Barfresh Secures 443 New School Customer Locations Across Multiple States, Serving Barfresh Products to Over 360,000 Students
Customer Growth Acceleration Fuels Company’s Projected Record Fiscal Year 2024 Revenue and Year Over Year Margin Expansion
LOS ANGELES, May 07, 2024 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, reinforced its education channel sales momentum today by announcing new multi-state customer wins, broadening its reach in this key market. The Company recently secured 443 new school locations, representing a collective population of over 360,000 students. These new school locations plan to introduce a varied selection of the Company’s products, including its Twist & Go carton and bottled smoothie products, 5:1 100% juice concentrates and 1:1 bulk easy pour smoothie concentrates to their students starting in fall 2024 for the 2024-2025 school year. Over the past two weeks, Barfresh has announced over 2,600 new customer school locations, representing close to two million students, that will be served a range of the Company’s products either on their breakfast menus or a la carte menus. With numerous bids in the education channel currently underway, the Company anticipates announcing a significant number of new customer wins before the 2024-2025 school year commences.
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “Our education business is experiencing continued momentum, highlighted by this latest string of significant new school customer wins across multiple states and districts. Securing these latest wins showcases the tremendous appeal of our healthy portfolio of products tailored for the education channel's unique needs. We have a robust acquisition pipeline in progress with numerous bids underway and expect to have many more schools signed on to serve Barfresh’s products before the fall. The acceleration in customer wins positions us to achieve record revenue and year over year margin expansion in fiscal year 2024. While pleased with our robust near-term growth trajectory, we’re even more enthusiastic about the long-term runway ahead fueled by our expanded sales broker network, the recent hiring of Vice President of Supply Chain & Co-Manufacturing, the expected introduction of new products and the expected onboarding of a new large bottle co-manufacturer.”
About Barfresh Food Group
Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary, patented system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. For more information, please visit www.barfresh.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company’s commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as “grow”, “expand”, “anticipate”, “intend”, “estimate”, “believe”, “expect”, “plan”, “should”, “hypothetical”, “potential”, “forecast” and “project”, “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company’s recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
