Following this acquisition, Johnson's indirect ownership, through CRC Founders Fund, LP, now stands at 2,784,100 shares. Additionally, Johnson holds direct ownership of 703,851 shares, with further indirect holdings through 73114 Investments, LLC, Youth Properties, LLC, and Paratus Capital, LLC totaling 1,249,624 shares. Johnson disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. With a market capitalization of $88.46 million and strong liquidity metrics including a current ratio of 3.02, InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report for deeper analysis. With a market capitalization of $88.46 million and strong liquidity metrics including a current ratio of 3.02, InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report for deeper analysis.
Following this acquisition, Johnson's indirect ownership, through CRC Founders Fund, LP, now stands at 2,784,100 shares. Additionally, Johnson holds direct ownership of 703,851 shares, with further indirect holdings through 73114 Investments, LLC, Youth Properties, LLC, and Paratus Capital, LLC totaling 1,249,624 shares. Johnson disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
In other recent news, Innovative Food Holdings reported a successful third quarter in 2024, with revenue growth in its core foodservice business, thanks to a strategic pivot to a retail-focused model. This transition resulted in a 5.5% revenue increase from Q3 2023 and a significant 25% year-over-year revenue growth for Q4 to date. In addition, the company reported a GAAP net income of $1.3 million for Q3 2024, marking a substantial increase from the previous year.
The acquisition of Golden Organics LLC and the sale of the iGourmet business are strategic moves that are expected to enhance the company's customer base and operational efficiency. These developments contribute to Innovative Food Holdings' goal of reaching $1 billion in revenue. The company's transition to retail has also led to a record purchase order of $676,000 in October.
However, this shift has resulted in a temporary dip in gross margins, which are expected to improve with scale. The company's dropship business remains the highest margin operation, despite the retail pivot. Innovative Food Holdings is focused on reaching initial milestones of $110 million in revenue and $10 million in adjusted EBITDA, with the new retail business expected to become profitable by 2025. These are the recent developments in the company's operations.
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