Business
Barfresh Provides Second Quarter 2023 Results and Expects to Achieve Positive Adjusted EBITDA for the Fourth Quarter of 2023
Revenue of $1.5 Million and Gross Margins of 31% in the Second Quarter of 2023 Company Has Already Secured Over $1.6 Million in Revenue and Expects to Achieve
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Revenue of $1.5 Million and Gross Margins of 31% in the Second Quarter of 2023 Company Has Already Secured Over $1.6 Million in Revenue and Expects to Achieve Revenue in the Range of $2.6 Million to $3.0 Million in the Third Quarter of 2023 Company Expects to be Approximately Breakeven Adjusted EBITDA for Third Quarter of 2023 and Achieve Positive Adjusted EBITDA for Fourth Quarter of 2023 Capacity Expansion Plans for Smoothie Carton Product Ahead of Plan; Production Expected to Increase to 25 Million to 30 Million Units Per Year in Second Half of 2023 Company Continues to Expect Record Revenue in Fiscal 2023 and Year-over-Year Margin Improvement LOS ANGELES, Aug. 14, 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 for the second quarter ended June 30, 2023. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We continued this quarter to implement our cost-savings initiatives, re-engage with customers we had lost due to the supply chain issues last year related to our bottling manufacturer, engage with new customers and expand our single-serve and bulk smoothie capacity as we ready ourselves to enter into our heavy selling season. Our smoothie carton expansion plans are tracking ahead of schedule with capacity more than doubling in the second quarter and we are excited to announce we are in the contracting phase with a new bottle manufacturer. The momentum we gathered exiting the first half of this year has led to over $1.6 million in revenue being secured to date for the third quarter, as well as line of sight to sequential margin improvement and positive Adjusted EBITDA for the fourth quarter of 2023. We continue to expect to achieve record revenue and year-over-year margin improvement for fiscal year 2023.” Second Quarter of 2023 Financial Results Revenue for the second quarter of 2023 was $1.5 million, compared to $2.8 million in the second quarter of 2022. The decline in revenue year-over-year is the result of limited supply caused by the loss last year of the Company’s largest bottle manufacturer of Twist & Go™. Gross margins were similar to the prior year at 31% and 32% for the second quarter of fiscal years 2023 and 2022, respectively. Net ...