Business
Barfresh Provides Third Quarter 2020 Results and Business Update
Third Quarter 2020 Revenue Increased 40% Compared to the Second Quarter of 2020 Company Expects Fourth Quarter 2020 Revenue Growth and Margin Improvement
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Third Quarter 2020 Revenue Increased 40% Compared to the Second Quarter of 2020\n Company Expects Fourth Quarter 2020 Revenue Growth and Margin Improvement Compared to the Fourth Quarter of 2019; First Year-over-Year Increase since Pandemic LOS ANGELES, Nov. 16, 2020 (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 third quarter ended September 30, 2020. Year-to-Date Accomplishments • Increased penetration of the education channel: Barfresh introduced its ready-to-drink beverage, Twist & Go™, into the education channel earlier this year and since its launch has expanded its education program to over 470 new school locations throughout multiple states. These schools are across 17 school districts and form a collective student population of over 300,000 students. The Company has already taken orders and began shipping to many of these new locations and expects many more new clients in the near future. • Entered into a strategic relationship with Smart Beverage: Smart Beverage will only distribute Barfresh’s full line of beverage products to all of its existing and new customers. Barfresh products will be sold to approximately 1,400 schools once schools reopen and normal school operations resume. In the next twelve months, this relationship is expected to generate approximately $1 million to $2 million on an annual basis in the current Covid-19 environment and $2 million to $3 million annually in a normal operating environment, excluding Covid-19.Smart Beverage will manage, maintain, store, and deliver the equipment needed for Barfresh’s products to their new and replacement accounts. Smart Beverage owns, operates and provides repair support for a wide network of Bunn smoothie machines for their customers with 1,000 existing smoothie machines in operation and 3,000 machines ready for deployment. • Launched two new products primarily for school customers: The Company’s Twist & Go™ is a ready-to-drink, bottled fruit and yogurt smoothie line with no sugar added, no preservatives, artificial flavors or colors. Twist & Go™ increases the Company’s growth opportunities in the school channel as it enables Barfresh to expand with entire school ...