INNOVATIVE FOOD HLDGS INC - IVFH STOCK NEWS

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.

Innovative Food Holdings (IVFH) reported its Q1 2024 financial results, revealing a revenue drop of 5.7% to $15.7 million compared to Q1 2023. This decline was mainly due to a 41.7% decrease in eCommerce revenue. However, Specialty Foodservice revenue grew by 1.4%. The company improved its gross margin by 174 basis points to 24.4% and reduced SG&A expenses by $400K. GAAP net income from continuing operations was $1.4 million, a significant improvement from a $2.8 million loss in Q1 2023. Adjusted net income was $155K, the first profitable Q1 on an adjusted basis in five years. The company also reported an adjusted EBITDA of $481K. The sale of a Bonita Springs building netted $1.9 million in cash. CEO Bill Bennett highlighted strong operating performance and future growth prospects.

Innovative Food Holdings, Inc. announced their Q1 2024 earnings call, 2024 annual meeting, and a letter from the CEO to shareholders. The earnings call is scheduled for May 14, 2024, and the annual meeting will take place on May 15, 2024. The CEO's letter highlights achievements, new initiatives, and future plans for the company.

Innovative Food Holdings, Inc. (IVFH) partners with Cheney Brothers, a $3 billion revenue-generating distributor, to expand their drop-ship platform, expecting orders to start in the second half of the year. The partnership aims to leverage IVFH's unique vendor network and Cheney Brothers' distribution capabilities to drive growth.

Innovative Food Holdings, Inc. (IVFH) reported financial results for Q4 and fiscal year 2023, showing revenue declines but improved gross margins and adjusted EBITDA. The company saw a net loss of $4.2 million in 2023 compared to $1.1 million in 2022, but achieved positive adjusted EBITDA of $2.5 million, marking a significant improvement. IVFH focused on cost-cutting measures, leading to reduced SG&A expenses and positive cash flow. The company's financial flexibility improved through debt refinancing and term extensions.

Innovative Food Holdings, Inc. (IVFH) will host an investor call on March 21, 2024, to discuss its fourth fiscal quarter results for the quarter ended December 31, 2023. Investors can join via Zoom or phone for a Q&A session.

Innovative Food Holdings, Inc. (IVFH) completes the sale of its Bonita Springs building for $2.455 million, generating $1.9 million in cash proceeds. The company transitions its Florida team to remote positions, moves servers to Chicago, and relocates remaining office roles to a smaller leased space, saving $60,000 annually. CEO Bill Bennett aims to stabilize the company, pay off debt, and invest in profitable foodservice businesses, with plans to sell or lease the Pennsylvania warehouse for an additional $5-9 million.

Innovative Food Holdings, Inc. (IVFH) announced the restructuring of its Home Gourmet e-commerce business and the completion of the sale of two entities. The company is also selling its entity Haley Food Group, Inc. IVFH is focusing on reducing expenditures on unprofitable businesses to drive growth in its profitable Professional Chefs business. The restructuring will result in a decrease of approximately $6 million in annualized revenue and an increase in annualized profit.