Innovative Food - IVFH STOCK NEWS

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.

Innovative Food Holdings (IVFH) announced its expansion into the brand aggregation market, targeting digitally native food brands and online retailers.

This move leverages IVFH's powerful direct-to-consumer (DTC) platform, enhancing capabilities for launching and supporting new brands. CEO Sam Klepfish highlighted that IVFH provides essential resources for small brands facing challenges in the retail sector.

The platform offers access to advanced supply chains, digital marketing, and popular marketplaces, aiming to significantly amplify brand reach and customer bases.

Innovative Food Holdings (IVFH) announced the refinancing of $7.7 million in existing loans through a $2 million senior secured revolving credit facility and a $5.7 million term loan, terminating prior loans with Fifth Third Bank.

With tentative USDA approval for loan guarantees, IVFH could gain over $4 million in additional borrowing capacity. This financing supports the USDA's food supply chain initiatives. CEO Sam Klepfish emphasized the focus on profitable growth despite a volatile economic climate.

Denver Smith of Carlson Ridge Capital issued an open letter to the CEO and Board of Directors of Innovative Food Holdings, Inc. (IVFH), demanding the resignation of the CEO and two board members. The letter raises concerns about the company's management and governance issues. The full text of the letter and an SEC filing link can be found on the Carlson Ridge website.

Innovative Food Holdings, Inc. (IVFH) reported a record first-quarter revenue of $15.6 million, marking a 28% increase year-over-year. Specialty foodservice revenue surged 69% to $11.5 million, benefiting from increased demand in the hospitality sector as restrictions eased. However, eCommerce revenue declined 28% to $3.6 million. The company recorded a GAAP net loss of $(1.2 million), an improvement from $(1.8 million) in the same period last year. Management remains optimistic about long-term growth, citing strategic initiatives and a resilient eCommerce platform.

Innovative Food Holdings (IVFH) reported a record total revenue of $20.8 million for Q4 2021, marking a 38% year-over-year increase, and a full-year revenue of $62.2 million, a 20% growth compared to 2020. Q4 saw a notable 72% rise in specialty foodservice revenue, attributed to the reopening of restaurants due to COVID-19. The company also reported a Q4 GAAP net income of $1.7 million, reversing the previous year's loss. Challenges in supply chain management were noted, but the company remains optimistic about future growth through M&A opportunities and scaling its digital platform.

Gastro Obscura and igourmet have collaborated to launch a limited edition "Taste of Gastro Obscura Box," featuring 13 unique snacks from 10 countries, priced at $149.99. The collaboration aims to offer food enthusiasts an edible journey through intriguing culinary experiences. Notable items include Biltong from South Africa and Hunza Mulberries from the Himalayas. Gastro Obscura co-author Dylan Thuras and igourmet's VP Pete Bowman highlight the partnership's goal of inspiring curiosity about global cuisines.

Innovative Food Holdings reported a record third-quarter revenue of $15.2 million, up 35% year-over-year. Specialty Foodservice revenue soared 79% driven by the reopening of foodservice establishments. E-commerce revenue rose 69% compared to 2019 levels, although it declined 36% compared to 2020 due to heightened COVID-19 demand. The company reported a GAAP net income of $0.4 million or $0.01 per share, an improvement from the $1.6 million net loss in the prior year. Total revenues for the first nine months reached $41.3 million, a 13% increase year-over-year.