Blue Star Foods Reports 19% Growth to $2.3 Million Revenue for First Quarter Ended March 31, 2024
20 Maggio 2024 - 3:30PM
Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or
“us”) (NASDAQ:
BSFC), an
integrated Environmental, Social, and Governance (“ESG”)
sustainable seafood company with a focus on Recirculatory
Aquaculture Systems (“RAS”), announced unaudited financial and
operational results for the three months ended March 31, 2024.
Key Financial Highlights for the Three Months Ended
March 31, 2024
- Revenue increased 19% to $2.3
million
- Net loss decreased 44% to $1.1
million
- Adjusted EBITDA loss decreased 35%
to $0.6 million
- Inventory and RAS biomass of $2.3
million
Business Highlights for the Three Months Ended March 31,
2024
- Executed Transformational Master
Service Agreement (MSA) with a the fully integrated seafood
provider.
- Started Production of Soft-Shell
Operations in South Carolina for the 2024 Season Under Existing
License from the South Carolina Department of Natural
Resources
Business Highlights Subsequent to the Three Months Ended
March 31, 2024
- Signed Agreement with Eagle Rising
to Provide High-Quality, Nutritious Meals for U.S. Military
Management Commentary
John Keeler, Chairman and CEO of Blue Star,
commented, “We returned to revenue growth and greatly improved our
margins and efficiencies which have led to a significant reduction
in our losses. We had a successful seasonal start to production at
our RAS platform in South Carolina, which encompasses over 100
tanks and utilizes our proprietary Bio-Plan. Currently, we have
more demand that what are able to supply with full tanks of crab
peelers against the rapid growth in soft shell crab demand.”
Keeler, continued, “Our MSA with the fully
integrated seafood provider, previously announced on February 21,
which calls for Blue Star to assist with sourcing, operations, and
distribution of its products, recovering existing business and
securing additional new business for growth opportunities, such as
the recently announced execution of a supply agreement to provide
manufacturing of Eagle Rising specified innovative food solutions
for the U.S. Military, which will roll out to initially 8 military
bases over the next few months..”
Financial Results for the Three Months Ended March 31,
2024
- Revenue for the three months ended
March 31, 2024, increased by $0.4 million, or 19%, to $2.3 million
compared to $1.9 million for the three months ended March 31, 2023.
The increase in revenue was primarily due to an increase in
poundage sold during the three months ended March 31, 2024.
- Operating loss for the three months
ended March 31, 2024, decreased by $0.1 million, or 11%, to $0.8
million, compared to $0.9 million for the three months ended March
31, 2023. Operating loss for the three months ended March 31, 2024
included mostly non-cash or one-time non-recurring operating
expenses of $1.1 million, comprised of non-cash items of $3k in
depreciation and amortization, $0.65 million of loss on settlement
of stock, $0.27 million accrued portion of convertible debt and
$0.05 million in non-cash stock compensation.
- Net loss for the three months March
31, 2024, decreased by $0.9 million, or 44%, to $1.1 million,
compared to $1.9 million for the three months ended March 31, 2023.
The decrease in net loss is primarily attributable to increases in
other operating expenses and loss on settlement of debt. The
resulting net loss per share of common stock loss for the three
months ended March 31, 2024, was ($0.04), compared to a net loss
per share of common stock of ($1.16) for the three months ended
March 31, 2023.
- Adjusted EBITDA loss for the three
months ended March 31, 2024, decreased by $0.3 million, or 35% to
$0.6 million, compared to $0.9 million for the three months ended
March 31, 2023.
About Blue Star Foods Corp. (NASDAQ:
BSFC)Blue Star Foods Corp. is an integrated ESG seafood
company that processes, packages and sells high-value seafood
products. The Company believes it utilizes best-in-class
technology, in both resource sustainability management and
traceability, and ecological packaging. The Company also owns and
operates the oldest continuously operating RAS full grow-out salmon
farm in North America. The Company is based in Miami, Florida, and
its corporate website is: https://bluestarfoods.com
Forward-Looking Statements:
The foregoing material may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, including without limitation statements regarding
the Company’s product development and business prospects, and can
be identified by the use of words such as “may,” “will,” “expect,”
“project,” “estimate,” “anticipate,” “plan,” “believe,”
“potential,” “should,” “continue” or the negative versions of those
words or other comparable words. Forward-looking statements are not
guarantees of future actions or performance. These forward-looking
statements are based on information currently available to the
Company and its current plans or expectations and are subject to a
number of risks and uncertainties that could significantly affect
current plans. Risks concerning the Company’s business are
described in detail in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022, and other periodic and current
reports filed with the Securities and Exchange Commission. The
Company is under no obligation, and expressly disclaims any such
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor Contact:Investors@bluestarfoods.com
Grafico Azioni Blue Star Foods (NASDAQ:BSFC)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Blue Star Foods (NASDAQ:BSFC)
Storico
Da Gen 2024 a Gen 2025