Blue Star Foods Corp. (NASDAQ: BSFC) experienced a significant rise in its stock value today following the release of its revenue guidance. The stock surged by 31.21%, reaching $2.34 in the latest market session.
Promising Revenue Forecast
An aggressive revenue guidance of at least 65% increase with an annual run-rate surpassing $20 million has been released by Blue Star Foods (BSFC) for 2024. The company’s effective acquisition of new business possibilities, including an increased client base at its steelhead salmon plant in Canada, is credited with this optimistic outlook.
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The recent financial and operations performance of Blue Star demonstrate its dedication to growth via the implementation of practical initiatives. Interestingly, sales increased by 19% in the first quarter of 2024 compared to the same period in 2023. Blue Star is confident that this marks the beginning of a sustained growth phase as new customer segments continue to expand the business, and land-based farming operations meet expectations.
Strategic Licensing And Aquaculture Expansion
In a strategic development, Blue Star Foods has secured an extension renewal for its land-based aquaculture license through 2033. This license, issued under the authority of the Fisheries Act, authorizes the company to engage in aquaculture activities, including the cultivation and harvest of fish. The renewal covers the Taste of BC Aquafarms located at 2948, 2930, and 2934 Jameson Road and includes white sturgeon, coho salmon, chinook salmon, and rainbow trout.
This nine-year license renewal allows Blue Star to continue operating its land-based facilities responsibly and sustainably. The company’s proven technology has successfully maintained the longest continuously operating steelhead salmon facility, reinforcing its leadership in the land-based aquaculture sector.
Blue Star Foods remains optimistic about its growth trajectory for 2024-2025, supported by a robust pipeline of additional business opportunities. The outlook for the company remains decidedly bullish. Recirculatory aquaculture systems (RAS) are the main emphasis of Blue Star, an integrated Environmental, Social, and Governance (ESG) sustainable seafood enterprise that prepares, packages, and markets premium fish products.
