Innovative Food Holdings, Inc. Announces Q1 2024 Earnings Call, 2024 Annual Meeting, and CEO Letter to Shareholders - Seite 2

• Returned the company to consistent adjusted EBITDA for the first time in several years
  
  
• Re-established quarterly investor earnings calls after a multi-year hiatus
  
  
• Implemented a margin management plan, re-establishing pre-inflation margin levels
  
  
• Embarked on a cost-cutting initiative, removing unnecessary management layers and right-sizing team resourcing
  
  
• Recapitalized the company under a loan guaranteed by the USDA, enabling a multi-million-dollar improvement to working capital
  
  
• Established and began implementing a three-phase “100/10 plan” to return the Company to a dynamic, growing, and profitable entity
  
  
• Announced and began executing a large capital reallocation plan, including the February sale of the Company’s Florida headquarters building, and listing for sale its Pennsylvania direct-to-consumer fulfillment center, which will ultimately result in the payoff of all of the Company’s long-term debt
  
  
• Began the search for strategic alternatives for the Company’s direct-to-consumer e-commerce business, while also downsizing the team size, marketing spend, and assortment offered
  
  
• Sold off other non-core, loss-making businesses including Oasis Sales Corp, Organic Food Brokers, and Haley Food Group
  
  
• Exited unprofitable consumer marketplace businesses across several partnerships
  
  
• Hired a strong management team with a broad experience set from some of America’s largest companies
  
  
• Refreshed the board and named a new chairman of the board
  
  
• Onboarded a new law firm and audit firm

I’m extremely proud of the progress our team has made in just twelve short months. We are working as one team, with the right leaders in the right chairs, with aligned incentives, and with a unified vision of what IVFH can become. More than anything, I’m excited that we’re just getting started on our strategic “100/10” plan, to deliver the company’s first $100 million in revenue and $10 million in adjusted EBITDA. As we continue to progress toward stabilizing the Company, we are paying off our debt, and generating cash to invest in our profitable foodservice businesses. These actions, combined with our stronger margins, improved operating performance, and lower interest expense are setting us up to be a significantly stronger and more profitable company.