Blue Star Foods Reiterates its 2024 Forecast of At Least 65% Revenue Growth with an Annual Run-Rate of Greater Than $20 Million
Rhea-AI Summary
Blue Star Foods Corp. (NASDAQ: BSFC) has reiterated its 2024 forecast of at least 65% revenue growth with an annual run-rate exceeding $20 million. The company's confidence is based on a strong pipeline of existing and new business, supported by several initiatives:
1. Roll-out of gourmet meals for the U.S. Military
2. Weekly harvests at their land-based steelhead salmon farm
3. Increasing inventory levels in anticipation of revenue acceleration
4. Plans to improve soft-shell crab operations using AI and UV technology
CEO John Keeler addressed investor concerns, stating that the company is unaware of any specific reason for the stock's underperformance since withdrawing their S-1 Registration Statement on August 16, 2024. Blue Star has also strengthened its balance sheet by paying off $645,668 in debts.
Positive
- Forecast of 65% revenue growth for 2024
- Projected annual run-rate exceeding $20 million
- Strong pipeline of existing and new business
- Initiated roll-out of gourmet meals for U.S. Military
- Weekly harvests at land-based steelhead salmon farm
- Increasing inventory levels for anticipated revenue acceleration
- Planned implementation of AI and UV technology in soft-shell crab operations
- Strengthened balance sheet by paying off $645,668 in debts
Negative
- Recent stock underperformance
- Withdrawal of S-1 Registration Statement on August 16, 2024
News Market Reaction
On the day this news was published, BSFC gained 3.38%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Miami, FL, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or “us”) (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS), today announced that are no material changes in its business and that it reiterates its previously issued 2024 forecast of at least
This forecast is based on a current pipeline of existing and additional business that remains strong, and is supported by the following:
- Initiated roll-out gourmet meals made in USA for U.S. Military.
- Currently harvesting weekly at the land-based steelhead salmon farm.
- Increasing inventory levels in anticipation of revenue acceleration.
- Launched plans to improve its soft-shell crab operations by introducing cutting-edge technology that combines Artificial Intelligence (AI) with Ultraviolet (UV) light technology to revolutionize the industry’s standard molting crab identification process.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “For those investors that asked, “What is going on and what is happening?” We are confident in our business and know of no specific reason why our stock has underperformed, since we withdrew our S-1 Registration Statement on August 16, 2024 and subsequently strengthen our balance sheet by paying off
About Blue Star Foods Corp. (NASDAQ: BSFC)
Blue Star Foods Corp. an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS) that processes, packages and sells high-value seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. The Company also owns and operates the oldest continuously operating Recirculating Aquaculture System (RAS) full grow-out salmon farm in North America. The company is based in Miami, Florida, and its corporate website is: https://bluestarfoods.com
Forward-Looking Statements:
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts:
investors@bluestarfoods.com
FAQ
What is Blue Star Foods' revenue growth forecast for 2024?
What initiatives is BSFC implementing to support its 2024 revenue forecast?
How has Blue Star Foods (BSFC) strengthened its balance sheet recently?
What technological improvements is BSFC planning for its soft-shell crab operations?
