Innovative Food Stock Price, News & Analysis

Innovative Food Holdings (IVFH) reported Q2 2024 financial results with revenue of $16.7 million, a decline of 10.1% compared to Q2 2023. This downturn was driven by a 52.2% decrease in eCommerce revenue, resulting from ramping down direct-to-consumer operations.

Specialty Foodservice revenue dropped by 4.3%. Gross margin fell by 41 basis points to 23.8%, while adjusted gross margin improved by 36 basis points. The company reported a GAAP net loss of $0.1 million, or ($0.002) per share, compared to a net income of $0.1 million in Q2 2023.

Adjusted net income was $554K, down from $819K in Q2 2023, translating to $0.011 per share. Adjusted EBITDA decreased to $821K, compared to $1.176M in Q2 2023. CEO Bill Bennett noted that Q2 was anticipated to be the toughest revenue quarter and highlighted ongoing restructuring efforts and new growth initiatives.

Despite revenue challenges, the company plans to drive growth through new partnerships, resource reallocation, and strategic initiatives.

Innovative Food Holdings, Inc. (OTCQB: IVFH) has announced the sale of its consumer e-commerce business igourmet.com for $700,000. The transaction is expected to close within 30 days, excluding the company's Pennsylvania facility. This move aligns with IVFH's strategic stabilization plan, first discussed in November 2023, to divest unproductive assets and focus on its profitable foodservice business.

CEO Bill Bennett stated that the proceeds from the sale will support the company's anticipated M&A strategy and investment in new growth initiatives for their foodservice operations. The company aims to further develop its core, profitable Professional Chef business. Sampford Advisors, Inc. and Erben M&A Advisors acted as sell-side advisors for the transaction.

Innovative Food Holdings, Inc. (OTCQB: IVFH), a national seller of gourmet specialty foods to professional chefs, has announced an upcoming investor call to discuss their Q2 2024 financial results. The call is scheduled for August 14, 2024, at 11:00 am Eastern Time. Management will present the company's second fiscal quarter results for the period ending June 30, 2024, followed by a question-and-answer session with investors.

Participants can join the call via web or phone, with the company encouraging those who wish to ask questions to join virtually through Zoom for easier identification. The meeting details, including the Zoom link, Meeting ID, and Passcode, have been provided for convenient access.

Innovative Food Holdings (OTCQB: IVFH), a national seller of gourmet specialty foods to professional chefs, has been selected to present at the 9th annual MicroCap Leadership Summit on August 1st, 2024. The event, hosted by MicroCapClub, will take place at the Coeur d'Alene Resort in Idaho.

CEO Bill Bennett will deliver the presentation, which will be made available on the company's website. The summit attracts 100 retail and institutional investors globally, and IVFH is one of only six companies chosen to present this year. This selection highlights IVFH's growing prominence in the specialty food industry and provides an opportunity for increased investor exposure.

Innovative Food Holdings (OTCQB: IVFH) has announced a new contract with a top five U.S. broadline distributor and the launch of Cheney Brothers business. The new contract will integrate IVFH's gourmet specialty foods into the distributor's primary website and sales channels. This partnership is expected to drive significant sales growth, with orders already flowing. Additionally, IVFH has successfully launched the Cheney Brothers business, allowing direct sales of its specialty items through the Cheney Brothers Stock Room drop ship website. Both partnerships leverage IVFH's drop-ship platform, minimizing the need for infrastructure investment. These developments are anticipated to contribute to sales growth in the second half of the year.

Innovative Food Holdings (IVFH) reported its Q1 2024 financial results, revealing a revenue drop of 5.7% to $15.7 million compared to Q1 2023. This decline was mainly due to a 41.7% decrease in eCommerce revenue. However, Specialty Foodservice revenue grew by 1.4%. The company improved its gross margin by 174 basis points to 24.4% and reduced SG&A expenses by $400K. GAAP net income from continuing operations was $1.4 million, a significant improvement from a $2.8 million loss in Q1 2023. Adjusted net income was $155K, the first profitable Q1 on an adjusted basis in five years. The company also reported an adjusted EBITDA of $481K. The sale of a Bonita Springs building netted $1.9 million in cash. CEO Bill Bennett highlighted strong operating performance and future growth prospects.

Innovative Food Holdings, Inc. announced their Q1 2024 earnings call, 2024 annual meeting, and a letter from the CEO to shareholders. The earnings call is scheduled for May 14, 2024, and the annual meeting will take place on May 15, 2024. The CEO's letter highlights achievements, new initiatives, and future plans for the company.