Record sales growth amid…

• Revenue: Record quarterly revenue of over $3.6 million, up 40% from the same period last year.

• Gross margin: Comparable to last year at 35%; Adjusted gross margin at 38% due to favorable product mix and pricing measures.

• Sales, marketing and distribution costs: Increased from $697,000 to $990,000 due to higher personnel costs, travel costs, broker commissions and freight costs.

• General and administrative costs: Increased from $577,000 to $705,000 primarily due to the elimination of employee retention tax credits.

• Net loss: $513,000 compared to a net loss of $476,000 in the same period last year.

• Adjusted EBITDA: Loss of approximately $124,000 compared to a loss of $89,000 in the same period last year.

• Cash and receivables: Approximately $2.1 million (as of September 30, 2024).

• Inventory: About $770,000 on the balance sheet.

Release date: October 24, 2024

For the full transcript of the conference call, please see the full conference call minutes.

• Barfresh Food Group Inc (NASDAQ: BRFH) posted record quarterly revenue of over $3.6 million, up 40% from the same period last year.

• The company has significantly increased its production capacity and is now able to produce over 120 million units annually, an increase of 400% compared to the previous year.

• Barfresh Food Group Inc (NASDAQ:BRFH) has expanded its distribution reach with a broker network covering 95% of the United States, improving its market penetration.

• The introduction of the new product “Pop and Go” is expected to generate additional sales from the fourth quarter, with initial positive feedback from the education sector.

• The company has strategically aligned its product offering and expanded its manufacturing partnerships to position itself for sustainable, long-term growth.

• Despite the sales growth, Barfresh Food Group Inc (NASDAQ: BRFH) reported a net loss of $513,000 for the third quarter of 2024, slightly higher than the loss of $476,000 in the same period last year.

• Sales, marketing and distribution expenses increased significantly from $697,000 in the third quarter of 2023 to $990,000 due to higher personnel costs and broker commissions.

• General and administrative expenses increased to $705,000, primarily due to the loss of employee retention tax credits recognized in 2023.

• The company suffered from supply shortages, which impacted its ability to fully capitalize on market opportunities. However, new production capacities are likely to alleviate this problem.

• Barfresh Food Group Inc (NASDAQ:BRFH) remains cash-strapped despite the company taking measures such as remunerating directors and employees with equity to manage liquidity.

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