Blue Star Foods Stock Price, News & Analysis

Blue Star Foods Corp. (NASDAQ: BSFC) reported significant financial results for the year ended December 31, 2022, achieving a 28% increase in revenues to $12.8 million, surpassing previous preliminary estimates. Key aspects included $1.4 million in revenue from its Recirculatory Aquaculture System (RAS) operations. However, the company faced challenges, reporting a net loss of $13.2 million, affected by $9.7 million in non-cash impairment charges and increased operating expenses. Adjusted EBITDA loss rose to $3.5 million. Despite these drawbacks, business developments included a new supply agreement potentially worth $4 million annually and ongoing expansion plans for RAS facilities. Management anticipates improvements in 2023 as operational expenses stabilize.

Blue Star Foods Corp (NASDAQ: BSFC) reported a preliminary unaudited revenue growth of 22% to approximately $2.0 million for Q4 2022 and 20% to approximately $12.0 million for the full year 2022. The increase is attributed to rising demand from retail partners for imported crab meat and successful performance in their Recirculatory Aquaculture Systems (RAS) segments, particularly with salmon in Canada and soft-shell crab in South Carolina. The company expects to file its annual report on Form 10-K by April 17, 2023.

Blue Star Foods Corp (NASDAQ: BSFC) announced successful operational metrics from its subsidiary, Taste of BC Aquafarms, for the second half of 2022. Key figures include an average fish harvest weight of 1898g, below the target of 2000g, and a harvest downgrade percentage of 5.04%. Despite challenges such as high temperatures affecting growth and mortality rates, the company increased biomass to 50MT. The President asserts that the metrics validate the model for their upcoming facility expansion, anticipating improved volumes in Q1 2023.

Aegis Capital Corp. has successfully completed a $1.8 million underwritten public offering for Blue Star Foods Corp. (NASDAQ:BSFC). The offering positions the company to enhance its operations within the sustainable seafood sector, particularly through its focus on Recirculatory Aquaculture Systems (RAS). Blue Star Foods operates the oldest continuous RAS salmon farm in North America, emphasizing environmental sustainability and traceability. This financing may support growth and expand its product offerings in the growing sustainable seafood market.

Blue Star Foods Corp. (NASDAQ:BSFC) announced the closing of a public offering, generating approximately $1.8 million in gross proceeds. The offering involved 9,000,000 shares of common stock priced at $0.20 per share. The funds raised will be utilized for general corporate purposes, including working capital and operating expenses, with potential investments in other businesses. The offering was conducted under an effective shelf registration statement with the SEC. Aegis Capital Corp. served as the sole book-running manager.

Blue Star Foods Corp. (NASDAQ:BSFC) has announced a public offering of 9,000,000 shares of common stock and pre-funded warrants, expected to raise approximately $1.8 million before expenses. The shares are priced at $0.20 each, with a potential increase to $2.0 million if an over-allotment option is fully exercised. Proceeds will support general corporate purposes including working capital and capital expenditures, while no definitive acquisition agreements are in place. The offering is scheduled to close on February 14, 2023, contingent on customary closing conditions.

Blue Star Foods Corp (BSFC) has entered a service agreement with ShareIntel to combat illegal short selling activities affecting its stock. Utilizing ShareIntel's patented DRIL-Down™ process, the company aims to monitor and analyze trading patterns to identify suspicious activities and protect shareholder interests. CEO John Keeler expressed concerns over potential market manipulation and emphasized the company's commitment to investigating these allegations. Blue Star Foods focuses on sustainable seafood through Recirculatory Aquaculture Systems (RAS) and operates the oldest continuous RAS salmon farm in North America.

Blue Star Foods (NASDAQ: BSFC) has announced a supply agreement with Just Food For Dogs for 1,150 tons of wild-caught cod, adding an estimated $4 million annually. This partnership marks Blue Star's entry into the gourmet pet food sector, with the cod sourced from a certified sustainable fishery. The contract features an auto-renewal option, aligning with Blue Star's commitment to sustainable seafood production. CEO John Keeler expressed excitement about expanding into this new category, while the U.S. pet food market reached $37.96 billion in mid-2020, highlighting significant growth opportunities.

Blue Star Foods Corp (NASDAQ: BSFC) announced that CEO John Keeler will participate in a virtual fireside chat on ClearThink IR via the Paltalk platform on February 1, 2023, at 12 noon ET. This event is designed to engage potential investors, providing insights into the company's sustainable seafood initiatives and strategies as an emerging micro-cap company. ClearThink IR, which conducts investor relations for Blue Star, receives a monthly retainer and holds shares in the company. Blue Star focuses on Environmental, Social, and Governance (ESG) principles and operates North America’s oldest RAS salmon farm.