INNOVATIVE FOOD HOLDINGS (IVFH) Company Report

Innovative Food Holdings (IVFH) reported Q3 2025 revenue from continuing operations of $16.4 million, a 3.5% increase year-over-year, primarily driven by acquisitions. However, GAAP net income from continuing operations decreased to $651,000 or $0.012 per fully diluted share, and Adjusted EBITDA fell to $321,000.
Gary Schubert was appointed CEO on October 3, 2025, and is leading a turnaround strategy to address operational inconsistencies, including declines in local distribution and a 4.5% decline in digital channels due to a platform transition with a major partner expected to complete by December 31, 2025.
The Pennsylvania facility sale is scheduled to close by mid-January, with the purchase price reduced by $500,000 due to roof repairs, and non-refundable deposits totaling $500,000 received. This sale is anticipated to eliminate approximately $9 million of debt.
The company has paused its NASDAQ uplisting to focus on stabilizing and strengthening its business foundation.

Nov 24, 2025, 9:00 PM

Transcript

Innovative Food Holdings Reports Q3 2025 Results, Announces Leadership Transition and Operational Restructuring

IVFH

Earnings

Management Change

Demand Weakening

Innovative Food Holdings (IVFH) reported Q3 2025 revenue from continuing operations of $16.4 million, a 3.5% year-over-year increase, primarily driven by acquisitions. However, GAAP net income was $651,000 (or $0.012 per fully diluted share) and Adjusted EBITDA was $321,000, both down from the prior year.
The company experienced significant operational challenges, including a 21.5% decline in local distribution (excluding acquisitions) due to service inconsistencies and a 4.5% decline in digital channels from a major partner's platform transition.
Following a leadership transition with Gary Schubert becoming CEO on October 3rd, IVFH has initiated a strategic realignment of its leadership into five core operating domains and a full audit of its technology stack to improve operational discipline and efficiency.
IVFH has substantially completed the relocation of its airline catering operations to Chicago and expects the sale of its Pennsylvania facility to close by mid-January, which is projected to eliminate approximately $9 million of debt.

Nov 24, 2025, 9:00 PM

Transcript

Innovative Food Holdings Reports Q3 2025 Results Amidst Leadership Transition and Operational Turnaround

IVFH

Earnings

CEO Change

Demand Weakening

Innovative Food Holdings reported Q3 2025 revenue from continuing operations of $16.4 million, a 3.5% increase year-over-year, primarily due to contributions from recent acquisitions, with GAAP net income of $651,000 or $0.012 per fully diluted share.
The company experienced operational inconsistencies, including a material decline in local distribution on a like-for-like basis and a 4.5% decrease in digital channels due to a partner's platform transition, leading to a CEO transition on October 3rd, 2025, with Gary Schubert taking the helm.
New leadership is implementing a turnaround strategy focused on realigning leadership, reorganizing operations into five core domains, and modernizing technology.
Key operational actions include the substantial completion of the airline catering operations relocation from Pennsylvania to Chicago and a pending sale of the Pennsylvania facility, which, if closed, is expected to eliminate approximately $9 million of debt.
The company's immediate priorities are disciplined cash management, self-funding the turnaround, and pausing the NASDAQ uplisting until operational consistency and financial performance justify it.

Nov 24, 2025, 9:00 PM

Transcript

Innovative Food Holdings Appoints New CEO and Details Executive Compensation

IVFH

CEO Change

Board Change

Executive Compensation

Innovative Food Holdings, Inc. has appointed Gary Schubert as its new Chief Executive Officer and a member of the Board of Directors, effective October 3, 2025. Mr. Schubert previously served as the company's Chief Financial Officer.
Mr. Schubert's compensation package includes an annual base salary of $400,000 starting January 1, 2026, subject to a 3% annual increase, a stock grant of 1,350,000 shares by March 31, 2026, and an annual cash incentive with a target of not less than $137,500.
Bill Bennett resigned from his position as Chief Executive Officer and Board member, effective October 3, 2025. His separation agreement includes a severance payment of $115,500.97 for the period of October 4, 2025, through December 31, 2025, and reimbursement for group health insurance premiums from November 1, 2025, through September 30, 2026. He will also provide consultancy services for $25,000 from January 1, 2025, until March 31, 2025.

Oct 9, 2025, 8:19 PM

8-K

IVFH Announces CEO Transition

IVFH

CEO Change

Management Change

Board Change

Innovative Food Holdings (IVFH) has appointed Gary Schubert, previously the Chief Financial Officer, as its new Chief Executive Officer and Director on the Board.
Bill Bennett, the current CEO, will step down from his roles and transition into a consulting role with the company, effective October 3, 2025.
This leadership change is aligned with IVFH's strategy to accelerate long-term growth, building on the company's stabilization achieved under Bill Bennett's tenure, which included achieving three consecutive years of positive adjusted EBITDA.

Oct 6, 2025, 8:03 PM

Press Release

Innovative Food Holdings, Inc. Reports Q2 2025 Financial Results

IVFH

Earnings

Revenue Acceleration/Inflection

Innovative Food Holdings, Inc. reported revenue of $21.1 million for the second quarter ended June 30, 2025, representing a 26.9% increase compared to Q2 2024.
GAAP net income from continuing operations for Q2 2025 was $59 thousand, an improvement from a ($60) thousand loss in Q2 2024.
Non-GAAP adjusted EBITDA for Q2 2025 was $228 thousand, a decline from $859 thousand in Q2 2024, primarily driven by the cheese conversion business.
The company announced its strategic decision to exit the cheese conversion business, sell its Pennsylvania warehouse, and relocate its national airline distribution business to Broadview, IL. Excluding the cheese conversion business, Q2 revenue grew 13.5%.

Aug 13, 2025, 1:00 PM

Press Release

Innovative Food Holdings 2025 Annual Meeting Outcomes

IVFH

Board Change

Auditor Change

Proxy Vote Outcomes

Innovative Food Holdings, Inc. held its 2025 Annual Meeting on May 28, 2025, during which key proposals were presented for director elections, auditor ratification, and executive compensation advisory votes.
Five new directors (Robert W. (Bill) Bennett, James C. Pappas, Mark Schmulen, Denver J. Smith, Brady Smallwood) were elected for one-year terms, while former directors Hank Cohn and Jefferson Gramm retired effective May 28, 2025.
The stockholders ratified the appointment of Stephano Slack LLC as the independent registered public accounting firm and approved the executive compensation by non-binding vote.

May 29, 2025, 12:00 AM

8-K

Innovative Food Holdings Inc Reports Q1 2025 Earnings Results

IVFH

Earnings

Revenue Acceleration/Inflection

M&A

Revenue increased to $19.5 million, up 26% YoY, with organic growth hitting 23%; however, rising costs led to a GAAP net loss of $430K compared to net income last year.
The retail cheese business showed progress in narrowing losses, improved operational efficiencies, and benefits from centralized processing that are expected to drive future profitability.
Management is advancing technology upgrades, including an AI-driven vendor onboarding system to accelerate catalog expansion and streamline integration of recent acquisitions.
The company outlined its uplisting journey with a pending name change to Harvest Group Holdings and plans for redomicile to Texas and a reverse stock split in the near term.

May 15, 2025, 2:01 PM

Transcript

Innovative Food Holdings to Present at Planet MicroCap Showcase

IVFH

Revenue Acceleration/Inflection

M&A

Delisting/Listing Issues

Investor Presentation Scheduled: The company will present at the Planet MicroCap Showcase: VEGAS 2025 on April 23, 2025, followed by in-person 1x1 investor meetings at the Paris Hotel & Casino, Las Vegas ( ).
Strategic Transition and Growth: IVFH is executing a turnaround with a focus on a profitable specialty foodservice core, marked by Q4 2024 organic revenue growth of 44% and FY 2024 revenue of $72M ( ).
Brand and Listing Update: The company is planning an upcoming name change to Harvest Group Holdings, Inc. and aims for a Nasdaq uplisting ( ).

Apr 22, 2025, 12:00 AM

8-K

Innovative Food Holdings, Inc. Reports Q4 2024 Results

IVFH

Earnings

M&A

Revenue Acceleration/Inflection

Fiscal Year 2024 Performance: Reported revenue of $72.1 million (up +2.5% vs. 2023) with organic revenue growth of +11.4% and GAAP net income from continuing operations of $2.5 million compared to a loss of ($3.7) million in 2023.
Fourth Quarter Highlights: Achieved Q4 revenue of $23.0 million with a +19.2% increase versus Q4 2023 and an improvement in GAAP net loss from ($1.4) million to ($0.2) million.
Operational Focus and Developments: Despite a decline in gross margin by 85 basis points to 23.4%, the company advanced its growth strategy through key acquisitions (Golden Organics and LoCo Food Distribution) and expansion of its new retail channel.