Blue Star Foods Financials
This page shows Blue Star Foods (BSFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Shrinking revenue and increasingly loss-making sales have turned this business into a financing-dependent operation instead of a self-funding one.
The latest year pushed gross margin to-35.9% , after the prior year was only barely positive. That deterioration lined up with operating cash burn of-$6.2M on just$3.6M of revenue, showing the strain is no longer just overhead but loss-making sales combined with smaller scale.
The balance-sheet posture is tight, with equity back below zero at
Capital intensity is not the main drain: capital spending was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Blue Star Foods's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blue Star Foods has an operating margin of -80.9%, meaning the company retains $-81 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -281.5% the prior year.
Blue Star Foods's revenue declined 19.5% year-over-year, from $3.6M to $2.9M. This contraction results in a growth score of 0/100.
While Blue Star Foods generated -$675K in operating cash flow, capex of $10K consumed most of it, leaving -$684K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
For every $1 of reported earnings, Blue Star Foods generates $0.19 in operating cash flow (-$675K OCF vs -$3.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Blue Star Foods earns $-5.2 in operating income for every $1 of interest expense (-$2.3M vs $447K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Blue Star Foods generated $2.9M in revenue in fiscal year 2025. This represents a decrease of 19.5% from the prior year.
Blue Star Foods's EBITDA was -$2.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 77.1% from the prior year.
Blue Star Foods reported -$3.6M in net income in fiscal year 2025. This represents an increase of 71.3% from the prior year.
Blue Star Foods earned $-0.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 97.6% from the prior year.
Cash & Balance Sheet
Blue Star Foods generated -$684K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 89.1% from the prior year.
Blue Star Foods had 164M shares outstanding in fiscal year 2025. This represents an increase of 1565.9% from the prior year.
Margins & Returns
Blue Star Foods's gross margin was 40.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 76.4 percentage points from the prior year.
Blue Star Foods's operating margin was -80.9% in fiscal year 2025, reflecting core business profitability. This is up 200.6 percentage points from the prior year.
Blue Star Foods's net profit margin was -123.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 223.3 percentage points from the prior year.
Capital Allocation
Blue Star Foods invested $10K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 90.3% from the prior year.
BSFC Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $462K-60.6% | $1.2M+22.0% | $961K-41.4% | $1.6M+531.2% | $260K-59.1% | $635K-40.1% | $1.1M+5.0% | $1.0M |
| Cost of Revenue | $34K-96.3% | $920K+5.8% | $869K-67.1% | $2.6M+380.0% | $551K-6.2% | $588K-46.5% | $1.1M-7.8% | $1.2M |
| Gross Profit | $428K+69.3% | $253K+175.7% | $92K+109.1% | -$1.0M-245.1% | -$291K-713.3% | $48K+219.9% | -$40K+78.3% | -$183K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $138K0.0% | $138K | N/A | N/A | $3K-28.6% | $4K | N/A | N/A |
| Operating Income | -$413K+16.4% | -$494K+49.2% | -$972K+82.5% | -$5.6M-110.5% | -$2.6M-199.1% | -$884K+14.1% | -$1.0M+29.8% | -$1.5M |
| Interest Expense | $104K-39.4% | $172K-17.4% | $208K-49.9% | $415K-5.5% | $439K-49.6% | $871K+160.0% | $335K+11.0% | $302K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$481K+26.2% | -$652K+45.7% | -$1.2M+80.4% | -$6.1M-100.7% | -$3.0M-49.8% | -$2.0M-59.0% | -$1.3M-105.5% | -$623K |
| EPS (Diluted) | $-0.03+25.0% | $-0.04+50.0% | $-0.08 | N/A | $1.11 | $-1.68 | $-2.42 | N/A |
BSFC Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3M-13.4% | $1.5M-28.2% | $2.1M-19.7% | $2.6M-53.8% | $5.5M-25.7% | $7.4M+20.2% | $6.2M-2.8% | $6.4M |
| Current Assets | $1.0M-14.4% | $1.2M-31.3% | $1.8M-21.5% | $2.2M-28.9% | $3.1M-38.4% | $5.1M+31.8% | $3.9M-5.6% | $4.1M |
| Cash & Equivalents | $83K+80.0% | $46K+99.5% | $23K-92.9% | $327K+349.6% | $73K-0.6% | $73K+227.9% | $22K-7.7% | $24K |
| Inventory | $117K-52.9% | $249K-27.4% | $343K-23.4% | $448K-71.1% | $1.6M-5.7% | $1.6M-6.3% | $1.8M-32.8% | $2.6M |
| Accounts Receivable | $97K-71.8% | $344K-24.4% | $456K+30.3% | $350K+8.8% | $321K+61.0% | $200K-52.5% | $420K-21.4% | $534K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.0M+4.8% | $2.8M+5.5% | $2.7M-2.1% | $2.7M-5.3% | $2.9M-9.3% | $3.2M-15.7% | $3.8M+0.7% | $3.8M |
| Current Liabilities | $2.7M-2.3% | $2.8M+13.0% | $2.4M-7.7% | $2.6M-2.5% | $2.7M-7.7% | $2.9M-7.6% | $3.2M-0.4% | $3.2M |
| Long-Term Debt | $258K+432.5% | $49K-76.7% | $208K+293.6% | $53K-58.4% | $127K-32.5% | $189K-64.6% | $533K+10.7% | $481K |
| Total Equity | -$1.7M-24.5% | -$1.4M-114.1% | -$638K-232.6% | -$192K-107.3% | $2.6M-38.0% | $4.2M+77.3% | $2.4M-7.9% | $2.6M |
| Retained Earnings | -$48.6M-1.0% | -$48.1M-1.4% | -$47.5M-2.6% | -$46.3M-15.2% | -$40.2M-8.2% | -$37.1M-5.8% | -$35.1M-3.8% | -$33.8M |
BSFC Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$184K-190.0% | $204K+152.0% | -$393K+79.5% | -$1.9M-16.0% | -$1.6M+16.0% | -$2.0M-188.1% | -$680K-62.5% | -$419K |
| Capital Expenditures | $0 | $0-100.0% | $10K+30.7% | $8K-79.1% | $36K+4.9% | $35K+49.7% | $23K-14.5% | $27K |
| Free Cash Flow | -$184K-190.0% | $204K+150.8% | -$402K+79.0% | -$1.9M-14.0% | -$1.7M+15.6% | -$2.0M-183.6% | -$703K-57.8% | -$446K |
| Investing Cash Flow | $0 | $0+100.0% | -$10K-30.7% | -$8K+79.1% | -$36K-4.9% | -$35K-49.7% | -$23K+14.5% | -$27K |
| Financing Cash Flow | $194K+373.0% | -$71K-188.6% | $80K-96.1% | $2.1M+21.6% | $1.7M-16.2% | $2.0M+225.6% | $623K+6831.9% | $9K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
BSFC Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.5%+71.0pp | 21.6%+12.0pp | 9.5%+70.9pp | -61.3%+50.8pp | -112.1%-119.6pp | 7.5%+11.2pp | -3.7%+14.4pp | -18.1% |
| Operating Margin | -89.3%-47.2pp | -42.1%+59.0pp | -101.1%+238.0pp | -339.2%+677.9pp | -1017.1%-878.0pp | -139.1%-42.0pp | -97.1%+48.2pp | -145.3% |
| Net Margin | -104.0%-48.4pp | -55.6%+69.3pp | -124.9%+248.2pp | -373.1%+800.1pp | -1173.1%-852.9pp | -320.3%-199.5pp | -120.8%-59.1pp | -61.7% |
| Return on Equity | N/A | N/A | N/A | N/A | -116.1%-68.1pp | -48.0%+5.5pp | -53.5%-29.5pp | -24.0% |
| Return on Assets | -37.7%+6.6pp | -44.3%+14.2pp | -58.5%+181.0pp | -239.5%-184.3pp | -55.1%-27.8pp | -27.4%-6.7pp | -20.7%-10.9pp | -9.8% |
| Current Ratio | 0.38-0.1 | 0.44-0.3 | 0.72-0.1 | 0.84-0.3 | 1.16-0.6 | 1.73+0.5 | 1.21-0.1 | 1.28 |
| Debt-to-Equity | -0.15-0.1 | -0.04+0.3 | -0.33-0.1 | -0.28-0.3 | 0.050.0 | 0.04-0.2 | 0.22+0.0 | 0.19 |
| FCF Margin | -39.8%-57.2pp | 17.4%+59.3pp | -41.9%+75.1pp | -117.0%+530.9pp | -647.8%-333.8pp | -314.0%-247.6pp | -66.4%-22.2pp | -44.2% |
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Frequently Asked Questions
What is Blue Star Foods's annual revenue?
Blue Star Foods (BSFC) reported $2.9M in total revenue for fiscal year 2025. This represents a -19.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blue Star Foods's revenue growing?
Blue Star Foods (BSFC) revenue declined by 19.5% year-over-year, from $3.6M to $2.9M in fiscal year 2025.
Is Blue Star Foods profitable?
No, Blue Star Foods (BSFC) reported a net income of -$3.6M in fiscal year 2025, with a net profit margin of -123.9%.
What is Blue Star Foods's EBITDA?
Blue Star Foods (BSFC) had EBITDA of -$2.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Blue Star Foods's gross margin?
Blue Star Foods (BSFC) had a gross margin of 40.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Blue Star Foods's operating margin?
Blue Star Foods (BSFC) had an operating margin of -80.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blue Star Foods's net profit margin?
Blue Star Foods (BSFC) had a net profit margin of -123.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blue Star Foods's free cash flow?
Blue Star Foods (BSFC) generated -$684K in free cash flow during fiscal year 2025. This represents a 89.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blue Star Foods's operating cash flow?
Blue Star Foods (BSFC) generated -$675K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Star Foods's capital expenditures?
Blue Star Foods (BSFC) invested $10K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Are Blue Star Foods's earnings high quality?
Blue Star Foods (BSFC) has an earnings quality ratio of 0.19x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blue Star Foods cover its interest payments?
Blue Star Foods (BSFC) has an interest coverage ratio of -5.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blue Star Foods?
Blue Star Foods (BSFC) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.