Business
Barfresh Provides Fourth Quarter and Full Year 2022 Results and Business Update
Company Achieves Highest Fiscal Year Revenue in Company History Strong Adoption of New Higher Margin Smoothie Carton Format Following Roll Out in Fourth
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Company Achieves Highest Fiscal Year Revenue in Company History Strong Adoption of New Higher Margin Smoothie Carton Format Following Roll Out in Fourth Quarter of 2022 Full Year 2022 Revenue Increased 37% Year-Over-Year to Record $9.2 Million and Gross Margins Improved Sequentially to 36% in Fourth Quarter of 2022 Company Focused on Replacing Lost Bottle Manufacturer and Increasing Production of New Smoothie Carton Product in Fiscal Year 2023 Company Has Generated More Revenue to Date for First Quarter 2023 Compared to Complete Fourth Quarter of 2022 Company Expects Record Revenue in Fiscal 2023 and Year-over-Year Margin Improvement LOS ANGELES, March 02, 2023 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider 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 ended December 31, 2022. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “Our record full year 2022 revenue was driven by a solid first half of the year, which more than offset the revenue decline experienced in the back half of the year as a result of our decision to voluntarily withdraw defective product from the market and the loss of supply from one of our two bottle manufactures. Prior to this isolated incident with our largest Twist & Go™ bottle manufacturer, we were expecting revenue for the back half of the year to be greater than the full year 2021 due to the growth in our Twist & Go™ bottle product and rollout of our new higher margin smoothie carton product. We successfully launched our carton product in 2022 and have already seen a significant expansion of new customers with very positive feedback. We are actively working with our carton manufacturer to install equipment and make the engineering changes necessary to increase capacity to 25-30 million units per year by the second half of 2023. Our highest priority in 2023 will be to secure the lost bottle manufacturing capacity, secure additional carton capacity and expand both our single serve and bulk smoothie customer base in order to set us up for record revenue in 2023 and beyond. Additionally, we will be focused on expanding our margins, driven by price increases enacted this year, our ongoing operational ma...