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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.
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Innovative Food Holdings, Inc. (IVFH) announced the appointment of Gary Schubert as the new Chief Financial Officer, effective January 1, 2024. Schubert brings extensive experience from Walmart and Tyson Foods, with a focus on profitable strategies and financial acumen. The company expressed gratitude to the previous CFO, Richard Tang, for his contributions in bringing the company back to profitability post-COVID.
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Innovative Food Holdings, Inc. (IVFH) announced key progress against its strategic plan, including the sale of its building in Bonita Springs, FL, listing of its e-commerce fulfillment center for sale or lease, exploration of strategic alternatives for the e-commerce business, sale of its Grow Brand Management consulting business, and the sale of its minority stake in Curdbox.com.
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Innovative Food Holdings, Inc. (IVFH) reported improved third-quarter financial results, with adjusted EBITDA increasing to $0.9 million, marking the fifth consecutive quarter of year-over-year improved profitability. Gross margin improved by 568 basis points to 28.2%, although revenue declined by 13.8% to $17.3 million. The company also announced a capital reallocation strategy.
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Innovative Food Holdings, Inc. will host an investor call on November 9, 2023, to discuss the Company's third fiscal quarter results for the quarter ended September 30, 2023. The call will also provide additional details on the Company's future strategy.
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Innovative Food Holdings, Inc. reported its financial results for the second quarter of 2023. The company's adjusted EBITDA improved by $1.2 million to $453,947, marking the first profitable second quarter since 2019. Second quarter revenue was down 8.2% year-over-year to $18.8 million. Gross margin improved 377 basis points to 25.4%, and SG&A declined by 271 basis points to 24.2%. The company generated $1.3 million in positive cash flow from operations, an improvement of $1.7 million compared to Q2 2022.
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Innovative Food Holdings, Inc. (IVFH) will host an investor call on August 10, 2023, at 9:00 am Eastern Time to discuss the Company's second fiscal quarter results for the quarter ended June 30, 2023. The call will include a Q&A session with investors. Interested participants may attend the call via Zoom or by phone using the provided details.
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FAQ
What is the current stock price of INNOVATIVE FOOD HLDGS (IVFH)?
The current stock price of INNOVATIVE FOOD HLDGS (IVFH) is $1.735 as of December 24, 2024.
What is the market cap of INNOVATIVE FOOD HLDGS (IVFH)?
The market cap of INNOVATIVE FOOD HLDGS (IVFH) is approximately 97.2M.
What is IVFH's recent partnership with Cheney Brothers about?
IVFH signed a new partnership agreement with Cheney Brothers, a top-five U.S. broadline distributor, to showcase its gourmet specialty foods on Cheney Brothers' platform.
How will the partnership benefit IVFH?
The partnership allows IVFH to reach a broader audience through Cheney Brothers' sales channel and website, providing a significant opportunity for sales growth.
What is IVFH's drop-ship platform?
IVFH's drop-ship platform enables the seamless fulfillment of orders by leveraging a network of unique vendors without heavy investments in infrastructure or inventory.
What can investors expect from IVFH's new partnerships?
IVFH anticipates that the new partnerships will contribute to its sales growth in the second half of the year, showcasing the company's potential for expansion.
Who is Bill Bennett, Chief Executive Officer of IVFH?
Bill Bennett leads IVFH as the Chief Executive Officer, focusing on developing profitable, asset-light business relationships and executing growth opportunities.
What is the significance of IVFH's recent business launches?
IVFH's recent business launches with Cheney Brothers mark a step forward in demonstrating the company's growth potential and the wide appeal of its value proposition.
What are the core operations of IVFH?
IVFH specializes in selling gourmet specialty foods to professional chefs, leveraging partnerships and innovative platforms to enhance its offerings.
Where can investors learn more about IVFH's financial results?
Investors can attend IVFH's investor call on May 14, 2024, to discuss the Company's first fiscal quarter results and engage in a question-and-answer session.
When is IVFH hosting its annual meeting of shareholders?
IVFH's annual meeting of shareholders is scheduled for May 15, 2024, providing investors with an opportunity to meet the company's board of directors and management team.
What are some forward-looking statements from IVFH?
IVFH's forward-looking statements highlight the company's focus on executing growth strategies and developing new business relationships to maximize potential.
INNOVATIVE FOOD HLDGS INC
OTC:IVFH
IVFH Rankings
IVFH Stock Data
97.15M
36.90M
27.72%
41%
Food Distribution
Consumer Defensive
United States of America
Bonita Springs