Blue Star Foods announced a few hours ago that it strengthened its balance sheet by paying down its USD 5 million (EUR 4.6 million) asset-based credit facility to a zero balance.
The company thus announced that it had paid off its million-dollar credit line. A reality to which John Keeler, president, and CEO of Blue Star Foods, explained that they were pleased with the result and that this was a boost for further growth. "We will seek additional financial partners to allow for more flexibility and capital to enable us to expand our business and accelerate our revenue growth."
This continues the good news from the company, which this first quarter showed a slower start than expected by the company. However, despite this, the company closed Q1 with earnings data of USD 1.9 million (EUR 1.76 million), an increase in RAS of USD 0.6 million (EUR 0.56 million), and a USD 4 million annual supply agreement with Just Food for Dogs.
Moreover, during the Q1, notable highlights include both financial achievements and corporate milestones, such as the success of Just Food For Dogs. This encompasses a USD 1.8 million (EUR 1.67 million) fundraise through an underwritten public offering with Aegis Capital Corp. Additionally, the company released its ESG 2022 report, adhering to two prominent sustainability reporting standards.
Thus, with these data and the new news, it is possible to confirm that the company's slow growth is gaining momentum.
Headquartered in Miami, Florida, Blue Star Foods Corp. is an integrated ESG seafood company that processes, packages, and sells high-value seafood products. The company claims to use best-in-class technology in both resource sustainability management and traceability, as well as environmentally friendly packaging. It also owns and operates the oldest continuously operating RAS full grow-out salmon farm in North America, located in British Columbia.
