Barfresh Food Group (BRFH)
NASDAQ:BRFH
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Barfresh Food Group
(NASDAQ:BRFH)
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Rating:47Neutral
Price Target:
$3.00
▲(4.90% Upside)
Action:ReiteratedDate:04/16/26
The score is held back primarily by weak financial performance—persistent losses, margin deterioration, and negative free cash flow—despite strong revenue growth. Earnings-call guidance and financing support improve the outlook toward revenue acceleration and adjusted-EBITDA profitability, while technical indicators are only mildly constructive and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Manufacturing Control
Owning Arps’ 44k sq ft manufacturing and 15k sq ft processing facilities materially reduces dependency on third-party co-manufacturers. Durable supply‑chain control supports consistent fill rates, lowers outsourcing risk, and creates a platform for unit‑cost improvements as volume scales toward the facility’s eventual run rate.
Negative Factors
Weak Profitability
Despite revenue growth, persistent negative operating and net margins show the business has yet to convert scale into profitability. Gross‑margin deterioration reflects integration and lower‑margin product mix; sustained margin recovery is required for durable earnings improvement and to avoid recurring dilution from loss financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Manufacturing Control
Owning Arps’ 44k sq ft manufacturing and 15k sq ft processing facilities materially reduces dependency on third-party co-manufacturers. Durable supply‑chain control supports consistent fill rates, lowers outsourcing risk, and creates a platform for unit‑cost improvements as volume scales toward the facility’s eventual run rate.
Read all positive factors
Barfresh Food Group (BRFH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$40.75M
Dividend YieldN/A
Average Volume (3M)141.77K
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth32.56%
EPS Growth10.67%
CountryUS
Employees11
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)-0.08
Shares Outstanding16,104,853
10 Day Avg. Volume13,892
30 Day Avg. Volume141,770
Financial Highlights & Ratios
PEG Ratio1.65
Price to Book (P/B)35.18
Price to Sales (P/S)3.29
P/FCF Ratio-26.15
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue3.19
Enterprise Value/Gross Profit15.33
Enterprise Value/Ebitda-13.60
Forecast
1Y Price Target
$5.25Price Target Upside83.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$28.04M
Barfresh Food Group Business Overview & Revenue Model
Company Description
Barfresh Food Group, Inc. manufactures and distributes ready-to-drink and ready-to-blend frozen beverages in the United States. The company offers smoothies, shakes and frappes in various formats comprising ready-to-drink bottled, easy pour, juice...
How the Company Makes Money
Barfresh makes money primarily by selling its beverage products (notably single-serve, ready-to-blend smoothie items) to business customers in foodservice and related on-premise channels. Revenue is generally generated on a per-unit basis when cus...
Barfresh Food Group Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive, transformational narrative: record revenue, a strategic acquisition that brings manufacturing control, financing and a government grant that accelerate capacity, and aggressive fiscal 2026 revenue and EBITDA guidance. These positives are tempered by substantial near-term margin compression, larger adjusted EBITDA losses in 2025, an extended facility implementation timeline (now targeting Q4 2026), and modest liquidity at year-end. Management expects margin recovery and positive adjusted EBITDA as the owned facility is fully commissioned.Positive Updates
Record Revenue — Q4 and Full Year 2025
Q4 2025 revenue reached a company record of $5.4M (up 94% YoY). Full year 2025 revenue was a record $14.2M (up 33% YoY). The Arps Dairy acquisition contributed $2.9M to 2025 revenue.
Negative Updates
Sharp Compression in Gross Margins
Q4 2025 gross margin collapsed to 3% vs 26% in Q4 2024 (down 23 percentage points). Q4 adjusted gross margin was 4% vs 30% prior (down 26 percentage points). Full-year 2025 adjusted gross margin was 22% vs 37% in 2024 (down 15 percentage points). Management attributes the decline to startup/implementation costs from bringing production in-house and lower-margin milk processing operations at Arps.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue — Q4 and Full Year 2025
Q4 2025 revenue reached a company record of $5.4M (up 94% YoY). Full year 2025 revenue was a record $14.2M (up 33% YoY). The Arps Dairy acquisition contributed $2.9M to 2025 revenue.
Read all positive updates
Company Guidance
Management guided fiscal 2026 revenue of $28.0–$32.0 million (implying ~97%–125% YoY growth versus 2025’s $14.2M) and adjusted EBITDA of $3.2–$3.8 million, with Q1 2026 revenue expected at $5.0–$5.2M and adjusted‑EBITDA breakeven. The outlook assumes full‑year inclusion of Arps (which contributed $2.9M in 2025), recovery and growth of legacy Barfresh customers, and progressive ramping of the newly acquired manufacturing capacity that management says can ultimately support over $200M of annual revenue; equipment completion is targeted before year‑end (Q4) 2026. Financing support includes a $7.5M senior convertible note closed in March 2026 and a $2.4M government grant for equipment, and the company expects margin recovery and to turn positive on adjusted EBITDA in 2026, with stronger improvement in H2 as facility enhancements are commissioned.Barfresh Food Group Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
42
Neutral
Cash Flow
28
Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.21M | 10.72M | 8.13M | 9.16M | 6.70M |
| Gross Profit | 3.11M | 3.67M | 2.88M | 1.44M | 2.51M |
| EBITDA | -3.03M | -2.49M | -2.41M | -4.94M | -498.00K |
| Net Income | -2.69M | -2.83M | -2.82M | -6.13M | -1.26M |
Balance Sheet | |||||
| Total Assets | 12.83M | 3.32M | 4.81M | 5.50M | 9.72M |
| Cash, Cash Equivalents and Short-Term Investments | 325.00K | 235.00K | 1.89M | 2.81M | 5.53M |
| Total Debt | 4.92M | 832.00K | 0.00 | 20.00K | 95.00K |
| Total Liabilities | 11.50M | 2.74M | 2.31M | 2.57M | 1.54M |
| Stockholders Equity | 1.33M | 578.00K | 2.50M | 2.93M | 8.18M |
Cash Flow | |||||
| Free Cash Flow | -1.79M | -2.28M | -2.96M | -2.66M | -2.01M |
| Operating Cash Flow | -1.67M | -2.23M | -2.96M | -2.65M | -1.86M |
| Investing Cash Flow | -1.35M | -53.00K | 0.00 | -13.00K | -150.54K |
| Financing Cash Flow | 3.10M | 626.00K | 1.83M | 5.00K | 5.73M |
Barfresh Food Group Technical Analysis
Negative
2.86
Price Trends
2.78
Negative
2.95
Negative
3.06
Negative
Market Momentum
<0.01
Positive
45.33
Neutral
41.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRFH, the sentiment is Negative. The current price of 2.86 is above the 20-day moving average (MA) of 2.78, above the 50-day MA of 2.78, and below the 200-day MA of 3.06, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.33 is Neutral, neither overbought nor oversold. The STOCH value of 41.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BRFH.
Barfresh Food Group Risk Analysis
Barfresh Food Group disclosed 32 risk factors in its most recent earnings report. Barfresh Food Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
Our use of information technology and third-party service providers exposes us to cybersecurity breaches and other business disruptions. Q4, 2023
2.
We may not be able to continue to comply with Nasdaq listing standards. Q4, 2023
Barfresh Food Group Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.81B | 22.45 | 25.43% | ― | 23.05% | 36.53% | |
65 Neutral | $4.05B | 8.57 | 24.24% | 4.78% | 5.80% | 23.83% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
47 Neutral | $40.75M | -17.37 | -151.77% | ― | 32.56% | 10.67% | |
46 Neutral | $97.63M | -15.19 | -19.06% | ― | 4.01% | 55.00% | |
42 Neutral | $344.72M | -6.59 | -241.39% | ― | 8.84% | 10.68% |
* Consumer Defensive Sector Average
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Barfresh Food Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Barfresh Food Group Adds Industry Veterans to Board
Positive
Apr 6, 2026
On April 6, 2026, Barfresh Food Group announced that global manufacturing executive Marc Panvier and beverage industry veteran Tim Trant joined its board of directors, effective April 1, 2026. Panvier, a senior operations leader at Bel Brands USA,...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Barfresh Sets Strong 2026 Growth Outlook and Financing
Positive
Mar 31, 2026
Barfresh reported that fiscal 2025 was a transformational year, posting record annual revenue of $14.2 million, up 33% from 2024, and fourth-quarter revenue of $5.4 million, up 94% year over year, largely driven by the Arps Dairy acquisition and e...
Executive/Board Changes
Barfresh Food Group Announces Board Director Resignation
Neutral
Mar 13, 2026
On March 10, 2026, Barfresh Food Group Inc. announced that director Justin Borus notified the company he would resign from the board, with the company stating the decision did not arise from any disagreement. Borus, who had served on the boardR...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Barfresh Food Group Secures Financing to Expand Facility
Positive
Mar 9, 2026
On March 9, 2026, Barfresh Food Group Inc. announced it had secured subscriptions for $7.3 million in senior convertible notes, beginning March 5, 2026, to pay off the mortgage on its Defiance, Ohio manufacturing facility and accelerate completion...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Barfresh Projects Strong 2026 Growth After Record Revenue
Positive
Jan 29, 2026
On January 29, 2026, Barfresh reported record preliminary fiscal 2025 revenue of $14.2 million, a 32% increase over 2024 and the highest in the company’s history, driven in part by its acquisition of Arps Dairy, which has strengthened its op...
Business Operations and StrategyExecutive/Board Changes
Barfresh Director Ortiz-Cochet to Retire; Unibel Retains Influence
Neutral
Jan 23, 2026
On January 19, 2026, Barfresh Food Group announced that director Isabelle Ortiz-Cochet, who serves on the Nominating and Governance Committee and was initially appointed under a 2016 investor rights agreement with Unibel, notified the company she ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.