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)

[Barfresh Third Quarter 2024 Results and Business Update](index=1&type=section&id=Barfresh%20Provides%20Record%20Third%20Quarter%202024%20Results%20and%20Business%20Update) [Management Comments](index=1&type=section&id=Management%20Comments) The CEO highlights record Q3 revenue growth driven by existing products ahead of the new Pop & Go™ launch - Achieved record quarterly revenue in Q3 2024, exceeding **$3.6 million**, a **40% year-over-year increase**[2](index=2&type=chunk) - The new Pop & Go™ product is expected to significantly expand the company's presence in the high-volume school lunch channel[2](index=2&type=chunk) - The company is positioned for sustained growth with expanded capacity and a distribution network covering over **95% of the country**[2](index=2&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) The company reports significant revenue growth for Q3 and the first nine months of 2024, with improved gross margins [Third Quarter 2024 Financial Results](index=1&type=section&id=Third%20Quarter%20of%202024%20Financial%20Results) Q3 2024 revenue surged 40% to $3.6 million with improved adjusted gross margins, though the net loss slightly increased Q3 2024 vs Q3 2023 Key Metrics | Financial Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $3.6M | $2.6M | +40% | | **Gross Margin** | 35% | 35% | 0% | | **Adjusted Gross Margin** | 38% | 35% | +3 p.p. | | **Net Loss** | ($513,000) | ($476,000) | +7.8% | | **Adjusted EBITDA** | ($124,000) | ($89,000) | +39.3% | - Revenue growth was attributed to improvements in Twist & Go bottled smoothie sales and sales of smoothie cartons and bulk formats[3](index=3&type=chunk) - The increase in net loss was primarily due to higher personnel costs, travel, broker commissions, and the non-recurrence of an Employee Retention Tax Credit benefit recognized in 2023[4](index=4&type=chunk) [First Nine Months of 2024 Financial Results](index=2&type=section&id=First%20Nine%20Months%20of%202024%20Financial%20Results) Revenue for the first nine months grew 28% to $7.9 million, accompanied by a narrowed net loss and improved Adjusted EBITDA Nine Months 2024 vs 2023 Key Metrics | Financial Metric | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $7.9M | $6.2M | +28% | | **Gross Margin** | 37% | 36% | +1 p.p. | | **Adjusted Gross Margin** | 39% | 36% | +3 p.p. | | **Net Loss** | ($2.0M) | ($2.1M) | -4.7% | | **Adjusted EBITDA** | ($752,000) | ($1.2M) | +39.7% | - The improvement in Gross Margin and Adjusted Gross Margin resulted from a favorable product mix, pricing actions, and a slight improvement in supply chain component costs[5](index=5&type=chunk) - The increase in G&A expenses was driven by higher management headcount, increased stock-based compensation for the Board, and the non-recurrence of 2023 tax benefits[6](index=6&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet) The company managed liquidity through inventory buildup, a new receivables financing facility, and non-recourse litigation financing - As of September 30, 2024, the company had approximately **$2.1 million of cash and accounts receivable**, and approximately **$770,000 of inventory**[12](index=12&type=chunk) - In August 2024, the company secured a **$1.5 million receivables financing facility** to provide flexibility for funding inventory as needed[13](index=13&type=chunk) - Obtained non-recourse litigation financing to vigorously pursue its legal complaint without further expense to the company[13](index=13&type=chunk) - The company has taken measures to reduce liquidity requirements, including compensating directors and employees with equity to reduce cash compensation[12](index=12&type=chunk) [2024 Outlook](index=3&type=section&id=Commentary%20and%20Outlook%20for%202024) The company expects to achieve record annual revenue in 2024 with gross margins in the mid to high 30s and positive Q4 Adjusted EBITDA - Expects to achieve **record fiscal year revenue** for fiscal year 2024[14](index=14&type=chunk) - Gross Margin and Adjusted Gross Margin for 2024 are expected to be in the **mid to high 30's**[14](index=14&type=chunk) - Expects to achieve **positive adjusted EBITDA** in the fourth quarter of fiscal year 2024[14](index=14&type=chunk) [Supplier Dispute](index=3&type=section&id=Supplier%20Dispute) The company is engaged in an ongoing legal dispute with a former manufacturer over a product quality issue from Q3 2022 - The dispute stems from customer complaints in Q3 2022 regarding the textural consistency of the Twist & Go™ bottle product from a single manufacturer[15](index=15&type=chunk) - After unsuccessful informal negotiations, Barfresh re-filed a complaint in California State Court in August 2023, and the case is progressing through the court system[15](index=15&type=chunk) - The company cannot predict the outcome or a range of reasonably possible recoveries from its legal actions, and **no gain contingencies have been recorded**[15](index=15&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted Gross Profit and Adjusted EBITDA to provide a clearer view of core performance - The company presents non-GAAP measures like Adjusted Gross Profit and Adjusted EBITDA to provide useful information that is directly reflective of its core business performance[8](index=8&type=chunk) - Exclusions from GAAP measures, such as manufacturing relocation costs and stock compensation, are intended to provide a more useful measure for period-to-period comparisons[8](index=8&type=chunk) Reconciliation to Adjusted Gross Profit | Reconciliation to Adjusted Gross Profit | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Gross Profit** | $1,260,000 | $913,000 | $2,938,000 | $2,242,000 | | Manufacturing relocation | $126,000 | - | $176,000 | - | | **Adjusted Gross Profit** | $1,386,000 | $913,000 | $3,114,000 | $2,242,000 | Reconciliation to Adjusted EBITDA | Reconciliation to Adjusted EBITDA | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Loss** | ($513,000) | ($476,000) | ($1,973,000) | ($2,123,000) | | Adjustments (D&A, Interest, etc.) | $389,000 | $387,000 | $981,000 | $576,000 | | **Adjusted EBITDA** | ($124,000) | ($89,000) | ($752,000) | ($1,247,000) | [Conference Call Information](index=4&type=section&id=Conference%20Call) A conference call to discuss Q3 2024 results was scheduled for October 24, 2024, with webcast and replay details provided - A conference call was scheduled for October 24, 2024, at 1:30 pm Pacific Time (4:30 pm Eastern Time) to discuss the results[16](index=16&type=chunk) - Dial-in numbers for North American and international listeners were provided, along with a passcode for a telephonic playback available through November 7, 2024[16](index=16&type=chunk)

Record Quarterly Revenue of $3.6 Million and Gross Margin of 35% and Adjusted Gross Margin of 38% for Third Quarter 2024 Company Generating Revenue from New Pop & Go™ Freeze Pops in Fourth Quarter 2024 Company Expects to Achieve Positive Adjusted EBITDA for Fourth Quarter 2024 Capacity and Product Portfolio Expansion Paving Way for Record Annual Revenue and Year-over-Year Adjusted Gross Margin Improvement in Fiscal Year 2024 LOS ANGELES, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Compa ...

LOS ANGELES, Oct. 10, 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, today announced that it will host a business update call on Thursday, October 24, 2024 at 1:30 pm Pacific Time (4:30 pm Eastern Time). Listeners can dial (877) 407-4018 in North America, and international listeners can dial (201) 689-8471. A telephonic playback will be available approximately two hours after the call conclude ...

Company Starts Generating Revenue from Pop & Go in Fourth Quarter 2024 Preliminary Figures Indicate Record Quarterly Revenue of over $3.6 Million in Third Quarter 2024 without any sales from the new Pop & Go Offering Company Continues to Expect to Achieve Record Annual Revenue in Fiscal Year 2024 and Year-over-Year Margin Improvement LOS ANGELES, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the "Company" or "Barfresh") (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink b ...

Barfresh Food Group Inc. (BRFH) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.03, delivering a surprise of 40%. Over the last four quarters, the company has su ...

Barfresh Food Group, Inc. (NASDAQ:BRFH) Q2 2024 Earnings Conference Call August 14, 2024 4:30 PM ET Company Participants Riccardo Delle Coste - Founder and Chief Executive Officer Lisa Roger - Chief Financial Officer Conference Call Participants Nicholas Sherwood - Maxim Group Operator Good afternoon, everyone, and thank you for participating on today's Second Quarter 2024 Corporate Update Call for Barfresh Food. Joining us today is Barfresh Food Group's Founder and CEO, Riccardo Delle Coste; and Barfresh F ...