Blue Star Foods Reports Preliminary Unaudited Full Year 2022 Growth of 20% to Approximately $12.0 Million Revenue

Rhea-AI Summary

Blue Star Foods Corp (NASDAQ: BSFC) reported a preliminary unaudited revenue growth of 22% to approximately $2.0 million for Q4 2022 and 20% to approximately $12.0 million for the full year 2022. The increase is attributed to rising demand from retail partners for imported crab meat and successful performance in their Recirculatory Aquaculture Systems (RAS) segments, particularly with salmon in Canada and soft-shell crab in South Carolina. The company expects to file its annual report on Form 10-K by April 17, 2023.

Positive

• Q4 2022 revenue increased by 22% to approximately $2.0 million.
• Full year 2022 revenue rose by 20% to around $12.0 million.
• Increased demand for imported crab meat from retail partners.
• Strong performance in RAS segments, including salmon and soft-shell crab.

Negative

• None.

Miami, FL, April 03, 2023 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or “us”) (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS), is pleased to announce preliminary unaudited fourth quarter and full year 2022 revenue growth of 22% to approximately $2.0 million and 20% to approximately $12.0 million, respectively. Blue Star expects to file its annual report on Form 10-K by April 17, 2023, within the timing of the extension it filed last week.

John Keeler, Executive Chairman and CEO of Blue Star Foods, commented, “We are pleased with our finish in 2022, as our business has returned to growth following a slowdown from the Covid-19 pandemic. We have witnessed increased demand from our retail channel partners for our imported crab meat from overseas. Additionally, our RAS segments, with salmon in British Columbia, Canada and soft-shell crab in South Carolina, are performing well and poised for expansion.”

About Blue Star Foods Corp. (NASDAQ: BSFC)

Blue Star Foods Corp. an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS) that processes, packages and sells high-value seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. The Company also owns and operates the oldest continuously operating Recirculating Aquaculture System (RAS) full grow-out salmon farm in North America. The company is based in Miami, Florida, and its corporate website is: https://bluestarfoods.com

Forward-Looking Statements:

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contacts:
investors@bluestarfoods.com

FAQ

What were Blue Star Foods' revenues for Q4 2022?

Blue Star Foods reported Q4 2022 revenues of approximately $2.0 million, marking a 22% increase.

What was Blue Star Foods' full-year revenue growth for 2022?

The full-year revenue for 2022 was approximately $12.0 million, reflecting a 20% growth.

When does Blue Star Foods plan to file its annual report?

Blue Star Foods expects to file its annual report on Form 10-K by April 17, 2023.

What factors contributed to Blue Star Foods' revenue growth in 2022?

The revenue growth was driven by increased demand from retail partners for imported crab meat and strong performance in their RAS segments.