Miami, Florida, U.S.A.-based seafood company Blue Star Foods said it's anticipating 65 percent year-over-year revenue growth in 2024 on more than USD 20 million (EUR 19 million) in sales.
The projected growth comes soon after the company regained compliance with Nasdaq Stock Exchange listing requirements in early June, and reported 19 percent year-over-year revenue growth in Q1 2024.
Blue Star attributed the realized and projected growth to new business opportunities it recently secured, including a growing customer base for the steelhead raised at its Taste of BC recirculating aquaculture system in Nanaimo, British Columbia, Canada.
“We are excited to showcase our commitment to company growth in 2024. Our actionable plan [has] started to show in our financial and operating results,,” Blue Star Chairman and CEO John Keeler said. "We believe this is just the beginning, as new customer segments are ramping up business and land-based farm operations within expectations.”
Keeler said the pipeline for additional business is “robust.
"We look forward to closing on several new opportunities currently in the pipeline to support our growth trend in 2024-2025," he said. “Our outlook remains decidedly bullish."
In other recent company news, the Taste of BC farm was granted a license extension renewal through 2033. The license covers white sturgeon, coho and Chinook salmon, and rainbow trout.
“[The renewal] enables us to maintain a responsible and realistic period to continue our land-based facilities,” Keeler said. "We have the proven technology for land-based, already operating the longest non-stopped steelhead salmon facility.”
Because the farm is land-based and does not include open-net pen operations, it does not fall under the purview of a recent announcement from Canadian Minister of Fisheries, Oceans, and the Canadian Coast Guard Diane Lebouthillier that stated all open-net pen salmon-farming operations will be shut down in the province by 2029.
