Business
Barfresh Provides Second Quarter 2024 Results and Business Update
Revenue of $1.5 Million and Gross Margins of 35% for Second Quarter 2024 Third Quarter 2024 Revenue and Orders Already at Over $2.2 Million, Up 40%
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Revenue of $1.5 Million and Gross Margins of 35% for Second Quarter 2024 Third Quarter 2024 Revenue and Orders Already at Over $2.2 Million, Up 40% Year-over-Year, with Company on Track for Record Quarterly Revenue and Positive Adjusted EBITDA Company Has Recently Secured Three New Co-Manufacturing Locations, Boosting Production Capacity to Over 120 Million Units Annually, a 400% Increase Expanded Product Portfolio with Recent Launch of 100% Juice Freeze Pops in Education Channel, Poised to Significantly Increase Channel Revenue Company Expects to Achieve Record Annual Revenue in Fiscal Year 2024 and Year-over-Year Margin Improvement, Propelled by Increased Production Capacity and Accelerated Customer Wins LOS ANGELES, Aug. 14, 2024 (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, 2024. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “During the first six months of this year we have made tremendous improvements in all areas of our business. Our recent infrastructure investments have us well positioned to achieve record quarterly revenue results in our third quarter and record annual revenue results while also driving margin improvement. The recent investments include expanding our co-manufacturing capacity by 400%, expanding our product line with a new offering that has the potential to be as big as of all of our other products combined, significantly increasing the number of school customers, and extending our sales reach to cover over 95% of the country – all while bringing on top talent to our leadership team. These investments are not just about this year’s results; they are about building a company that is primed for sustained, long-term growth. The infrastructure we’ve put in place thus far is the launchpad for our next phase of growth. As we look ahead, I’m energized by the opportunities before us and confident in our ability to deliver substantial value to our customers and shareholders alike.” Second Quarter of 2024 Financial Results Revenue for the second quarter of 2024 was $1.46 million, compared to $1.51 million in the second quarter of 2023. Revenue in 2024 benefitted from increased capacity in carto...