Barfresh Food Group (BRFH) AI Stock Analysis

• Market Cap: $49.50M
• Dividend Yield: N/A
• Average Volume (3M): 141.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: 17.48%
• EPS Growth: 0.77%
• Country: US
• Employees: 11
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Non-Alcoholic
• EPS (TTM): -0.02
• Shares Outstanding: 15,969,281
• 10 Day Avg. Volume: 13,892
• 30 Day Avg. Volume: 141,770
• PEG Ratio: 1.60
• Price to Book (P/B): 74.66
• Price to Sales (P/S): 4.03
• P/FCF Ratio: -18.91
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 4.49
• Enterprise Value/Gross Profit: 14.53
• Enterprise Value/Ebitda: -18.64
• 1Y Price Target: $6.00
• Price Target Upside: 93.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $3.00 ▼(-3.23% Downside)

The score is held back primarily by weak financial performance (ongoing losses, continued cash burn, and a more leveraged balance sheet). Offsetting this, management commentary and guidance are strong, supported by record revenue and positive adjusted EBITDA, while technicals are neutral-to-slightly positive. Valuation remains a caution due to negative earnings and no dividend signal.

Positive Factors

Integrated Manufacturing (Arps Dairy)

Owning Arps Dairy gives Barfresh in-house manufacturing and operational control, reducing dependence on co-packers. This structural capability supports consistent supply, faster product launches, lower per-unit costs and better margin capture as volumes scale over the next 2-6 months and beyond.

Top-line Momentum

Sustained revenue growth and a record preliminary FY2025 result reflect durable demand in foodservice and education channels. The recurring replenishment model and expanding distribution create a multi-month runway for continued revenue expansion and better fixed-cost absorption as scale increases.

Core Margin Economics & Adjusted EBITDA

Gross margins in the mid-30% range and recent positive adjusted EBITDA indicate underlying product economics that can support profitability when scale is achieved. If revenue growth continues, these margins offer operating leverage potential once one-time acquisition and startup costs normalize.

Negative Factors

Persistent Cash Burn

Consistent negative operating and free cash flow signals reliance on external financing to fund growth and operations. Continued cash burn constrains reinvestment capacity, increases dilution or leverage risk, and reduces resilience to execution delays while scaling manufacturing and distribution.

Weakened Balance Sheet / Higher Leverage

Rising debt alongside a shrinking equity base pushes leverage materially higher, reducing financial flexibility. A thinner equity cushion increases solvency risk and can raise the cost of capital, limiting the company's ability to invest opportunistically or absorb operational setbacks during the scale-up.

Sustained Negative Net Profitability

Despite improving top-line and adjusted EBITDA, deep negative net margins and ongoing operating losses show genuine profitability has not been achieved. Acquisition and transition costs may pressure near-term margins, meaning several quarters of execution are required before sustainable net profits emerge.

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 concentrates, and single serve. The company was founded in 2009 and is based in Los Angeles, California.

How the Company Makes Money

Barfresh Food Group makes money through the sale of its ready-to-blend frozen beverages to various foodservice operators. The company's revenue model is primarily based on selling these products to restaurants, convenience stores, and schools, which then serve them to their customers. Barfresh generates income through direct sales and has distribution agreements with key foodservice distributors to widen its market reach. These partnerships are crucial for expanding its customer base and facilitating product delivery. Additionally, Barfresh may also earn from strategic partnerships and collaborations that enhance its market presence and product offerings.

Barfresh Food Group Financial Statement Overview

Summary

Financial statements show meaningful risk: despite revenue rebounding in 2024 and gross margin holding around the mid-30% range, profitability remains deeply negative (2024 net margin about -26%), operating losses persist, and cash burn continues with negative operating and free cash flow (about -$2.2M to -$2.3M in 2024). The balance sheet also weakened as equity fell and leverage rose (debt-to-equity ~1.44), reducing financial flexibility.

Income Statement

Revenue rebounded in 2024 (+8.78% YoY) after a slight decline in 2023, and gross margin stayed solid (~34% in 2024). However, profitability remains a clear weak point: 2024 net margin was deeply negative (-26.4%) and operating losses persisted (negative EBIT/EBITDA), even though losses improved meaningfully versus 2022’s very weak results. Overall, the company shows some top-line momentum and stable gross profitability, but it has not yet translated that into sustainable earnings.

Balance Sheet

Leverage and capital structure weakened in 2024 as debt rose to $0.83M while equity fell sharply to $0.58M, pushing debt-to-equity up to ~1.44 (a meaningful jump versus prior years). Returns to shareholders remain very negative (2024 return on equity about -4.89), reflecting ongoing losses and a thinner equity buffer. While total debt is not huge in absolute dollars, the reduced equity base increases balance-sheet risk and limits flexibility.

Cash Flow

Cash generation remains pressured, with operating cash flow negative in each year shown, including -$2.23M in 2024 and negative free cash flow of -$2.28M. Free cash flow also deteriorated in 2024 (about -10.7% YoY), indicating continued cash burn rather than a clear path to self-funding operations. While cash burn improved versus some earlier periods, the consistent negative operating and free cash flow profile remains a key financial risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.98M	10.72M	8.13M	9.16M	6.70M	2.57M
Gross Profit	3.40M	3.67M	2.88M	1.44M	2.51M	764.07K
EBITDA	-2.65M	-2.49M	-2.41M	-4.94M	-498.00K	-3.60M
Net Income	-3.01M	-2.83M	-2.82M	-6.13M	-1.26M	-4.15M
Balance Sheet
Total Assets	3.77M	3.32M	4.81M	5.50M	9.72M	5.82M
Cash, Cash Equivalents and Short-Term Investments	712.00K	235.00K	1.89M	2.81M	5.53M	1.82M
Total Debt	176.00K	832.00K	0.00	20.00K	95.00K	1.89M
Total Liabilities	1.72M	2.74M	2.31M	2.57M	1.54M	3.49M
Stockholders Equity	2.05M	578.00K	2.50M	2.93M	8.18M	2.32M
Cash Flow
Free Cash Flow	-2.40M	-2.28M	-2.96M	-2.66M	-2.01M	-3.27M
Operating Cash Flow	-2.25M	-2.23M	-2.96M	-2.65M	-1.86M	-3.20M
Investing Cash Flow	-143.00K	-53.00K	0.00	-13.00K	-150.54K	-59.66K
Financing Cash Flow	2.73M	626.00K	1.83M	5.00K	5.73M	4.20M

Barfresh Food Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.1 is below the 20-day moving average (MA) of 3.19, below the 50-day MA of 3.13, and above the 200-day MA of 3.03, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 47.96 is Neutral, neither overbought nor oversold. The STOCH value of 35.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BRFH.

Barfresh Food Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COCO	77 Outperform	$3.04B	46.15	24.02%	―	23.12%	16.20%
AKO.A	75 Outperform	$4.57B	14.16	25.18%	4.78%	18.92%	34.03%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BRFH	52 Neutral	$49.50M	-17.07	-167.45%	―	17.48%	0.77%
ZVIA	46 Neutral	$138.76M	-8.14	-23.12%	―	6.17%	41.09%
OTLY	38 Underperform	$349.06M	-1.54	-180.66%	―	3.37%	46.17%

Barfresh Food Group Corporate Events

Barfresh Projects Strong 2026 Growth After Record Revenue

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 operational capabilities and integrated manufacturing model. The company reaffirmed its fiscal 2026 revenue outlook of $30 million to $35 million and introduced 2026 adjusted EBITDA guidance of $3.5 million to $5.0 million, signaling expectations of substantial growth and improved cash flow as it leverages its expanded production capacity to broaden its product portfolio and capture greater market share across multiple sales channels.

The most recent analyst rating on (BRFH) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Barfresh Food Group stock, see the BRFH Stock Forecast page.

Barfresh Director Ortiz-Cochet to Retire; Unibel Retains Influence

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 will retire from the board effective March 31, 2026, with her departure not stemming from any disagreement. Under the terms of that agreement, Unibel retains the right to appoint a director to Barfresh’s board with committee participation and, if its designee is not seated as a director, to have a board observer, while the company and key shareholders, including Riccardo Delle Coste and Steven Lang and their affiliates, are obligated to support Unibel’s chosen representative, underscoring Unibel’s continuing governance influence despite the upcoming board change.

The most recent analyst rating on (BRFH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Barfresh Food Group stock, see the BRFH Stock Forecast page.

Barfresh Food Group Acquires Arps Dairy to Boost Growth

Barfresh Food Group reported record quarterly revenue of $4.2 million for the third quarter of 2025, marking a 16% year-over-year increase. The company achieved positive adjusted EBITDA and a gross margin of 37%, driven by improved production consistency and successful product launches. The acquisition of Arps Dairy in early October 2025 is expected to enhance Barfresh’s manufacturing capabilities and growth trajectory, with the company reiterating its fiscal 2025 revenue guidance and projecting substantial growth for 2026.

The most recent analyst rating on (BRFH) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Barfresh Food Group stock, see the BRFH Stock Forecast page.