Business
Barfresh Provides Second Quarter 2022 Results and Business Update
“Twist & Go”™ Powers Strong Year-Over-Year Revenue Growth Second Quarter 2022 Revenue Increased by 115% Year-Over-Year to $2.8 Million Expects to Achieve
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"“Twist & Go”™ Powers Strong Year-Over-Year Revenue Growth Second Quarter 2022 Revenue Increased by 115% Year-Over-Year to $2.8 Million Expects to Achieve Record Quarterly Revenue in Third Quarter and Improved Gross Margins Company Enters into New Manufacturing Agreement to Meet Stronger Demand and Improve Efficiencies LOS ANGELES, July 28, 2022 (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-Q for the second quarter ended June 30, 2022. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We achieved sequential and year-over-year revenue improvement in the second quarter of 2022 with revenue increasing 115% compared to the same period last year, despite the continuing industry wide supply chain issues impacting our ability to fulfill all immediate orders. In order to offset a portion of the inflationary pressures we and our industry are facing, we began implementing price increases across all product offerings at the end of the first quarter and these are now fully implemented as we enter the third quarter. Mr. Delle Coste continued, “Our new manufacturing agreement will enable us to significantly expand our production capabilities in a phased approach, positioning us to properly partner with larger school districts and improve cost efficiencies in the back half of this year. We believe the back half of this year is going to generate sequential top line growth and improvements in our gross and operating margins as we better leverage our recently added infrastructure. We are very well positioned as schools begin to re-open due to our strong inventory position and the additional manufacturing capacity we are bringing on in the coming months.” Second Quarter of 2022 Financial Results Revenue for the second quarter of 2022 increased 115% to $2.8 million, compared to $1.3 million in the second quarter of 2021. The increase in revenue is the result of higher growth in Twist & Go sales in the school channel, as well as the gradual return in sales of the Company’s single serve and bulk products. Gross margins for second quarter of 2022 were 32%, similar to the first quarter of 2022, and lower than the 43% for the se...