Tue, May 14, 9:25 PM (73 days ago)
Innovative Food Holdings, Inc. reported a net income of $1.4 million for Q1 2024, a significant improvement from a net loss of $2.8 million in Q1 2023. Revenue decreased by 5.7% to $15.7 million, driven by a 41.7% decline in consumer eCommerce sales, while Specialty Foodservice sales grew by 1.4%. Gross margins improved to 24.4% from 22.6%, attributed to better cost controls and product mix. SG&A expenses decreased by 9.7% to $4.0 million, due to lower legal fees, advertising, and payroll costs. The company also recorded a $1.8 million gain from the sale of its Bonita Springs property. Cash flow from operations was negative $3.2 million, but the company reported a strong working capital position of $12.1 million. Future growth is expected from new contracts and increased vendor onboarding.