Blue star foods reports $3.5 million revenue for first half 2023 ended june 30, 2023

Reduction in operating expenses led to decrease in operating loss miami, fl, aug. 22, 2023 (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, 2023. key financial highlights for the three months ended june 3 0 , 202 3 revenue of $1.7 million ras revenues increased to $0.5 million gross profit of $0.1 million operating loss of $1.1 million net loss of $1.5 million (included $0.4 million of non-cash loss on settlement of stock, amortization of debt note and one-time non-recurring expenses) adjusted ebitda loss of $0.7 million inventory and ras biomass of $3.2 million at june 30, 2023 key financial highlights for the six months ended june 30, 2023 revenue of $3.6 million ras revenues increased to $1.1 million gross profit of $0.4 million operating loss of $2.0 million net loss of $3.4 million (included $1.5 million of non-cash loss on settlement of stock, amortization of debt note and one-time non-recurring expenses) adjusted ebitda loss of $0.5 million business highlights for the three months ended june 3 0 , 202 3 regained compliance with nasdaq minimum bid price requirement granted option to purchase land for ras expansion in south carolina strengthened balance sheet by paying off $5 million asset based line of credit to zero entered into a supply agreement for $1 million annually with bloomin' brands included in two most prominent sustainability reporting standards ramped shipments to just food for dogs under its supply agreement for up to $4 million annually management commentary john keeler, chairman and ceo of blue star, commented, “while our first half of 2023 revenue performance was not as high as expected, we have taken necessary steps to reduce our cash burn and improve the liabilities portion of our balance sheet.
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