Revenue growth accelerated to 92.2% in 2026Q1, yet the company continues to struggle with profitability as evidenced by a negative operating margin of -7.4%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 |
|---|
| Sales/Revenue | 16.91M | 14.21M | 10.72M | 8.13M | 9.16M | 6.7M | 2.57M | 4.31M | 4.24M | 2M | 1.46M | 211.47K | 110.08K | 8.93K | 8.93K | 0 | 10K |
| Revenue Growth % | 56.3% | 32.57% | 31.87% | -11.3% | 36.75% | 160.95% | -40.38% | 1.69% | 112.07% | 37.02% | 589.23% | 92.09% | 1133.03% | 0% | - | -100% | - |
| Cost of Goods Sold | 13.66M | 11.09M | 7.05M | 5.24M | 7.72M | 4.19M | 1.8M | 1.99M | 2.09M | 1.09M | 772.83K | 126.8K | 48.53K | 8.88K | 8.88K | 0 | 10K |
| COGS % of Revenue | - | 78.08% | 65.77% | 64.51% | 84.28% | 62.58% | 70.24% | 46.29% | 49.36% | 54.36% | 53.02% | 59.96% | 44.09% | 99.51% | 99.51% | - | 100% |
| Gross Profit | 3.25M | 3.11M | 3.67M | 2.88M | 1.44M | 2.51M | 764.07K | 2.31M | 2.14M | 911.44K | 684.67K | 84.66K | 61.55K | 44 | 44 | 0 | 0 |
| Gross Margin % | 19.2% | 21.92% | 34.23% | 35.49% | 15.72% | 37.42% | 29.76% | 53.71% | 50.64% | 45.64% | 46.98% | 40.04% | 55.91% | 0.49% | 0.49% | - | - |
| Gross Profit Growth % | - | -15.1% | 27.18% | 100.28% | -42.56% | 228.11% | -66.97% | 7.86% | 135.31% | 33.12% | 708.7% | 37.55% | 139788.64% | 0% | - | - | - |
| Operating Expenses | 5.84M | 6.03M | 6.44M | 5.7M | 6.83M | 4.6M | 4.97M | 7.5M | 8.32M | 9.82M | 10.62M | 3.35M | 2.35M | 1.84M | 334.03K | 63.84K | -10K |
| OpEx % of Revenue | - | 42.43% | 60.1% | 70.14% | 74.53% | 68.69% | 193.69% | 174.15% | 196.56% | 491.88% | 728.96% | 1582.34% | 2136.63% | 20604.2% | 3741.42% | - | -100% |
| Selling, General & Admin | 5.58M | 5.72M | 6.05M | 5.18M | 6.03M | 3.73M | 3.86M | 6.31M | 7.14M | 8.92M | 9.98M | 3.16M | 2.22M | 1.7M | 218.03K | 59.95K | 0 |
| SG&A % of Revenue | - | 40.27% | 56.45% | 63.8% | 65.79% | 55.75% | 150.53% | 146.56% | 168.57% | 446.52% | 684.99% | 1494.53% | 2016.84% | 19051.01% | 2442.13% | - | - |
| Research & Development | 134K | 128K | 132K | 115K | 382K | 245K | 515.14K | 538.39K | 674.22K | 574.99K | 432.15K | 51.47K | 47.03K | 103.29K | 113.82K | 3.15K | 0 |
| R&D % of Revenue | - | 0.9% | 1.23% | 1.42% | 4.17% | 3.66% | 20.06% | 12.5% | 15.92% | 28.79% | 29.65% | 24.34% | 42.73% | 1156.96% | 1274.87% | - | - |
| Other Operating Expenses | 128K | 178K | 259K | 400K | 418K | 622K | 593.2K | 649.85K | 511.32K | 330.88K | 208.61K | 134.22K | 84.84K | 35.38K | 2.18K | 741 | -10K |
| Operating Income | -2.59M | -2.91M | -2.77M | -2.82M | -5.39M | -2.1M | -4.21M | -5.19M | -6.18M | -8.91M | -9.94M | -3.26M | -2.29M | -1.84M | -345.88K | -63.84K | -10K |
| Operating Margin % | -15.32% | -20.51% | -25.87% | -34.65% | -58.81% | -31.27% | -163.93% | -120.44% | -145.92% | -446.24% | -681.98% | -1542.3% | -2080.72% | -20603.71% | -3874.1% | - | -100% |
| Operating Income Growth % | - | -5.08% | 1.53% | 47.74% | -157.18% | 50.23% | 18.86% | 16.07% | 30.65% | 10.35% | -204.77% | -42.39% | -24.52% | -431.83% | -441.78% | -538.41% | - |
| EBITDA | -2.34M | -2.66M | -2.49M | -2.41M | -4.94M | -1.46M | -3.6M | -4.43M | -5.61M | -8.58M | -9.73M | -3.13M | -2.21M | -1.8M | -343.7K | -63.1K | -10K |
| EBITDA Margin % | -13.82% | -18.71% | -23.23% | -29.69% | -53.96% | -21.73% | -140.09% | -102.95% | -132.5% | -429.67% | -667.67% | -1478.83% | -2003.65% | -20207.48% | -3849.68% | - | -100% |
| EBITDA Growth % | 16.06% | -6.79% | -3.19% | 51.19% | -239.56% | 59.52% | 18.87% | 20.99% | 34.6% | 11.82% | -211.18% | -41.78% | -22.26% | -424.91% | -444.69% | -531% | - |
| D&A (Non-Cash Add-back) | 253K | 255K | 283K | 403K | 444K | 639K | 612.14K | 753.48K | 568.42K | 330.88K | 208.61K | 134.22K | 84.84K | 35.38K | 2.18K | 741 | 0 |
| EBIT | -2.46M | -2.76M | -2.77M | -2.82M | -5.39M | -1.14M | -4.21M | -5.19M | -6.18M | -8.91M | -9.94M | -3.19M | -3.26M | -2.29M | -1.84M | -345.88K | 0 |
| Net Interest Income | -419K | -217K | -52K | -8K | 0 | -128K | -479.14K | -1.21M | -764.81K | 0 | -250.85K | 0 | -517.01K | -292.89K | -196.49K | 324 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 324 | 0 |
| Interest Expense | 419K | 217K | 52K | 8K | 0 | 128K | 479.14K | 1.21M | 764.81K | 0 | 250.85K | 517.01K | 292.89K | 292.89K | 196.49K | 0 | 0 |
| Other Income/Expense | -289K | -65K | -52K | -8K | -746K | 830K | 56.6K | -406.1K | -1.14M | 0 | -250.85K | -517.01K | -643.82K | -292.89K | -196.49K | -11.85K | 0 |
| Pretax Income | -2.88M | -2.98M | -2.83M | -2.82M | -6.13M | -1.26M | -4.15M | -5.59M | -7.32M | -8.91M | -10.19M | -3.78M | -2.58M | -2.04M | -345.88K | -63.84K | -10K |
| Pretax Margin % | -17.03% | -20.97% | -26.36% | -34.75% | -66.95% | -18.88% | -161.73% | -129.87% | -172.91% | -446.24% | -699.19% | -1786.79% | -2346.78% | -22804.53% | -3874.1% | - | -100% |
| Income Tax | -285K | -285K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 292.89K | 196.49K | 345.88K | 63.84K | 0 |
| Effective Tax Rate % | 9.9% | 9.57% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -11.34% | -9.65% | -100% | -100% | 0% |
| Net Income | -2.59M | -2.69M | -2.83M | -2.82M | -6.13M | -1.26M | -4.15M | -5.59M | -7.32M | -8.91M | -10.19M | -3.78M | -2.58M | -2.04M | -345.88K | -63.84K | -10K |
| Net Margin % | -15.34% | -18.96% | -26.36% | -34.75% | -66.95% | -18.88% | -161.73% | -129.87% | -172.91% | -446.24% | -699.19% | -1786.79% | -2346.78% | -22804.53% | -3874.1% | - | -100% |
| Net Income Growth % | 17.31% | 4.64% | -0.04% | 53.96% | -384.9% | 69.54% | 25.76% | 23.62% | 17.83% | 12.55% | -169.7% | -46.26% | -26.89% | -488.64% | -441.78% | -538.41% | - |
| Net Income (Continuing) | -2.59M | -2.69M | -2.83M | -2.82M | -6.13M | -1.26M | -4.15M | -5.59M | -7.32M | -8.91M | -10.19M | -3.78M | -3.78M | -2.58M | -2.04M | -345.88K | -10K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.16 | -0.17 | -0.19 | -0.21 | -0.47 | -0.10 | -0.39 | -0.61 | -0.80 | -0.98 | -1.39 | -0.74 | -0.59 | -0.54 | -0.11 | -0.02 | -0.00 |
| EPS Growth % | 22.49% | 10.53% | 9.52% | 55.32% | -370% | 74.36% | 36.07% | 23.75% | 18.37% | 29.5% | -87.84% | -25.42% | -9.26% | -390.91% | -393.27% | - | - |
| EPS (Basic) | - | -0.17 | -0.19 | -0.21 | -0.47 | -0.10 | -0.39 | -0.61 | -0.80 | -0.98 | -1.39 | -0.74 | -0.59 | -0.54 | -0.11 | -0.02 | -0.00 |
| Diluted Shares Outstanding | 16.04M | 15.97M | 14.68M | 13.36M | 12.92M | 12.07M | 10.67M | 9.89M | 9.2M | 9.06M | 7.35M | 5.13M | 4.41M | 3.75M | 3.03M | 2.87M | 18M |
| Basic Shares Outstanding | 16.04M | 15.97M | 14.68M | 13.36M | 12.92M | 12.07M | 10.67M | 9.89M | 9.2M | 9.06M | 7.35M | 5.13M | 4.41M | 3.75M | 3.03M | 2.87M | 18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and margin compression
According to the most recent quarterly filings, Barfresh Food Group achieved a significant 92.2% year-over-year revenue growth in 2026Q1, signaling that the company's penetration strategy within the K-12 and institutional foodservice sectors is gaining substantial momentum despite the broader challenges of scaling a logistics-heavy business model.
The rapid top-line expansion suggests that the company's portion-control delivery system is successfully addressing labor-efficiency needs in high-volume environments. However, investors should monitor whether this growth is sustainable or if it relies on aggressive promotional activity that may be masking underlying demand volatility.
As reported in the company's financial statements, gross margins have fluctuated significantly, reaching a low of 2.9% in 2025Q4 before recovering to 18.3% in 2026Q1, which highlights the company's ongoing struggle to achieve consistent manufacturing and distribution scale in a competitive beverage landscape.
The inability to maintain stable gross margins suggests that the company remains highly sensitive to input cost spikes and the inefficiencies of third-party co-packing arrangements. This lack of pricing power relative to larger industry peers indicates that the current business model may require a fundamental shift in supply chain strategy to achieve long-term profitability.
Based on the provided income statement data, operating expenses continue to outstrip gross profit, as evidenced by the persistent negative operating margins that reached -7.4% in 2026Q1, indicating that the company has yet to realize the necessary economies of scale to achieve a sustainable operating leverage profile.
The disconnect between revenue growth and operating income suggests that fixed SG&A costs are scaling alongside top-line gains, preventing the company from reaching a breakeven point. This trend warrants further investigation into whether management can optimize corporate overhead and sales commissions to align with the current revenue trajectory.
Data from recent financial disclosures reveals a precarious cash position of only $325,000, which, when viewed alongside the company's history of negative net income, suggests that the current growth trajectory may be unsustainable without immediate access to additional capital or a rapid improvement in cash conversion cycles.
Short-sellers would likely focus on the potential for significant shareholder dilution as the company attempts to bridge its liquidity gap. The reliance on institutional payers with extended payment cycles further complicates the cash flow outlook, potentially forcing management into unfavorable financing terms to maintain operations.
Quick answers to the most common questions about buying BRFH stock.
For fiscal year 2025, Barfresh Food Group, Inc. (BRFH) reported total revenue of $14.2M. This represents a 141980.0% increase compared to $0.0M in 2010.
Barfresh Food Group, Inc. (BRFH) reported a net loss of $2.7M for the fiscal year ending 2025.
Barfresh Food Group, Inc. (BRFH) reported an operating income of $-2.9M, resulting in an operating profit margin of -20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Barfresh Food Group, Inc. (BRFH) generated $3.1M in gross profit for the year, representing a gross profit margin of 21.9%. This demonstrates the company's core pricing power and production efficiency.