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Blue Star Foods Corp. Reports Financial Results for Q3-2021

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Thursday, November 25, 2021, 07:00 (GMT + 9)

Blue Star Foods Corp., (NASDAQ:BSFC) (“Blue Star” or “BSFC”), an integrated Environmental, Social, and Governance (ESG) seafood company, announced today general operating highlights and its financial results for the fiscal quarter ended September 30, 2021 (“Q3-2021”).

Q3-2021 and Subsequent Highlights

  • Continued increase in sales – Blue Star continues to build sales momentum, increasing Q3-2021 sales to $3.726 million from Q2-2021 of $2.129 million, a quarterly increase of 75%.
  • Completed uplisting to the NASDAQ - The Company’s common shares began trading on the Nasdaq Capital Market on November 3, 2021.
  • Raised $4.0 million in a registered securities offering – Concurrent with the Company’s NASDAQ uplisting, the Company strengthened its balance sheet by raising additional capital to deliver on customer orders and support new business development.
  • Advancement of the RAS division of Blue Star – BSFC continues to advance the development of an additional full-scale commercial Recirculating Aquaculture Systems (RAS) facility in British Columbia.

Blue Star’s RAS Division, Taste of BC Aquaculture, has selected Deep Bay, British Columbia as the location for its new land-based, 1,500 metric ton steelhead salmon farming facility. This location has already been permitted and zoned for RAS operations and likely has the capacity to fit three 1,500 metric ton facilities.

Taste of BC has agreed upon material terms of a 20-year land-lease agreement for Deep Bay property, which includes the opportunity to expand from its original approximately 20-acre footprint with an option for another approximately 10 acres.

Taste of BC has completed the preliminary design of the new facility with its engineering partner PR Aqua, ULC.

Management Commentary

“We are encouraged by the recent pick-up in customer orders indicating that we are moving towards a post-Covid business environment,” said John Keeler, Chairman and CEO of Blue Star. He continued, “Our 75% increase in quarterly sales from Q2 to Q3 show momentum towards a normalization of our previous sales numbers. We are working day and night to fulfill all the demand that we have received from our customers, and we appreciate the trust that our partners have placed in us to get them product in a timely fashion.”

“We are excited to have completed our uplist to the NASDAQ as a major step in our development to building a world-class, global operation that focuses on bringing sustainability and safety to the global food-chain. To that end, we are energized by the progress we are making in advancing our plans to implement a truly transformative land-based salmon farming operation at Deep Bay in British Columbia,” said Mr. Keeler. He further added, “With the site selected, we are now finalizing a land-lease agreement for the property that will provide us with more than enough land to construct our initial farming module and have ample space for future growth. Simultaneously, we are pulling building permits and staging development resources so we can hit the ground running with construction.”

“Aquaculture remains one of the fastest growing animal food-producing sectors, with the salmon market in particular valued at nearly $17 billion globally,” continued Mr. Keeler. “We believe that Recirculatory Aquaculture Systems are a disruptive force in fish farming that can meet the increasing demand for marine-based protein with virtually no detrimental impact to the environment. Over the last decade we have refined our modularly designed systems to create a successful, proven business model that delivers predictable, profitable results. We are working diligently to develop a new facility that will allow us to leverage this success and scale our business to capture a meaningful share of the massive market opportunity.”

Q3-2021 Financial Highlights

  • Increased Sales. Revenue for the three months ended September 30, 2021, was $3.726 Million as compared to $2.129 Million for the three months ended June 30, 2021.
  • Small Increase In Operating Expenses. Operating Expenses for the three months ended September 30, 2021, increased to $1.162 Million as compared to $843,319 for the three months ended June 30, 2021.
  • Increased Profitability. The Adjusted Cash Net Income(1) for the three months ended September 30, 2021, was $367,382 compared to $31,573 for the three months ended June 30, 2021. Net Income for the three months ended September 30, 2021, was a loss of $161,788 compared with a loss of $437,127 for the three months ended June 30, 2021. 

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