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Innovative Food Holdings, Inc. Reports Financial Results for Second Quarter of 2025

Key second quarter reported data points:

• Revenue of $21.1 million, +26.9% vs. Q2 2024
• GAAP net income (loss) from continuing operations* of $59 thousand vs. ($60) thousand in Q2 2024
• GAAP net income (loss) from continuing operations* per fully diluted share of $0.001 vs. ($0.001) in Q2 2024
• Non-GAAP adjusted EBITDA of $228 thousand vs. $859 thousand in Q2 2024, with declines driven by the cheese conversion business
• Subsequent Events: Announced exit of cheese conversion business, and entered into agreement to sell Pennsylvania warehouse with intent to relocate national airline distribution business to Broadview, IL location*
  

*Continuing operations shown here do not yet incorporate the results of the above Subsequent Events

BROADVIEW, Ill., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (鈥淚VFH鈥� or the 鈥淐ompany鈥�), a national seller of gourmet specialty foods to professional chefs, today announced financial results for the second quarter ended June 30, 2025.

Bill Bennett, Chief Executive Officer of IVFH, remarked, 鈥淚n Q2 2025, revenue increased 26.9%. However, after the end of the quarter, we announced our strategic decision to exit the cheese conversion business, sell our Pennsylvania facility, and relocate our remaining profitable airline catering business to our Chicago warehouse. Excluding the cheese conversion business, Q2 revenue grew 13.5%, with acquisitions driving the majority of the year-over-year growth, since they did not contribute revenue in the prior comparable period. After an initial period of declines in these acquisitions as we鈥檝e been working through the transition, our weekly revenues have stabilized throughout Q2, and we continue to optimize the team and implement our operational playbook.鈥�

鈥淭he remaining core business revenue, excluding our acquisitions, was roughly flat year-over-year,鈥� Mr. Bennett continued. 鈥淲ithin that core business, our airline catering business grew 26.1%, which was offset by a 4.9% decline in Digital Channels, an improvement from the 6.8% decline in Q1. Within Digital Channels, we continue to see strong growth with our new national distributor partner announced last year, and triple-digit growth in our Amazon sales channel. These growth initiatives were offset by continued softness in our largest customer, driven by continued increased competition within that customer鈥檚 marketplace. Returning this business to growth through significant catalog expansion remains a key initiative for the entire management team.鈥�

Mr. Bennett also remarked, 鈥淕AAP gross margin for Q2 was 21.0%, down 294 basis points from Q2 2024, primarily due to a product mix shift toward the lower-margin cheese conversion business. Excluding that business, gross margin increased 66 basis points year-over-year to 24.6%, reflecting continued progress in optimizing our cost structure and product mix, as well as passing through tariff-related price increases to customers.鈥�

Mr. Bennett continued, 鈥淕AAP gross margin for Q2 was 21.0%, down 294 basis points from Q2 2024, primarily due to a product mix shift toward the lower-margin cheese conversion business. Excluding that business, gross margin increased 66 basis points year-over-year to 24.6%, reflecting continued progress in optimizing our cost structure and product mix, as well as passing through tariff-related price increases to customers.鈥�

鈥淕AAP net income from continuing operations improved by approximately $119 thousand vs. Q2 2024, driven by a large decline in stock-based compensation in 2025. Adjusted EBITDA, a non-GAAP metric, declined by $631 thousand versus Q2 2024. Our recent strategic actions directly address the primary source of profit pressure in the quarter and represent a deliberate pivot toward higher-margin, scalable operations. Had these actions been in place during Q2, earnings performance would have been meaningfully stronger. We remain focused on high-performing areas such as airline and broadline distribution and our asset-light drop ship business, which continue to show strong potential for scalable, profitable growth,鈥� Mr. Bennett concluded.

Conference Call
The Company鈥檚 management will hold an investor call on August 13, 2025 at 4:00 PM Eastern Time to discuss the Company's results for the second quarter ended June 30, 2025. At the end of the meeting, the Company will host a question-and-answer session with investors. All interested participants may attend the call on the web or by phone. The Company encourages those who wish to ask questions to join the call virtually through Zoom, rather than on the phone, as Zoom鈥檚 鈥渞aise hand鈥� feature makes it easier for management to identify questioners. Details for the meeting are as follows:

Join Zoom Meeting:

Meeting ID: 881 3095 6199

Passcode: 987526

One tap mobile +17193594580, 88130956199# US

About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world鈥檚 best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at

Forward-Looking Statements
This release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company鈥檚 management, as well as assumptions made by, and information currently available to, the Company. Such statements, including those related to the Company鈥檚 growth plans, reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein, which include words such as 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ill,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渕ight,鈥� 鈥減otentially鈥� 鈥渢argeting鈥� or 鈥渆xpect鈥�, or similar expressions. Additional factors that could also cause actual results to differ materially relate to current conditions and expected future developments, international crises, environmental and economic issues and other risk factors described in the Company鈥檚 public filings. As a result, readers are cautioned not to place undue reliance on these forward-looking statements and should understand that these statements are not guarantees of performance or results and that there are a number of risks, uncertainties and other important factors, many of which are beyond the Company鈥檚 control, that could cause the Company鈥檚 actual results to differ materially from those expressed in these statements, including, among others: economic factors affecting consumer confidence and discretionary spending; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; and changes in the Company鈥檚 relationships with vendors and customers. The Company does not intend to update these forward-looking statements.

For a detailed discussion of these risks, uncertainties and other factors that could cause the Company鈥檚 actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled 鈥淩isk Factors鈥� in the Company鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (鈥淪EC鈥�). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC鈥檚 website at

Investor and Media contact:
Gary Schubert
Chief Financial Officer Innovative Food Holdings, inc.

(1) Includes non-cash depreciation and amortization charges.
(2) Earnings before interest, taxes, depreciation, and amortization.
(3) Includes stock and options-based compensation and expenses.
(4) Adjusted EBITDA is a non-GAAP metric. Management believes that the presentation of Adjusted EBITDA and other non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company鈥檚 results. In addition, the Company believes that the presentation of these financial measures enhances an investor鈥檚 ability to make period-to-period comparisons of the Company鈥檚 operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results.
(5) Adjusted Net Income accounts for the impact of non-core expenses including addback for one-time organizational restructure expenses, gains or losses on sale of assets or subsidiaries, tradename impairments, amortization expense, expense on the extinguishment of debt, and stock related expenses in both 2024 and 2023.
(6) GAAP weighted average shares outstanding.
(7) Adjusted Gross profit is gross profit adjusted to remove the impact of inventory reserve adjustments or non-recurring inventory related gains or losses.
(8) Maintenance Capital Expenditures is a component of 鈥淎cquisition of property and equipment (GAAP)鈥� on the consolidated statement of cash flows. It represents management鈥檚 assumptions of capital spending to maintain the company鈥檚 current level of operations. It does not include expenditures on acquisitions (less cash acquired), nor does it include other capital expenditures made to fund growth of the current business.
(9) Adjusted Free Cash Flow is defined as Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures. The company believes adjusted free cash flow is useful to investors in understanding how existing cash flow from operations before working capital changes and non-recurring items after maintenance capital expenditures (which we believe the best proxy for over time is Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures) is utilized as a source of growing our business. Adjusted Free Cash Flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations that were not deducted from the measure.