Blue Star Foods Post Q1 2024 earnings

Lance Cameron
By Lance Cameron 2 Min Read

Blue Star Foods Corp (NASDAQ: BSFC) has announced its unaudited financial and operational results for Q1 2024, which ended on March 31, 2024. The company is an ESG sustainable seafood company with a focus on Recirculatory Aquaculture Systems (“RAS”).

Blue Star Foods, a Miami, Florida-based integrated Environmental, Social and Governance (“ESG”) seafood company that processes, packages, and sells high-value seafood products and is listed on the NASDAQ. This news follows the company’s recent 1-50 stock split.

The company saw revenue by $0.4 million, or 19%, to $2.3 million compared to $1.9 million for the three months ended March 31, 2023. The increase in revenue was primarily due to an increase in poundage sold during Q1 2024.

The report also highlights a New loss decrease of 44% on $1.1 million USD.

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Blue Star Foods Q1 2024 saw the execution of a Transformational Master Service Agreement (MSA).

  • The company also started production of Soft-Shell operations in South Carolina for the 2024 Season Under Existing License from the South Carolina Department of Natural Resources.
  • Signed agreement with Eagle Rising to Provide high-quality, nutritious meals for the U.S. Military.

John Keeler, Chairman and CEO of Blue Star, commented, “We returned to revenue growth and greatly improved our margins and efficiencies which have led to a significant reduction in our losses. We had a successful seasonal start to production at our RAS platform in South Carolina, which encompasses over 100 tanks and utilizes our proprietary Bio-Plan. Currently, we have more demand than what can supply with full tanks of crab peelers against the rapid growth in soft shell crab demand.”

Blue Star Brands include Little Cedar Falls, Pacifica crabmeat, Oceanica Crabmeat, Blue Star, CRAB ‘N GO, Lubkin’s First Choice, Lubkin’s Coastal Pride Hand Picked Crabmeat and Lubkin’s Good Stuff pasteurised Crabmeat.

Blue Star Brands can be purchased in the United States, Mexico and Puerto Rico.

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