BARFRESH FOOD GROUP INC. BRFH
Company is engaged in the manufacturing and distribution of ready-to-drink and ready-to-blend frozen beverages and food, including smoothies,
shakes, frappes and juice pops. The current operation was established following a 2012 reverse merger into an inactive Delaware corporation,
October 3, 2025, we acquired Arps Dairy, Inc., an Ohio corporation ("Arps Dairy"), which operates a 15,000- square foot dairy
processing facility to be replaced in 2026 by a new 44,000-square foot facility under construction nearby (the "New Facility"),
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.2M | $10.7M | $8.1M | $9.2M | $6.7M | $2.6M | $4.3M | $4.2M | $2.0M | $1.5M |
| Cost of revenue | $11.1M | $7.0M | $5.2M | $7.7M | $4.2M | $1.8M | $1.9M | $2.0M | $1.1M | $772.8K |
| Gross profit | $3.1M | $3.7M | $2.9M | $1.4M | $2.5M | $764.1K | $2.3M | $2.1M | $889.7K | $684.7K |
| R&D | $128.0K | $132.0K | $115.0K | $382.0K | $245.0K | $515.1K | $538.4K | $674.2K | $575.0K | $432.1K |
| SG&A | $3.2M | $3.0M | $2.7M | $3.5M | $2.2M | $4.4M | $6.9M | $7.8M | $9.5M | $10.4M |
| Total operating expenses | $6.5M | $6.4M | $5.7M | $7.6M | $4.6M | $5.0M | $7.5M | $8.3M | $9.8M | $10.6M |
| Operating income | -$3.4M | -$2.8M | -$2.8M | -$6.2M | -$2.1M | -$4.2M | -$5.2M | -$6.2M | -$8.9M | -$9.9M |
| Interest expense | $217.0K | $52.0K | $8.0K | — | $128.0K | $479.1K | $1.2M | $764.8K | — | $250.8K |
| Pre-tax income | -$3.0M | -$2.8M | — | — | — | — | — | — | — | — |
| Income tax | $285.0K | — | — | — | — | — | — | — | — | — |
| Net income | -$2.7M | -$2.8M | -$2.8M | -$6.1M | -$1.3M | -$4.2M | -$5.6M | -$7.3M | -$8.9M | -$10.2M |
| EPS, basic | -0.17 | -0.19 | -0.21 | -0.47 | -0.10 | — | — | — | — | — |
| EPS, diluted | -0.17 | -0.19 | -0.21 | -0.47 | -0.10 | -0.38 | -0.04 | -0.06 | -0.08 | -0.11 |
| Shares, diluted (wtd. avg.) | $15.8M | $14.7M | $13.4M | $12.9M | $12.1M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | — | — | $2.8M | $5.5M | $1.8M | $1,000.0K | $1.0M | $1.3M | $9.2M |
| Receivables | $2.0M | $829.0K | $821.0K | $126.0K | $1.2M | $425.0K | $284.7K | $357.3K | $301.0K | $131.1K |
| Inventory | $1.7M | $1.5M | $1.2M | $1.0M | $705.0K | $870.2K | $634.7K | $1.2M | $1.4M | $317.9K |
| Total current assets | $4.2M | $2.7M | $4.2M | $4.4M | $7.7M | $3.3M | $2.0M | $2.7M | $3.0M | $9.7M |
| Property, plant and equipment | $8.3M | $333.0K | $409.0K | $801.0K | $1.6M | $1.9M | $2.4M | $2.5M | $1.8M | $1.5M |
| Other intangibles | $125.0K | $178.0K | $241.0K | $306.0K | $370.0K | $430.2K | $479.5K | $537.8K | $586.9K | $619.9K |
| Total assets | $12.8M | $3.3M | $4.8M | $5.5M | $9.7M | $5.8M | $5.1M | $5.8M | $5.4M | $11.8M |
| Accounts payable | $3.1M | $1.2M | $1.7M | $1.5M | $974.2K | $353.0K | $625.1K | $1.1M | $421.2K | $153.8K |
| Short-term debt | $296.0K | $99.0K | — | — | — | $1.1M | — | — | $250.0K | $3.8K |
| Total current liabilities | $11.0M | $2.6M | $2.3M | $2.6M | $1.5M | $2.1M | $1.9M | $2.1M | $1.3M | $904.1K |
| Long-term debt | $470.0K | $124.0K | — | — | — | $1.1M | $1.4M | $3.6M | $0 | $9.0K |
| Total liabilities | $11.5M | $2.7M | $2.3M | $2.6M | $1.5M | $3.5M | $4.8M | $5.8M | $1.3M | $913.1K |
| Retained earnings | -$66.3M | -$63.6M | -$60.8M | -$58.0M | -$52.2M | -$50.9M | -$46.7M | -$41.2M | -$33.8M | -$24.9M |
| Total equity | $1.3M | $578.0K | $2.5M | $2.9M | $8.5M | $2.3M | $283.7K | -$35.0K | $4.2M | $10.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.7M | -$2.2M | -$2.9M | -$2.6M | -$1.9M | -$3.3M | -$3.4M | -$4.1M | -$7.3M | -$8.0M |
| Depreciation and amortisation | $255.0K | $283.0K | $403.0K | $444.0K | $639.0K | $529.4K | $586.2K | $447.7K | $268.8K | $147.1K |
| Stock-based compensation | $536.0K | $784.0K | $562.0K | $386.0K | $92.0K | $276.6K | $225.0K | $598.8K | $1.6M | $1.1M |
| Capital expenditure | $123.0K | $53.0K | — | $13.0K | $151.0K | $59.7K | $466.2K | $1.1M | $535.2K | — |
| Investing cash flow | -$1.3M | -$53.0K | — | -$13.0K | -$151.0K | -$59.7K | -$471.5K | -$1.1M | -$564.4K | -$1.1M |
| Financing cash flow | $3.1M | $626.0K | $1.8M | $5.0K | $5.7M | $4.2M | $3.9M | $4.9M | $22.6K | $16.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-016807.
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