Innovative Food Holdings Inc

ivfh.com

What Do They Do?

Sells specialty foods through e-commerce and distributor drop-ship channels to professional chefs and foodservice businesses.

How Do They Make Money?

Customers pay for specialty food when it is delivered. The company also earns fees for warehouse and logistics services when provided, and for warehouse rentals over the rental period.

revenue

Segment	Share	How money arrives
Digital Channels Sold outright	54%	Sold outright
National Distribution Sold outright	21%	Sold outright
Local Distribution Sold outright	25%	Sold outright

Who Are Their Customers?

Professional chefs and foodservice operators, including restaurants, hotels, hospitals and caterers, are served through direct local delivery, e-commerce, and broadline distributor websites; national distribution also serves airline caterers.

Customers above 10% of revenue, FY2025

of revenue from two customers (36%, 14%)

FY2024: 68% from two customers

Do Revenues Turn Into Profits?

No. It lost $2.1M in FY2025.

Operating income, FY2025

4% of revenue

▲ +107% vs FY2024 ($1.3M, 2%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($2.6M, 4%)

Free cash flow, FY2025

0% of revenue

▼ −96% (Loss) vs FY2024 (−$6.6M, −11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −22%; vs $16.6M in Q2 FY2025
Net income: ▲ +523%; vs $58.5K in Q2 FY2025

Digital Channels share of revenue vs 51.0% in Q2 FY2025

Flat. Revenue was $60.7M in FY2025, about the same as the $62.2M of FY2021.

From broad e-commerce to foodservice The older report described consumer e-commerce, subscription boxes, plant-based online retail, and specialty foodservice; the latest centers the business on specialty foodservice distribution and says direct-to-consumer e-commerce has been exited.

Revenue over time

Digital Channels National Distribution Local Distribution Direct to Consumer Other Services

$100M$50M$0

FY2023 FY2024 FY2025

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