Blue Star Foods Reports 19% Growth to $2.3 Million Revenue for First Quarter Ended March 31, 2024

Increase in Revenues Leads to 44% Reduction in Losses

Miami, FL, May 20, 2024 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or “us”) (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (“ESG”) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (“RAS”), announced unaudited financial and operational results for the three months ended March 31, 2024.

Key Financial Highlights for the Three Months Ended March 31, 2024

• Revenue increased 19% to $2.3 million
• Net loss decreased 44% to $1.1 million
• Adjusted EBITDA loss decreased 35% to $0.6 million
• Inventory and RAS biomass of $2.3 million

Business Highlights for the Three Months Ended March 31, 2024

• Executed Transformational Master Service Agreement (MSA) with a the fully integrated seafood provider.
• Started Production of Soft-Shell Operations in South Carolina for the 2024 Season Under Existing License from the South Carolina Department of Natural Resources

Business Highlights Subsequent to the Three Months Ended March 31, 2024

• Signed Agreement with Eagle Rising to Provide High-Quality, Nutritious Meals for U.S. Military
  

Management Commentary

John Keeler, Chairman and CEO of Blue Star, commented, “We returned to revenue growth and greatly improved our margins and efficiencies which have led to a significant reduction in our losses. We had a successful seasonal start to production at our RAS platform in South Carolina, which encompasses over 100 tanks and utilizes our proprietary Bio-Plan. Currently, we have more demand that what are able to supply with full tanks of crab peelers against the rapid growth in soft shell crab demand.”

Keeler, continued, “Our MSA with the fully integrated seafood provider, previously announced on February 21, which calls for Blue Star to assist with sourcing, operations, and distribution of its products, recovering existing business and securing additional new business for growth opportunities, such as the recently announced execution of a supply agreement to provide manufacturing of Eagle Rising specified innovative food solutions for the U.S. Military, which will roll out to initially 8 military bases over the next few months..”