Business
Barfresh Provides Second Quarter 2021 Results and Business Update
Company Achieves Sequential and Year-Over-Year Revenue Improvement in Second Quarter of 2021 Continued Strong Improvement in Revenue and Operating Cash Flow
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Company Achieves Sequential and Year-Over-Year Revenue Improvement in Second Quarter of 2021 Continued Strong Improvement in Revenue and Operating Cash Flow Expected in Back Half of 2021 Company Has Generated Over $1.0 Million in Revenue to Date in Third Quarter of 2021 as it Enters the Upcoming School Year and Expects to be in Double the Number of School Locations LOS ANGELES, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (OTCQB: 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-Q for the second quarter ended June 30, 2021. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We enter the second half of this fiscal year financially strong with approximately $7.0 million in cash and a clear path to increased top line growth and improved bottom line. We believe our enhanced balance sheet and clean debt structure enable us to meet the requirements to list on a National exchange and we have submitted our application commencing the necessary steps in achieving an uplisting. While our bulk serve customers have been slower to come back online we are encouraged to see continued sequential growth of our Twist & Go and single serve products in the third quarter of 2021. We have already recorded $1.0 million in revenue in the third quarter and we are just entering the beginning of the school selling season when we expect to be in double the number of locations. We are extremely well positioned to achieve record revenue in the back half of this year driven primarily by new and existing school locations.” Financial Results Revenue for the second quarter of 2021 increased 157% to $1.3 million, compared to $506,000 in the COVID-19 affected second 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 product compared to the COVID-19 affected quarter last year. Gross margins for second quarter of 2021 were 43%, compared to 23% for the second quarter of 2020. The increase in gross margins was due to the startup expenses for the Company’s Twist & Go and WHIRLZ 100% Juice Concentrates recorded in the second quarter of 2020. The Company expec...