BRFH

MKT CAP:$44M

Barfresh Food Group, Inc.

Market Cap

$44M

Consumer Defensive·Beverages - Non-Alcoholic·🇺🇸 United States·NASDAQ

Consumer Def.·Beverages·🇺🇸·NASDAQ

Stock Price

$2.69-$0.36 (-11.83%)

Apr 21, 2026

Company Details

Barfresh Food Group, Inc. manufactures and distributes ready-to-drink and ready-to-blend frozen beverages in the United States. The company offers smoothies, shakes and frappes in various formats comprising ready-to-drink bottled, easy pour...

CEO

Riccardo Delle Coste

IPO Date

May 14, 2012

Website

www.barfresh.com

Key Metrics TTM

Revenue

$14M

+32.6% YoY

Net Income

-$3M

EPS (Diluted)

-$0.17

Free Cash Flow

-$2M

Revenue / Share

$0.89

Gross Margin

20.8%

Operating Margin

-25.1%

Net Margin

-19.0%

FCF Margin

-12.6%

P/S

3.1x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Apr 15, 2026

NEW

$14M+32.6%EPS -$0.17

Q4 2025

Apr 15, 2026

NEW

$5M+94.5%EPS -$0.05

Q3 2025

Nov 6, 2025

$4M+16.3%EPS -$0.02

Q2 2025

Aug 13, 2025

$2M+11.0%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2M	$875.2K	-$436.2K
Q1 22	$3M	$764.0K	-$894.5K
Q2 22	$3M	$883.0K	-$737.0K
Q3 22	$2M	-$723.0K	-$3M
Q4 22	$1M	$516.0K	-$2M
Q2 23	$2M	$376.0K	-$742.0K
Q3 23	$3M	$913.0K	-$475.0K
Q4 23	$2M	$552.0K	-$701.0K
Q1 24	$3M	$1M	-$449.0K
Q2 24	$1M	$509.0K	-$1M
Q3 24	$4M	$1M	-$500.0K
Q4 24	$3M	$730.0K	-$824.0K
Q1 25	$3M	$900.0K	-$738.0K
Q2 25	$2M	$506.0K	-$868.0K
Q3 25	$4M	$2M	-$260.0K
Q4 25	$5M	$0	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	11.4x	—
Q1 22	13.1x	—
Q2 22	7.9x	—
Q3 22	3.4x	—
Q4 22	2.1x	—
Q2 23	2.3x	—
Q3 23	3.6x	—
Q4 23	2.8x	—
Q1 24	1.8x	—
Q2 24	6.1x	—
Q3 24	4.4x	—
Q4 24	3.8x	—
Q1 25	4.2x	—
Q2 25	4.8x	—
Q3 25	4.9x	—
Q4 25	3.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$767.7K	-$776.4K
Q1 22	-$1M	-$1M
Q2 22	-$790.9K	-$790.3K
Q3 22	-$696.0K	-$696.0K
Q4 22	-$29.0K	-$29.0K
Q2 23	-$825.0K	-$825.0K
Q3 23	$59.0K	$59.0K
Q4 23	-$950.0K	-$950.0K
Q1 24	-$769.0K	-$769.0K
Q2 24	-$780.0K	-$784.0K
Q3 24	$5.0K	-$52.0K
Q4 24	-$685.0K	-$677.0K
Q1 25	-$506.0K	-$534.0K
Q2 25	-$1M	-$1M
Q3 25	-$598.0K	-$546.0K
Q4 25	$507.0K	$426.0K

Capital Expenditures

Quarter	CapEx
Q4 21	$8.8K
Q1 22	$13.5K
Q2 22	$524
Q3 22	$0
Q4 22	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$4.0K
Q3 24	$57.0K
Q4 24	$8.0K
Q1 25	$28.0K
Q2 25	$66.0K
Q3 25	$52.0K
Q4 25	$81.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+77.4%	+16.9%
Q1 22	+61.4%	+36.0%
Q2 22	+433.7%	+86.0%
Q3 22	+24.7%	+109.8%
Q4 22	-41.7%	+14.6%
Q2 23	-40.2%	-34.1%
Q3 23	-7.0%	-13.0%
Q4 23	-20.1%	-48.7%
Q1 24	+97.7%	-1.0%
Q2 24	-3.1%	+9.6%
Q3 24	+39.7%	+34.4%
Q4 24	+45.1%	+37.7%
Q1 25	+3.6%	+11.9%
Q2 25	+11.0%	+1.0%
Q3 25	+16.3%	+8.6%
Q4 25	+94.5%	+97.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$154.0K	6.3%
Q1 22	$126.0K	5.0%
Q2 22	$114.0K	4.1%
Q3 22	$118.0K	4.9%
Q4 22	$175.0K	12.2%
Q2 23	-$75.0K	-5.0%
Q3 23	$306.0K	11.8%
Q4 23	$48.0K	2.5%
Q1 24	$366.0K	12.9%
Q2 24	$151.0K	10.3%
Q3 24	$240.0K	6.6%
Q4 24	$27.0K	1.0%
Q1 25	$158.0K	5.4%
Q2 25	$139.0K	8.6%
Q3 25	$164.0K	3.9%
Q4 25	$75.0K	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$71.7K	$1M	$19.8K	—
Q1 22	$31.0K	$792.0K	$675.0K	—
Q2 22	$97.0K	$716.0K	$690.0K	—
Q3 22	$220.0K	$793.0K	$860.0K	—
Q4 22	$35.0K	$778.0K	$724.0K	—
Q2 23	$35.0K	—	—	$1M
Q3 23	$32.0K	$545.0K	$697.0K	—
Q4 23	$27.0K	$602.0K	$624.0K	—
Q1 24	$30.0K	$828.0K	$694.0K	—
Q2 24	$17.0K	$848.0K	$583.0K	—
Q3 24	$52.0K	$653.0K	$990.0K	—
Q4 24	$33.0K	$587.0K	$872.0K	—
Q1 25	$19.0K	$728.0K	$824.0K	—
Q2 25	$31.0K	$673.0K	$634.0K	—
Q3 25	—	$844.0K	$941.0K	—
Q4 25	—	—	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$4M	$0	$4M
Q3 22	$3M	$0	$3M
Q4 22	$3M	$0	$3M
Q1 23	$2M	$0	$2M
Q2 23	$952.0K	$0	$952.0K
Q3 23	$1M	$0	$1M
Q4 23	$2M	$0	$2M
Q1 24	$1M	$0	$1M
Q2 24	$383.0K	$0	$383.0K
Q3 24	$401.0K	$0	$401.0K
Q4 24	$235.0K	$0	$235.0K
Q1 25	$2M	$0	$2M
Q2 25	$712.0K	$0	$712.0K
Q3 25	$2M	$0	$2M
Q4 25	$325.0K	$0	$325.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	13M	+0.0%	+30.6%
Q1 22	13M	+0.1%	+28.8%
Q2 22	13M	+0.0%	+28.7%
Q3 22	13M	+0.1%	+0.3%
Q4 22	13M	+0.0%	+0.3%
Q2 23	13M	+0.5%	+0.7%
Q3 23	13M	+0.3%	+0.9%
Q4 23	14M	+10.6%	+11.5%
Q1 24	15M	+0.6%	+12.1%
Q2 24	15M	+1.5%	+13.2%
Q3 24	15M	+0.1%	+13.1%
Q4 24	15M	+0.0%	+2.3%
Q1 25	15M	+4.4%	+6.1%
Q2 25	16M	+1.8%	+6.4%
Q3 25	16M	+1.8%	+8.1%
Q4 25	16M	+0.1%	+8.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$175.2K	14
Q1 22	$180.4K	14
Q2 22	$199.9K	14
Q3 22	$171.9K	14
Q4 22	$110.1K	13
Q2 23	$116.2K	13
Q3 23	$200.2K	13
Q4 23	$192.2K	10
Q1 24	$282.9K	10
Q2 24	$146.4K	10
Q3 24	$363.7K	10
Q4 24	$253.5K	11
Q1 25	$266.4K	11
Q2 25	$147.7K	11
Q3 25	$384.6K	11
Q4 25	$492.9K	11

Revenue / Employee