Here are the 10-K annual reports from Innovative Food Holdings Inc (IVFH) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow IVFH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IVFH filings page.
Innovative Food Holdings reported 2025 revenue of $60.7 million, up 2.1% from 2024, as it repositioned around specialty foodservice distribution and exited direct‑to‑consumer e‑commerce. Cost of goods sold was $45.0 million, and gross margin improved to 25.8%, helped by changes in revenue mix.
Net income from continuing operations declined to $2.5 million, down 39.1% from $4.2 million in 2024, while the company continued to carry an accumulated deficit of $38.3 million. Management focused 2025 on tightening core processes, upgrading systems, and simplifying its footprint, including shutting down a retail cheese business and preparing the sale of a Pennsylvania warehouse that later generated $9.225 million of gross proceeds in March 2026.
The company expanded its local distribution platform by acquiring Golden Organics for $1.58 million and, through that subsidiary, most assets of LoCo for $304,269, while divesting igourmet.com assets for $700,000 and transferring a gift card liability of $174,637 in another asset sale. As of December 31, 2025, current assets were $16.8 million and current liabilities were $12.4 million, yielding working capital of $4.4 million.
Customer concentration remained high: sales through US Foods reached $26.9 million (37% of 2025 consolidated sales), with Gate Gourmet at $11.3 million (14%) and Sam’s Club at $8.6 million (12%), though Sam’s Club volumes are not expected to continue after discontinuing the retail cheese business. The company reported approximately 70 employees at year‑end and highlighted risks tied to concentration, tight liquidity, competition, regulation, cybersecurity, leadership turnover, and a material weakness in IT‑related internal controls over financial reporting.