Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 41

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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. You should read the discussion and analysis together with such financial
statements and the related notes thereto.

Overview

Looking
ahead, the Company plans to focus on strengthening its position in the premium seafood market by improving supply chain efficiency, expanding
distribution channels, and managing costs to enhance profitability. Management expects continued demand for pasteurized crab meat and
other specialty seafood products in our core U.S. and Canadian markets, supported by steady consumer interest in sustainable, ready-to-eat
protein options. We intend to leverage our existing co-packing relationships across Southeast Asia to maintain consistent product quality
and supply reliability while exploring new sourcing opportunities to support future growth. The Company will continue to emphasize disciplined
cost management, operational efficiency, and product innovation as part of its strategy to improve margins and support long-term growth.

Recent
Events

Resignation
of Chief Operating Officer and Director

On
June 2, 2025, Miozotis Ponce, the Company’s Operating Officer, notified the Company of her resignation as Chief Operating Officer,
effective June 30, 2025.

23

Results
of Operations 

The
following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in
conjunction with, the financial statements and accompanying notes elsewhere in this Quarterly Report.

Three
months ended September 30, 2025 and 2024

Net
Revenue. Revenue for the three months ended September 30, 2025 increased 77.9% to $462,260 as compared to $259,779 for the three
months ended September 30, 2024 as a result of an increase in inventory items sold along with increase in price during the three months
ended September 30, 2025.

Cost
of Goods Sold. Cost of goods sold for the three months ended September 30, 2025 decreased to $34,444 as compared to $551,116 for
the three months ended September 30, 2024. This decrease is attributable to the adjustment of inventory allowance and cost in the inventory
items sold.

Gross
Profit. Gross profit for the three months ended September 30, 2025 increased to $427,816 as compared to gross loss of $291,337 in
the three months ended September 30, 2024. This increase is attributable to the increase in sales and decrease in cost.

Commissions
Expense. Commissions expense increased to $425 for the three months