Innovative Food Holdings, Inc. Reports Financial Results for Third Quarter 2026
Key Highlights
- ➤Q3 revenue $12.0 million, down 23.8% year over year
- ➤Q3 net loss $181 thousand, versus $651 thousand income last year
- ➤Q3 operating loss $184 thousand, versus $663 thousand operating income
- ➤Cash $1.7 million; current liabilities fell to $3.4 million
- ➤NetSuite agreement begins broader ERP modernization planning
Expert Statements
Gary Schubert, Chief Executive Officer of Innovative Food Holdings, Inc.
“Our third-quarter results were below our expectations and reflect the work still ahead as we evaluate the factors affecting revenue and work to replace lost business and return to growth. Our priorities are clear: restore Digital sales following the platform transition, broaden the National Distribution customer and program base, and continue improving Local Distribution’s trajectory while maintaining expense and cash-flow discipline.”
Gary Schubert, Chief Executive Officer of Innovative Food Holdings, Inc.
“At our largest Digital partner, the transition off the retiring legacy platform is complete. We are rebuilding the affected assortment with comparable products, new vendors, and new items, and working to convert that assortment into recurring sales while continuing to evaluate the pressure on Digital revenue. In National Distribution, our new Director of National Accounts is charged with expanding the pipeline beyond the programs and customers that drove the recent decline. In Local Distribution, the rate of decline has moderated for two consecutive quarters, and our teams remain focused on retention, new relationships, and repeat business.”
Gary Schubert, Chief Executive Officer of Innovative Food Holdings, Inc.
“We are also strengthening the operating foundation needed to support growth. These efforts continue the work we outlined in the third quarter of 2025. Erik Saterbo’s employment agreement as Chief Financial Officer became effective in September. Our objectives are to strengthen finance and accounting, improve internal controls and cash management, and make transactions more efficient and easier to trace. In October, we entered into an agreement with NetSuite and began planning a broader modernization of our ERP and related architecture. The implementation scope and schedule remain to be finalized, with a planning objective of approximately 12 months.”
Gary Schubert, Chief Executive Officer of Innovative Food Holdings, Inc.
“We reduced operating expenses, generated positive adjusted EBITDA in the third quarter, and produced positive operating cash flow through the first nine months, although we reported a net loss from continuing operations in the third quarter. We will maintain that discipline and manage working capital carefully while directing resources toward the customers, vendors, products, and capabilities that can restore revenue and build a more effective platform for sustainable growth.”
Key third-quarter results: * Revenue of $12.0 million, down 23.8% from Q3 2025 * GAAP net loss from continuing operations of $181 thousand, compared with net income of $651 thousand in Q3 2025 * GAAP diluted EPS from continuing operations of $(0.003), compared with $0.012 in Q3 2025 * Gross margin of 23.3%, compared with 24.6% in Q3 2025 * Operating loss of $184 thousand, compared with operating income of $663 thousand in Q3 2025 * Adjusted EBITDA (Non-GAAP) of approximately $238 thousand, compared with $348 thousand in Q3 2025 Key year-to-date results: * Revenue of $37.2 million, down 21.5% from the first nine months of 2025 * GAAP net income from continuing operations of $528 thousand, compared with $1.7 million in the first nine months of 2025 * GAAP diluted EPS from continuing operations of $0.010, compared with $0.032 in the first nine months of 2025 * Gross margin of 25.1% for the nine months ended September 30, 2026, compared with 25.5% for the nine months ended September 30, 2025 * Net cash provided by operating activities of $361 thousand, compared with $688 thousand used in the first nine months of 2025 * Cash and cash equivalents of $1.7 million at September 30, 2026, compared with $927 thousand at December 31, 2025 * Current liabilities of approximately $3.4 million and stockholders’ equity of approximately $8.4 million at September 30, 2026, compared with $12.4 million and $6.2 million, respectively, at December 31, 2025 BROADVIEW, Ill., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today reported financial results for the quarter ended September 30, 2026.
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