Barfresh Announces First Quarter 2026 Results

Barfresh (Nasdaq: BRFH) reported first quarter 2026 revenue of $5.6 million, up 92% year-over-year and ahead of outlook, driven by the Arps Dairy acquisition.

Rhea-AI Summary

Barfresh (Nasdaq: BRFH) reported first quarter 2026 revenue of $5.6 million, up 92% year-over-year and ahead of outlook, driven by the Arps Dairy acquisition. Gross margin was 18% versus 31% a year ago. Net loss improved to $661,000, and Adjusted EBITDA loss narrowed to $238,000.

The company guided second quarter 2026 revenue to $5.2–$5.6 million, over 200% above the prior-year period, with an Adjusted EBITDA loss of $0.3–$0.2 million. Full-year 2026 guidance is $28–$32 million revenue and $3.2–$3.8 million Adjusted EBITDA. Barfresh is advancing construction of its 44,000-square-foot Defiance, Ohio facility, supported by a $7.5 million senior convertible note financing and a $2.4 million government equipment grant.

Positive

• Q1 2026 revenue rose 92% year-over-year to $5.6 million
• Net loss narrowed to $661,000 from $761,000 year-over-year
• Adjusted EBITDA loss improved to $238,000 from $506,000
• Q2 2026 revenue guided to $5.2–$5.6 million, over 200% above prior year
• Full-year 2026 revenue guidance of $28–$32 million, 97%–125% growth vs 2025
• Full-year 2026 Adjusted EBITDA guidance of $3.2–$3.8 million
• $7.5 million senior convertible note secured to fund Ohio facility build-out
• $2.4 million government grant approved for specialized production equipment

Negative

• Q1 2026 gross margin declined to 18% from 31% year-over-year
• Company remains unprofitable with Q1 2026 net loss of $661,000
• Q1 2026 Adjusted EBITDA remained negative at $238,000 loss
• Q2 2026 Adjusted EBITDA guidance indicates $0.3–$0.2 million loss

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+1.66% close to close Open Argus

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Key Figures

Q1 2026 revenue: $5.6 million Q1 2025 revenue: $2.9 million Q1 2026 gross margin: 18% +5 more

Q1 2026 revenue

$5.6 million

First quarter 2026; 92% year-over-year increase

Q1 2025 revenue

$2.9 million

First quarter 2025 comparator

Q1 2026 gross margin

18%

First quarter 2026, affected by milk processing mix and startup costs

Q1 2026 net loss

$661,000

First quarter 2026 net loss, improved from prior-year loss

Q1 2026 Adjusted EBITDA

($238,000)

First quarter 2026 Adjusted EBITDA loss vs. ($506,000) in Q1 2025

Q2 2026 revenue guidance

$5.2–$5.6 million

Second quarter 2026 outlook; over 200% growth vs prior-year period

FY 2026 revenue guidance

$28–$32 million

Full year 2026 revenue guidance reiterated

FY 2026 Adjusted EBITDA guidance

$3.2–$3.8 million

Full year 2026 Adjusted EBITDA guidance reiterated

Previous Earnings Reports

5 past events · Latest: Mar 31

Same Type 5 events

1. Mar 31

   Quarter & year results

   24h Move

   +1.4%

   Record 2025 revenue, new 2026 guidance and financing for expansion.

2. Nov 06

   Quarterly earnings

   24h Move

   +4.6%

   Record Q3 2025 revenue, positive Adjusted EBITDA and reiterated guidance.

3. Aug 13

   Quarterly earnings

   24h Move

   -4.7%

   Q2 2025 growth but margin compression and cut to full‑year guidance.

4. May 01

   Quarterly earnings

   24h Move

   -11.4%

   Q1 2025 margin pressure and wider net loss despite revenue growth.

5. Mar 27

   Year-end results

   24h Move

   -10.3%

   FY 2024 record revenue but lower margins, net loss and financing needs.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, ebitda, gross margin, stock based compensation, +3 more

7 terms

adjusted ebitda financial

"and Full Year 2026 Adjusted EBITDA Guidance to $3.2 to $3.8 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebitda financial

"including EBITDA and Adjusted EBITDA, which are reconciled in the table below"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

gross margin financial

"Gross margin for the first quarter of 2026 was 18%, compared to 31%"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

View in glossary

stock based compensation financial

"Stock based compensation, employees and board of directors | | 102,000"

Stock-based compensation is pay given to employees or executives in the form of company shares or the right to buy shares instead of cash. It matters to investors because it spreads ownership like handing out extra slices of a pie—reducing each existing share’s slice and showing up as a real cost on the company’s profit figures, which can change earnings comparisons and the value of your holdings.

non-gaap financial

"the Company has also presented below certain non-GAAP measures, including EBITDA"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

convertible note financing financial

"following our $7.5 million convertible note financing, and the $2.4 million government grant"

A convertible note financing is a loan investors give to a company that is intended to turn into shares later instead of being paid back in cash. Think of it like a bridge loan that comes with a coupon you can swap for ownership at the next funding round, usually at a discounted price or a preset valuation limit. It matters to investors because it lets them support a company early while delaying a precise valuation, but it also affects future ownership percentages and risk exposure when the loan converts into equity.

government grant financial

"and the $2.4 million government grant supporting our equipment installation"

Government grant is money provided by a government agency to support a specific project, research effort, or public-purpose activity that does not need to be repaid, though it usually comes with conditions, milestones and reporting requirements. For investors it matters because grants can lower a company’s development costs, validate technologies or markets, and reduce the need to raise equity or debt—similar to receiving a targeted subsidy that improves a business’s cash position while creating oversight risk if milestones aren’t met.

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First Quarter 2026 Revenue Surpasses Outlook, Rising 92% to a Record Quarterly $5.6 million

Company Advances Facility Construction Plans at 44,000-Square-Foot Ohio Plant; Commissioning on Track Before Year-End

Provides Second Quarter 2026 Revenue Guidance of $5.2 to $5.6 million Representing Over 200% Growth Compared to Prior Year Period

Reiterates Full Year 2026 Revenue Guidance to $28 to $32 million and Full Year 2026 Adjusted EBITDA Guidance to $3.2 to $3.8 million

LOS ANGELES, May 14, 2026 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today reported financial results for the first quarter March 31, 2026.

Management Comments

Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We are off to a strong start in fiscal 2026. First quarter revenue of $5.6 million came in above our guidance range, driven by stronger-than-anticipated contribution from Arps Dairy’s raw and processed milk business.”

“As we advance through fiscal 2026, the operational foundation we are building continues to strengthen. Plans for construction at our 44,000-square-foot Defiance facility are progressing and we remain on track to commission before year-end. With the facility now owned free and clear following our $7.5 million convertible note financing, and the $2.4 million government grant supporting our equipment installation, we have the platform and the capital structure in place to execute and anticipate paying down a portion of those notes via remortgaging the new larger facility in 2026. We are maintaining our fiscal 2026 revenue guidance of $28 to $32 million and Adjusted EBITDA guidance of $3.2 to $3.8 million, and we remain confident that fiscal 2026 will demonstrate the full power of the integrated model we are building.”

First Quarter of 2026 Financial Results

Revenue for the first quarter of 2026 increased 92% year-over-year to $5.6 million, compared to $2.9 million in the first quarter of 2025. The increase in revenue was driven by the acquisition of Arps Dairy.

Gross margin for the first quarter of 2026 was 18%, compared to 31% for the first quarter of 2025.  The decrease in gross margin is a result of the Company continuing Arps Dairy’s existing milk processing business, which operates at different margin profiles than the Company’s core business, as well as transitioning Barfresh production to the Company’s new facility, which involved typical startup and implementation costs that temporarily impacted margins.

Net loss for the first quarter of 2026 improved to $661,000 as compared to a loss of $761,000 in the first quarter of 2025.

Selling, marketing and distribution for the first quarter of 2026 was $697,000, compared to $824,000 in the first quarter of 2025. The year-over-year decrease reflects lower personnel costs as the Company increasingly leverages its broker network, reduced sampling expense following the 2025 launch of Pop & Go freeze pops, and lower equipment maintenance costs as single serve products, which require no customer equipment, represent a greater share of the portfolio mix. G&A expenses for the first quarter of 2025 were $755,000, compared to $747,000 in the first quarter of 2025.

Adjusted EBITDA was a loss of $238,000 for the first quarter of 2026, compared to a loss of $506,000 in the first quarter of 2025. Adjusted EBITDA was below guidance of breakeven due to revenue mix more heavily weighted toward the lower-margin milk processing business than anticipated and start-up inefficiencies in the newly acquired processing facility due to lower production volumes than planned. These inefficiencies are typical of facility transitions and are already improving as the company optimizes its production processes and builds volume. A reconciliation of net loss to Adjusted EBITDA is provided below.

Non-GAAP Financial Measures

The above information is presented in conformity with accounting principles generally accepted in the United States. In order to aid in the understanding of the Company’s business performance, the Company has also presented below certain non-GAAP measures, including EBITDA and Adjusted EBITDA, which are reconciled in the table below to comparable GAAP measures. Management believes that Adjusted EBITDA provides useful information to the investor because it is directly reflective of the performance of the Company. The exclusion of certain items including stock compensation and other non-recurring costs such as business acquisition expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of the Company’s core business performance. Adjusted EBITDA is not recognized measurements under GAAP and should not be considered as an alternative to loss from operations, net loss or any other performance measure derived in accordance with GAAP.

		For the three months ended March 31,
		2026				2025
Net loss		$	(661,000	)		$	(761,000	)
Depreciation and amortization			72,000				74,000
Interest expense			225,000				23,000
EBITDA			(364,000	)			(664,000	)
Stock based compensation, employees and board of directors			102,000				158,000
Business acquisition and integration expense (1)			24,000				-
Adjusted EBITDA		$	(238,000	)		$	(506,000	)

(1)	Arp’s Dairy was acquired on October 3, 2025. The Company incurred acquisition and integration expenses during 2026 in association with the transaction.

Balance Sheet

As of March 31, 2026, the Company had approximately $4.1 million of cash and accounts receivable, and approximately $1.8 million of inventory on its balance sheet.

In March 2026, the Company secured a $7.5 million senior convertible note financing. The proceeds were used to pay off the existing mortgage on the Company's manufacturing facility in Defiance, Ohio, as well as other obligations and will accelerate construction completion, positioning Barfresh to control its manufacturing destiny with significantly expanded production capacity. In addition, the Company was recently approved for a $2.4 million government grant to purchase and install specialized equipment necessary for full-scale production operations.

Outlook for Second Quarter and Full Year 2026

The Company is introducing second quarter 2026 revenue guidance of $5.2 million to $5.6 million and expects an Adjusted EBITDA loss of $0.3 to $0.2 million for the second quarter 2026.

The Company continues to expect fiscal year 2026 revenue to be in the range of $28 million to $32 million, representing 97% to 125% growth compared to fiscal year 2025. As the Company progresses through the year and completes facility and equipment enhancements, it expects year-over-year quarterly improvement in both revenue and profitability.

The Company continues to expect fiscal year 2026 Adjusted EBITDA to be in the range of $3.2 million to $3.8 million, demonstrating the Company’s confidence based on updated timelines in improving cash flow as it realizes the full benefits of its integrated manufacturing model and operational scale.

Conference Call 
The conference call to discuss these results is scheduled for today, on Thursday, May 14, 2026 at 1:30 pm Pacific Time (4:30 pm Eastern Time). Listeners can dial (877) 407-4018 in North America, and international listeners can dial (201) 689-8471. A telephonic playback will be available approximately two hours after the call concludes and will be available through Thursday, May 28, 2026. Listeners in North America can dial (844) 512-2921, and international listeners can dial (412) 317-6671. Passcode is 13760133. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company’s website at www.barfresh.com in the Investors-Presentations section.

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. 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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Barfresh (BRFH) perform in its first quarter 2026 earnings?

Barfresh reported Q1 2026 revenue of $5.6 million, up 92% year-over-year, with a net loss of $661,000. According to Barfresh, Adjusted EBITDA loss improved to $238,000, reflecting contribution from the Arps Dairy acquisition despite lower gross margins.

What revenue and profit guidance did Barfresh (BRFH) give for full-year 2026?

Barfresh expects 2026 revenue of $28–$32 million, representing 97%–125% growth versus 2025. According to Barfresh, full-year 2026 Adjusted EBITDA is guided to $3.2–$3.8 million, as facility and equipment enhancements support its integrated manufacturing model.

What is Barfresh’s Q2 2026 revenue and Adjusted EBITDA outlook for BRFH stock?

For Q2 2026, Barfresh projects revenue of $5.2–$5.6 million, over 200% above the prior-year period. According to Barfresh, Adjusted EBITDA is expected to be a loss of $0.3–$0.2 million, with continued improvement anticipated through 2026.

How did the Arps Dairy acquisition impact Barfresh’s Q1 2026 results?

The Arps Dairy acquisition was the primary driver of Q1 2026 revenue growth to $5.6 million. According to Barfresh, continuing Arps Dairy’s milk processing business lowered gross margin to 18% due to different margin profiles and startup inefficiencies at the new facility.

What are Barfresh’s plans for its Defiance, Ohio manufacturing facility?

Barfresh is advancing construction at its 44,000-square-foot Defiance, Ohio plant and targets commissioning before year-end 2026. According to Barfresh, a $7.5 million senior convertible note and $2.4 million government grant support expanded capacity and equipment installation.

How strong is Barfresh’s balance sheet following Q1 2026 for BRFH investors?

As of March 31, 2026, Barfresh held about $4.1 million in cash and accounts receivable and $1.8 million in inventory. According to Barfresh, the recent $7.5 million senior convertible note financing also refinanced its Ohio facility mortgage and other obligations.

What does Barfresh’s 2026 Adjusted EBITDA guidance mean for BRFH profitability?

Barfresh’s 2026 Adjusted EBITDA guidance of $3.2–$3.8 million implies an expected shift to positive adjusted earnings. According to Barfresh, this outlook reflects anticipated benefits from integrated manufacturing, scaling volumes, and improving margins as facility enhancements are completed.