Barfresh Announces First Quarter 2026 Results
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.
AI-generated analysis. Not financial advice.
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
Key Figures
Market Reality Check
Peers on Argus
BRFH was down 3.75% while sector peers were mixed: ZVIA up 0.81%, LOCL down 1.06%, and others like SHOT, BLNE and SHOTW showing modest declines. This pattern points more to company-specific trading than a uniform beverages move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Quarter & year results | Positive | +1.4% | Record 2025 revenue, new 2026 guidance and financing for expansion. |
| Nov 06 | Quarterly earnings | Positive | +4.6% | Record Q3 2025 revenue, positive Adjusted EBITDA and reiterated guidance. |
| Aug 13 | Quarterly earnings | Negative | -4.7% | Q2 2025 growth but margin compression and cut to full‑year guidance. |
| May 01 | Quarterly earnings | Negative | -11.4% | Q1 2025 margin pressure and wider net loss despite revenue growth. |
| Mar 27 | Year-end results | Negative | -10.3% | FY 2024 record revenue but lower margins, net loss and financing needs. |
Earnings releases have produced an average move of -4.06%, with several past reports seeing negative reactions even alongside record revenue and updated guidance.
Recent history shows Barfresh using earnings to communicate rapid growth and its evolving manufacturing model. Q1 2025 and later quarters highlighted expanding revenue, margin pressure, and the Arps Dairy acquisition. The March 2026 earnings release detailed record $14.2M 2025 revenue and new $28–$32M 2026 guidance, while earlier 2025 reports discussed guidance revisions and production constraints. Today’s Q1 2026 update continues that arc with stronger revenue, facility progress, and reiterated 2026 targets.
Historical Comparison
Past earnings updates averaged a -4.06% move, often skewing negative even when reporting record revenue or new guidance, underscoring historically cautious investor reactions.
Earnings releases trace a shift from 2024 co-manufacturing and supply constraints to 2025 growth with the Arps Dairy acquisition, and into 2026 where guidance of $28–$32M revenue and $3.2–$3.8M Adjusted EBITDA builds on in-house manufacturing expansion.
Market Pulse Summary
This announcement highlights record Q1 $5.6M revenue, up 92% year over year, driven largely by the Arps Dairy acquisition. Management reiterated full‑year $28–$32M revenue and $3.2–$3.8M Adjusted EBITDA guidance, while acknowledging an 18% gross margin due to mix and facility ramp-up. Investors may track progress on commissioning the 44,000‑square‑foot Ohio plant, improvements in Adjusted EBITDA from the current ($238k) loss, and execution against Q2 revenue guidance of $5.2–$5.6M.
Key Terms
adjusted ebitda financial
ebitda financial
gross margin financial
stock based compensation financial
non-gaap financial
convertible note financing financial
government grant financial
AI-generated analysis. Not financial advice.
First Quarter 2026 Revenue Surpasses Outlook, Rising
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
Reiterates Full Year 2026 Revenue Guidance to
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
“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
First Quarter of 2026 Financial Results
Revenue for the first quarter of 2026 increased
Gross margin for the first quarter of 2026 was
Net loss for the first quarter of 2026 improved to
Selling, marketing and distribution for the first quarter of 2026 was
Adjusted EBITDA was a loss of
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
In March 2026, the Company secured a
Outlook for Second Quarter and Full Year 2026
The Company is introducing second quarter 2026 revenue guidance of
The Company continues to expect fiscal year 2026 revenue to be in the range of
The Company continues to expect fiscal year 2026 Adjusted EBITDA to be in the range of
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
