INNOVATIVE FOOD HLDGS INC - IVFH STOCK NEWS

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.

Innovative Food Holdings, Inc. (OTCQB: IVFH), a national seller of gourmet specialty foods to professional chefs, has announced an upcoming investor call to discuss their Q2 2024 financial results. The call is scheduled for August 14, 2024, at 11:00 am Eastern Time. Management will present the company's second fiscal quarter results for the period ending June 30, 2024, followed by a question-and-answer session with investors.

Participants can join the call via web or phone, with the company encouraging those who wish to ask questions to join virtually through Zoom for easier identification. The meeting details, including the Zoom link, Meeting ID, and Passcode, have been provided for convenient access.

Innovative Food Holdings (OTCQB: IVFH), a national seller of gourmet specialty foods to professional chefs, has been selected to present at the 9th annual MicroCap Leadership Summit on August 1st, 2024. The event, hosted by MicroCapClub, will take place at the Coeur d'Alene Resort in Idaho.

CEO Bill Bennett will deliver the presentation, which will be made available on the company's website. The summit attracts 100 retail and institutional investors globally, and IVFH is one of only six companies chosen to present this year. This selection highlights IVFH's growing prominence in the specialty food industry and provides an opportunity for increased investor exposure.

Innovative Food Holdings (OTCQB: IVFH) has announced a new contract with a top five U.S. broadline distributor and the launch of Cheney Brothers business. The new contract will integrate IVFH's gourmet specialty foods into the distributor's primary website and sales channels. This partnership is expected to drive significant sales growth, with orders already flowing. Additionally, IVFH has successfully launched the Cheney Brothers business, allowing direct sales of its specialty items through the Cheney Brothers Stock Room drop ship website. Both partnerships leverage IVFH's drop-ship platform, minimizing the need for infrastructure investment. These developments are anticipated to contribute to sales growth in the second half of the year.