LOS ANGELES—Roger Lisa, the Chief Financial Officer of Barfresh Food Group Inc. (NASDAQ:OTC:BRFH), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Lisa sold a total of 4,522 shares of common stock on December 16, 2024. The sale comes as the stock has experienced a significant 21.65% decline over the past week, according to InvestingPro data. The transactions were executed at prices ranging from $2.50 to $2.65 per share, resulting in total proceeds of approximately $11,936.
Following these transactions, Lisa holds 72,106 shares of Barfresh Food Group. The sales were conducted as part of routine financial management and do not necessarily indicate any change in the company's outlook or operations. Barfresh Food Group, based in Los Angeles, specializes in the manufacturing of frozen and preserved food specialties.
In other recent news, Barfresh Food Group reported a record revenue of over $3.6 million in the third quarter of 2024, marking a 40% increase from the same period last year. The surge in revenue was primarily driven by strong sales of Twist & Go smoothies and the successful launch of the new Pop & Go Freeze Pops. Despite this, the company incurred a net loss of $513,000 for the quarter.
Barfresh has expanded its production capacity to over 120 million units annually, a significant increase by 400%. The company also plans to relaunch its single-serve product line in 2024, primarily targeting quick-service restaurants.
Analysts noted that the company is close to achieving adjusted EBITDA breakeven, requiring an additional $0.5 million in sales. The company is also dealing with an ongoing litigation claim related to a bridge contract, valued at at least $20 million. Amid these developments, Barfresh is optimistic about its growth in 2024, backed by new products, increased production, and an expanded sales network.
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