Shares of Barfresh Food Group Inc. (Nasdaq: BRFH) were up 17.31% at $1.22 at the time of the most recent check in after-hours trading. Despite the lack of recent news, BRFH stock increased, thus recent events may be helpful in understanding the supplier of frozen, ready-to-blend, and ready-to-drink drinks.
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What current events occurred at BRFH?
Last month, Barfresh Food (BRFH) formally unveiled its new 7.6oz ready-to-drink “Smoothie Carton.” This product, which started selling into the educational market in October, generates greater margins and is more cost- and environmentally friendly than the original bottle shape.
In order to make up for the previously announced lost capacity from its third Twist & Go, manufacturer, Barfresh Food now has two continuing Twist & Go manufacturers, including one bottle and a new carton producer. As it enters new regional markets and expands market penetration in current locations, BRFH will be able to expand into the sizeable amount of Smoothie Carton capacity that is now available.
The new Smoothie Cartons and increased capacity were initially intended to be incremental business, but due to recently disclosed issues with one of its Twist & Go, manufacturers, BRFH has already started shifting some of that lost smoothie bottle volume to Smoothie Cartons and anticipates being able to do so for the vast majority of the lost volume by the end of the first quarter of 2023.
The debut of the Smoothie Carton was one of the cost-saving measures that BRFH has been working on over the last year. The Smoothie Cartons were created with the intention of allowing Barfresh Food to target both big school districts and districts that are prohibited from using single-use plastics due to environmental concerns.
How did BRFH accomplish this?
In the third quarter, Barfresh Food (BRFH) successfully finished all testing and trials, and in October, the company started distributing products to clients who are schools. The response we received throughout the testing was quite positive, and we are thrilled about its capacity to both attract new consumers and convert existing bottle customers to also be carton customers when necessary. The product also shows how BRFH continuously strives to fulfill its customers’ evolving demands and fits well with the rising trend in schools to move toward more environmentally friendly items.
