Innovative Food Holdings reports FY24 GAAP net income $2.5M vs loss $3.7M; organic revenue +11.4%

INNOVATIVE FOOD HOLDINGS INC

Revenue $72.1M (+2.5% YoY); organic growth excluding divestitures/acquisitions +11.4%.
GAAP net income from continuing ops $2.5M ($0.049/diluted share) vs loss $3.7M ($0.076 loss/share) in 2023.
Adjusted EBITDA $3.2M, up 18.5% from $2.7M; non-GAAP adj. net income $2.1M vs $1.3M.
Q4 2024 revenue $23M (+19.2% YoY); GAAP net loss ($0.2M) improved from ($1.4M); adj. EBITDA $880K.
Completed acquisitions of Golden Organics and LoCo Food Distribution; new retail channel generated $5.3M in Q4.

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