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), an integrated ESG sustainable seafood company, has increased shipments to Just Food For Dogs under a contract expecting to generate approximately $4 million in revenue. The shipment includes 1,150 tons (or 2,500,000 lbs.) of certified, wild-caught cod. CEO John Keeler highlighted the significance of this new category for the company, emphasizing the sustainability of their cod fishery certified by the Marine Stewardship Council.
Just Food For Dogs, based in California, aims to improve pet health through nutritionally balanced meals. This partnership reflects Blue Star's commitment to utilizing advanced aquaculture technology and sustainable practices in seafood sourcing.
Blue Star Foods Corp. (NASDAQ: BSFC) reported significant financial results for the year ended December 31, 2022, achieving a 28% increase in revenues to $12.8 million, surpassing previous preliminary estimates. Key aspects included $1.4 million in revenue from its Recirculatory Aquaculture System (RAS) operations. However, the company faced challenges, reporting a net loss of $13.2 million, affected by $9.7 million in non-cash impairment charges and increased operating expenses. Adjusted EBITDA loss rose to $3.5 million. Despite these drawbacks, business developments included a new supply agreement potentially worth $4 million annually and ongoing expansion plans for RAS facilities. Management anticipates improvements in 2023 as operational expenses stabilize.
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.
Blue Star Foods Corp (NASDAQ: BSFC) announced successful operational metrics from its subsidiary, Taste of BC Aquafarms, for the second half of 2022. Key figures include an average fish harvest weight of 1898g, below the target of 2000g, and a harvest downgrade percentage of 5.04%. Despite challenges such as high temperatures affecting growth and mortality rates, the company increased biomass to 50MT. The President asserts that the metrics validate the model for their upcoming facility expansion, anticipating improved volumes in Q1 2023.
Aegis Capital Corp. has successfully completed a $1.8 million underwritten public offering for Blue Star Foods Corp. (NASDAQ:BSFC). The offering positions the company to enhance its operations within the sustainable seafood sector, particularly through its focus on Recirculatory Aquaculture Systems (RAS). Blue Star Foods operates the oldest continuous RAS salmon farm in North America, emphasizing environmental sustainability and traceability. This financing may support growth and expand its product offerings in the growing sustainable seafood market.
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