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Blue Star Foods Reports 19% Growth to $2.3 Million Revenue for First Quarter Ended March 31, 2024

Blue Star Foods Corp.
Blue Star Foods Corp.

Increase in Revenues Leads to 44% Reduction in Losses

Miami, FL, May 20, 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 months ended March 31, 2024.

Key Financial Highlights for the Three Months Ended March 31, 2024

  • Revenue increased 19% to $2.3 million

  • Net loss decreased 44% to $1.1 million

  • Adjusted EBITDA loss decreased 35% to $0.6 million

  • Inventory and RAS biomass of $2.3 million

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Business Highlights for the Three Months Ended March 31, 2024

  • Executed Transformational Master Service Agreement (MSA) with a the fully integrated seafood provider.

  • Started Production of Soft-Shell Operations in South Carolina for the 2024 Season Under Existing License from the South Carolina Department of Natural Resources

Business Highlights Subsequent to the Three Months Ended March 31, 2024

  • Signed Agreement with Eagle Rising to Provide High-Quality, Nutritious Meals for U.S. Military

Management Commentary

John Keeler, Chairman and CEO of Blue Star, commented, “We returned to revenue growth and greatly improved our margins and efficiencies which have led to a significant reduction in our losses. We had a successful seasonal start to production at our RAS platform in South Carolina, which encompasses over 100 tanks and utilizes our proprietary Bio-Plan. Currently, we have more demand that what are able to supply with full tanks of crab peelers against the rapid growth in soft shell crab demand.”

Keeler, continued, “Our MSA with the fully integrated seafood provider, previously announced on February 21, which calls for Blue Star to assist with sourcing, operations, and distribution of its products, recovering existing business and securing additional new business for growth opportunities, such as the recently announced execution of a supply agreement to provide manufacturing of Eagle Rising specified innovative food solutions for the U.S. Military, which will roll out to initially 8 military bases over the next few months..”

Financial Results for the Three Months Ended March 31, 2024

  • Revenue for the three months ended March 31, 2024, increased by $0.4 million, or 19%, to $2.3 million compared to $1.9 million for the three months ended March 31, 2023. The increase in revenue was primarily due to an increase in poundage sold during the three months ended March 31, 2024.

  • Operating loss for the three months ended March 31, 2024, decreased by $0.1 million, or 11%, to $0.8 million, compared to $0.9 million for the three months ended March 31, 2023. Operating loss for the three months ended March 31, 2024 included mostly non-cash or one-time non-recurring operating expenses of $1.1 million, comprised of non-cash items of $3k in depreciation and amortization, $0.65 million of loss on settlement of stock, $0.27 million accrued portion of convertible debt and $0.05 million in non-cash stock compensation.

  • Net loss for the three months March 31, 2024, decreased by $0.9 million, or 44%, to $1.1 million, compared to $1.9 million for the three months ended March 31, 2023. The decrease in net loss is primarily attributable to increases in other operating expenses and loss on settlement of debt. The resulting net loss per share of common stock loss for the three months ended March 31, 2024, was ($0.04), compared to a net loss per share of common stock of ($1.16) for the three months ended March 31, 2023.

  • Adjusted EBITDA loss for the three months ended March 31, 2024, decreased by $0.3 million, or 35% to $0.6 million, compared to $0.9 million for the three months ended March 31, 2023.

About Blue Star Foods Corp. (NASDAQ: BSFC)
Blue Star Foods Corp. is an integrated ESG seafood company that processes, packages and sells high-value seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. The Company also owns and operates the oldest continuously operating RAS full grow-out salmon farm in North America. The Company is based in Miami, Florida, and its corporate website is: https://bluestarfoods.com

Forward-Looking Statements:

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:
Investors@bluestarfoods.com