Innovative Food Holdings ( (IVFH) ) has released its Q3 earnings. Here is a breakdown of the information Innovative Food Holdings presented to its investors.
Innovative Food Holdings, Inc. is a national seller of gourmet specialty foods, primarily serving professional chefs with a focus on connecting artisan food makers with the culinary industry.
In the third quarter of 2024, Innovative Food Holdings reported a slight increase in revenue to $17.0 million, with a notable 5.5% growth in its Specialty Foodservice sector. However, the company experienced a decline in gross margin and a significant decrease in eCommerce revenue as it phased out its direct-to-consumer business.
Key financial highlights from the earnings report include a marked improvement in GAAP net income from continuing operations, which rose to $1.3 million from $0.1 million in the previous year. The company’s adjusted EBITDA also saw a modest increase to $997 thousand. Strategic developments include the steady progress on the acquisition of Golden Organics and the anticipated expansion of its new retail business in the upcoming quarter.
Looking forward, Innovative Food Holdings’ management remains optimistic, highlighting continued growth in its core foodservice business and new partnerships. The company aims to leverage these opportunities to drive shareholder value and adapt to the evolving food industry landscape.
