Core Insights - Barfresh Food Group Inc. has announced new customer acquisitions in the education sector across the Southern United States, planning to expand its service to over 800 new schools, impacting approximately 560,000 students [1][2] Group 1: Company Developments - The company is set to implement its smoothie products into breakfast menus at these schools, with full integration expected by the start of the 2025-26 academic year [1] - New schools are also planning to introduce Barfresh's Pop & Go™ 100% Juice Freeze Pops to their lunch menus for the same academic year [1] - The CEO highlighted the strong sales momentum and the company's readiness to meet growing demand in the K-12 segment, particularly in the Southern U.S. due to its warm climate [2] Group 2: Product Offerings - Barfresh's product portfolio includes ready-to-blend and ready-to-drink beverages, specifically targeting the education market and foodservice industry [3] - The company utilizes a patented system for single-serving, on-site prepared products, which are designed to be quick, cost-efficient, and reduce waste [3]

Core Insights - Barfresh Food Group Inc. has completed a $3 million financing round at $2.85 per share, primarily supported by existing shareholders, to expand manufacturing capabilities and meet growing customer demand [1][2][3] Financing and Growth Strategy - The financing will enhance Barfresh's production capacity, allowing the company to fulfill current customer commitments and pursue profitable growth initiatives [2] - The investment coincides with the launch of the new Pop & Go™ 100% Juice Freeze Pops in the education market, following positive feedback from initial testing [2][3] Market Position and Demand - The company has secured numerous new customers in the education channel, indicating a rising demand for its healthier smoothie beverage offerings [2][3] - The CEO emphasized that the funding reflects investor confidence and positions the company to capitalize on significant opportunities in the education market [3] Company Overview - Barfresh Food Group Inc. specializes in developing, manufacturing, and distributing ready-to-blend and ready-to-drink beverages, primarily targeting the education market and foodservice industry [4] - The company utilizes a proprietary system for portion-controlled, pre-packaged beverage ingredients, ensuring quick and cost-efficient delivery of freshly made frozen beverages [4]

Core Insights - Barfresh Food Group Inc. has secured new customer wins in the Midwest education market, adding approximately 1,300 schools to its client base, with several already serving its smoothie beverages [1] - The company received approval from AEA purchasing, which represents around 1,200 schools, allowing Barfresh's Twist & Go™ smoothies to be included in breakfast and a la carte menus [2] - The CEO highlighted the Midwest market as a significant growth opportunity, emphasizing the strong demand for convenient, healthier beverage options in schools [3] Company Overview - Barfresh Food Group Inc. specializes in developing, manufacturing, and distributing ready-to-blend and ready-to-drink beverages, primarily targeting the education market and foodservice industry [4] - The company utilizes a proprietary system for on-site preparation of single-serving beverages, which is designed to be cost-efficient and reduce waste [4] Product Innovations - Barfresh is testing a new product line, Pop & Go™ 100% Juice Freeze Pops, aimed at the lunch menu segment, which typically has higher placement volumes compared to breakfast [3] - The company anticipates further expansion within the AEA network during the 2025-26 school year following positive initial reception of its products [2][3]

Northeast Region Growth Adds Over 700 Schools as Barfresh's K-12 Market Presence Strengthens New Pop & Go™ 100% Juice Freeze Pops Receive Highest Rating Out of All New Products Tested with Major School District in The Northeast LOS ANGELES, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the "Company" or "Barfresh") (NASDAQ:BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced an expansion of its K-12 education channel across the Northeast United States. The e ...

Core Insights - Barfresh Food Group Inc. is expanding its K-12 education channel in the Northeast United States, adding over 700 schools and serving approximately 500,000 students [1][3] - The company’s Twist & Go™ smoothies have been successfully rolled out in several major school districts, including Pennsylvania's largest district, which serves around 200,000 students [2][3] - Barfresh's new Pop & Go™ 100% Juice Freeze Pops received the highest ratings among new lunch menu items tested, indicating strong market demand for its products [2][3] Company Overview - Barfresh Food Group Inc. specializes in developing, manufacturing, and distributing ready-to-blend and ready-to-drink beverages, primarily targeting the education market and foodservice industry [4] - The company utilizes a proprietary system for on-site preparation of single-serving beverages, which is designed to be cost-efficient and reduce waste [4]

Company Secures Additional School District Partnerships, Adding Over 1,400 Schools to Its Growing Education ChannelLOS ANGELES, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced multiple new customer wins on the West Coast education market, adding more than 1,400 schools. Many of these new school district partnerships are already actively serving Barfresh’s portfolio of b ...

LOS ANGELES, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the "Company" or "Barfresh") (NASDAQ:BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced that it will be presenting at the 27th annual ICR Conference being held January 13-15, 2025 in Orlando, FL. Barfresh's management team is scheduled to present at 3:30PM Eastern Time on Monday, January 13, 2025. Management will also be hosting 1x1 meetings throughout the conference. Information and registration ...

Barfresh Food Group, Inc. (NASDAQ:BRFH) Q3 2024 Earnings Conference Call October 24, 2024 4:30 PM ET Company Participants Riccardo Delle Coste - Founder & CEO Lisa Roger - CFO Conference Call Participants Anthony Vendetti - Maxim Group Operator Good afternoon, everyone, and thank you for participating on today's Third Quarter 2024 Corporate Update Call for Barfresh Food Group. Joining us today is Barfresh Food Group's Founder and CEO, Riccardo Delle Coste; and Barfresh Food Group's CFO, Lisa Roger. Followin ...

Barfresh Food Group Inc. (BRFH) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.01. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -200%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.07, delivering a surprise of -75%.Over the last four quarters, the company has su ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) The company's financial statements for the period ended September 30, 2024, show a decrease in total assets and stockholders' equity compared to December 31, 2023, with revenue increasing year-over-year for both periods, despite continued net losses and negative operating cash flow, necessitating new debt and financing agreements [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets decreased to **$3.77 million** from **$4.81 million** at year-end 2023, primarily due to reduced cash and inventory, while total liabilities slightly increased to **$2.37 million**, and stockholders' equity declined from **$2.50 million** to **$1.40 million** Balance Sheet Comparison (in thousands) | Account | Sep 30, 2024 (Unaudited) | Dec 31, 2023 (Audited) | | :--- | :--- | :--- | | **Total Current Assets** | $3,090 | $4,153 | | Cash | $401 | $1,891 | | Inventory, net | $770 | $1,214 | | **Total Assets** | **$3,772** | **$4,810** | | **Total Current Liabilities** | $2,218 | $2,307 | | **Total Liabilities** | **$2,369** | **$2,307** | | **Total Stockholders' Equity** | **$1,403** | **$2,503** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2024, revenue grew **40%** year-over-year to **$3.64 million**, with gross profit increasing to **$1.26 million**, but rising operating expenses led to a slightly larger net loss of **$513,000** compared to **$476,000** in Q3 2023, while the nine-month revenue increased **28%** to **$7.93 million**, and the net loss narrowed to **$1.97 million** from **$2.12 million** in the prior year Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$3,637** | **$2,603** | **$7,929** | **$6,205** | | Gross Profit | $1,260 | $913 | $2,938 | $2,242 | | Loss from Operations | $(500) | $(475) | $(1,949) | $(2,120) | | **Net Loss** | **$(513)** | **$(476)** | **$(1,973)** | **$(2,123)** | | Net Loss Per Share | $(0.03) | $(0.04) | $(0.13) | $(0.16) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, the company used **$1.54 million** in cash from operating activities, an improvement from the **$1.99 million** used in the same period of 2023, with net cash provided by financing activities at **$115,000**, resulting in a **$1.49 million** decrease in cash, ending the period at **$401,000** Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,544) | $(1,990) | | Net cash used in investing activities | $(61) | $0 | | Net cash provided by (used in) financing activities | $115 | $(18) | | **Net decrease in cash** | **$(1,490)** | **$(2,008)** | | **Cash, end of period** | **$401** | **$1,011** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes highlight significant vendor concentration, an ongoing legal dispute with a former key manufacturer, new debt facilities to improve liquidity, and the alleviation of substantial doubt about the company's ability to continue as a going concern, alongside the adoption of a new equity incentive plan and modification of its performance share unit program - The company has significant vendor concentration, with two manufacturers (A and B) accounting for **100%** of finished goods purchases in Q3 2024 and **98%** in the first nine months of 2024[11](index=11&type=chunk) - The company is in a legal dispute with a former key contract manufacturer over product quality issues, withholding **$499,000** in payments, which has adversely impacted supply and operations, though partially mitigated by new product formats and litigation financing obtained in May 2024[26](index=26&type=chunk)[27](index=27&type=chunk) - In August 2024, the company secured a **$1.5 million** receivables financing facility to improve liquidity, with **$1.4 million** available to borrow as of September 30, 2024[29](index=29&type=chunk) - Despite a history of negative cash flow and operating losses, management's actions, including securing new financing and contracting additional manufacturing capacity, have alleviated substantial doubt about the company's ability to continue as a going concern[42](index=42&type=chunk)[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes the **40%** revenue growth in Q3 2024 to improved availability of its bottled smoothies and continued acceptance of its carton products, with gross margin improving to **38%** excluding one-time production relocation costs, while operating expenses increased due to higher sales and marketing costs to support growth, and the company has taken several steps to manage liquidity, including securing a new credit line and litigation financing, expecting expanded manufacturing capacity in Q4 2024 [Results of Operations](index=16&type=section&id=Results%20of%20Operations) For Q3 2024, revenue increased **40%** year-over-year, driven by improved product availability and new product formats, with gross margin at **35%** (or **38%** excluding **$126,000** in production relocation costs), and selling, marketing, and distribution expenses rising **42%** to support sales growth, while for the nine-month period, revenue grew **28%** and net loss decreased by **$150,000**, as higher gross profit offset increased operating expenses Q3 2024 vs Q3 2023 Performance (in thousands) | Metric | Q3 2024 | Q3 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$3,637** | **$2,603** | **$1,034** | **40%** | | Gross Profit | $1,260 | $913 | $347 | 38% | | Gross Margin | 35% | 35% | - | - | | Selling, Marketing & Distribution | $990 | $697 | $293 | 42% | | General & Administrative | $705 | $577 | $128 | 22% | | **Net Loss** | **$(513)** | **$(476)** | **$(37)** | **8%** | Nine Months 2024 vs 2023 Performance (in thousands) | Metric | 9M 2024 | 9M 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$7,929** | **$6,205** | **$1,724** | **28%** | | Gross Profit | $2,938 | $2,242 | $696 | 31% | | Gross Margin | 37% | 36% | - | - | | **Net Loss** | **$(1,973)** | **$(2,123)** | **$150** | **-7%** | [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity has been strained by operating losses and a dispute with a key manufacturer, addressed by a **$2 million** convertible debt offering, non-recourse litigation financing, and a receivables financing line in Q3 2024, though working capital decreased to **$1.37 million** from **$2.35 million** at year-end 2023, with future liquidity dependent on ramping up sales profitably and controlling expenses - The company used **$1.54 million** in cash from operations during the first nine months of 2024, primarily due to a net loss adjusted for non-cash items and an increase in accounts receivable[69](index=69&type=chunk) - Working capital (excluding disputed payables) decreased from **$2.35 million** at Dec 31, 2023, to **$1.37 million** at Sep 30, 2024, due to operating losses[70](index=70&type=chunk) - The company has taken measures to reduce liquidity requirements, including compensating directors and employees with equity, obtaining non-recourse litigation financing, and securing receivables financing[71](index=71&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a smaller reporting company, Barfresh Food Group Inc. is not required to provide this information - Disclosure is not required because the company is a smaller reporting company[73](index=73&type=chunk) [Item 4. Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of September 30, 2024, with a previously disclosed material weakness related to the control environment and inadequate segregation of duties successfully remediated - The CEO and CFO concluded that as of September 30, 2024, the company's disclosure controls and procedures were effective at a reasonable assurance level[73](index=73&type=chunk) - A material weakness in internal control over financial reporting related to inadequate segregation of duties, previously disclosed through 2023, has been remediated as of September 30, 2024[74](index=74&type=chunk)[75](index=75&type=chunk) [PART II - OTHER INFORMATION](index=21&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=21&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in an ongoing dispute with a former contract manufacturer, the outcome of which is currently unpredictable, and is also a defendant in another minor legal proceeding for an amount less than **$100,000**, which management believes is unlikely to have a material unfavorable outcome - The company has an ongoing dispute with a former manufacturer, as described in Note 4 of the financial statements, and the outcome cannot be predicted at this time[76](index=76&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.Risk%20Factors.) As a smaller reporting company, Barfresh Food Group Inc. is not required to provide this information - Disclosure is not required because the company is a smaller reporting company[77](index=77&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=21&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the third quarter of 2024, the company issued **22,266** shares of common stock for services valued at **$97,300**, with the issuance exempt from registration under Rule 506(b) and Section 4(a)(2) of the Securities Act - In the quarter ended September 30, 2024, the company issued **22,266** shares of common stock in exchange for services valued at **$97,300**[77](index=77&type=chunk) [Item 3. Defaults Upon Senior Securities](index=21&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - None[78](index=78&type=chunk) [Item 4. Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[78](index=78&type=chunk) [Item 5. Other Information](index=21&type=section&id=Item%205.%20Other%20Information.) The company reported no other information - None[78](index=78&type=chunk) [Item 6. Exhibits](index=21&type=section&id=Item%206.%20Exhibits.) The report lists the exhibits filed, including officer certifications (Exhibits 31.1, 31.2, 32.1) and Inline XBRL documents - Exhibits filed with the report include certifications from the Principal Executive Officer and Principal Financial Officer, as well as Inline XBRL data files[74](index=74&type=chunk)[79](index=79&type=chunk)