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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. (OTC: BSFC) announced that its subsidiary, Taste of BC Aquafarms, has chosen PR Aqua as the technology provider for its new 1,500 metric ton Recirculating Aquaculture Systems (RAS) farm. They signed a multi-phase engineering contract to leverage PR Aqua's expertise in facility design and advanced equipment. Taste of BC previously partnered with PR Aqua for its first successful 80 metric ton salmon farm. The expansion aims to enhance sustainable seafood production.
Blue Star Foods Corp. (OTC:BSFC) announced that CEO John Keeler will present at the Diamond Equity Research Emerging Growth Invitational virtually on August 17, 2021, at 9:40 a.m. ET. This event highlights the company's commitment to Environmental, Social, and Governance (ESG) initiatives in the seafood industry. Blue Star is known for processing and selling high-value seafood products, including refrigerated pasteurized Blue Crab meat and Steelhead Salmon. The company aims to lead in sustainability and traceability in seafood.
On July 20, 2021, Blue Star Foods Corp. (OTC: BSFC) announced operational metrics from its subsidiary, Taste of BC Aquafarms. The average fish harvest weight reached 2.218kg, outperforming the target of 2kg for Steelhead Salmon. The harvest downgrade percentage was noted at 1.36%, indicating effective market readiness. Additionally, the feed conversion ratio was 1.08kg feed/kg, better than the industry standard of 1.2kg feed/kg. The company aims for significant growth, projecting a larger facility capacity of 1,500 metric tons and an internal target of 21,000 metric tons by 2028.
Blue Star Foods Corp. has acquired Taste of BC Aquafarms, a leading player in the land-based Recirculating Aquaculture Systems (RAS) industry, for strategic expansion. The acquisition is expected to enhance Blue Star's production capacity, targeting 21,000 metric tons by 2028. The deal combines cash, equity, and debt assumption, aiming to leverage Taste of BC's scalable model for growth. Blue Star emphasizes its commitment to sustainable seafood and aims to significantly increase RAS-produced Steelhead Salmon in the market.
Blue Star Foods Corp. (OTC: BSFC) announced its participation in the Access to Giving Virtual Conference, scheduled for July 14, 2021, at 1:30 p.m. ET. The presentation will be delivered by Executive Chairman and CEO John Keeler. This innovative conference allows companies to present to investors while raising funds for charity. Registration for the conference is complimentary for all participants, with a chance to schedule one-on-one meetings with Blue Star management. Blue Star is recognized for its sustainable seafood products, including refrigerated pasteurized Blue Crab meat.
Blue Star Foods Corp. (OTC:BSFC) announced its participation in the LD Micro Invitational XI virtual event on June 9th at 3:30 PM ET. CEO John Keeler will present, aiming to enhance the company’s visibility and profile among investors. The event, scheduled from June 8th to June 10th, will showcase over 200 companies. Blue Star, dedicated to sustainable seafood, processes and sells premium crab meat and other products globally. This presentation provides an opportunity to share the company's strategies amidst the restaurant industry's recovery.
Blue Star Foods Corp. (OTC:BSFC) reported Q1-2021 results, revealing $2.5 million in revenue, down from $4.6 million in Q1-2020 due to supply chain disruptions and COVID-19 impacts. Operating expenses decreased by 26% to $748,000. The working line of credit was reduced by 85% to $780,000. Despite a net loss of $478,000, this is an improvement from a loss of $854,000 a year earlier. The company anticipates ongoing supply chain challenges but remains optimistic about a recovery in the second half of 2021.
Blue Star Foods Corp. (OTC:BSFC) announced a significant vendor agreement to supply its trademarked brands, Blue Star and Pacifika, to a national foodservice warehouse supplier. This 12-month agreement, starting September 2021, could generate up to $31 million in wholesale value. CEO John Keeler expressed optimism for the restaurant sector's rebound post-COVID-19, foreseeing a resurgence in demand. The company emphasizes its sustainable sourcing practices, aligning with consumer trends favoring eco-friendly products.
Blue Star Foods Corp. (OTC:BSFC) announced its application to list common shares on NASDAQ, aiming to enhance liquidity and visibility for shareholders. The approval is contingent on meeting NASDAQ's minimum requirements, with no guarantees of acceptance. Concurrently, Blue Star continues its acquisition of Taste of BC Aquafarms, solidifying its portfolio in sustainable seafood.
Currently, Blue Star's products are distributed globally, emphasizing sustainability and traceability in its operations. Further details about the Company can be found on its official website.
Blue Star Foods Corp. (OTC:BSFC) reported its financial results for Q4-2020 and FY-2020. Key highlights include a return to profitability with an Adjusted Cash Net Income of $247,569 in H2-2020, up from a loss of $1.4 million in H1-2020. Revenue decreased to $14.1 million in FY-2020 from $23.8 million in FY-2019, primarily due to COVID-19 impacts. The company reduced its working capital line of credit by 74% and paid down $1.6 million of debt, strengthening its balance sheet. Blue Star entered the Recirculatory Aquatic Systems industry through an acquisition of Taste Of BC Aquafarms.
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