Barfresh Food Group

BRFH

Beverages - Non-Alcoholic · Consumer Defensive

Market Cap

$20.0M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+32.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.1M (2021) → 16.0M (2025)

Winston Score History

The full picture

Barfresh Food Group makes pre-portioned, frozen smoothie and shake kits that are sold to foodservice customers like schools, hospitals, and quick-service restaurants. Each kit contains the exact ingredients needed to blend a single drink, reducing waste and prep time. The company operates in the non-alcoholic beverage space and focuses on the institutional and commercial foodservice market in the United States.

Barfresh earns revenue by selling its frozen drink kits directly to foodservice operators and distributors. It is a small company with a market cap under $100 million and competes against both traditional beverage suppliers and fresh-ingredient smoothie programs. The gross margin of around 13% is thin, and the company is currently operating at a loss, which means it depends on growing sales volume to reach profitability. The key growth driver is expanding its footprint in school nutrition programs and chain restaurant accounts, but limited scale and cash resources remain significant risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+189.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-113.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$128,000/ year

→ Flat (-3% vs prior year)

0.9% of revenue

Below sector average (2%)

Steady R&D investment year-over-year

Insider Activity

54.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~1 months

$324,000 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Barfresh Food Group grew revenue 190% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-3.2%

Thin — -3.2% gross margin

Profit after running costs

Operating Margin

-32.2%

Losing money on operations — -32.2%

Return on the money invested

ROCE

-20.2%

Weak — -20.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+82.1%

Fast-growing sales (+82.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-21.2%

Burning cash (-21.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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