Barfresh Announces Third Quarter 2025 Results
Barfresh (Nasdaq: BRFH) reported record Q3 2025 revenue of $4.2M, up 16% year‑over‑year, with gross margin of 37% and positive Adjusted EBITDA of $153k. Net loss improved to $290k for Q3. The company completed the acquisition of Arps Dairy, gaining a 15,000‑sq ft processing facility and a 44,000‑sq ft manufacturing site due 2026, and has a preliminary $2.3M government grant for Arps. Barfresh reiterated fiscal 2025 revenue guidance of $14.5M–$15.5M and provided preliminary 2026 guidance of $30M–$35M. Cash and accounts receivable totaled about $4.4M and inventory about $1.1M.
Barfresh (Nasdaq: BRFH) ha riportato un record del reddito del terzo trimestre 2025 di 4,2 milioni di dollari, in rialzo del 16% rispetto all'anno precedente, con un margine lordo del 37% e un EBITDA rettificato positivo di 153mila dollari. La perdita netta è migliorata a 290mila dollari per il terzo trimestre. L'azienda ha completato l'acquisizione di Arps Dairy, ottenendo un impianto di lavorazione di 15.000 piedi quadrati e un sito di produzione di 44.000 piedi quadrati previsto per il 2026, e ha una preliminare risultato di sovvenzione governativa di 2,3 milioni di dollari per Arps. Barfresh ha ribadito la guidance di fatturato per l'esercizio 2025 di 14,5–15,5 milioni di dollari e fornito una prima guidance 2026 di 30–35 milioni di dollari. La liquidità e i crediti verso clienti ammontano a circa 4,4 milioni di dollari e l'inventario circa 1,1 milioni.
Barfresh (Nasdaq: BRFH) informó ingresos récord del 3T 2025 de 4,2 millones de dólares, un aumento del 16% interanual, con un margen bruto del 37% y un EBITDA ajustado positivo de 153 mil dólares. La pérdida neta fue de 290 mil dólares en el 3T. La compañía completó la adquisición de Arps Dairy, obteniendo una instalación de procesamiento de 15,000 pies cuadrados y un sitio de fabricación de 44,000 pies cuadrados previsto para 2026, y tiene una subvención gubernamental preliminar de 2,3 millones de dólares para Arps. Barfresh reiteró la guía de ingresos para el año fiscal 2025 de 14,5–15,5 millones de dólares y proporcionó una guía preliminar 2026 de 30–35 millones de dólares. Efectivo y cuentas por cobrar sumaban alrededor de 4,4 millones de dólares y el inventario alrededor de 1,1 millones.
Barfresh (Nasdaq: BRFH)는 2025년 3분기에 총매출 420만 달러로 사상 최대치를 기록했고, 전년동기 대비 16% 증가했으며 총마진 37%, 조정 EBITDA 15.3만 달러의 긍정적인 성과를 기록했습니다. 순손실은 3분기에 29만 달러로 개선되었습니다. 회사는 Arps Dairy 인수를 완료했고, 15,000제곱피트의 가공시설과 44,000제곱피트의 제조 사이트를 확보했으며 2026년에 가동 예정이며, Arps를 위한 230만 달러의 예비 정부 보조금을 보유하고 있습니다. Barfresh는 2025 회계연도 매출 가이던스를 1450만–1550만 달러로 재확인했고 2026년 예비 가이던스는 3000만–3500만 달러로 제시했습니다. 현금 및 매출채권은 약 440만 달러, 재고는 약 110만 달러로 집계되었습니다.
Barfresh (Nasdaq : BRFH) a enregistré un chiffre d'affaires record au T3 2025 de 4,2 millions de dollars, en hausse de 16 % sur un an, avec une marge brute de 37 % et un EBITDA ajusté positif de 153 000 dollars. La perte nette s'est améliorée à 290 000 dollars au T3. La société a finalisé l'acquisition de Arps Dairy, obtenant une installation de traitement de 15 000 pieds carrés et un site de fabrication de 44 000 pieds carrés prévu pour 2026, et dispose d'une subvention gouvernementale préliminaire de 2,3 millions de dollars pour Arps. Barfresh a réitéré l'objectif de chiffre d'affaires pour l'exercice 2025 à 14,5–15,5 millions de dollars et fourni une prévision préliminaire pour 2026 de 30–35 millions de dollars. La trésorerie et les comptes à recevoir s'élevaient à environ 4,4 millions de dollars et les stocks à environ 1,1 million de dollars.
Barfresh (Nasdaq: BRFH) meldete Rekordumsatz im 3. Quartal 2025 von 4,2 Mio. USD, ein Anstieg von 16% gegenüber dem Vorjahr, mit einer Bruttomarge von 37% und einem positiven bereinigten EBITDA von 153k USD. Der Nettverlust verbesserte sich auf 290k USD im dritten Quartal. Das Unternehmen schloss die Übernahme von Arps Dairy ab und erwarb eine 15.000 Quadratfuß große Verarbeitungsanlage sowie einen 44.000 Quadratfuß großen Fertigungsstandort, der 2026 in Betrieb gehen soll, und hat eine vorläufige staatliche Förderung von 2,3 Mio. USD für Arps erhalten. Barfresh bestätigte die Umsatzprognose für das Geschäftsjahr 2025 von 14,5–15,5 Mio. USD und gab eine vorläufige Prognose für 2026 von 30–35 Mio. USD ab. Cash und Forderungen beliefen sich auf ca. 4,4 Mio. USD und Lagerbestände auf ca. 1,1 Mio. USD.
Barfresh (Nasdaq: BRFH) أعلنت عن إيرادات قياسية للربع الثالث 2025 بلغت 4.2 مليون دولار، بارتفاع قدره 16% على أساس سنوي، مع هامش إجمالي 37% وEBITDA معدل إيجابي 153 ألف دولار. تحسن صافي الخسارة إلى 290 ألف دولار في الربع الثالث. أكملت الشركة صفقة الاستحواذ على Arps Dairy، باكتساب منشأة معالجة بمساحة 15,000 قدم مربع وموقع تصنيع بمساحة 44,000 قدم مربع من المتوقع أن يكون جاهزاً في 2026، ولديها منحة حكومية مبدئية قدرها 2.3 مليون دولار لـ Arps. كررت Barfresh توجيهات الإيرادات للسنة المالية 2025 بتحديد نطاق 14.5–15.5 مليون دولار وتقديم توجيه مبدئي لـ 2026 بنطاق 30–35 مليون دولار. بلغ النقد والحسابات المستلمة حوالي 4.4 مليون دولار والمخزون حوالي 1.1 مليون دولار.
- Q3 revenue of $4.2M (+16% YoY)
- Q3 gross margin of 37%
- Q3 Adjusted EBITDA +$153k
- Preliminary FY2026 revenue guidance of $30M–$35M
- Acquisition of Arps Dairy with 15,000 and 44,000 sq ft assets
- Preliminary $2.3M government grant for Arps facility
- Net loss for first nine months $1.9M
- Adjusted EBITDA loss for YTD 9 months of $952k
- First nine months gross margin declined to 34% from 37%
- Arps acquisition funded via ~$1.3M line of credit use
Insights
Record revenue, positive Adjusted EBITDA, and the Arps Dairy acquisition materially shift capacity and growth runway; execution and integration are key near-term risks.
Revenue of
Key dependencies and risks include successful transition of production from co-manufacturers to Arps Dairy, realization of the preliminarily approved
Record Quarterly Revenue of
Achieved Positive Adjusted EBITDA and Gross Margin of
Reiterates Fiscal 2025 Revenue Guidance to
Completes Acquisition of Arps Dairy; In Process of Transitioning More Barfresh Products from Co-manufacturers to Arps Dairy
LOS ANGELES, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, is providing a business update for the third quarter ended September 30, 2025.
Management Comments
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “The third quarter marks a truly transformational inflection point for Barfresh, as we delivered record quarterly revenue and achieved positive Adjusted EBITDA while completing the strategic acquisition of Arps Dairy that fundamentally enhances our business model and growth trajectory. The manufacturing challenges that constrained our first half performance are expected to be fully resolved by the end of the fourth quarter with our two smoothie bottle co-manufacturing partners now operating with improved consistency. The completion of the Arps Dairy acquisition in early October provides us with owned manufacturing capabilities that will drive both top and bottom-line growth, while giving us direct control over a significant portion of our production capacity.”
"Our strong third quarter results, combined with the tangible benefits we’re already seeing from the Arps Dairy acquisition, give us confidence to reiterate our fiscal 2025 revenue guidance to
Third Quarter of 2025 Financial Results
Revenue increased
Gross margin for the third quarter of 2025 was
Net loss for the third quarter of 2025 improved to
Selling, marketing and distribution for the third quarter of 2025 was
Adjusted EBITDA was a gain of approximately
First Nine Months of 2025 Financial Results
Revenue for the first nine months of 2025 increased
Gross margin for the first nine months of 2025 was
Net loss for the first nine months of 2025 was
Adjusted EBITDA was approximately 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 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 development 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 September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 4,231,000 | $ | 3,637,000 | $ | 8,786,000 | $ | 7,929,000 | ||||||||
| Cost of revenue | 2,679,000 | 2,377,000 | 5,828,000 | 4,991,000 | ||||||||||||
| Gross profit | 1,552,000 | 1,260,000 | 2,958,000 | 2,938,000 | ||||||||||||
| Manufacturing relocation (1) | - | 126,000 | - | 176,000 | ||||||||||||
| Adjusted Gross Profit | $ | 1,552,000 | $ | 1,386,000 | $ | 2,958,000 | $ | 3,114,000 | ||||||||
| Gross Margin | 36.7 | % | 34.6 | % | 33.7 | % | 37.1 | % | ||||||||
| Adjusted Gross Margin | 36.7 | % | 38.1 | % | 33.7 | % | 39.3 | % | ||||||||
| (1) | Represents costs incurred to relocate single-serve ready-to-blend beverage pack production lines owned by Barfresh at the conclusion of a multi-year manufacturing agreement. |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (290,000 | ) | $ | (513,000 | ) | $ | (1,931,000 | ) | $ | (1,973,000 | ) | ||||
| Depreciation and amortization | 36,000 | 71,000 | 185,000 | 217,000 | ||||||||||||
| Interest expense | 30,000 | 13,000 | 65,000 | 24,000 | ||||||||||||
| EBITDA | (224,000 | ) | (429,000 | ) | (1,681,000 | ) | (1,732,000 | ) | ||||||||
| Stock based compensation, employees and board of directors | 163,000 | 179,000 | 461,000 | 696,000 | ||||||||||||
| Operating expense related to withdrawn product and related dispute (2) | - | - | - | 108,000 | ||||||||||||
| Manufacturing relocation (1) | - | 126,000 | - | 176,000 | ||||||||||||
| Business acquisition expense (3) | 214,000 | - | 268,000 | - | ||||||||||||
| Adjusted EBITDA | $ | 153,000 | $ | (124,000 | ) | $ | (952,000 | ) | $ | (752,000 | ) | |||||
| (1) | Represents costs incurred to relocate single-serve ready-to-blend beverage pack production lines owned by Barfresh at the conclusion of a multi-year manufacturing agreement. |
| (2) | 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. Operating expense in 2024 primarily includes legal expense incurred with respect to the dispute. |
| (3) | Represents costs and expenses incurred in the acquisition of Arps Dairy Inc. |
Balance Sheet
As of September 30, 2025, the Company had approximately
With the completion of the Arps Dairy acquisition, the Company has significantly enhanced its balance sheet with valuable manufacturing assets, including an operational 15,000-square-foot processing facility and a 44,000-square-foot state-of-the-art manufacturing facility that will be completed in 2026. Additionally, the
Outlook for 2025 and 2026
The Company is reiterating its previously raised fiscal year 2025 revenue guidance of
The Company is also reiterating its preliminary fiscal year 2026 revenue guidance of
Conference Call
The conference call to discuss these results is scheduled for today, on Thursday, November 6, 2025 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, November 20, 2025. Listeners in North America can dial (844) 512-2921, and international listeners can dial (412) 317-6671. Passcode is 13756058. 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. The Company’s single serving, on-site prepared product utilizes a proprietary 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
FAQ
What were Barfresh (BRFH) Q3 2025 results and revenue?
How did Barfresh perform on profitability in Q3 2025?
What does the Arps Dairy acquisition mean for Barfresh (BRFH)?
What revenue guidance did Barfresh give for FY2025 and FY2026?
When will manufacturing issues be resolved for Barfresh supply chain?
What is Barfresh’s reported liquidity and debt position as of Sept 30, 2025?
