Increase in Revenues Leads to 44% Reduction in Losses
Key Financial Highlights for the Three Months Ended
- Revenue increased 19% to
$2.3 million - Net loss decreased 44% to
$1.1 million - Adjusted EBITDA loss decreased 35% to
$0.6 million - Inventory and RAS biomass of
$2.3 million
Business Highlights for the Three Months Ended
- Executed Transformational Master Service Agreement (MSA) with a the fully integrated seafood provider.
- Started Production of Soft-Shell Operations in
South Carolina for the 2024 Season Under Existing License from theSouth Carolina Department of Natural Resources
Business Highlights Subsequent to the Three Months Ended
- Signed Agreement with
Eagle Rising to Provide High-Quality, Nutritious Meals forU.S. Military
Management Commentary
Keeler, continued, “Our MSA with the fully integrated seafood provider, previously announced on
Financial Results for the Three Months Ended
- Revenue for the three months ended
March 31, 2024 , increased by$0.4 million , or 19%, to$2.3 million compared to$1.9 million for the three months endedMarch 31, 2023 . The increase in revenue was primarily due to an increase in poundage sold during the three months endedMarch 31, 2024 . - Operating loss for the three months ended
March 31, 2024 , decreased by$0.1 million , or 11%, to$0.8 million , compared to$0.9 million for the three months endedMarch 31, 2023 . Operating loss for the three months endedMarch 31, 2024 included mostly non-cash or one-time non-recurring operating expenses of$1.1 million , comprised of non-cash items of$3k in depreciation and amortization,$0.65 million of loss on settlement of stock,$0.27 million accrued portion of convertible debt and$0.05 million in non-cash stock compensation. - Net loss for the three months
March 31, 2024 , decreased by$0.9 million , or 44%, to$1.1 million , compared to$1.9 million for the three months endedMarch 31, 2023 . The decrease in net loss is primarily attributable to increases in other operating expenses and loss on settlement of debt. The resulting net loss per share of common stock loss for the three months endedMarch 31, 2024 , was ($0.04 ), compared to a net loss per share of common stock of ($1.16 ) for the three months endedMarch 31, 2023 . - Adjusted EBITDA loss for the three months ended
March 31, 2024 , decreased by$0.3 million , or 35% to$0.6 million , compared to$0.9 million for the three months endedMarch 31, 2023 .
About
Forward-Looking Statements:
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended
Investor Contact:
Investors@bluestarfoods.com
Source:
2024 GlobeNewswire, Inc., source