Q2 2024 Barfresh Food Group Inc Earnings Call Transcript
Key Points
- Barfresh Food Group Inc (BRFH) achieved a 40% year-over-year increase in Q3 revenue and orders, reaching over $2.2 million.
- The company expanded its manufacturing capacity by 400%, allowing for the production of over 120 million units annually.
- Barfresh Food Group Inc (BRFH) launched a new product, Pop & Go 100% Juice Freeze Pops, which has received positive feedback and is compliant with USDA reimbursable meal programs.
- The company has significantly increased its sales broker network, now covering 95% of the country.
- Barfresh Food Group Inc (BRFH) secured a $1.5 million receivables financing facility to support inventory and production needs.
- Revenue for the second quarter of 2024 decreased by 3% to $1.46 million compared to the same period in 2023.
- The company reported a net loss of $1 million for the second quarter of 2024, an increase from a net loss of $742,000 in the second quarter of 2023.
- Adjusted EBITDA for the second quarter of 2024 was a loss of approximately $682,000, compared to a loss of $617,000 in the prior year period.
- General and administrative expenses increased to $871,000 in the second quarter of 2024, up from $493,000 in the same period last year.
- The company's focus on the education channel has resulted in flat sales in other segments such as convenience, military, and entertainment.
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 Food Group's CFO, Lisa Roger. Following prepared remarks, we will open the call for your questions.
The discussion today will include forward-looking statements. Except for historical information herein, matters set forth on this call are forward-looking within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the company's commercial progress, success of its strategic relationships, and projections of future financial performance.
These forward-looking statements are identified by the use of the words such as grow, expand, anticipate, intend, estimate, believe, expect, plan, should, hypothetical, potential, forecast, and project, continue, could, may, predict, and will, and variations of such words and similar expressions are intended to identify such forward-looking statements. All
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