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Innovative Food Holdings, Inc. (IVFH+5.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenue of $72.1 million for 2024, a 2.5% increase from $70.4 million in 2023. This growth was driven by strong performance in National and Local Distribution channels.
Digital Channels contributed $37.9 million, or 52.5% of total revenue, a decrease from the previous year. National Distribution saw a significant increase to $18.0 million, up 67.4% from 2023.
Cost of goods sold increased by 3.6% to $55.3 million, resulting in a gross margin of 23.4%, a decline of 85 basis points from the previous year.
Operating expenses were reduced, with Cash Operating Expenses down by $904 thousand and Non-Cash Operating Expenses down by $557 thousand, reflecting cost-cutting measures.
The company recorded a net income of $2.5 million from continuing operations, a significant improvement from a net loss of $3.7 million in 2023.
Cash used in operating activities was $6.3 million, primarily due to changes in working capital components, while investing activities provided $1.2 million from asset sales.
IVFH anticipates future capital expenditures to support growth initiatives, including expansion of distribution facilities and technology investments.
The company faces risks such as dependence on major customers, economic conditions, and competition in the specialty food and foodservice industries.
IVFH has no off-balance sheet arrangements that are material to investors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative Food Holdings, Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.