Innovative Food Holdings, Inc. (IVFH) reported a revenue of $72.1 million for the fiscal year ending December 31, 2024, marking a 2.5% increase from $70.4 million in 2023. The company achieved organic revenue growth of 11.4%, with a notable 19.2% increase in total revenue and a 44.3% rise in organic revenue during the fourth quarter. The growth was driven by strategic initiatives aimed at enhancing market presence and expanding the customer base, particularly through national distribution partnerships and local distribution channels.
The company underwent significant operational changes, including the divestiture of its direct-to-consumer business, which saw a 66.2% decline in revenue to $3.1 million. This decision was part of a broader strategy to focus on business-to-business (B2B) operations. Additionally, IVFH made strategic acquisitions, including Golden Organics for $1.58 million and LoCo Foods for $304,269, which are expected to bolster its specialty food distribution capabilities. The company also sold non-core assets, including the igourmet platform, for $700,000, which contributed to a gain of $834,463.
Operationally, IVFH reported a net income of $2.5 million from continuing operations, a significant turnaround from a net loss of $3.7 million in the previous year. The company’s gross margin decreased slightly to 23.4%, attributed to the liquidation of inventory from divested businesses. However, operating expenses were reduced by $904,000, reflecting cost-cutting measures and restructuring efforts. The total employee headcount stood at 132, with 92 full-time employees, including chefs and executive officers.
Looking ahead, IVFH aims to continue its growth trajectory by focusing on stabilizing its operations and expanding its specialty foodservice platform. The company plans to invest in technology enhancements and distribution network expansions to drive revenue growth and improve profitability. However, it remains cautious about its dependence on major customers, particularly U.S. Foods, which accounted for 43% of total sales in 2024, and the potential impact of economic conditions on consumer spending. The company is committed to diversifying its customer base to mitigate risks associated with customer concentration.
About INNOVATIVE FOOD HOLDINGS INC
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