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what it is
Barfresh makes ready-to-blend and ready-to-drink beverages for schools, foodservice, and restaurant chains.
how it gets paid
Last year Barfresh Food made $11M in revenue. Education market was the main engine at $5.0M, or 46% of sales.
what just happened
Barfresh posted $9M in quarterly revenue and -$0.12 EPS, with gross margin at 33.7%.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
-$0.19 fy2024 eps est
$11M fy2024 rev est
25.9% operating margin
xvary composite: 32/100 — weak
What they do
Barfresh makes ready-to-blend and ready-to-drink beverages for schools, foodservice, and restaurant chains.
The company sells portion-controlled packs. On-site preparation means you mix it where it sells, so waste stays low. Barfresh has $0M long-term debt and 11 employees, while revenue is $11M. That is a lean setup, not a luxury one.
How they make money
$11M
annual revenue
Education market
$5.0M
Foodservice industry
$2.8M
Restaurant chains
$2.2M
Bulk and on-site prep
$1.0M
The products that matter
school smoothie platform
Ready-to-Blend Smoothies
$10.7M · 75% of revenue
This is the core business. It produced $10.7M of the company’s $14.2M annual revenue, mainly through foodservice and education accounts. If you want operating proof, this is where it has to show up.
main engine
expanded dairy lineup
Arps Dairy Portfolio
supports $30M–$35M target
Management bought this line to broaden the menu and push beyond the current $14.2M revenue base. The idea makes sense. The reported sales still need to catch up to the ambition.
execution test
non-school channel mix
Retail / Other
$3.5M · 25% of revenue
This piece contributed $3.5M. It matters because a broader mix would make the story less dependent on one channel and one buying rhythm.
diversification watch
Key numbers
$11M
annual revenue
You are looking at a business that sold $11M last year. At a $47M market cap, that is about 4.3x sales.
33.7%
gross margin
Every $100 of sales keeps $33.70 before overhead. The rest pays for the blender, rent, and people.
25.9%
operating margin
The company lost about $25.90 on every $100 of sales at the operating line. That is the gap between gross profit and profit.
$0M
long-term debt
No long-term debt means the problem is demand, not interest payments.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (1% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BRFH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Barfresh posted $9M in quarterly revenue and -$0.12 EPS, with gross margin at 33.7%.
Revenue doubled 108% vs. prior year, but the company still lost money. The jump says volume improved; the EPS says overhead still outran it.
$9.0M
revenue
$0.12
eps
33.7%
gross margin
the number that mattered
The number that mattered was $9M. Revenue growth of 108% is real, but a -$0.12 EPS says the business still has not escaped the loss box.
source: company earnings report, 2026
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What could go wrong
Barfresh has made the story simple. It needs to turn $14.2M of revenue, a 33.7% gross margin, and a sub-one-year cash runway into a believable path toward $30M–$35M.
high
Execution on aggressive guidance
Management is asking you to underwrite $30M–$35M of revenue after reporting $14.2M. That requires roughly 111%–146% growth from the current base.
If quarterly revenue does not start pointing clearly toward that pace, the stock stops looking like a scaling story and starts looking like a company that promised too much too early.
med
Margin improvement never arrives
Gross margin is 33.7%. Management’s target is around 40%. That spread matters because more volume without better unit economics just scales the problem.
If margin stalls near 33.7%, revenue growth alone will not make the business look healthier. It will just make the income statement busier.
med
Financing and dilution risk
Cash runway is under one year, and the company raised $7.3M in convertible notes in 2026-03 to fund growth.
That keeps the story alive. It also means existing shareholders can end up funding misses through dilution instead of watching the business fund itself.
All three risks point to the same place: this is a scale story with very little room for delay. Revenue, gross margin, and cash runway are the three numbers you want on one screen.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Quarterly revenue pace
The main question is simple: are reported sales moving fast enough to make $30M–$35M look plausible from a $14.2M base.
risk
Gross margin versus 40% goal
At 33.7%, margin still sits below management’s target. If that gap stays wide, scale alone does not solve much for you.
calendar
School contract cadence
The Nevada district win on 2026-02-24 matters because education is already 75% of revenue. More district adds would show the channel is still doing the heavy lifting.
trend
Cash runway after the note raise
The $7.3M convertible financing bought time. You still want to see burn improve as revenue scales, or the next funding round becomes part of the base case.
Analyst rankings
earnings predictability
35 / 100
This is a low predictability score. In human-speak, the business is still small enough that a few contract wins or misses can swing the whole quarter.
beta
0.5
Beta measures how much a stock has moved versus the market. In human-speak, BRFH has not traded like a market proxy — but with price stability at 5/100, that does not mean the stock is calm.
source: institutional data
Institutional activity
institutional ownership data for BRFH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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