Blue Star Foods Corp (OTC: BSFC) is a seafood company that sources, packages, and sells crab meat and fresh salmon under proprietary brands. Revenue comes from transactional sales of packaged seafood products to customers operating primarily through purchase orders, with no disclosed long-term supply agreements. The company markets multiple distinct crab meat brands differentiated by species, origin, and price point, including Lubkin Brand (Portunus Pelagicus from the Philippines and Indonesia), First Choice (Portunus Haanii from Vietnam and China), Good Stuff (Callinectes species from Mexico), and Coastal Pride Fresh (Callinectes Sapidus from Venezuela and the United States). Through its TOBC subsidiary, the company also produces and sells sashimi-grade steelhead salmon under the Little Cedar Falls brand. The company's independent auditor included a going concern paragraph in its report for the year ended December 31, 2025, citing recurring operating losses and a net capital deficiency. BSFC carries convertible notes and derivative liabilities on its balance sheet as of December 31, 2025.

Revenue model

Transactional sales of packaged crab meat and fresh salmon through purchase-order-based customer relationships, with no disclosed long-term contracts. Products are sold across multiple proprietary brands at differentiated price points.

Products and services

Packaged crab meat under the Lubkin Brand, First Choice, Good Stuff, and Coastal Pride Fresh labels, sourced from the Philippines, Indonesia, Vietnam, China, Mexico, Venezuela, and the United States. Sashimi-grade steelhead salmon sold fresh under the Little Cedar Falls brand through TOBC. Eco-Fresh green pouches for crab meat, patented in the United States, Europe, Thailand, the Philippines, and Indonesia (U.S. Patent Nos. 8,337,922 and 8,445,046).

Customers and end markets

Customers operate through purchase orders; no long-term agreements are in place. The filing does not disclose specific customer names, customer counts, or revenue concentration figures. End market is retail and foodservice seafood consumption.

Value-chain role

Importer, brand owner, and distributor of seafood. The company sources from international suppliers certified under HACCP standards, packages under proprietary brands, and distributes through third-party facilities. TOBC operates as an aquaculture producer of steelhead salmon.

Geographic exposure

Sourcing spans the Philippines, Indonesia, Vietnam, China, Mexico, Venezuela, and the United States. Products are imported and sold in the United States. Eco-Fresh packaging patents extend to the United States, Europe, Thailand, the Philippines, and Indonesia.

Source: SEC 10-K, filed 2026-05-22

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