Barfresh (Nasdaq: BRFH) reported record revenue of $14.2 million for fiscal 2025 and $5.4 million in Q4 2025, driven by the Arps acquisition. The company secured $7.5 million in financing, updated 2026 revenue guidance to $28–$32 million, and expects Adjusted EBITDA of $3.2–$3.8 million.
Margins were compressed in 2025 due to facility transition and product mix; the facility timeline now targets completion in Q4 2026.
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Positive
Revenue +33% year-over-year to $14.2 million in 2025
Q4 2025 revenue +94% year-over-year to $5.4 million
Secured $7.5 million senior convertible note financing
2026 revenue guidance of $28–$32 million (97%–125% growth)
2026 Adjusted EBITDA guidance of $3.2–$3.8 million
Owned facility framework supports over $200 million annual capacity
Negative
Full-year gross margin down from 34% to 22%
Q4 gross margin fell to 3% from 26% year-over-year
Adjusted EBITDA loss widened to $2.1 million in 2025
Facility completion delayed to Q4 2026 due to financing timing
G&A increased (2025 $3.2M vs 2024 $3.0M)
News Market Reaction – BRFH
+1.42%
1 alert
+1.42%Session close to close
$42.38MMarket Cap
0.3xRel. Volume
In the Apr 1 session, BRFH gained 1.42%, reflecting a mild positive market reaction.
This announcement combines record Q4 and full-year 2025 revenue of $5.4 million and $14.2 million wi...
Analysis
This announcement combines record Q4 and full-year 2025 revenue of $5.4 million and $14.2 million with significantly lower gross margins and an Adjusted EBITDA loss of $2.1 million. Updated 2026 guidance of $28–$32 million revenue and $3.2–$3.8 million Adjusted EBITDA reflects a more conservative ramp tied to the 44,000-square-foot facility build-out. Investors may watch how quickly margins recover, how the Arps Dairy acquisition integrates, and whether guidance is met as new capacity comes online.
Key Figures
Q4 2025 Revenue:$5,422,000FY 2025 Revenue:$14,208,000FY 2025 Gross Margin:21.9%+5 more
Record Q3 2024 revenue and robust margins, but loss persisted.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Earnings releases often feature revenue growth but have historically seen negative average price reactions, especially when margin pressure or guidance changes are highlighted.
Recent Company History
Recent earnings history for Barfresh shows a pattern of growing revenue and evolving guidance alongside margin volatility. From record Q3 2024 and FY 2024 results through Q1–Q3 2025, the company repeatedly reported higher sales, but gross margin and guidance adjustments drew mixed reactions. The Arps Dairy acquisition and integrated manufacturing build-out have become central themes, with earlier guidance ranges for FY 2025 and FY 2026 updated over time as production capacity and cost structure shifted.
Key Terms
adjusted ebidta, ebitda, adjusted gross margin, convertible note, +4 more
8 terms
adjusted ebidtafinancial
"Full Year 2026 Adjusted EBITDA Guidance to $3.2-$3.8 million"
Adjusted EBITDA is a company’s reported profit from its core operations before subtracting interest, taxes, and accounting for long-term costs like depreciation, further cleaned up by removing one-time, unusual, or non-cash items. Think of it as the operating cash-flow picture after erasing temporary blips so different periods and companies can be compared more easily; investors use it to judge underlying business performance, but it is not a standardized accounting measure and can be shaped by management choices.
ebitdafinancial
"Non-GAAP measures, including Adjusted Gross Profit, EBITDA and Adjusted EBITDA"
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.
"Adjusted gross margin for the fourth quarter of 2025 was 4%, compared to 30%"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
convertible notefinancial
"The $7.5 million convertible note financing we secured subsequent to year-end"
A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.
warrantsfinancial
"acquired 9,375 Series R warrants, each exercisable for one share of common stock"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
"filed a Form 12b-25 notifying the SEC that it cannot timely file"
Form 12b-25 is a notice a publicly traded company files with the U.S. Securities and Exchange Commission when it cannot deliver a required periodic report (like a quarterly or annual financial report) on time. It explains the reason for the delay and gives the company a short, temporary window to finish the report without being marked as delinquent; investors watch it because late filings can signal accounting, operational, or control issues that may affect a company’s reliability and stock risk, much like a missed homework deadline can raise concerns about a student’s preparedness.
schedule 13d/aregulatory
"has filed a SCHEDULE 13D/A amended major shareholder report"
A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.
investor rights agreementregulatory
"initially appointed under an Investor Rights Agreement dated November 23, 2016"
A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.
Sets Revenue Records in Fourth Quarter and Full Year 2025, with Revenue of $5.4 million and $14.2 million, Respectively
Provides First Quarter 2026 Revenue Guidance of $5.0 to $5.2 million Representing Up to 77% Growth Compared to Prior Year Period Driven by Arps Acquisition
Updates Full Year 2026 Revenue Guidance to $28 to $32 million and Full Year 2026 Adjusted EBITDA Guidance to $3.2-$3.8 million
Recently Secured $7.5 million in Strategic Financing to Accelerate Manufacturing Expansion; Facility Framework Supports Over $200 million in Future Revenue Capacity
LOS ANGELES, March 31, 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 fourth quarter and fiscal year ended December 31, 2025.
Management Comments
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “Fiscal 2025 was a transformational year for Barfresh by every measure. We delivered record annual revenue of $14.2 million, representing 33% year-over-year growth, including contribution from our Arps Dairy acquisition. With approximately 90% of our revenue mix now manufactured in our own facility, we are fulfilling orders that simply weren’t possible before the acquisition, and that’s exactly what the investment was designed to do. As we complete the transition to our new facility, now expected before year-end, and bring upgraded equipment fully online, we see a clear path to meaningful margin improvement in fiscal 2026.”
"As we advance our fiscal 2026 initiatives, we are making thoughtful progress on the integration and optimization of our 44,000-square-foot facility. We are building the right foundation for long-term success and this deliberate approach positions us for sustainable growth. The $7.5 million convertible note financing we secured subsequent to year-end enables us to own our manufacturing facility outright and complete this platform, which is capable of supporting over $200 million in annual revenue capacity. Given the updated facility timeline, we are adjusting our fiscal 2026 revenue and Adjusted EBITDA guidance to reflect a more conservative ramp-up schedule. However, we remain confident in the substantial year-over-year growth we will deliver based on our now combined businesses and the transformational nature of the platform we are building. Combined with continued traction in the education channel and the expanding reach of our product portfolio, we believe fiscal 2026 will represent a pivotal year that demonstrates the power and scalability of our integrated model.”
Fourth Quarter of 2025 Financial Results
Revenue for the fourth quarter of 2025 increased 94% year-over-year to $5.4 million, compared to $2.8 million in the fourth quarter of 2024. The increase in revenue was driven by the acquisition of Arps Dairy.
Gross margin for the fourth quarter of 2025 was 3%, compared to 26% for the fourth quarter of 2024. Adjusted gross margin for the fourth quarter of 2025 was 4%, compared to 30% for the fourth quarter of 2024. The decrease in gross margin is a result of transitioning Barfresh production to the Company’s new facility, which involved typical startup and implementation costs that temporarily impacted margins. Additionally, the Company continued Arps Dairy’s existing milk processing business, which operates at different margin profiles than the Company’s core business, but provides stable milk supply to support production and diversification. A reconciliation of Gross Profit to Adjusted Gross Profit is provided below.
Net loss for the fourth quarter of 2025 improved to $763,000, as compared to a loss of $852,000 in the fourth quarter of 2024. Selling, marketing and distribution for the fourth quarter of 2025 was $783,000, compared to $872,000 in the fourth quarter of 2024. G&A expenses for the fourth quarter of 2025 were $922,000, compared to $607,000 in the fourth quarter of 2024.
Adjusted EBITDA was a loss of $1.1 million for the fourth quarter of 2025, compared to a loss of $563,000 in the fourth quarter of 2024. A reconciliation of net loss to Adjusted EBITDA is provided below.
Full Year 2025 Financial Results
Revenue for the full year of 2025 increased 33% to $14.2 million, compared to $10.7 million in the same period of 2024. The increase in revenue was driven by the inclusion of revenue from Arps Dairy, expanded school penetration, and seasonal traction with the Company’s Pop & Go product line.
Gross margin for the full year of 2025 was 22%, compared to 34% for the same period of 2024. Adjusted gross margin for the full year of 2025 was 22%, compared to 37% for 2024. The decrease in gross margin is a result of product mix and new manufacturer trial and development costs, as well as the inclusion of Arps Dairy’s milk processing business in the fourth quarter of 2025. A reconciliation of Gross Profit to Adjusted Gross Profit is provided below.
Net loss for the full year of 2025 was $2.7 million, as compared to a loss of $2.8 million in the same period of 2024. Selling, marketing and distribution for the full year of 2025 was $3.2 million or 22% of revenue, compared to $3.1 million or 29% of revenue in the same period of 2024. G&A expenses for the full year of 2025 were $3.2 million, compared to $3.0 million in the same period of 2024.
Adjusted EBITDA for the full year of 2025 was a loss of $2.1 million, compared to a loss of $1.3 million in the same period of 2024. 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 Adjusted Gross Profit, EBITDA and Adjusted EBITDA, which are reconciled in the table below to comparable GAAP measures, and certain calculations based on its results including Gross Margin and Adjusted Gross Margin. Management believes that Adjusted Gross Profit and Adjusted EBITDA provide useful information to the investor because it is directly reflective of the performance of the Company. The exclusion of certain items including manufacturing relocation costs in calculating Adjusted Gross Profit and stock compensation and other non-recurring costs such as those associated with the product withdrawal, the related dispute, certain manufacturing relocation costs, and 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 Gross Profit and Adjusted EBITDA are not recognized measurements under GAAP and should not be considered as an alternative to Gross Profit, loss from operations, net loss or any other performance measure derived in accordance with GAAP.
For the three months ended December 31,
For the year ended December 31,
2025
2024
2025
2024
Revenue
$
5,422,000
$
2,788,000
$
14,208,000
$
10,717,000
Cost of revenue
5,266,000
2,058,000
11,094,000
7,049,000
Gross profit
156,000
730,000
3,114,000
3,668,000
Manufacturing relocation (1)
63,000
107,000
63,000
283,000
Adjusted Gross Profit
$
219,000
$
837,000
$
3,177,000
$
3,951,000
Gross Margin
2.9
%
26.2
%
21.9
%
34.2
%
Adjusted Gross Margin
4.0
%
30.0
%
22.4
%
36.9
%
(1) Represents costs incurred to relocate production lines owned by Barfresh and obligations to vendors at the conclusion of multi-year manufacturing agreements, as the Company transitions from a co-manufacturing model to in-house production.
For the three months ended December 31,
For the year ended December 31,
2025
2024
2025
2024
Net loss
$
(763,000
)
$
(852,000
)
$
(2,694,000
)
$
(2,825,000
)
Depreciation and amortization
70,000
66,000
255,000
283,000
Interest expense
152,000
28,000
217,000
52,000
Income tax benefit
(285,000
)
-
(285,000
)
-
EBITDA
(826,000
)
(758,000
)
(2,507,000
)
(2,490,000
)
Stock based compensation, employees and board of directors
75,000
88,000
536,000
784,000
Bargain purchase (1)
(767,000
)
-
(767,000
)
-
Shares issued to former Arp's shareholders for continuing debt guarantee (1)
97,000
-
97,000
-
Business acquisition expense (1)
250,000
-
518,000
-
Manufacturing relocation (2)
63,000
107,000
63,000
283,000
Operating expense related to withdrawn product and related dispute (3)
-
-
-
108,000
Adjusted EBITDA
$
(1,108,000
)
$
(563,000
)
$
(2,060,000
)
$
(1,315,000
)
(1) Arps Dairy was acquired for the repayment of portions of its outstanding debt. The purchase price was less than the fair value of its assets and liabilities by $0.8 million. Former shareholders agreed to continue their guarantees of the remaining unpaid mortgage in exchange for the Company's shares valued at $97,000. The Company incurred acquisition expenses during 2025 in association with the acquisition of Arps Dairy.
(2) Represents costs incurred to relocate production lines owned by Barfresh and obligations to vendors at the conclusion of multi-year manufacturing agreements, as the Company transitions from a co-manufacturing model to in-house production.
(3) Barfresh experienced a quality issue with product manufactured by one of its contract manufacturers, which is the subject of a legal dispute as to the source of complaints received and breaches of performance under the terms of the contract. Operating expense in 2024 primarily includes legal expense incurred with respect to the dispute.
Balance Sheet
As of December 31, 2025, the Company had approximately $2.3 million of cash and accounts receivable, and approximately $1.7 million of inventory on its balance sheet.
In February and March 2026, the Company secured subscriptions for 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 First Quarter and Full Year 2026
The Company is introducing first quarter 2026 revenue guidance of $5.0 million to $5.2 million and expects to be Adjusted EBITDA breakeven for the first quarter 2026. This guidance reflects the updated timeline for construction and equipment installation at the Company’s 44,000 square-foot facility, which has been extended to the fourth quarter of 2026 due to the timing of financing.
The Company expects 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. Given the updated facility and equipment timeline driven by financing timing, this represents a more conservative ramp-up schedule than initial projections while still reflecting substantial year-over-year growth from both the full-year inclusion of Arps Dairy’s revenue and growth of legacy Barfresh products. As the Company progresses through the year and completes facility enhancements, it expects year-over-year quarterly improvement in both revenue and profitability.
The Company expects 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 Tuesday, March 31, 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 Tuesday, April 14, 2026. Listeners in North America can dial (844) 512-2921, and international listeners can dial (412) 317-6671. Passcode is 13758787. 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.
The financial results presented in this press release are preliminary and unaudited. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 is expected to be filed with the SEC on April 15, 2026.
What were Barfresh (BRFH) Q4 2025 and full-year 2025 revenues?
Barfresh reported $5.4 million in Q4 2025 and $14.2 million for fiscal 2025. According to the company, revenue growth was driven by the Arps Dairy acquisition and expanded school and Pop & Go traction, marking record annual revenue.
What revenue guidance did Barfresh (BRFH) provide for Q1 2026?
Barfresh gave Q1 2026 revenue guidance of $5.0–$5.2 million. According to the company, this reflects the updated manufacturing timeline and assumes continued contribution from the combined Barfresh and Arps Dairy businesses.
What is Barfresh (BRFH) full-year 2026 revenue and Adjusted EBITDA guidance?
Barfresh guided full-year 2026 revenue to $28–$32 million and Adjusted EBITDA to $3.2–$3.8 million. According to the company, this reflects a conservative ramp given facility timing while showing substantial year-over-year growth.
What financing did Barfresh (BRFH) secure to support manufacturing expansion?
Barfresh secured a $7.5 million senior convertible note financing and a $2.4 million equipment grant. According to the company, proceeds paid the facility mortgage and will accelerate construction and equipment installation.
Why did Barfresh (BRFH) gross margins decline in 2025?
Gross margins declined due to production transition and product mix, falling to 22% for 2025. According to the company, startup costs from relocating production and inclusion of Arps Dairy milk processing reduced margins temporarily.
When will Barfresh's new manufacturing facility be completed and what capacity will it support?
The company expects facility completion in Q4 2026 with a framework supporting over $200 million annual revenue capacity. According to the company, timing was adjusted due to financing and equipment installation schedules.
