Barfresh Q1 Revenue Rises 92% to $5.6M, Convertible Notes Fund Ohio Plant
Barfresh posted Q1 revenue of $5.6 million, up 92% year-over-year driven by Arps Dairy acquisition, while adjusted EBITDA loss narrowed to $0.24 million. The company secured $7.5 million in convertible notes and a $2.4 million government grant to complete a 44,000-sq-ft Ohio facility, and reiterated $28–$32 million 2026 revenue guidance.
1. First Quarter Financial Performance
Barfresh achieved $5.6 million in Q1 revenue, up 92% year-over-year driven by the Arps Dairy acquisition. Gross margin fell to 18% from 31% due to integration and startup inefficiencies, while net loss improved to $661,000 and adjusted EBITDA loss narrowed to $238,000.
2. Facility Expansion and Financing
Barfresh secured $7.5 million in senior convertible note financing and a $2.4 million government grant to complete its 44,000-square-foot Defiance, Ohio facility. The financing paid off the existing mortgage, supports equipment installation and positions the company to control expanded production capacity.
3. Outlook and Guidance
The company reiterated full-year 2026 revenue guidance of $28–$32 million and adjusted EBITDA guidance of $3.2–$3.8 million. It also provided Q2 revenue guidance of $5.2–$5.6 million and an adjusted EBITDA loss of $0.3–$0.2 million, reflecting expected growth and ongoing integration efficiencies.