Innovative Food Holdings, Inc. Reports Financial Results for Fourth Quarter and Fiscal Year 2024
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) ha riportato i risultati finanziari per l'anno fiscale 2024, mostrando una crescita dei ricavi del 2,5% a 72,1 milioni di dollari, con una crescita organica dei ricavi dell'11,4%. L'azienda ha raggiunto un significativo recupero con un utile netto GAAP di 2,5 milioni di dollari, rispetto a una perdita di 3,7 milioni di dollari nel 2023.
Il quarto trimestre del 2024 ha mostrato una forte performance con ricavi di 23,0 milioni di dollari, in aumento del 19,2% rispetto all'anno precedente, e una crescita organica dei ricavi impressionante del 44,3%. Il trimestre ha incluso contributi da nuove acquisizioni come Golden Organics e LoCo Food Distribution, oltre a 5,3 milioni di dollari provenienti da un nuovo canale di vendita al dettaglio.
Nonostante il margine lordo sia diminuito di 85 punti base al 23,4% per l'intero anno, l'azienda ha migliorato il suo EBITDA rettificato del 18,5% a 3,2 milioni di dollari. Le mosse strategiche chiave hanno incluso l'assunzione di un nuovo CFO, l'aggiunta di due grandi partner distributori, l'acquisizione di un importante cliente al dettaglio e il completamento di due acquisizioni, mentre si è dismessa delle attività di e-commerce diretto al consumatore.
Innovative Food Holdings (OTCQB: IVFH) informó sus resultados financieros del año fiscal 2024, mostrando un crecimiento en los ingresos del 2.5% a $72.1 millones, con un crecimiento orgánico de ingresos del 11.4%. La compañía logró una recuperación significativa con un ingreso neto GAAP de $2.5 millones, en comparación con una pérdida de $3.7 millones en 2023.
El cuarto trimestre de 2024 mostró un sólido desempeño con ingresos de $23.0 millones, un aumento del 19.2% interanual, y un impresionante crecimiento orgánico de ingresos del 44.3%. El trimestre incluyó contribuciones de nuevas adquisiciones como Golden Organics y LoCo Food Distribution, además de $5.3 millones de un nuevo canal de ventas al por menor.
A pesar de que el margen bruto disminuyó en 85 puntos básicos al 23.4% para todo el año, la compañía mejoró su EBITDA ajustado en un 18.5% a $3.2 millones. Los movimientos estratégicos clave incluyeron la incorporación de un nuevo CFO, la adición de dos grandes socios distribuidores, la incorporación de un importante cliente minorista y la finalización de dos adquisiciones, mientras se deshacía de los negocios de comercio electrónico directo al consumidor.
Innovative Food Holdings (OTCQB: IVFH)는 2024 회계연도 재무 결과를 발표하며 매출이 2.5% 증가한 7210만 달러를 기록하였고, 유기적 매출 성장률은 11.4%에 달했습니다. 이 회사는 2023년에 370만 달러의 손실을 기록했던 것에 비해 250만 달러의 GAAP 순이익을 달성하며 상당한 회복을 이루었습니다.
2024년 4분기에는 2300만 달러의 매출을 기록하며 전년 대비 19.2%의 증가를 보였고, 인상적인 유기적 매출 성장률 44.3%를 기록했습니다. 이번 분기에는 Golden Organics와 LoCo Food Distribution의 새로운 인수로부터의 기여와 함께 새로운 소매 판매 채널에서의 530만 달러가 포함되었습니다.
전체 연도 동안 총 이익률이 23.4%로 85bp 감소했음에도 불구하고, 회사는 조정된 EBITDA를 3.2백만 달러로 18.5% 개선했습니다. 주요 전략적 조치로는 새로운 CFO를 영입하고, 두 개의 대형 유통 파트너를 추가하며, 주요 소매 고객을 온보딩하고, 두 건의 인수를 완료하며 소비자 직접 전자상거래 사업을 매각하는 것이 포함되었습니다.
Innovative Food Holdings (OTCQB: IVFH) a annoncé ses résultats financiers pour l'exercice 2024, affichant une croissance des revenus de 2,5 % à 72,1 millions de dollars, avec une croissance organique des revenus de 11,4 %. L'entreprise a réalisé un retournement significatif avec un bénéfice net GAAP de 2,5 millions de dollars, contre une perte de 3,7 millions de dollars en 2023.
Le quatrième trimestre 2024 a montré une forte performance avec des revenus de 23,0 millions de dollars, en hausse de 19,2 % par rapport à l'année précédente, et une impressionnante croissance organique des revenus de 44,3 %. Ce trimestre a inclus des contributions des nouvelles acquisitions Golden Organics et LoCo Food Distribution, ainsi que 5,3 millions de dollars provenant d'un nouveau canal de vente au détail.
Bien que la marge brute ait diminué de 85 points de base à 23,4 % pour l'année entière, l'entreprise a amélioré son EBITDA ajusté de 18,5 % à 3,2 millions de dollars. Les principales mesures stratégiques comprenaient l'embauche d'un nouveau CFO, l'ajout de deux grands partenaires distributeurs, l'intégration d'un client de détail majeur et l'achèvement de deux acquisitions tout en se séparant des activités de commerce électronique direct au consommateur.
Innovative Food Holdings (OTCQB: IVFH) hat seine finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und ein Umsatzwachstum von 2,5% auf 72,1 Millionen Dollar gezeigt, mit einem organischen Umsatzwachstum von 11,4%. Das Unternehmen erzielte eine signifikante Wende mit einem GAAP-Nettoeinkommen von 2,5 Millionen Dollar, im Vergleich zu einem Verlust von 3,7 Millionen Dollar im Jahr 2023.
Das vierte Quartal 2024 zeigte eine starke Leistung mit einem Umsatz von 23,0 Millionen Dollar, was einem Anstieg von 19,2% im Vergleich zum Vorjahr entspricht, und einem beeindruckenden organischen Umsatzwachstum von 44,3%. Das Quartal beinhaltete Beiträge aus den neuen Akquisitionen Golden Organics und LoCo Food Distribution sowie 5,3 Millionen Dollar aus einem neuen Einzelhandelsvertriebskanal.
Obwohl die Bruttomarge im gesamten Jahr um 85 Basispunkte auf 23,4% gesunken ist, konnte das Unternehmen sein bereinigtes EBITDA um 18,5% auf 3,2 Millionen Dollar verbessern. Zu den wichtigen strategischen Maßnahmen gehörten die Einstellung eines neuen CFO, die Hinzufügung von zwei großen Vertriebspartnern, die Gewinnung eines wichtigen Einzelhandelskunden und der Abschluss von zwei Akquisitionen, während gleichzeitig die Direktvertriebs-E-Commerce-Geschäfte verkauft wurden.
- Net income improved by $6.2M to $2.5M in FY2024
- Strong organic revenue growth of 11.4% in FY2024
- Q4 organic revenue growth of 44.3%
- Adjusted EBITDA increased 18.5% to $3.2M
- SG&A spend decreased by $1.0M in 2024
- New retail channel generated $5.3M in Q4 revenue
- 25% organic growth reported in Q1 2025 to date
- Gross margin declined 85 basis points to 23.4%
- Q4 gross margin declined 235 basis points to 20.9%
- Q4 GAAP net loss of $0.2M
- Continued softness in largest drop ship customer business
Key Fiscal Year data points:
- Revenue of
$72.1 million , +2.5% vs. 2023 - Organic revenue growth (1) of +
11.4% vs. 2023 - Gross margin declined by 85 basis points vs. 2023 to
23.4% - GAAP net income (loss) from continuing operations of
$2.5 million vs. ($3.7) million in 2023 - GAAP net income (loss) from continuing operations per fully diluted share of
$0.04 9 vs. ($0.07 6) in 2023 - Non-GAAP adjusted net income from continuing operations of
$2.1 million vs.$1.3 million in 2023 - Non-GAAP adjusted net income per fully diluted share of
$0.04 1 vs.$0.02 7 in 2023 - Non-GAAP adjusted EBITDA of
$3.2 million vs.$2.7 million in 2023
(1) Organic revenue growth excludes the impact of divestitures and acquisitions
BONITA SPRINGS, Fla., March 07, 2025 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today reported its financial results for the fourth quarter and total fiscal year ended December 31, 2024.
Bill Bennett, Chief Executive Officer of IVFH, remarked, “2024 marked tremendous progress against our strategic plan as we finished our first phase (stabilization) and began our second phase (building the foundation for growth). Contributing to these efforts, we brought on a new CFO, added two new large distributor partners, on-boarded a large new retail customer, and completed two new acquisitions. Additionally, we sold our headquarters building, our direct-to-consumer e-commerce businesses, and several other smaller entities. These bold moves drove a significant improvement in our financials, with revenue growing
Key Fourth Quarter data points:
- Revenue of
$23.0 million , +19.2% vs. Q4 2023 - Organic revenue growth (1) of +
44.3% vs. Q4 2023 - Gross margin declined by 235 basis points vs. Q4 2023 to
20.9% - GAAP net income (loss) from continuing operations of (
$0.2) million vs. ($1.4) million in Q4 2023 - GAAP net income (loss) from continuing operations per fully diluted share of (
$0.00 1) vs. ($0.03 4) in Q4 2023 - Non-GAAP adjusted net income from continuing operations of
$618 thousand vs.$197 thousand in Q4 2023 - Non-GAAP adjusted net income per fully diluted share of
$0.01 2 vs.$0.00 4 in Q4 2023 - Non-GAAP adjusted EBITDA of
$880 thousand vs.$559 thousand in Q4 2023 - Completed acquisition of Denver-based Golden Organics and Fort Collins-based LoCo Food Distribution
- New retail sales channel generated
$5.3 million in revenue - New acquisitions contributed
$838 thousand in revenue
(1) Organic revenue growth excludes the impact of divestitures and acquisitions
Mr. Bennett continued, “Q4 2024 represented the first quarter of the ramp up of our new retail customer, as well as six weeks of contribution from our new Golden Organics business, and one week from our new LoCo Foods Distribution business. While revenue grew
Mr. Bennett added, “We’re very pleased to see our new growth businesses and acquisitions begin to materialize this quarter and demonstrate the growth potential of the Company. We also continue to see strong growth with our new national distributor partner announced last Spring, triple-digit growth in our Amazon sales channel, double-digit growth in our airline catering business, and double-digit growth in our Chicago Artisan business. In fact, we are continuing to experience greater than
“The Company has a solid foundation, a passionate and committed team, and an industry with tremendous long-term potential. We recognize the importance of maintaining a laser focus on our top priorities in a complex economic environment to create a robust, profitable, and sustainable business model. As we navigate the ever-changing landscape of the food industry, we believe in our ability to adapt, innovate, and capitalize on opportunities focused on driving long-term shareholder value,” concluded Mr. Bennett.
Conference Call
The Company’s management will hold an investor call on March 7, 2025 at 10:00 am Eastern Time to discuss the Company's results for the quarter and year ended December 31, 2024. At the end of the meeting, the Company will host a question-and-answer session with investors. All interested participants may attend the call on the web or by phone. The Company encourages those who wish to ask questions to join the call virtually through Zoom, rather than on the phone, as Zoom’s “raise hand” feature makes it easier for management to identify questioners. Details for the meeting are as follows:
Join Zoom Meeting
https://us02web.zoom.us/j/84531400931?pwd=OxjOExa1VI0lDeGIzxplrD7iFwAIGX.1
Meeting ID: 845 3140 0931
Passcode: 000164
One tap mobile
+12532158782,,84531400931# US
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world’s best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements, including those related to the Company’s growth plans, reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein, which include words such as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect”, or similar expressions. Additional factors that could also cause actual results to differ materially relate to current conditions and expected future developments, international crises, environmental and economic issues and other risk factors described in the Company’s public filings. As a result, readers are cautioned not to place undue reliance on these forward-looking statements and should understand that these statements are not guarantees of performance or results and that there are a number of risks, uncertainties and other important factors, many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those expressed in these statements, including, among others: economic factors affecting consumer confidence and discretionary spending; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; and changes in the Company’s relationships with vendors and customers. The Company does not intend to update these forward-looking statements.
For a detailed discussion of these risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC’s website at https://www.sec.gov/.
Investor and Media contact:
Gary Schubert
Chief Financial Officer
Innovative Food Holdings, inc.
investorrelations@ivfh.com
| Innovative Food Holdings, Inc. Consolidated Balance Sheets (unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,330,880 | $ | 5,235,102 | ||||
| Accounts receivable, net | 9,039,232 | 4,298,435 | ||||||
| Inventory, net | 6,290,488 | 2,962,191 | ||||||
| Other current assets | 238,526 | 287,528 | ||||||
| Assets held for sale | 5,941,933 | 649,884 | ||||||
| Current assets - discontinued operations | 49,315 | 208,009 | ||||||
| Total current assets | 23,890,374 | 13,641,149 | ||||||
| Property and equipment, net | 1,584,878 | 7,000,015 | ||||||
| Right of use assets, operating leases, net | 705,476 | 28,519 | ||||||
| Right of use assets, finance leases, net | 524,273 | 436,403 | ||||||
| Amortizable intangible assets, net | 424,372 | - | ||||||
| Tradenames and other unamortizable intangible assets | 217,000 | 217,000 | ||||||
| Total assets | $ | 27,346,373 | $ | 21,323,086 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 6,653,622 | $ | 6,005,512 | ||||
| Accrued separation costs, related parties, current portion | 334,532 | 463,911 | ||||||
| Accrued interest | 91,347 | 95,942 | ||||||
| Deferred revenue | 349,600 | 1,014,847 | ||||||
| Stock appreciation rights liability | 1,353,150 | 255,020 | ||||||
| Notes payable - current portion | 190,052 | 121,041 | ||||||
| Lease liability - operating leases, current | 239,660 | 17,131 | ||||||
| Lease liability - finance leases, current | 147,797 | 115,738 | ||||||
| Contingent liability, current | 54,430 | - | ||||||
| Current liabilities - discontinued operations | - | 551,851 | ||||||
| Total current liabilities | 9,414,190 | 8,640,993 | ||||||
| Note payable, net of discount | 8,692,674 | 8,855,000 | ||||||
| Accrued separation costs, related parties, non-current | 457,692 | 791,025 | ||||||
| Lease liability - operating leases, non-current | 467,569 | 11,388 | ||||||
| Lease liability - finance leases, non-current | 139,591 | 219,266 | ||||||
| Total liabilities | 19,171,716 | 18,517,672 | ||||||
| Commitments & Contingencies | ||||||||
| Stockholders' equity | ||||||||
| Common stock: | 5,670 | 5,251 | ||||||
| Additional paid-in capital | 45,520,123 | 42,762,811 | ||||||
| Treasury stock: 2,644,297 and 2,623,171 shares outstanding at December 31, 2024 and 2023, respectively | (1,141,372 | ) | (1,141,370 | ) | ||||
| Accumulated deficit | (36,209,764 | ) | (38,821,278 | ) | ||||
| Total stockholders' equity | 8,174,657 | 2,805,414 | ||||||
| Total liabilities and stockholders' equity | $ | 27,346,373 | $ | 21,323,086 | ||||
| Innovative Food Holdings, Inc. Consolidated Statements of Operations (unaudited) | ||||||||
| For the Twelve | For the Twelve | |||||||
| Months Ended | Months Ended | |||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 72,134,376 | $ | 70,388,962 | ||||
| Cost of goods sold | 55,280,668 | 53,347,220 | ||||||
| Gross margin | 16,853,708 | 17,041,742 | ||||||
| Selling, general and administrative expenses | 16,314,986 | 16,720,523 | ||||||
| Separation costs - executive officers | - | 2,074,063 | ||||||
| Impairment of intangible assets | - | 1,055,400 | ||||||
| Total operating expenses | 16,314,986 | 19,849,986 | ||||||
| Operating income (loss) | 538,722 | (2,808,244 | ) | |||||
| Other income (expense) | ||||||||
| Interest expense, net | (849,581 | ) | (876,452 | ) | ||||
| Gain on sale of assets | 2,816,616 | 9,360 | ||||||
| Gain (loss) on sale of subsidiary | 21,126 | (45,022 | ) | |||||
| Other income | - | 14,925 | ||||||
| Other leasing income | 5,700 | 7,600 | ||||||
| Total other income (expense) | 1,993,861 | (889,589 | ) | |||||
| Net income (loss) before taxes | 2,532,583 | (3,697,833 | ) | |||||
| Income tax expense | - | 15,834 | ||||||
| Net income (loss) from continuing operations | $ | 2,532,583 | $ | (3,713,667 | ) | |||
| Net income (loss) from discontinued operations | $ | 78,931 | $ | (641,485 | ) | |||
| Consolidated net income (loss) | $ | 2,611,514 | $ | (4,355,152 | ) | |||
| Net income (loss) per share from continuing operations – basic | $ | 0.05 | $ | (0.08 | ) | |||
| Net income (loss) per share from continuing operations – diluted | $ | 0.05 | $ | (0.08 | ) | |||
| Net (loss) per share from discontinued operations – basic | $ | 0.01 | $ | (0.01 | ) | |||
| Net (loss) per share from discontinued operations – diluted | $ | 0.01 | $ | (0.01 | ) | |||
| Weighted average shares outstanding – basic | 50,563,992 | 49,076,880 | ||||||
| Weighted average shares outstanding – diluted | 50,577,847 | 49,076,880 | ||||||
| Innovative Food Holdings, Inc. Consolidated Statements of Cash Flows (unaudited) | ||||||||
| For the Twelve | For the Twelve | |||||||
| Months Ended | Months Ended | |||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Cash flows used in operating activities: | ||||||||
| Net income (loss) | $ | 2,611,514 | $ | (4,355,152 | ) | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Gain on disposition of assets | (2,816,616 | ) | (9,360 | ) | ||||
| (Gain) Loss on sale of subsidiaries | (21,126 | ) | 45,022 | |||||
| Impairment of intangible assets | - | 1,315,822 | ||||||
| Amortization of intangible assets | 7,193 | - | ||||||
| Depreciation and amortization | 265,891 | 557,268 | ||||||
| Allowance for slow moving and obsolete inventory | - | 189,582 | ||||||
| Amortization of right of use asset | 54,609 | 51,756 | ||||||
| Amortization of prepaid loan fees | - | 3,297 | ||||||
| Amortization of discount on notes payable | 5,136 | |||||||
| Stock based compensation | 437,339 | 405,503 | ||||||
| Value of stock appreciation rights | 1,098,130 | 255,020 | ||||||
| Provision for doubtful accounts | 4,599 | 73,330 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, net | (3,826,006 | ) | 479,247 | |||||
| Inventory and other current assets, net | (1,936,193 | ) | (135,593 | ) | ||||
| Accounts payable and accrued liabilities | (850,125 | ) | (439,336 | ) | ||||
| Accrued separation costs - related parties | (462,713 | ) | 1,422,937 | |||||
| Deferred revenue | (790,769 | ) | (243,149 | ) | ||||
| Operating lease liability | (52,856 | ) | (51,756 | ) | ||||
| Net cash used in operating activities | (6,271,993 | ) | (435,562 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Cash paid for acquisition of Golden Organics | (1,231,379 | ) | - | |||||
| Cash received in acquisition of LoCo Foods | 42,000 | - | ||||||
| Acquisition of property and equipment | (316,567 | ) | (122,403 | ) | ||||
| Cash received from sale of subsidiaries | - | 75,000 | ||||||
| Cash received from disposition of asset, net of loan payoff | 2,101,185 | 11,071 | ||||||
| Cash received from disposition of intangible assets, net of costs | 617,000 | - | ||||||
| Net cash provided by (used in) investing activities | 1,212,239 | (36,332 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Cash received from sale of common stock, net of costs | 3,250,000 | - | ||||||
| Cash received from notes payable, net of costs | - | 3,285,588 | ||||||
| Payment for taxes related to net share settlement of equity awards, net | (908,484 | ) | - | |||||
| Principal payments on debt | (95,546 | ) | (187,611 | ) | ||||
| Principal payments financing leases | (228,356 | ) | (88,813 | ) | ||||
| Principal payments on line of credit | - | (2,014,333 | ) | |||||
| Net cash provided by financing activities | 2,017,614 | 994,831 | ||||||
| Decrease in cash and cash equivalents | (3,042,140 | ) | 522,937 | |||||
| Cash and cash equivalents at beginning of period | 5,422,335 | 4,899,398 | ||||||
| Cash and cash equivalents at end of period - continuing operations | $ | 2,330,880 | $ | 5,327,016 | ||||
| Cash and cash equivalents at end of period - discontinued operations | $ | 49,315 | $ | 95,319 | ||||
| Cash and cash equivalents at end of period | $ | 2,380,195 | $ | 5,422,335 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 896,709 | $ | 802,076 | ||||
| Taxes | $ | - | $ | - | ||||
| Non-cash investing and financing activities: | ||||||||
| Reclassify fixed assets as held for sale | $ | 5,941,933 | $ | - | ||||
| Debt to Fifth Third Bank paid directly by Maple Mark Bank | $ | 353,815 | $ | - | ||||
| Issuance of common stock for severance agreement previously accrued | $ | - | $ | 168,000 | ||||
| Par value of shares issued, previously accrued | $ | - | $ | 87 | ||||
| Reclassify fixed assets as held for sale | $ | 5,941,933 | $ | 649,984 | ||||
| Issuance of stock for cashless exercise of options | $ | 2 | $ | - | ||||
| Innovative Food Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures Adjusted EBITDA Calculations (unaudited) | |||||||||||||||||||
| Q4 2024 | Q4 2023 | 2024 Full Year | 2023 Full Year | ||||||||||||||||
| Net Income (Loss) From Continuing Operations (GAAP) | $ | (201,241 | ) | $ | (1,402,928 | ) | $ | 2,532,583 | $ | (3,697,833 | ) | ||||||||
| Depreciation & Amortization (1) | $ | 61,596 | $ | 128,220 | $ | 273,084 | $ | 557,268 | |||||||||||
| Interest expense – net | $ | 207,369 | $ | 233,097 | $ | 849,581 | $ | 876,452 | |||||||||||
| Income tax provision | $ | - | $ | - | $ | - | $ | 15,834 | |||||||||||
| EBITDA (Non-GAAP) (2) | $ | 67,724 | $ | (1,041,611 | ) | $ | 3,655,248 | $ | (2,248,279 | ) | |||||||||
| Adjustments: | |||||||||||||||||||
| Separation Costs | $ | 60,000 | $ | 203,272 | $ | 128,791 | $ | 2,174,007 | |||||||||||
| Impairment of Tradenames - igourmet & Mouth | $ | - | $ | 1,055,400 | $ | - | $ | 1,055,400 | |||||||||||
| Unaccrued 2022 Leadership Bonus' Expensed & Paid in 2023 | $ | - | $ | - | $ | - | $ | 125,923 | |||||||||||
| Other Restructuring Costs | $ | 203,000 | $ | 233,611 | $ | 388,087 | $ | 846,943 | |||||||||||
| Stock Compensation Expense (3) | $ | 679,478 | $ | 57,591 | $ | 1,469,412 | $ | 658,481 | |||||||||||
| Legal Fees - JIT Lawsuit | $ | - | $ | 14,576 | $ | 26,325 | $ | 91,052 | |||||||||||
| (Gain) / Loss on Sale of Subsidiaries | $ | - | $ | 45,022 | $ | (21,126 | ) | $ | 45,022 | ||||||||||
| Other Legal & Transactional | $ | 44,096 | $ | - | $ | 268,023 | $ | - | |||||||||||
| Commission on Sale of Asset | $ | - | $ | - | $ | 247,300 | $ | - | |||||||||||
| (Gain) on sale of assets | $ | (174,637 | ) | $ | (9,361 | ) | $ | (2,816,616 | ) | $ | (9,360 | ) | |||||||
| Adjusted EBITDA(Non-GAAP) (4) | $ | 879,661 | $ | 558,501 | $ | 3,245,443 | $ | 2,739,189 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Depreciation | $ | (54,403 | ) | $ | (128,220 | ) | $ | (265,891 | ) | $ | (526,274 | ) | |||||||
| Interest expense – net | $ | (207,369 | ) | $ | (233,097 | ) | $ | (849,581 | ) | $ | (876,452 | ) | |||||||
| Income tax provision | $ | - | $ | - | $ | - | $ | (15,834 | ) | ||||||||||
| Adjusted Net Income (Non-GAAP) (5) | $ | 617,889 | $ | 197,184 | $ | 2,129,971 | $ | 1,320,629 | |||||||||||
| Adjusted Diluted EPS (Non-GAAP) | $ | 0.012 | $ | 0.004 | $ | 0.041 | $ | 0.027 | |||||||||||
| Weighted-average diluted shares outstanding (Non-GAAP) (6) | 51,833,213 | 49,577,983 | 51,847,068 | 49,076,880 | |||||||||||||||
| Q4 2024 | Q4 2023 | 2024 Full Year | 2023 Full Year | |||||||||||||
| Revenue (GAAP) | $ | 23,003,336 | $ | 19,301,245 | $ | 72,134,376 | $ | 70,388,962 | ||||||||
| Gross profit (GAAP) | $ | 4,797,640 | $ | 4,479,903 | $ | 16,853,708 | $ | 17,041,742 | ||||||||
| Inventory Reserve | $ | 203,000 | $ | - | $ | 332,287 | $ | - | ||||||||
| Adjusted Gross profit (Non-GAAP) (7) | $ | 5,000,640 | $ | 4,479,903 | $ | 17,185,995 | $ | 17,041,742 | ||||||||
| Adjusted Gross profit margin % (Non-GAAP) | 21.74 | % | 23.21 | % | 23.82 | % | 24.21 | % | ||||||||
| Q4 2024 | Q4 2023 | 2024 Full Year | 2023 Full Year | |||||||||||||
| Adjusted EBITDA(Non-GAAP) (4) | $ | 879,661 | $ | 558,501 | $ | 3,245,443 | $ | 2,739,189 | ||||||||
| Interest Expense -net | $ | (207,369 | ) | $ | (233,097 | ) | $ | (849,581 | ) | $ | (876,452 | ) | ||||
| Income Tax Expense - net | $ | - | $ | - | $ | - | $ | (15,834 | ) | |||||||
| Maintenance Capital Expenditures (8) | $ | (3,404 | ) | $ | (55,856 | ) | $ | (10,773 | ) | $ | (108,488 | ) | ||||
| Adjusted Free Cash Flow (Non-GAAP) (9) | $ | 668,888 | $ | 269,548 | $ | 2,385,089 | $ | 1,738,414 | ||||||||
(1) Includes non-cash depreciation and amortization charges.
(2) Earnings before interest, taxes, depreciation, and amortization
(3) Includes stock and options-based compensation and expenses.
(4) Adjusted EBITDA is a non-GAAP metric. Management believes that the presentation of Adjusted EBITDA and other non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company’s results. In addition, the Company believes that the presentation of these financial measures enhances an investor’s ability to make period-to-period comparisons of the Company’s operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results.
(5) Adjusted Net Income accounts for the impact of non-core expenses including addback for one-time organizational restructure expenses, gains or losses on sale of assets or subsidiaries, tradename impairments, amortization expense, expense on the extinguishment of debt, and stock related expenses in both 2024 and 2023
(6) GAAP weighted average shares outstanding.
(7) Adjusted Gross profit is gross profit adjusted to remove the impact of inventory reserve adjustments or non-recurring inventory related gains or losses.
(8) Maintenance Capital Expenditures is a component of “Acquisition of property and equipment (GAAP)” on the consolidated statement of cash flows. It represents management’s assumptions of capital spending to maintain the company’s current level of operations. It does not include expenditures on acquisitions (less cash acquired), nor does it include other capital expenditures made to fund growth of the current business.
(9) Adjusted Free Cash Flow is defined as Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures. The company believes adjusted free cash flow is useful to investors in understanding how existing cash flow from operations before working capital changes and non-recurring items after maintenance capital expenditures (which we believe the best proxy for over time is Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures) is utilized as a source of growing our business. Adjusted Free Cash Flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations that were not deducted from the measure.
FAQ
What was IVFH's revenue growth and net income for fiscal year 2024?
How did IVFH perform in Q4 2024 compared to Q4 2023?
What acquisitions did IVFH complete in Q4 2024?
How much revenue did IVFH's new retail sales channel generate in Q4 2024?
What was IVFH's adjusted EBITDA performance in fiscal year 2024?
