Blue Star Foods Reports 19% Growth to $2.3 Million Revenue for First Quarter Ended March 31, 2024

Core Viewpoint - Blue Star Foods Corp. has reported a significant increase in revenues and a notable reduction in losses for the first quarter of 2024, indicating a positive turnaround in financial performance [2][4]. Financial Highlights - Revenue for the three months ended March 31, 2024, increased by 19% to $2.3 million compared to $1.9 million for the same period in 2023, primarily due to an increase in poundage sold [6][7]. - Net loss decreased by 44% to $1.1 million from $1.9 million year-over-year, with net loss per share improving from ($1.16) to ($0.04) [6][7]. - Adjusted EBITDA loss decreased by 35% to $0.6 million compared to $0.9 million for the same period in 2023 [6][7]. Business Highlights - The company successfully commenced production at its Recirculatory Aquaculture Systems (RAS) platform in South Carolina, which includes over 100 tanks [4]. - A Master Service Agreement (MSA) was executed with a fully integrated seafood provider, aimed at sourcing, operations, and distribution, along with a supply agreement to provide food solutions for the U.S. Military [4][6]. - The company reported an inventory and RAS biomass valued at $2.3 million [6].