Welcome to our dedicated page for Blue Star Foods news (Ticker: BSFC), a resource for investors and traders seeking the latest updates and insights on Blue Star Foods stock.
Blue Star Foods Corp. (NASDAQ: BSFC) is a global leader in the seafood processing and import industry, headquartered in Miami. The company specializes in the import, packaging, and sale of refrigerated pasteurized crab meat and other premium seafood products. Blue Star Foods derives its revenue from importing blue and red swimming crab meat from Indonesia, Philippines, and China, distributing it across the United States and Canada under an array of premium brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, Coastal Pride Fresh, and Little Cedar Falls for steelhead salmon and rainbow trout fingerlings.
Blue Star Foods is renowned for its innovative packaging solutions, which have significantly reduced the use of recycled materials and minimized its carbon footprint, keeping millions of pounds of packaging waste out of the environment. The company has been a frontrunner in ensuring verifiable traceability and sustainability in the global seafood market. Upcoming technological advancements are set to further enhance their resource management practices, benefiting both end users and consumers.
With a major focus on the blue swimming crab species, Blue Star Foods has optimized its supply chain efficiencies, and these advancements are seamlessly extending to other species and categories. The company continues to lead by example in sustainability, ensuring that every step in its supply chain adheres to the highest standards.
Recent achievements include the development and launch of new applications aimed at improving resource management and product traceability. Blue Star Foods’ commitment to sustainability and innovation positions it as a key player in the international seafood market.
- Headquarters: Miami, USA
- Products: Refrigerated pasteurized crab meat, premium seafood
- Brands: Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, Coastal Pride Fresh, Little Cedar Falls
- Key Markets: United States, Canada
- Recent Innovations: Advanced packaging solutions, resource management tech
Blue Star Foods Corp. (NASDAQ: BSFC) announced its delisting from Nasdaq due to violation of the Minimum Bid Price Requirement. The company will begin trading on OTC Markets on Friday, December 20, 2024. The company opted not to appeal the delisting decision, citing potential benefits including lower public company costs and elimination of immediate reverse split requirements. CEO John Keeler emphasized that the delisting does not reflect operational performance, stating the company has returned to revenue growth with a strong cash position. Blue Star plans to apply for listing on the OTCQB as soon as practicable.
Blue Star Foods Corp. (NASDAQ: BSFC) has announced a stock buyback program to repurchase up to $1.5 million of its common stock. The company will conduct repurchases in the open market, with timing and amount depending on factors including price, trading volume, and market conditions. The program can be suspended, modified, or discontinued at any time. Management believes the stock is significantly undervalued and views the buyback as an opportunity to return value to shareholders.
Blue Star Foods Corp (NASDAQ: BSFC) has signed a Vendor Agreement with LowTide for the development and nationwide distribution of two brand lines: Wicked Tuna Seafood and Toby Keith's Premium. The partnership combines Blue Star's seafood expertise with LowTide's culinary capabilities to deliver premium, sustainably sourced products. Blue Star will procure domestic seafood products and collaborate with LowTide to develop meal solutions under these brands. The Wicked Tuna brand, inspired by the TV series, focuses on authentic seafood experiences, while Toby Keith's Premium line promises 100% USA-sourced food products.
Blue Star Foods Corp. (NASDAQ: BSFC), an ESG sustainable seafood company, has issued a shareholder letter addressing recent challenges and financial improvements. The company reports a 50.4% reduction in total liabilities, strengthening its balance sheet by $4,630,557 in shareholder equity as of June 30, 2024, compared to the same period in 2023.
CEO John Keeler addresses difficulties with Taste of BC Aquafarm's parcel landlord, Steve Atkinson, citing allegations of tort interference, harassment, trespassing, and property vandalization. The company is facing a libel and slander campaign, which it attributes to false rumors spread by Mr. Atkinson.
Blue Star Foods emphasizes its commitment to transparency, factual communication, and protecting shareholder interests while continuing to focus on sustainable seafood production and targeted revenue growth.
Blue Star Foods Corp. (NASDAQ: BSFC) announced that its subsidiary, Taste of BC Aquafarms, has signed a significant fingerling supply agreement with Miracle Springs. This partnership is set to accelerate harvest growth and meet increasing market demand. The agreement includes:
1. Initial supply of 1,250 kg of fish (750 kg of 100-200g and 10,000 50g fingerlings)
2. Ongoing supply of 10-20 thousand fingerlings in Q1 and Q2 2025
3. 20 thousand 50g fingerlings every 2 months starting Q3 2025
The contract, valued at approximately CAD$200,000, is expected to increase Taste of BC's production capability to 200 Tons HOG Steelhead salmon in 2025 & 2026, projecting revenues of CAD$2.315 million at current selling prices. Taste of BC is also upgrading farm systems to support additional biomass and enhance oxygen and ozone capacities, targeting a 40% reduction in LOX costs.
Blue Star Foods Corp. (NASDAQ: BSFC) has reiterated its 2024 forecast of at least 65% revenue growth with an annual run-rate exceeding $20 million. The company's confidence is based on a strong pipeline of existing and new business, supported by several initiatives:
1. Roll-out of gourmet meals for the U.S. Military
2. Weekly harvests at their land-based steelhead salmon farm
3. Increasing inventory levels in anticipation of revenue acceleration
4. Plans to improve soft-shell crab operations using AI and UV technology
CEO John Keeler addressed investor concerns, stating that the company is unaware of any specific reason for the stock's underperformance since withdrawing their S-1 Registration Statement on August 16, 2024. Blue Star has also strengthened its balance sheet by paying off $645,668 in debts.
Blue Star Foods Corp. (NASDAQ: BSFC), an ESG-focused sustainable seafood company, has significantly improved its financial position by reducing $645,668 in liabilities following its Q2 2024 10-Q filing on August 14th. This strategic move is part of Blue Star's broader initiative to enhance its financial health by reducing debt and increasing shareholder equity. John Keeler, Chairman and CEO, emphasized the company's commitment to strengthening its balance sheet and financial foundation to drive growth value for shareholders. Blue Star specializes in Recirculatory Aquaculture Systems (RAS) and aims to create a more robust financial structure to support its sustainable seafood operations.
Blue Star Foods Corp. (NASDAQ: BSFC), an ESG sustainable seafood company, has requested the SEC to withdraw its Registration Statement on Form S-1 filed on August 6, 2024. The company has decided not to pursue its public offering at this time, citing that the current market capitalization doesn't accurately reflect the company's true value. No securities have been sold in connection with the offering, and the Registration Statement was not declared effective by the SEC. CEO John Keeler emphasized that this decision was made after careful consideration of financial standing and market conditions, aiming to protect shareholder interests and support long-term growth. Blue Star Foods remains confident in its business model and sales growth trend, assuring that this move will not impact core operations or strategic objectives.
Blue Star Foods Corp. (NASDAQ: BSFC) reported 14% revenue growth to $4.0 million for the first half of 2024, with a 27% increase in gross profit. Key highlights include:
- Q2 2024: Revenue up 7% to $1.8 million, gross profit up 264% to $0.3 million
- Gross margin increased 1,170 basis points to 16.6%
- Operating loss decreased 36% to $0.7 million
- Total assets of $8.1 million
The company signed an agreement to provide meals for the U.S. Military and renewed its land-based aquaculture license through 2033. Blue Star also launched plans to improve soft-shell crab operations using AI and UV technology. CEO John Keeler forecasts at least 65% revenue growth in 2024, with an annual run-rate exceeding $20 million.
Blue Star Foods aims to revolutionize the soft-shell crab industry with the integration of Artificial Intelligence (AI) and Ultraviolet (UV) light technology. The new system will automate the identification of molting crabs, reducing labor costs (currently 15% of revenues) and operational inefficiencies, while enhancing yield rates by 50%. This innovation is expected to boost profits by 12.5%, or approximately $9 per dozen crabs.
The pilot facility operates 24/7, and observations show a 30% higher molting rate during night shifts compared to other shifts, leading to increased errors and mortality rates. By using AI and UV light, the company aims to stabilize mortality rates and ensure accurate identification of molting crabs.
The ongoing pilot study compares traditional methods with the AI-UV system, focusing on key performance indicators like accuracy, labor hours, and mortality rates. Blue Star's approach is set to maximize crab quality and market value, ultimately increasing survival rates and profitability.
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