Innovative Food Holdings ( (IVFH) ) has released its Q4 earnings. Here is a breakdown of the information Innovative Food Holdings presented to its investors.
Innovative Food Holdings, Inc. is a national provider of gourmet specialty foods, connecting artisan food makers with professional chefs across the United States, and is known for its curated gourmet food marketplace.
In its latest earnings report, Innovative Food Holdings announced a revenue increase to $72.1 million for the fiscal year 2024, marking a 2.5% rise compared to 2023, with an impressive organic revenue growth of 11.4%. The company also reported a significant improvement in GAAP net income, reaching $2.5 million, up from a loss of $3.7 million the previous year.
Key highlights from the report include a decline in gross margin by 85 basis points to 23.4%, while non-GAAP adjusted EBITDA rose to $3.2 million, reflecting an 18.5% increase. The company attributed its financial improvements to strategic actions such as the addition of new distributor partners, onboarding a major retail customer, and completing acquisitions, despite challenges like inventory liquidation and startup costs.
In the fourth quarter alone, revenue surged by 19.2% to $23 million, with organic revenue growth at 44.3%. The company saw contributions from new acquisitions and a new retail sales channel, which generated $5.3 million in revenue. Despite a decline in gross margin, the company managed to improve its GAAP net income by $1.2 million compared to the previous year.
Looking ahead, Innovative Food Holdings remains optimistic about its growth prospects, emphasizing its ability to adapt and innovate in the evolving food industry landscape. The company is focused on maintaining its strategic priorities to build a robust and sustainable business model, aiming to drive long-term shareholder value.