Business
Barfresh Provides Fourth Quarter and Full Year 2021 Results and Business Update
Company Achieves Highest Quarterly and Fiscal Year Revenue in Company History Fourth Quarter 2021 Revenue Increased 27% Sequentially and 296% Year-Over-Year
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Company Achieves Highest Quarterly and Fiscal Year Revenue in Company History Fourth Quarter 2021 Revenue Increased 27% Sequentially and 296% Year-Over-Year to $2.5 Million; Full Year 2021 Revenue Increased 161% Year-Over-Year to $6.7 Million LOS ANGELES, March 10, 2022 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, is providing a business update in conjunction with the filing of its form 10-K for the full year ended December 31, 2021. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We are pleased to have achieved our highest quarterly and fiscal year revenue and near-breakeven Adjusted EBITDA for the fourth quarter for the first time in our operating history. In addition, we also exited the year with an enhanced balance sheet, with no debt, and a dramatically expanded customer base in the education channel. The dramatic improvements we made to our business during the pandemic were reflected in the successful completion of our Company uplisting to The Nasdaq Capital Market at the start of 2022. These strong results have us positioned for what I believe will be another year of robust growth and profitability due to the strong foundation in place to take advantage of future growth opportunities in 2022 and beyond.” Fourth Quarter of 2021 Financial Results Revenue for the fourth quarter of 2021 was the highest quarterly revenue in company history at $2.5 million, an increase of 27% sequentially and an increase of 296% compared to $620,000 in the COVID-19 affected fourth quarter of 2020. The increase in revenue is the result of orders for Twist & Go product in the school channel, as well as the gradual return in sales of the Company’s single serve and bulk products compared to the COVID-19 affected quarter last year. Gross margins for fourth quarter of 2021 were 36%, compared to (4)% for the fourth quarter of 2020. The negative gross margin in the prior year period was due to the Company realizing startup expenses related to launching Twist & Go and WHIRLZ 100% Juice Concentrates, as well as some Covid related product write downs. Net income for the fourth quarter of 2021 improved to $130,000, as compared to a net loss of $1.4 million in the fourth quarter of 2020. G&A expenses...