Business
Barfresh Provides Third Quarter 2021 Results and Business Update
Company Achieves Strong Improvement in Revenue and Operating Cash Flow in Third Quarter 2021 Third Quarter 2021 Revenue Increased 48% Sequentially and 173%
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Company Achieves Strong Improvement in Revenue and Operating Cash Flow in Third Quarter 2021 Third Quarter 2021 Revenue Increased 48% Sequentially and 173% Year-Over-Year Company Entered 2021-2022 School Year in Double the Number of School Locations than Last Year Company has Generated Revenue of Approximately $1.8 Million to Date for Fourth Quarter 2021; Already a 300% Increase Compared to the Full Fourth Quarter 2020 LOS ANGELES, Nov. 15, 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 third quarter and first nine months ended September 30, 2021. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We achieved both third quarter sequential and year-over-year revenue growth due to the steady ramp in school related orders for our Twist & Go product. Revenue would have exceeded $2.1 million had we not lost approximately $200,000 in revenue due to supply chain constraints from manufacturing labor and raw material shortages. In addition, this past quarter we entered the 2021-2022 school year in double the number of locations selling our product and believe our new and existing school locations will continue to drive revenue growth. We have already achieved $1.8 million of revenue in the fourth quarter to date which is a 300% increase compared to the full fourth quarter of last year and we expect to be at or close to adjusted EBITDA breakeven in the fourth quarter. The continued sequential revenue growth is meaningful given the fourth quarter is historically a lighter quarter for us from school holiday closures. Our strong cash position and clean debt structure, along with the gradual return of our other customers segments, has our company well positioned to take advantage of future growth opportunities in 2022.” Third Quarter of 2021 Financial Results Revenue for the third quarter of 2021 increased 173% to $1.9 million, compared to $708,000 in the COVID-19 affected third 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 and bulk products compared to the COVID-19 aff...