The following is a summary of the Innovative Food Holdings, Inc. (IVFH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Innovative Food Holdings reported fiscal 2023 revenues of $72.2 million, an 8.5% decline compared to the previous fiscal year.

• The company recorded a GAAP net loss of $4.2 million, primarily due to stabilization efforts of the business.

• Despite the loss, the company marked improvement in adjusted EBITDA of $2.5 million, improving over $2 million compared with the prior year.

• Q4 saw a GAAP net loss of $1.6 million, but the company maintained six straight quarters of positive adjusted EBITDA, with a $0.6 million record in Q4.

• The company also made a marginal improvement in fourth-quarter adjusted gross margin from previous records to 24.5%.

Business Progress:

• The company is currently in the 'stabilization' phase of a three-phase approach to growth, which includes pursuing margin improvement and cost reduction initiatives.

• It's noted that the decline in revenue is largely due to strategic shifts, which include the selling off of non-core assets and focusing more on specialty food service business.

• Strategic partnerships have been fostered with key customers to support growth, and new growth is expected to materialize later in the fiscal year.

• The company also plans to reduce losses in e-commerce by switching to a model that aligns it with its growth opportunities and professional chef business.

• Exploring growth options through mergers and acquisitions and focused expansion within the food distribution business, with a particular emphasis on perishable goods, are major strategic initiatives for the company.

• An expansion of its warehouse in Chicago is on the agenda to lift growth restrictions in the local market, and the company is also strengthening its focus on its professional chef business's dropship aspect.

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