Barfresh Food Group Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting both revenue growth and ongoing challenges in profitability. Total assets decreased to $3,772,000 from $4,810,000 at the end of 2023, while total current assets also fell to $3,090,000 from $4,153,000. Total liabilities increased slightly to $2,369,000, up from $2,307,000, leading to a decline in stockholders' equity to $1,403,000 from $2,503,000.
For the three months ended September 30, 2024, Barfresh reported revenue of $3,637,000, a significant increase of 40% compared to $2,603,000 in the same period of 2023. Gross profit for this quarter was $1,260,000, maintaining a gross margin of 35%, consistent with the previous year. Excluding production relocation costs, gross profit would have been $1,386,000, reflecting a 38% margin. However, the company recorded a net loss of $(513,000), slightly higher than the $(476,000) loss reported in Q3 2023.
For the nine-month period, revenue rose to $7,929,000 from $6,205,000, marking a 28% increase. The cost of revenue also increased to $4,991,000 from $3,963,000, resulting in a gross profit of $2,938,000, which represents a gross margin of 37%, up from 36% in the prior year. The net loss for the nine months was $(1,973,000), an improvement from $(2,123,000) in 2023.
Operating cash flow showed a reduction in cash used, with $(1,544,000) for the nine months ended September 30, 2024, compared to $(1,990,000) in the same period of 2023. As of September 30, 2024, the company had $401,000 in cash, down from $1,011,000 at the end of 2023. The company also secured a receivables-based line of credit in August 2024 for $1,500,000, with $1,400,000 available to borrow.
Expenses related to selling, marketing, and distribution rose significantly, totaling $990,000 in Q3 2024, up from $697,000 in Q3 2023. This increase was driven by higher personnel costs, travel, and broker commissions. General and administrative expenses also increased to $705,000 from $577,000 in the prior year. Personnel costs alone rose to $312,000, reflecting a 59% increase compared to $196,000 in Q3 2023.
Overall, while Barfresh Food Group Inc. experienced notable revenue growth, it continues to face challenges in managing costs and achieving profitability.
About BARFRESH FOOD GROUP INC.
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