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. (BSFC) provides investors and industry stakeholders with comprehensive access to its latest corporate developments through this centralized news hub. As an international seafood processor prioritizing sustainable practices and supply chain transparency, BSFC’s news coverage spans operational milestones, environmental initiatives, and market expansions.
This resource aggregates official press releases and verified updates, including earnings reports, packaging innovations, and traceability advancements. Users gain insights into the company’s patented eco-friendly packaging systems, multinational facility operations, and quality assurance protocols that define its position in the global seafood sector.
Bookmark this page for direct access to BSFC’s evolving strategies in sustainable seafood processing and international trade dynamics. Regular updates ensure stakeholders remain informed about developments impacting the company’s role within the $150B+ global seafood economy.
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.
Blue Star Foods Corp. (NASDAQ: BSFC) has projected significant revenue growth for 2024, with an estimated increase of at least 65%. The company anticipates an annual run-rate exceeding $20 million, attributing this growth to new business opportunities, particularly at its Canadian steelhead salmon facility.
Blue Star reported a 19% revenue increase in Q1 2024 compared to Q1 2023. CEO John Keeler expressed optimism about the company's growth trajectory, citing a robust pipeline of potential opportunities that are expected to support continued growth through 2024-2025.
Blue Star Foods, a NASDAQ-listed sustainable seafood company, has announced the renewal of its land-based aquaculture license until 2033. This extension, granted under the Fisheries Act, allows Blue Star to continue cultivating and harvesting fish, including white sturgeon, coho salmon, chinook salmon, and rainbow trout, at its Taste of BC Aquafarms locations. The renewal ensures the company can maintain its operations for an additional nine years, leveraging its proven Recirculatory Aquaculture Systems (RAS) technology. John Keeler, Chairman and CEO, expressed satisfaction with the renewal, highlighting the company's commitment to sustainable aquaculture practices.
On June 11, 2024, Blue Star Foods announced it has regained compliance with Nasdaq listing rules. The company met the bid price requirement in Listing Rule 5550(a)(2) and the minimum stockholders' equity requirement in Listing Rule 5550(b)(1). Blue Star Foods will be monitored by a Discretionary Panel for one year until June 11, 2025. If the company fails to maintain compliance during this period, it can request a new hearing with the initial Panel or a new Hearings Panel. Nasdaq's decision is important for Blue Star Foods' continued listing on the Nasdaq exchange.
Blue Star Foods reported a 19% revenue growth to $2.3 million for Q1 2024, compared to $1.9 million in Q1 2023. Net loss dropped by 44% to $1.1 million, and adjusted EBITDA loss decreased by 35% to $0.6 million. Business highlights include a new Master Service Agreement with a fully integrated seafood provider and the start of soft-shell operations in South Carolina. Post-Q1, Blue Star signed a supply agreement with Eagle Rising to provide meals for the U.S. Military. CEO John Keeler cited improved margins and efficiencies, leading to reduced losses and high demand for their products.
Blue Star Foods Corp (NASDAQ: BSFC) announced a 1-for-50 reverse stock split of its Class A common stock, effective May 20, 2024. Each 50 shares of the common stock will be converted into one new share. The total number of authorized shares remains at 100,000,000. Adjustments will be made to equity awards, warrants, and convertible notes. Fractional shares will be rounded up. The reverse split aims to meet the $1.00 minimum bid price requirement for Nasdaq listing. The new CUSIP number for post-split shares will be 09606H309. Trading on a split-adjusted basis will begin on May 20, 2024.
