[Executive Summary](index=1&type=section&id=Executive%20Summary) Barfresh achieved **$8.1 million** in FY2023 revenue with **36%** gross margins, overcoming supply chain issues and projecting record Q1 2024 - Achieved the second-highest fiscal year revenue in company history at **$8.1 million**, despite supply chain disruptions[2](index=2&type=chunk) - Fourth-quarter results were negatively impacted by an industry-wide carton shortage, which has since been resolved but affected the first six weeks of fiscal 2024 sales[3](index=3&type=chunk) - The company is focused on securing a new bottle manufacturing partner before the new school year begins in August 2024 to support long-term growth plans[3](index=3&type=chunk) - Barfresh is projected to generate record revenue in the first quarter of 2024 compared to any prior first quarter[2](index=2&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Barfresh's 2023 financial performance showed mixed results, with full-year revenue declining to **$8.1 million** but gross margins improving to **36%**, and net losses narrowing [Fourth Quarter 2023 Financial Results](index=1&type=section&id=Fourth%20Quarter%20of%202023%20Financial%20Results) Q4 2023 revenue increased to **$1.9 million** with **33%** gross margin, while net loss significantly narrowed to **$701,000** due to reduced G&A expenses Q4 2023 vs Q4 2022 Financials | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $1.9 million | $1.4 million | +35.7% | | Gross Margin | 33% | 36% | -3 p.p. | | Net Loss | $(701,000) | $(1,900,000) | +63.1% | | G&A Expenses | $629,000 | $912,000 | -31.0% | - The increase in revenue was attributed to improved supply from increased carton production capacity and the return of customers lost due to the previous year's bottle manufacturer issue[3](index=3&type=chunk) [Fiscal Year 2023 Financial Results](index=1&type=section&id=Fiscal%20Year%202023%20Financial%20Results) FY2023 revenue was **$8.1 million**, down from **$9.2 million** in 2022, but gross margin improved to **36%**, and net loss significantly reduced to **$2.8 million** FY 2023 vs FY 2022 Financials | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $8.1 million | $9.2 million | -12.0% | | Gross Margin | 36% | 16% | +20 p.p. | | Net Loss | $(2.8 million) | $(6.1 million) | +54.1% | | G&A Expenses | $2.7 million | $3.5 million | -24.0% | - The decline in annual revenue was a result of limited supply and lost customers from the loss of its largest bottle manufacturer, compounded by a carton shortage late in the year[10](index=10&type=chunk) - The 2022 net loss was impacted by **$1.8 million** in charges related to a product withdrawal and a **$746,000** non-cash asset impairment charge[5](index=5&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA loss narrowed for both FY2023 to **$1.7 million** from **$2.4 million**, and for Q4 to **$427,000** from **$833,000** Adjusted EBITDA Reconciliation Summary | Period | Net Loss | Adjusted EBITDA | Year-over-Year Improvement | | :--- | :--- | :--- | :--- | | **Q4 2023** | $(701,000) | $(427,000) | 48.7% | | **Q4 2022** | $(1,858,000) | $(833,000) | - | | **FY 2023** | $(2,824,000) | $(1,674,000) | 31.5% | | **FY 2022** | $(6,134,000) | $(2,445,000) | - | [Balance Sheet](index=4&type=section&id=Balance%20Sheet) As of December 31, 2023, Barfresh maintained a cash position of approximately **$1.9 million** and held about **$1.2 million** in inventory Key Balance Sheet Items (as of Dec 31, 2023) | Account | Value | | :--- | :--- | | Cash | $1.9 million | | Inventory | $1.2 million | [Business Updates and Outlook](index=1&type=section&id=Business%20Updates%20and%20Outlook) Barfresh is addressing manufacturing and supply chain challenges, pursuing a new bottle manufacturer, managing a legal dispute, and forecasts record revenue with high **30s** gross margins for 2024 [Operational Update](index=1&type=section&id=Operational%20Update) Barfresh increased capacity with existing manufacturers, with carton production reaching **25-30 million** units annually, and is actively seeking a new bottle partner by August 2024 - Carton manufacturer has increased annual capacity to approximately **25 million to 30 million units**[3](index=3&type=chunk) - The company is actively seeking a new bottle manufacturing partner with the goal of having one in place before the new school year in August 2024[3](index=3&type=chunk) [Supplier Dispute](index=4&type=section&id=Supplier%20Dispute) Barfresh is engaged in an ongoing legal dispute with a former manufacturer over Q3 2022 textural consistency issues, having re-filed a complaint in California State Court in August 2023 - The dispute stems from customer complaints in Q3 2022 about the textural consistency of the Twist & Go™ product from one manufacturer, leading to a product withdrawal[17](index=17&type=chunk) - After initial legal filings and attempts at resolution, Barfresh re-filed a complaint in California State Court in August 2023, and the case is progressing[17](index=17&type=chunk) [2024 Outlook](index=4&type=section&id=Commentary%20and%20Outlook%20for%202024) Barfresh has a positive outlook for fiscal year 2024, expecting to achieve record annual revenue and gross profit margins in the high **30s** - Expects to achieve record fiscal year revenue for fiscal year 2024[16](index=16&type=chunk) - Gross profit margins for 2024 are expected to be in the high **30s**[16](index=16&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call) The company scheduled a conference call and webcast for February 29, 2024, at 4:30 pm Eastern Time to discuss the financial results - A conference call to discuss the results was held on Thursday, February 29, 2024, at 1:30 pm Pacific Time (4:30 pm Eastern Time)[18](index=18&type=chunk)

See the accompanying notes to the consolidated financial statements Value of shares relinquished in modification of stock-based compensation awards (Note 7) $ 24,000 $ - Use of Estimates Summary of Significant Accounting Policies Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value and unobservable (i.e., supported by little or no market activity). Other Receivables A contract with a customer exists when (I) the Company enters into an enforceable contract ...

Barfresh Food Group, Inc. (NASDAQ:BRFH) Q2 2023 Earnings Conference Call August 14, 2023 4:30 PM ET Company Participants Riccardo Delle Coste - Founder and CEO Lisa Roger - CFO Conference Call Participants Nick Sherwood - Maxim Group Operator Good afternoon, everyone, and thank you for participating on today's Second Quarter 2023 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. [Operator ...

Item 1. Legal Proceedings. From time to time, various lawsuits and legal proceedings may arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently the defendant in one legal proceeding for an amount less than $100,000. Our legal counsel and management believe a material unfavorable outcome to be remote. Not required because we are a smaller reporti ...

Barfresh Food Group, Inc. (NASDAQ:BRFH) Q1 2023 Earnings Conference Call April 27, 2023 4:30 PM ET Company Participants Riccardo Delle Coste - CEO Lisa Roger - CFO Conference Call Participants Anthony Vendetti - Maxim Group Operator Good afternoon, everyone, and thank you for participating on today's First Quarter 2023 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. Following prepared r ...

| --- | --- | --- | |------------------|--------------|------------| | Manufacturer A | 2023 \n49% | 2022 \n31% | | Manufacturer B | 46% | 0% | | Manufacturer C | 0% | 59% | There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 2, 2023 that have had a material impact on our condensed consolidated financial statements and related notes. 6 Financial Accounting Standards Board ("FASB") A ...

The challenges of competing with the many food services businesses may result in reductions in our revenue and operating margins. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, customers, economies, and financial markets globally, potentially leading to an economic downturn. It has also disrupted the normal opera ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ___________________ Commission File Number: 001-41228 BARFRESH FOOD GROUP INC. (Exact name of registrant as specified in its charter) Delaware 27-19 ...

Barfresh Food Group, Inc. (NASDAQ:BRFH) Q3 2022 Earnings Conference Call November 10, 2022 4:30 PM ET Company Participants Riccardo Delle Coste - CEO Lisa Roger - CFO Conference Call Participants Nick Sherwood - Maxim Group Operator Good afternoon, everyone, and thank you for participating on today's Third Quarter 2022 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. Following prepared r ...

W H I R L • C L A S S ® B Investor Presentation Premeasured I Prepackaged I Perfection Forward Looking Statements 2 This Descriptive Presentation (the "Presentation") is being furnished solely for use by prospective parties in connection with their consideration of a potential transaction with Barfresh Food Group Inc. (the "Company"). Prospective parties are not entitled to rely on the accuracy or completeness of the Presentation and are entitled to rely solely on only those particular representations and w ...