BSFC earnings analysis
What we found in BSFC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 74% Revenue Decline Year-over-Year
- Revenue dropped from $960,758 in Q4 2025 to $250,259 in Q4 2026.
- Reduced Net Loss
- Net loss decreased from $1,199,930 in Q4 2025 to $735,313 in Q4 2026.
- Decrease in Cash Used for Operations
- Cash used in operations decreased to $48,670 from $392,550 year-over-year.
- Lower Interest Expenses
- Interest expense reduced to $32,530 in Q4 2026 from $208,048 in Q4 2025.
- Decrease in Other Operating Expenses
- Other operating expenses fell to $201,565 from $648,483 year-over-year.
- Improved Inventory Management
- Cash flow was positively impacted by a decrease in inventory allowance adjusting to $0.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Severe Revenue Decline
- Revenue fell 74.0% YoY, indicating serious demand issues or operational inefficiencies.
- Liquidity Concerns
- The company has a working capital deficit of $3,134,850 as of March 31, 2026.
- Legal Proceedings
- Ongoing litigation with Indonesian supplier could lead to further financial losses.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-42.45
What they said about what is next.
Management did not provide explicit quantitative guidance but mentioned ongoing efforts to stabilize operations.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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