Core Insights - The company achieved record revenue of $10.7 million for fiscal year 2024, a significant increase from $8.1 million in 2023, driven by expanded production capacity and improved sales [6][8] - The company launched Pop & Go™ 100% Juice Freeze Pops, generating initial revenue in Q4 2024 [1] - The company raised $3 million in growth financing to enhance manufacturing and market expansion [1][14] - For fiscal year 2025, the company projects revenue between $14.5 million and $16.6 million, indicating continued growth [1][16] Financial Performance - Q4 2024 revenue was $2.8 million, up from $1.9 million in Q4 2023, attributed to increased production capacity and higher sales volumes [3][11] - Gross margin for Q4 2024 was 26%, down from 33% in Q4 2023, due to temporary production inefficiencies and increased logistics costs [3][7] - Adjusted gross margin for Q4 2024 was 30%, compared to 33% in the prior year [3][7] - The net loss for Q4 2024 was $852,000, compared to a loss of $701,000 in Q4 2023 [4][11] - For the full year 2024, the net loss remained consistent at $2.8 million, similar to 2023 [8][11] Operational Insights - The company experienced increased selling, marketing, and distribution expenses, totaling $3.1 million for the full year 2024, which is 29% of revenue [8][11] - General and administrative expenses rose to $3.0 million in 2024, driven by increased headcount and stock-based compensation [8][11] - Adjusted EBITDA for the full year 2024 improved to a loss of $1.3 million, compared to a loss of $1.7 million in 2023 [9][11] Future Outlook - The company expects Q1 2025 revenue and margins to align with Q4 2024 levels, with anticipated improvements as supply chain constraints are resolved by the end of Q2 2025 [15] - The company is positioned to leverage its enhanced production capacity and innovative product portfolio to capture opportunities in the education and broader foodservice markets [2][15]
Barfresh Provides Fourth Quarter and Full Year 2024 Results and Business Update