10-K · May 22, 2026
Blue Star Foods Corp. reported a 19.5% decrease in revenue for 2025, totaling $2.89 million compared to $3.59 million in 2024. The company experienced significant losses, with a net loss of $3.58 million in 2025, but…
Earnings analysis · 10-Q
BSFC earnings analysis
Filed July 16, 2026 · Our reading of the company's report
The latest report
Blue Star Foods Corp. reported a significant 74.0% decrease in revenue for Q4 2025 compared to the same period last year, totaling $250,259, largely due to a decrease in poundage sold. The company also saw a reduction…
Read full summary
Blue Star Foods Corp. reported a significant 74.0% decrease in revenue for Q4 2025 compared to the same period last year, totaling $250,259, largely due to a decrease in poundage sold. The company also saw a reduction in net loss to $735,313 from $1,199,930 year-over-year, indicating some improvements in cost management despite ongoing operational challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-42.45
What stood out
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74% Revenue Decline Year-over-Year
Revenue dropped from $960,758 in Q4 2025 to $250,259 in Q4 2026.
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Reduced Net Loss
Net loss decreased from $1,199,930 in Q4 2025 to $735,313 in Q4 2026.
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Decrease in Cash Used for Operations
Cash used in operations decreased to $48,670 from $392,550 year-over-year.
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Lower Interest Expenses
Interest expense reduced to $32,530 in Q4 2026 from $208,048 in Q4 2025.
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Decrease in Other Operating Expenses
Other operating expenses fell to $201,565 from $648,483 year-over-year.
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Improved Inventory Management
Cash flow was positively impacted by a decrease in inventory allowance adjusting to $0.
What to watch
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Severe Revenue Decline
Revenue fell 74.0% YoY, indicating serious demand issues or operational inefficiencies.
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Liquidity Concerns
The company has a working capital deficit of $3,134,850 as of March 31, 2026.
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Legal Proceedings
Ongoing litigation with Indonesian supplier could lead to further financial losses.
Management's outlook
Management did not provide explicit quantitative guidance but mentioned ongoing efforts to stabilize operations.
Earlier filings 4
10-Q · November 12, 2025
Blue Star Foods Corp. reported significant improvements in Q3 2025, with revenue rising 77.9% year-over-year to $462,260, and a substantial reduction in net loss to $480,965 from over $3 million a year ago. The company…
10-Q · August 19, 2025
Blue Star Foods Corp. reports robust revenue growth in Q2 2025, with a 84.6% increase year-over-year to $1,172,340, reflecting improved sales and pricing strategies. Despite a continued net loss of $651,818, management…
10-Q · July 15, 2025
In its Q1 2025 10-Q filing, Blue Star Foods Corp (BSFC) reported a revenue decline of 9.3% year-over-year, totaling $960,758, and a net loss of $1,199,930, improving slightly compared to the prior year's loss. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.