Blue star foods reports 14% revenue growth to $4.0 million, highlighted by 27% increase in gross profit for the first half 2024

Increase in revenues led to 24% reduction in operating loss quarterly gross margins increased 1,170 basis points to 16.6% miami, fl, aug. 15, 2024 (globe newswire) -- blue star foods corp., (“blue star,” the “company,” “we,” “our” or “us”) (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 and six months ended june 30, 2024. key financial highlights for the three months ended june 30, 2024 revenue increased 7% to $1.8 million gross profit increased 264% to $0.3 million gross margin increased 1,170 basis points to 16.6% operating loss decreased 36% to $0.7 million inventory and ras biomass of $2.6 million total assets of $8.1 million key financial highlights for the six months ended june 30, 2024 revenue increased 14% to $2.3 million gross profit increased 27% to $0.5 million gross margin increased 120 basis points to 11.5% operating loss decreased 24% to $1.5 million business highlights for the three months ended june 30, 2024 signed agreement with to provide high-quality, nutritious meals for u.s. military land-based aquaculture license renewal thru 2033 covering white sturgeon, coho salmon, chinook salmon and rainbow trout business highlights subsequent to the three months ended june 30, 2024 initiated roll-out and expected to expand to numerous military bases over the next few months launched plans to improve its soft-shell crab operations by introducing cutting-edge technology that combines artificial intelligence (ai) with ultraviolet (uv) light technology to revolutionize the industry's standard molting crab identification process management commentary john keeler, chairman and ceo of blue star, commented, “our first half 2024 results demonstrate the increase in business opportunities and revenue traction we are witnessing.
BSFC Ratings Summary
BSFC Quant Ranking