INNOVATIVE FOOD HLDGS INC - IVFH STOCK NEWS

Innovative Food Holdings (IVFH) announces the arrival of Bill Bennett as CEO as of February 28, 2023. In his first letter to shareholders, Bennett highlights the company's impressive financial growth in 2022, achieving a record revenue of $80.1 million, up 28.8% from the previous year. The company improved its selling, general, and administrative expenses (SG&A) from 33.0% to 24.6% of revenue. Bennett emphasizes the importance of managing cash flow, securing financing, and reducing equity dilution. He mentions that there are significant growth opportunities in eCommerce and partnerships. Despite a decline in gross margin in Q4 2022, he remains optimistic about profitability improvements through a refined business strategy and customer retention efforts.

Innovative Food Holdings (OTCQB: IVFH) reported strong results for Q4 2022, achieving a 14.5% increase in total revenue to a record $23.9 million. The annual revenue also grew 28.8%, reaching $80.1 million. Q4 net income stood at $1.1 million, or $0.02 per diluted share, signaling profitability for the second consecutive quarter. Specialty foodservice revenue rose significantly by 53.2%, although eCommerce revenue fell 37.7%. Despite facing inflationary pressures, the company is focused on stabilizing gross margins, which were 25.1% for Q4 compared to 29.1% the previous year.

Innovative Food Holdings, Inc. (IVFH) has appointed Denver J. Smith as a Director, filling a newly created position on its Board of Directors. Smith, who has been a board observer since November 2022, is recognized for his investment experience and is one of the company's largest shareholders. CEO Bill Bennett highlighted Smith's understanding of emerging growth companies and strategic vision for long-term shareholder value. Smith expressed optimism about IVFH's market position in gourmet specialty foods and plans to drive profitable growth. His background includes co-founding Carlson Ridge Capital and advising on significant M&A transactions.

Innovative Food Holdings, Inc. (IVFH) announced the appointment of Bill Bennett as the new CEO, effective February 28, 2023. Bennett, formerly Vice President of eCommerce at Kroger, brings extensive experience in digital and grocery leadership. He takes over from Sam Klepfish, who has served as CEO since 2007 and will remain as Chairman. Under Klepfish's leadership, IVFH grew from $6 million to over $77 million in annual revenue. Bennett expressed enthusiasm for IVFH's strong infrastructure and plans for growth in the specialty food market. The transition aims to enhance shareholder value and leverage the company’s unique assets.

Innovative Food Holdings (IVFH) has partnered with FAUCHON, a renowned French luxury food brand, to launch and expand FAUCHON’s eCommerce presence in the U.S. Using IVFH's end-to-end managed solutions, this collaboration aims to introduce FAUCHON's gourmet offerings, including luxury chocolates and teas, to American consumers. With 66 locations globally, FAUCHON is known for its high-quality gourmet foods. CEO Sam Klepfish emphasized the growth potential this partnership holds, while FAUCHON COO Sandrine Girault highlighted confidence in IVFH’s capabilities to promote their iconic brand.

Innovative Food Holdings, Inc. (IVFH) has announced a partnership with The Simple Root to enhance its plant-based food product line. The Simple Root, supported by Pilot Lite and McCain Foods, utilizes a unique process to create versatile veggie-based foods. This collaboration will leverage IVFH's comprehensive eCommerce and foodservice platform, expediting The Simple Root's expansion into national markets. The partnership aims to propel the distribution of plant-based dips, spreads, and upcoming products like cheeses and desserts, fulfilling the growing demand for allergen-friendly food options.

Innovative Food Holdings, Inc. (IVFH) announced the appointment of Denver J. Smith as a board observer, with plans for his future appointment to the Board by May 28, 2023. Smith, who holds approximately 8.3% of IVFH's common stock, aims to enhance shareholder value through his experience in the specialty foods sector. He co-founded Carlson Ridge Capital, bringing over 14 years of investment experience. The company's direct-to-consumer eCommerce platform connects chefs and consumers with artisan food makers, positioning IVFH for growth.

Innovative Food Holdings (IVFH) reported a record third-quarter revenue of $20.1 million, reflecting a 32% year-over-year growth. Specialty foodservice revenue surged 46% to $17.6 million, driven by the reopening of restaurants and increased travel. The company achieved profitability with SG&A expenses reduced to 21.5% of revenue, down from 32.9% last year. Operating cash flow was positive at $0.5 million. Adjusted net income improved to $173,000, compared to a loss of $(1.1 million) last year. IVFH expects to secure a USDA loan guarantee by Q1 2023, providing $4.5 million in non-dilutive capital.

Innovative Food Holdings (IVFH) reported a record total revenue of $20.5 million for Q2 2022, marking a 47% year-over-year increase. Specialty foodservice revenue surged 66% to $16.9 million, driven by the reopening of restaurants and travel-related foodservice. Despite eCommerce revenue slightly declining to $3.2 million, the company maintained a strong market presence. However, Q2 net loss stood at $(1.2 million), which is an increase from $(0.9 million) in Q2 2021. The company is on track to close a USDA loan for $4.5 million to support its growth strategies.