de 37%. La société a lancé les Pop & Go™ 100% Juice Freeze Pops au quatrième trimestre 2024, contribuant à la génération de revenus initiale.
Le chiffre d'affaires du T4 2024 s'élevait à 2,8 millions de dollars, en hausse par rapport à 1,9 million de dollars au T4 2023, bien que la marge brute ait diminué à 26% contre 33% en raison d'inefficacités temporaires de production. La société a enregistré une perte nette de 852 000 dollars au T4.
En février 2025, Barfresh a sécurisé 3 millions de dollars de financement pour la croissance grâce à une offre d'actions ordinaires pour augmenter la capacité de production. La société prévoit un chiffre d'affaires pour l'exercice 2025 compris entre 14,5 et 16,6 millions de dollars, avec des contraintes de la chaîne d'approvisionnement qui devraient être résolues d'ici la fin du T2 2025, lorsque les partenaires de co-fabrication de bouteilles auront terminé les installations d'équipement.
Barfresh Food Group (NASDAQ: BRFH) meldete für das Geschäftsjahr 2024 einen Rekordumsatz von 10,7 Millionen US-Dollar, mit einer Bruttomarge von 34% und einer bereinigten Bruttomarge von 37%. Das Unternehmen brachte im 4. Quartal 2024 die Pop & Go™ 100% Juice Freeze Pops auf den Markt, die zur anfänglichen Umsatzgenerierung beitrugen.
Der Umsatz im 4. Quartal 2024 betrug 2,8 Millionen US-Dollar, ein Anstieg von 1,9 Millionen US-Dollar im 4. Quartal 2023, obwohl die Bruttomarge aufgrund vorübergehender Produktionsineffizienzen auf 26% von 33% sank. Das Unternehmen meldete im 4. Quartal einen Nettoverlust von 852.000 US-Dollar.
Im Februar 2025 sicherte sich Barfresh 3 Millionen US-Dollar an Wachstumsfinanzierung durch ein Angebot von Stammaktien zur Skalierung der Produktionskapazität. Das Unternehmen prognostiziert für das Geschäftsjahr 2025 einen Umsatz zwischen 14,5 und 16,6 Millionen US-Dollar, wobei erwartet wird, dass die Einschränkungen in der Lieferkette bis Ende des 2. Quartals 2025 behoben sind, wenn die Partner für die Co-Herstellung von Flaschen die Ausrüstungsinstallationen abschließen.
- Record annual revenue of $10.7M in 2024, up from $8.1M in 2023
- Successful launch of new Pop & Go™ product line in Q4 2024
- Secured $3M growth financing to scale production capacity
- Projected revenue growth to $14.5-$16.6M for 2025
- Improved adjusted EBITDA loss to $1.3M from $1.7M in 2023
- Q4 2024 net loss increased to $852,000 from $701,000 in Q4 2023
- Q4 gross margin declined to 26% from 33% year-over-year
- Ongoing production inefficiencies and increased logistics costs
- Full year net loss of $2.8M in 2024
- Low cash position of $1.1M in cash and receivables as of December 2024
Insights
Barfresh's record
The company's gross margin deteriorated significantly in Q4 to
The
With a market cap of
Barfresh's Q4 results reveal significant operational growing pains as they scale production to meet increasing demand. The temporary dual-location manufacturing process has created inefficiencies and elevated logistics costs that directly impacted margins. This approach, while suboptimal, is a common transitional strategy when onboarding new production partners.
The company's timeline for completing equipment installation at co-manufacturing partners by the end of Q2 2025 provides a clear milestone for resolving these constraints. This specialized equipment will be critical for improving both production capacity and efficiency, particularly for their bottled products which appear to be driving much of their growth.
The
The launch of Pop & Go™ 100% Juice Freeze Pops with revenue contribution in Q4 demonstrates product line expansion capabilities despite operational challenges. The successful implementation of expanded bottling capacity will be the critical factor determining whether Barfresh can achieve both their ambitious revenue targets and the margin improvements needed for profitability in the second half of 2025.
Company Achieves Highest Fiscal Year Revenue in Company History
Revenue of
Pop & Go™
Company Raises
Company Expects Record Revenue for Fiscal Year 2025 of
LOS ANGELES, March 27, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, is providing a business update for the full year ended December 31, 2024.
Management Comments
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “Our team delivered record annual revenue of
“Looking ahead to 2025, with our recently strengthened balance sheet following our successful capital raise, we are well-positioned to leverage our enhanced production capacity and innovative product portfolio to capture significant opportunities in both the education and broader foodservice markets and improve cash flow and overall margins. Based on our strong pipeline and continued market momentum, we expect 2025 to deliver another record year with revenue projected to reach between
Fourth Quarter of 2024 Financial Results
Revenue for the fourth quarter of 2024 was
Net loss for the fourth quarter of 2024 was
Adjusted EBITDA was a loss of approximately
Fiscal Year 2024 Financial Results
Revenue for the full year of 2024 was
Net loss was
Adjusted EBITDA for the full year 2024 improved to a loss of
Non-GAAP Financial Measures
The above information is presented in conformity with accounting principles generally accepted in the United States. In order to aid in the understanding of the Company’s business performance, the Company has also presented below certain non-GAAP measures, including Adjusted Gross Profit, EBITDA and Adjusted EBITDA, which are reconciled in the table below to comparable GAAP measures, and certain calculations based on its results including Gross Margin and Adjusted Gross Margin. Management believes that Adjusted Gross Profit and Adjusted EBITDA provide useful information to the investor because it is directly reflective of the performance of the Company. The exclusion of certain items including manufacturing relocation costs in calculating Adjusted Gross Profit and stock compensation and other non-recurring costs such as those associated with the product withdrawal, the related dispute, and certain manufacturing relocation costs in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of the Company’s core business performance. Adjusted Gross Profit and Adjusted EBITDA are not recognized measurements under GAAP and should not be considered as an alternative to Gross Profit, loss from operations, net loss or any other performance measure derived in accordance with GAAP.
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 2,788,000 | $ | 1,922,000 | $ | 10,717,000 | $ | 8,127,000 | ||||||||
| Cost of revenue | 2,058,000 | 1,280,000 | 7,049,000 | 5,243,000 | ||||||||||||
| Gross profit | 730,000 | 642,000 | 3,668,000 | 2,884,000 | ||||||||||||
| Manufacturing relocation (1) | 107,000 | - | 283,000 | - | ||||||||||||
| Adjusted Gross Profit | $ | 837,000 | $ | 642,000 | $ | 3,951,000 | $ | 2,884,000 | ||||||||
| Gross Margin | 26 | % | 33 | % | 34 | % | 35 | % | ||||||||
| Adjusted Gross Margin | 30 | % | 33 | % | 37 | % | 35 | % | ||||||||
| (1) Represents costs incurred to relocate single-serve ready-to-blend beverage pack production lines owned by Barfresh at the conclusion of a multi-year manufacturing agreement. | ||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (852,000 | ) | $ | (701,000 | ) | $ | (2,825,000 | ) | $ | (2,824,000 | ) | ||||
| Depreciation and amortization | 68,000 | 94,000 | 283,000 | 419,000 | ||||||||||||
| Interest expense | 28,000 | 3,000 | 52,000 | 6,000 | ||||||||||||
| EBITDA | (756,000 | ) | (604,000 | ) | (2,490,000 | ) | (2,399,000 | ) | ||||||||
| Stock based compensation, employees and board of directors | 88,000 | 113,000 | 784,000 | 543,000 | ||||||||||||
| Operating expense related to withdrawn product and related dispute (1) | - | 64,000 | 108,000 | 182,000 | ||||||||||||
| Manufacturing relocation (2) | 107,000 | - | 283,000 | - | ||||||||||||
| Adjusted EBITDA | $ | (561,000 | ) | $ | (427,000 | ) | $ | (1,315,000 | ) | $ | (1,674,000 | ) | ||||
| (1) Barfresh experienced a quality issue with product manufactured by one of its contract manufacturers, which is the subject of a legal dispute as to the source of complaints received. Operating expense in 2023 and 2024 primarily includes legal expense incurred with respect to the dispute. | ||||||||||||||||
| (2) Represents costs incurred to relocate single-serve ready-to-blend beverage pack production lines owned by Barfresh at the conclusion of a multi-year manufacturing agreement. | ||||||||||||||||
Balance Sheet
As of December 31, 2024, the Company had approximately
In February 2025, the Company secured
Commentary and Outlook for 2025
For Q1, the Company expects revenue and margins to be consistent with Q4 levels as it continues to manage its supply chain through a transitional period. This temporary constraint will resolve when its bottle co-manufacturing partners complete their equipment installation at the end of Q2, eliminating the current dual-location manufacturing and packing process that is temporarily increasing the Company’s supply chain costs and positioning the company for very strong back half of the year revenue growth.
The Company expects to achieve record fiscal year revenue of between
Supplier Dispute
During the third quarter of 2022, Barfresh received customer complaints related to the textural consistency of some of the Company’s Twist & Go™ bottle product, which was isolated to one manufacturer. The product was found to be safe for consumption but did not meet the textural standards as outlined in the supply agreement with the manufacturer. In response, Barfresh withdrew product from the market and destroyed on-hand inventory. Barfresh attempted to resolve the issues by informal negotiation, as contractually required prior to filing suit; however, such negotiations were unsuccessful. Barfresh filed a complaint on November 10, 2022, in the Federal District Court in Los Angeles against the manufacturer. In response, the manufacturer terminated the supply agreement. On January 20, 2023, Barfresh filed a voluntary dismissal of the complaint which allows the parties to reach a potential resolution outside of the court system. However, as the parties were once again unable to come to an agreement, Barfresh re-filed the complaint in California State Court in August 2023 and the case continues to progress through the court system. Due to the uncertainties surrounding the claim, Barfresh is not able to predict either the outcome or a range of reasonably possible recoveries that could result from its actions against the manufacturer, and no gain contingencies have been recorded. The total impact of the product withdrawal and loss of a manufacturer of Twist & Go™ bottle product may be subject to change.
Conference Call
The conference call to discuss these results is scheduled for today, Thursday, March 27, 2025, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Listeners can dial (877) 407-4018 in North America, and international listeners can dial (201) 689-8471. A telephonic playback will be available approximately two hours after the call concludes and will be available through Thursday, April 10, 2025. Listeners in North America can dial (844) 512-2921, and international listeners can dial (412) 317-6671. Passcode is 13750486. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company’s website at www.barfresh.com in the Investors-Presentations section.
About Barfresh Food Group
Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary, patented system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. For more information, please visit www.barfresh.com.
Forward-Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company’s commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as “grow”, “expand”, “anticipate”, “intend”, “estimate”, “believe”, “expect”, “plan”, “should”, “hypothetical”, “potential”, “forecast” and “project”, “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company’s recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
FAQ
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