Company Starts Generating Revenue from Pop & Go in Fourth Quarter 2024
Preliminary Figures Indicate Record Quarterly Revenue of over $3.6 Million in Third Quarter 2024 without any sales from the new Pop & Go Offering
Company Continues to Expect to Achieve Record Annual Revenue in Fiscal Year 2024 and Year-over-Year Margin Improvement
LOS ANGELES, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, announced that it has commenced selling its new 100% juice freeze pop, “Pop & Go”™, to the education channel. The Company expects to start generating revenue from Pop & Go™ in the fourth quarter of this year.
Pop & Go™ contains a half-cup of fruit juice, no added sugars, no preservatives, artificial flavors or colors, and is compliant with USDA reimbursable meal programs and Smart Snack compliant. This new item complements the Company’s existing school offerings, including 1:1 bulk easy pour, 5:1 juice concentrates, and Twist & Go products.
In addition to this product launch, Barfresh announced that preliminary figures indicate record quarterly revenue for the third quarter of over $3.6 million. This represents a 40% increase over the same period last year, driven by increased production capacity and accelerated customer wins. Barfresh will provide more detailed financial results and discuss the rollout of Pop & Go™ during its upcoming third quarter business update call.
Riccardo Delle Coste, the Company's CEO stated, "We are excited to bring Pop & Go™ to market through our valued education channel partners, marking a pivotal moment in our growth strategy. This new product strategically targets lunch menus in schools, which can be up to five times the volume of our current breakfast menu offerings. The initial response from students and administrators has been extremely positive, reinforcing our confidence in Pop & Go’s™ potential to be a meaningful contributor to our top line. While we’re initially focusing on schools, we see a clear path for Pop & Go™ to expand into other foodservice and retail channels in the future, further broadening our market reach.
Moreover, we’re proud to announce preliminary third quarter results indicating record quarterly revenue, achieved even before the roll out of Pop & Go™. This performance not only showcases the strength of our existing product lines and sales force, but also underscores the robust foundation we’ve built for launching new products. We are excited to capitalize on our momentum with the launch of this new product and further accelerate our growth trajectory.”
About Barfresh Food Group
Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary, patented system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. For more information, please visit www.barfresh.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company’s commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as “grow”, “expand”, “anticipate”, “intend”, “estimate”, “believe”, “expect”, “plan”, “should”, “hypothetical”, “potential”, “forecast” and “project”, “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company’s recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
