Blue Star Foods Q1 revenue drops 64% to $1.9M, net loss $2.0M; Nasdaq delisting notice

Blue Star Foods Corp.

2024-Q1 EPS reported -$1.10 revenue$1,898,439

Revenue fell 64% YoY to $1.9M; gross margin improved to 15% vs 9.2%.
Net loss widened 85% to $2.0M; adjusted EBITDA loss $0.9M.
Raised $1.8M via Aegis; post-quarter $150k at $0.20 with institutional fund, potential $10M.
Received Nasdaq bid-price delisting notice; hearing requested, reverse split authorized.
Non-binding term sheet with Lind Global for $1.2M convertible note and warrant.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Blue Star Foods Corp. reported the three months ended March 31, 2023 results: revenue $1.9 million, net income $2.0 million.

Period: the three months ended March 31, 2023
Revenue: $1.9 million
Net income: $2.0 million
Result: reported results

Exact text from the filing

announced unaudited financial and operational results for the three months ended March 31, 2023. Key Financial Highlights for the Three Months Ended March 31, 2023 ● Revenue of $1.9 million ● RAS revenues increased to $0.6 million ● Gross profit of $0.3 million ● Operating loss of $0.9 million ● Net loss of $2.0 million (included $1.1 million of non-cash loss on

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Source: SEC EDGAR

accession 0001493152-23-018715

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