---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-018715"
form_type: "8-K"
ticker: "BSFC"
cik: "0001730773"
company_name: "Blue Star Foods Corp."
filed_at: "2023-05-23T23:59:59+00:00"
generated_at: "2026-06-14T17:25:37.573384+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-018715
- form_type: 8-K
- ticker: BSFC
- cik: 0001730773
- company_name: Blue Star Foods Corp.
- filed_at: 2023-05-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1730773/000149315223018715/0001493152-23-018715-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1730773/000149315223018715/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-018715
- JSON: https://secwatch.observer/filing/0001493152-23-018715.json
- Plain text: https://secwatch.observer/filing/0001493152-23-018715.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1730773/000149315223018715/0001493152-23-018715-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.