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Innovative Food Holdings, Inc. (IVFH) is a national gourmet specialty food seller for professional chefs. Recently, IVFH announced a groundbreaking partnership with Cheney Brothers, a top-five U.S. broadline distributor. This partnership enables IVFH to showcase its wide array of products on Cheney Brothers' platform and start fulfilling orders, leveraging IVFH's drop-ship platform. The Company anticipates these initiatives will significantly contribute to its sales growth in the near future.
Innovative Food Holdings (OTCQB: IVFH) announced three major corporate updates: a name change to Harvest Group Holdings, stockholder approval for a reverse stock split, and a $3.25 million private placement. The company plans to execute a reverse stock split at a ratio between 1:3 and 1:7 to meet Nasdaq listing requirements.
The private placement involves issuing 2,031,250 shares at $1.60 per share, primarily to company insiders. The proceeds will support working capital and general corporate purposes. These strategic moves are part of IVFH's preparation for uplisting to Nasdaq, targeted for the first half of 2025.
The rebranding follows significant operational changes, including the divestment or closure of eight entities and the launch of new retail and drop-ship businesses. The new name reflects the company's focus on delivering fresh and artisanal products from source.
Innovative Food Holdings (OTCQB: IVFH) has completed the acquisition of Golden Organics for $1.58 million, comprising $1.23 million in cash and a $350,000 seller's note. The deal includes inventory valued at $1.23 million and $130,000 in property and equipment. Golden Organics brings over 800 certified organic products and more than 200 customer accounts to IVFH's portfolio. The Denver-based company has shown strong performance with a 22% CAGR since 2018 and trailing-twelve-month revenues of $6.8 million. The acquisition aims to enhance IVFH's product offerings, sourcing capabilities, and regional presence while creating cross-selling opportunities and operational synergies.
Innovative Food Holdings (IVFH) reported Q3 2024 financial results with revenue of $17.0 million, up 0.3% year-over-year. Specialty Foodservice revenue increased 5.5%, while eCommerce revenue decreased 38.6%. The company achieved GAAP net income from continuing operations of $1.3 million, compared to $0.1 million in Q3 2023. Gross margin declined 158 basis points to 25.2%. Adjusted EBITDA reached $997 thousand, up from $921 thousand last year. The company's Q4 core foodservice business has grown more than 25% through November 9th, and the acquisition of Golden Organics remains on track.
Innovative Food Holdings (OTCQB: IVFH), a national seller of gourmet specialty foods, has scheduled an earnings call to discuss their Q3 2024 financial results for the quarter ended September 30, 2024. The investor call will take place on November 13, 2024, at 12:00 pm Eastern Time. Management will host a Q&A session following the results presentation. Participants can join via Zoom or phone, with the company recommending Zoom attendance for those planning to ask questions due to the platform's 'raise hand' feature.
Innovative Food Holdings (IVFH) announced the fulfillment of its largest-ever purchase order through a new partnership with a top 10 U.S. retailer. The milestone $676,000 order for gourmet cheese represents a twentyfold increase in cheese production compared to two weeks prior. To support this expansion, IVFH installed four new high-efficiency packaging machines. The company expects significant revenue growth in Q4 2024, with profits from this partnership anticipated to materialize in early 2025 due to initial startup costs.
Innovative Food Holdings, Inc. (OTCQB: IVFH) has announced the acquisition of Golden Organics, a Denver-based specialty distributor, for $1.75 million. The deal includes $1.4 million in cash and a $350,000 5-year seller's note. Golden Organics, founded in 1994, specializes in organic dry-good specialty food products in the Rocky Mountain region. The company has shown impressive growth with a 22% CAGR since 2018 and $6.8 million in trailing-twelve-month revenue.
The acquisition brings significant benefits to IVFH, including:
- Over 200 new customers across the U.S.
- 800+ new organic products
- International sourcing expertise
- Cost advantages on overlapping products
Innovative Food Holdings, Inc. (OTCQB: IVFH) has announced the sale of its igourmet.com business for $700,000 in cash, with $175,000 due 30 days after closing. The deal also includes the assumption of approximately $350,000 in gift card liabilities. This transaction is part of IVFH's strategic stabilization plan to divest assets that don't align with its more profitable foodservice business.
CEO Bill Bennett stated that the proceeds will be invested in the company's new retailer business, focusing on automating gourmet cheese processing to reduce costs. IVFH aims to leverage its expertise in gourmet cheese within a more profitable sales channel, expecting significant improvements in both top and bottom line performance.
Innovative Food Holdings (OTCQB: IVFH) has announced a significant partnership with a top 10 U.S. retailer following a successful pilot across 10 stores. IVFH will be supplying, processing, and shipping a gourmet cheese assortment to several hundred of the retailer's stores. This marks IVFH's first venture into the retail industry, demonstrating the company's platform strength and flexibility.
The partnership is set to begin in October 2024, with expectations to ramp up by the holiday season. CEO Bill Bennett expressed excitement about the anticipated revenue growth and further diversification of IVFH's customer base and industries served. The company expects this new relationship to positively impact their Q4 financial figures.
Innovative Food Holdings (IVFH) reported Q2 2024 financial results with revenue of $16.7 million, a decline of 10.1% compared to Q2 2023. This downturn was driven by a 52.2% decrease in eCommerce revenue, resulting from ramping down direct-to-consumer operations.
Specialty Foodservice revenue dropped by 4.3%. Gross margin fell by 41 basis points to 23.8%, while adjusted gross margin improved by 36 basis points. The company reported a GAAP net loss of $0.1 million, or ($0.002) per share, compared to a net income of $0.1 million in Q2 2023.
Adjusted net income was $554K, down from $819K in Q2 2023, translating to $0.011 per share. Adjusted EBITDA decreased to $821K, compared to $1.176M in Q2 2023. CEO Bill Bennett noted that Q2 was anticipated to be the toughest revenue quarter and highlighted ongoing restructuring efforts and new growth initiatives.
Despite revenue challenges, the company plans to drive growth through new partnerships, resource reallocation, and strategic initiatives.
Innovative Food Holdings, Inc. (OTCQB: IVFH) has announced the sale of its consumer e-commerce business igourmet.com for $700,000. The transaction is expected to close within 30 days, excluding the company's Pennsylvania facility. This move aligns with IVFH's strategic stabilization plan, first discussed in November 2023, to divest unproductive assets and focus on its profitable foodservice business.
CEO Bill Bennett stated that the proceeds from the sale will support the company's anticipated M&A strategy and investment in new growth initiatives for their foodservice operations. The company aims to further develop its core, profitable Professional Chef business. Sampford Advisors, Inc. and Erben M&A Advisors acted as sell-side advisors for the transaction.
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