BARFRESH FOOD GROUP INC.

Listed Company

BRFHCIK 0001487197NasdaqNon-AcceleratedSmaller ReportingCanned, Frozen & Preservd Fruit, Veg & Food SpecialtiesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.21M

Net Income

$-2.69M

Total Assets

$12.83M

Equity

$1.33M

Shares Out

16.10M

Op. Cash Flow

$-1.67M

Business

BARFRESH FOOD GROUP INC. manufactures and distributes ready-to-drink and ready-to-blend frozen beverages, focusing on smoothies, shakes and frappes. Its main products include ready-to-drink Twist & Go cartons and bottles, bulk Easy Pour concentrates, single-serve beverage packs, WHIRLZ 100% Juice concentrates and Pop & Go juice pops. The company operates through product-format lines serving institutional and consumer customers, with contract manufacturing supporting production. Barfresh sells primarily through national and regional accounts, broadline distributors and institutional channels such as school meal programs and U.S. military procurement.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	14	11	8	9	7
Cost of revenue	11	7	5	8	4
Gross profit	3	4	3	1	3
Selling, marketing and distribution	3	3	3	3	2
General and administrative	3	3	3	4	2
Depreciation and amortization	178,000	259,000	400,000	418,000	622,000
Total operating expenses	7	6	6	8	5
Loss from operations	−3	−3	−3	−6	−2
Bargain purchase (Note 11)	−767,000	—	—	—	—
Debt guarantee expense (Note 5)	97,000	—	—	—	—
Interest expense	217,000	52,000	8,000	—	—
Net loss before benefit of income tax	−3	−3	—	—	—
Benefit of income tax	285,000	—	—	—	—
Net loss	−3	−3	−3	−6	−1
Weighted average shares outstanding - basic	16	15	13	13	12
Weighted average shares outstanding - diluted	16	15	13	13	—
Net loss per share - basic	−0.17	−0.19	−0.21	−0.47	−0.1
Net loss per share - diluted	−0.17	−0.19	−0.21	−0.47	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	325,000	235,000	2	3	—
Trade accounts receivable, net	2	829,000	821,000	126,000	1
Other receivables	99,000	55,000	160,000	101,000	—
Inventory, net	2	2	1	1	705,000
Prepaid expenses and other current assets	182,000	104,000	67,000	79,000	64,000
Total current assets	4	3	4	4	8
Property, plant and equipment, net of depreciation	8	333,000	409,000	801,000	2
Intangible assets, net of amortization	125,000	178,000	241,000	306,000	370,000
Other non-current assets	180,000	84,000	7,000	—	—
Total assets	13	3	5	6	10
Line of credit	1	609,000	—	—	—
Accounts payable - trade	3	1	2	2	974,218
Accounts payable - construction in progress	2	—	—	—	—
Disputed co-manufacturer accounts payable (Note 6)	499,000	499,000	499,000	499,000	—
Accrued expenses	388,000	142,000	85,000	286,000	228,000
Accrued payroll and employee related expenses	173,000	67,000	53,000	233,000	212,465
Financing agreements - current	296,000	99,000	—	—	—
Debt	3	—	—	—	—
Total current liabilities	11	3	2	3	1
Financing agreements	470,000	124,000	—	—	—
Total liabilities	12	3	2	3	2
Preferred stock, $0.000001 par value, 400,000 shares authorized, none issued or outstanding	—	—	—	—	—
Common stock, $0.000001 par value; 23,000,000 shares authorized; and 15,969,281 and 14,746,172 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Additional paid in capital	68	64	63	61	60
Accumulated deficit	−66	−64	−61	−58	−52
Total stockholders equity	1	578,000	3	3	9
Total liabilities and stockholders equity	13	3	5	6	10

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred tax provision	−288,000	—	—	—	—
Stock-based compensation	536,000	784,000	562,000	386,000	92,000
Depreciation and amortization	255,000	283,000	403,000	444,000	639,000
Shares issued in exchange for continuing guarantees	97,000	—	—	—	—
Amortization of line of credit discount	22,000	6,000	—	—	56,000
Accounts receivable	1,000	−8,000	−695,000	1	−798,000
Other receivables	−34,000	105,000	−59,000	−101,000	—
Inventories	—	−286,000	−166,000	−343,000	165,000
Prepaid expenses and other assets	−153,000	40,000	10,000	−20,000	−17,000
Accounts payable - trade	1	−399,000	202,000	560,000	585,000
Accrued expenses	229,000	71,000	−402,000	45,000	−219,000
Net cash used in operating activities	−2	−2	−3	−3	−2
Purchase of property and equipment	−123,000	−53,000	—	−13,000	−151,000
Acquisition of Arps Dairy, Inc. net of cash acquired (Note 11)	−1	—	—	—	—
Net cash used in investing activities	−1	−53,000	—	−13,000	−151,000
Borrowings under line of credit	9	3	—	—	—
Repayment of line of credit	−9	−2	—	—	—
Issuance of convertible debt	—	65,000	2	—	−840,000
Mortgage Note payments	−19,000	—	—	—	—
Financing agreement payments	−185,000	−22,000	—	—	—
Issuance of common stock, net of $26,000 issuance cost	3	—	—	5,000	6
Shares repurchased for income tax withholding under stock compensation program	−161,000	−20,000	—	—	—
Net cash provided by financing activities	3	626,000	2	5,000	6
Net increase (decrease) in cash	90,000	−2	−1	−3	4

Filings

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