Innovative Food - IVFH STOCK NEWS

Innovative Food Holdings (OTCQB: IVFH) reported its FY2024 financial results, showing revenue growth of 2.5% to $72.1 million, with organic revenue growth of 11.4%. The company achieved a significant turnaround with GAAP net income of $2.5 million, compared to a loss of $3.7 million in 2023.

Q4 2024 showed strong performance with revenue of $23.0 million, up 19.2% year-over-year, and impressive organic revenue growth of 44.3%. The quarter included contributions from new acquisitions Golden Organics and LoCo Food Distribution, plus $5.3 million from a new retail sales channel.

Despite gross margin declining by 85 basis points to 23.4% for the full year, the company improved its adjusted EBITDA by 18.5% to $3.2 million. Key strategic moves included bringing on a new CFO, adding two large distributor partners, onboarding a major retail customer, and completing two acquisitions while divesting direct-to-consumer e-commerce businesses.

Innovative Food Holdings (OTCQB: IVFH), a national seller of gourmet specialty foods, has scheduled an earnings call to discuss their Q4 and full fiscal year 2024 financial results. The investor call is set for March 7, 2025, at 10:00 am Eastern Time.

The management team will present the company's financial performance for the quarter and year ended December 31, 2024, followed by a question-and-answer session. Investors are encouraged to participate via Zoom for optimal interaction during the Q&A segment, utilizing the platform's 'raise hand' feature.

Innovative Food Holdings (OTCQB: IVFH) has announced a significant expansion into airline services with a new first-class cheese program for a major international airline. The program, marking IVFH's entry into this business segment, is expected to generate $700K in new incremental revenue in its first year.

The company will supply premium cheeses, including whole wheels and precision-cut 0.75 oz portions, utilizing automated cutting equipment that has doubled volume per labor hour. This initiative follows IVFH's strategic divestment from unprofitable e-commerce operations at their Mountain Top, Pennsylvania warehouse, resulting in doubled revenue and labor productivity.

The program leverages IVFH's specialty foods platform, combining sourcing capabilities, 3PL storage, drop-ship services, and custom cutting solutions. The company continues to participate in multiple airline menu planning cycles, positioning itself for future growth in the airline sector.

Innovative Food Holdings (OTCQB: IVFH) has completed the relocation of LoCo Food Distribution from Fort Collins to Denver, Colorado. The strategic move consolidates operations with its subsidiary Golden Organics, generating significant operational efficiencies and cost savings.

Key benefits include:

• Reduction in miles driven by ~60% and driving labor by ~50% due to proximity to 80% of LoCo Foods' customer base
• Elimination of $159,000 annual warehouse lease and property tax expense
• Additional cost reductions in utilities and truck maintenance

The consolidation is expected to create further synergies through integrated delivery routes, optimized inventory management, and cross-selling opportunities between Golden Organics and LoCo Foods' customer networks.

Innovative Food Holdings (OTCQB: IVFH), a national gourmet specialty foods seller, announced an expansion of its gourmet cheese program with a top 10 U.S. retail partner. The expansion includes a 35% increase in store count and doubling of SKU count in the initial stores.

The company has shown operational improvements since launch, including enhanced labor efficiency, waste reduction, and lower cost of goods as the program scales. The retailer has expressed strong satisfaction with the program's performance, citing it as a key driver of their strategic KPIs.

While IVFH doesn't expect the new SKUs and stores to match the original set's productivity, management views this expansion as a significant growth opportunity and validation of the partnership's success.

Innovative Food Holdings (OTCQB: IVFH) has acquired LoCo Food Distribution 's assets for $357,699, comprising a $304,269 upfront payment and a $53,430 performance-based earnout. The acquisition, completed through IVFH's subsidiary Golden Organics, includes $187,000 in net PP&E and requires a $375,000 working capital investment.

LoCo Foods, generating approximately $4.7 million in trailing twelve-month sales, serves over 200 customers along the Rocky Mountains' front range. The business will relocate from Fort Collins to Denver in March 2025, consolidating with Golden Organics' operations. This move is expected to generate significant savings in lease and logistics expenses, as 80% of LoCo's customers are in Denver.

The acquisition brings 500+ local Colorado items to IVFH's catalog and expands their customer base, particularly in retail where three large national retail chains represent 56% of LoCo's revenue. The company expects the deal to be EPS accretive in 2025, despite transition costs in the first half of the year.

Innovative Food Holdings (OTCQB: IVFH) announced three major corporate updates: a name change to Harvest Group Holdings, stockholder approval for a reverse stock split, and a $3.25 million private placement. The company plans to execute a reverse stock split at a ratio between 1:3 and 1:7 to meet Nasdaq listing requirements.

The private placement involves issuing 2,031,250 shares at $1.60 per share, primarily to company insiders. The proceeds will support working capital and general corporate purposes. These strategic moves are part of IVFH's preparation for uplisting to Nasdaq, targeted for the first half of 2025.

The rebranding follows significant operational changes, including the divestment or closure of eight entities and the launch of new retail and drop-ship businesses. The new name reflects the company's focus on delivering fresh and artisanal products from source.

Innovative Food Holdings (OTCQB: IVFH) has completed the acquisition of Golden Organics for $1.58 million, comprising $1.23 million in cash and a $350,000 seller's note. The deal includes inventory valued at $1.23 million and $130,000 in property and equipment. Golden Organics brings over 800 certified organic products and more than 200 customer accounts to IVFH's portfolio. The Denver-based company has shown strong performance with a 22% CAGR since 2018 and trailing-twelve-month revenues of $6.8 million. The acquisition aims to enhance IVFH's product offerings, sourcing capabilities, and regional presence while creating cross-selling opportunities and operational synergies.

Innovative Food Holdings (IVFH) reported Q3 2024 financial results with revenue of $17.0 million, up 0.3% year-over-year. Specialty Foodservice revenue increased 5.5%, while eCommerce revenue decreased 38.6%. The company achieved GAAP net income from continuing operations of $1.3 million, compared to $0.1 million in Q3 2023. Gross margin declined 158 basis points to 25.2%. Adjusted EBITDA reached $997 thousand, up from $921 thousand last year. The company's Q4 core foodservice business has grown more than 25% through November 9th, and the acquisition of Golden Organics remains on track.