Blue Star Foods Reports 41.3% Drop in Revenue and $1.29M Gross Loss for FY 2024

Reuters06-23

Blue Star Foods Reports 41.3% Drop in Revenue and $1.29M Gross Loss for FY 2024

Blue Star Foods Corporation has released its financial results for the fiscal year ending December 31, 2024. The company reported a significant decrease in net sales, which fell by 41.3% to $3.59 million, compared to $6.12 million in the previous year. This decline was attributed to a reduction in the poundage of seafood sold during the year. The cost of goods sold also decreased, amounting to $4.88 million, down from $5.97 million in 2023. Despite the reduction in costs, Blue Star Foods Corporation experienced a gross loss of $1.29 million for the year, a sharp contrast to the gross profit of $158,077 recorded in 2023. The gross loss margin for 2024 was 35.9%, compared to a gross profit margin of 2.6% the previous year. The decrease in profitability was primarily due to higher market prices and an increased inventory reserve. There was no specific outlook or guidance provided in the report regarding future performance.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Blue Star Foods Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001641172-25-015976), on June 23, 2025, and is solely responsible for the information contained therein.

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The company reported a significant decrease in net sales, which fell by 41.3% to $3.59 million, compared to $6.12 million in the previous year. This decline was attributed to a reduction in the poundage of seafood sold during the year. The cost of goods sold also decreased, amounting to $4.88 million, down from $5.97 million in 2023. Despite the reduction in costs, Blue Star Foods Corporation experienced a gross loss of $1.29 million for the year, a sharp contrast to the gross profit of $158,077 recorded in 2023. The gross loss margin for 2024 was 35.9%, compared to a gross profit margin of 2.6% the previous year. The decrease in profitability was primarily due to higher market prices and an increased inventory reserve. 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The company reported a significant decrease in net sales, which fell by 41.3% to $3.59 million, compared to $6.12 million in the previous year. This decline was attributed to a reduction in the poundage of seafood sold during the year. The cost of goods sold also decreased, amounting to $4.88 million, down from $5.97 million in 2023. Despite the reduction in costs, Blue Star Foods Corporation experienced a gross loss of $1.29 million for the year, a sharp contrast to the gross profit of $158,077 recorded in 2023. The gross loss margin for 2024 was 35.9%, compared to a gross profit margin of 2.6% the previous year. The decrease in profitability was primarily due to higher market prices and an increased inventory reserve. 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