Innovative Food Holdings reports Q3 revenue growth of 0.3% to $17.0 million.

From GlobeNewswire: 2024-11-13 09:30:00

Innovative Food Holdings, Inc. reported Q3 2024 revenue of $17.0 million, up 0.3% from Q3 2023. Specialty foodservice revenue increased by 5.5%. Gross margin declined to 25.2%. GAAP net income from continuing operations was $1.3 million. Adjusted EBITDA was $997 thousand. Acquisition of Golden Organics remains on track. New retail business results will show in Q4.

The company’s Q3 2024 financial results show a slight revenue growth of 0.3% to $17.0 million. Specialty Foodservice revenue increased by 5.5%. Gross margins decreased to 25.2%. SG&A expenses decreased by $0.6 million. GAAP net income from continuing operations was $1.3 million. Adjusted EBITDA increased to $997 thousand compared to Q3 2023.

Adjusted EBITDA for Q3 2024 was $997 thousand, up from $921 thousand in Q3 2023. Adjusted net income from continuing operations was $737 thousand, compared to $528 thousand in Q3 2023. Adjusted net income per fully diluted share was $0.014, up from $0.011 in Q3 2023. Adjusted free cash flow for Q3 2024 was $776 thousand, up from $633 thousand in Q3 2023.

The Company’s core foodservice business saw growth in Q3 2024, with more than 25% growth in Q4 through Nov 9th. Strong growth was also seen in other channels like Amazon and airline catering. The acquisition of Golden Organics is expected to close soon. The company remains focused on long-term shareholder value and adapting to industry changes.

Adjusted EBITDA for Q3 2024 was $997 thousand, up from $921 thousand in Q3 2023. Adjusted net income from continuing operations was $737 thousand, compared to $528 thousand in Q3 2023. Adjusted free cash flow for Q3 2024 was $776 thousand, up from $633 thousand in Q3 2023. The company is focused on driving long-term shareholder value.



Read more at GlobeNewswire:: Innovative Food Holdings, Inc. Reports Financial Results