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) 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.
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