Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


There is a rapid growth in soft shell crab demand.

Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31

  (UNITED STATES, 5/24/2024)

Blue Star Foods Corp., (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (“ESG”) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (“RAS”), announced unaudited financial and operational results for the three months ended March 31, 2024.

Key Financial Highlights for the Three Months Ended March 31, 2024

  • Revenue increased 19% to U$2.3 million
  • Net loss decreased 44% to U$1.1 million
  • Adjusted EBITDA loss decreased 35% to $0.6 million
  • Inventory and RAS biomass of U$2.3 million
Blue Star Foods Recirculatory Aquaculture System.

Business Highlights for the Three Months Ended March 31, 2024

  • 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 the South Carolina Department of Natural Resources

Business Highlights Subsequent to the Three Months Ended March 31, 2024

  • Signed Agreement with Eagle Rising to Provide High-Quality, Nutritious Meals for U.S. Military

Management Commentary

 John Keeler.

John Keeler, Chairman and CEO of Blue Star, commented, “We returned to revenue growth and greatly improved our margins and efficiencies which have led to a significant reduction in our losses. We had a successful seasonal start to production at our RAS platform in South Carolina, which encompasses over 100 tanks and utilizes our proprietary Bio-Plan. Currently, we have more demand that what are able to supply with full tanks of crab peelers against the rapid growth in soft shell crab demand.”

Keeler, continued, “Our MSA with the fully integrated seafood provider, previously announced on February 21, which calls for Blue Star to assist with sourcing, operations, and distribution of its products, recovering existing business and securing additional new business for growth opportunities, such as the recently announced execution of a supply agreement to provide manufacturing of Eagle Rising specified innovative food solutions for the U.S. Military, which will roll out to initially 8 military bases over the next few months..”

Financial Results for the Three Months Ended March 31, 2024

  • 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 ended March 31, 2023. The increase in revenue was primarily due to an increase in poundage sold during the three months ended March 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 ended March 31, 2023. Operating loss for the three months ended March 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 ended March 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 ended March 31, 2024, was ($0.04), compared to a net loss per share of common stock of ($1.16) for the three months ended March 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 ended March 31, 2023.
 Blue Star Foods Crab Meat pouches.

About Blue Star Foods Corp. (NASDAQ: BSFC)

Blue Star Foods Corp. is an integrated ESG seafood company that processes, packages and sells high-value seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. The Company also owns and operates the oldest continuously operating RAS full grow-out salmon farm in North America.

Little Cedar Falls brand Steelhead has been on the market since 2013, and now is known as a premium land grown, sustainable salmon.

Source: Blue Star Foods

Previous News


editorial@seafood.media
www.seafood.media


Information of the company:
Address: 3000 NW 109th Ave
City: Miami
State/ZIP: Florida (33172)
Country: United States
Phone: +1 305 836 6858
Fax: +1 305 503 0880
E-Mail: info@bluestarfoods.com
More about:


Location:

View Larger Map


Approval / Accreditation / Certified / Oversight by...
HACCP  USDA/USDC & FDA 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Skretting Introduces New Feed Formulation Concept
FDO Showcases Range of Seafood Products at HORECA Oman 2024
Atlantic Sapphire Further Reduces Carbon Footprint by Joining Esteemed FPL Solar Together Program
GSA Launches BAP Consumer Websites in French and German
High Liner Foods Invests US$10M in Andfjord Salmon
Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31
Filetfabrikken is Ready for the Future of Fish Processing
Wanda Fish Unveils Its First Cell-Cultivated Bluefin Tuna Toro Sashimi
Veramaris Achieves a Record-breaking Year With a 50% Increase in Production Volumes
Online registration is Now Open for Aquaculture Vietnam 2024
Tasmanian Oyster Company Renews Friend of the Sea Certification
Good Results in a Biologically Challenging Quarter for Mowi in Norway
Coles Canned Tuna Range to Get Tick of Approval from MSC
Seaweed Caviar: The “Roe” of the Future
A Gourmet Line of Peruvian Seafood Like no Other
Shinkei Announces USD 6 Million in Seed Funding for Sustainable Robotic Fish Harvesting
BEWI Introduces New EPS Grades and Fish Boxes with 60% Lower CO2 Footprint
Enabling the Blue Food Revolution
American Seafoods Releases Annual Sustainability Report
Natural Shrimp, Inc. Completes Successful Trial in Japan
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Orpagu and ABANCA strengthen ties to improve the financing and modernization of the fishing fleet
Spain • The new deal includes a variety of credit solutions tailored to address the industry's key challenges  • Products such as the naval mortgage stand out, which will allow longliners ...
US expands ban on Chinese seafood
United States The US Department of Homeland Security (DHS) has added another major Chinese seafood processor to its list of companies banned from exporting to the US due to forced labor concerns while closing t...
India’s seafood exports reach record high
India Frozen shrimp continued to be the top export item, both in quantity and value India's seafood exports achieved a record high in volume for the financial year 2023-24, overcoming challenges in major e...
VASEP Releases ´Vietnam Seafood Enterprises Map 2024´
Viet Nam In July 2024, VASEP will release "Map of Vietnam Seafood Enterprises 2024" updating the list and information of seafood processing and exporting companies by locality...The handheld publicat...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER