Business
Barfresh Provides Third Quarter 2022 Results and Business Update
Third Quarter 2022 Revenue Increased 25% Year-Over-Year to $2.4 Million Company Rolls Out New Product Extension with Twist & Go™ Carton Format Company Pursues
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Third Quarter 2022 Revenue Increased 25% Year-Over-Year to $2.4 Million Company Rolls Out New Product Extension with Twist & Go™ Carton Format Company Pursues Legal Action Against a Bottle Manufacturer of Twist & Go™ LOS ANGELES, Nov. 10, 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 third quarter ended September 30, 2022. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We achieved 25% year-over-year revenue improvement in the third quarter of 2022 compared to the same period last year. We were on track to deliver another record quarter with sequential top line growth and improved margins before we experienced quality issues with one of our Twist & Go™ bottle manufacturers. We pride ourselves on delivering quality product to our customers and voluntarily withdrew the affected product from the market and halted future production with the manufacturer. The quality issues pertain to one manufacturer and we are continuing to supply product to customers as we work with our other manufacturers to produce Twist & Go™ and our single and bulk-serve products. We are actively working to replace the lost bottle manufacturing capacity.” Mr. Delle Coste continued, “We are excited to announce after successful testing we rolled out a carton format for Twist & Go™ in October. This is a great extension to our product portfolio and fits nicely with the growing trend in schools to move toward ecologically friendlier products. The response so far has been encouraging and we will be pursuing existing customers and new customers, especially more of the high-volume school accounts. We have made significant improvements and investments to our business over the past year and believe once the temporary manufacturing issues are resolved we will be able to return to the progress made in the first half of this year and be on a path toward sustainable, long-term growth.” Product Withdrawal of Twist & Go™ During the third quarter of 2022, Barfresh received customer complaints related to the textural consistency of some of the Company’s Twist & Go™ bottle product, which was isolated to one manufacturer. The product was...