Blue Star Foods Corp. is an international seafood company based in Miami, Florida, focused on importing, packaging, and selling premium seafood products with an emphasis on food safety, traceability, and sustainability.

# Company Summary - Blue Star Foods Corp.

## Business Overview
- **Type:** International seafood company
- **Location:** Miami, Florida
- **Operations:** Imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products
- **Core Focus:** Food safety, traceability, resource sustainability

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## Product Lines & Brands
- **Main Product:** Blue and red swimming crab meat
- **Imported From:** Southeast Asia (primarily Indonesia, Philippines, Thailand, Vietnam, Sri Lanka, India)
- **Brands:**
  - Blue Star
  - Oceanica
  - Pacifika
  - Crab & Go
  - First Choice
  - Good Stuff
  - Coastal Pride Fresh
- **Additional Products:**
  - Steelhead salmon and rainbow trout fingerlings (produced by subsidiary TOBC for distribution in Canada)
  - Soft-shell crab (via Coastal Pride)
  - Other premium seafood products
  
## Operations & Subsidiaries
- **Coastal Pride Seafood, LLC**
  - Imports and sells crab meat primarily from Mexico and Latin America
  - Brands: Coastal Pride, First Choice, Good Stuff, Coastal Pride Fresh
- **Taste of BC Aquafarms, Inc. (TOBC)**
  - Land-based Recirculating Aquaculture System (RAS) salmon farm in Nanaimo, British Columbia
  - Production capacity: ~100 tons/year (aiming to expand to 1,500 tons)
- **Afritex Ventures Inc. (AFVFL)**
  - Reseller of food products, including seafood
  - Involved in inventory and processed seafood sales
- **John Keeler & Co., Inc. (Blue Star Foods)**
  - Imports, packages, and sells refrigerated pasteurized crab meat
  - Sources crab mainly from Southeast Asia
  - Sells to food service wholesalers, retail, and seafood distributors
  
## Customer Base
- **Number of Customers:** 68 stockholders as of June 20, 2025
- **Revenue Breakdown (2024):** 
  - Approx. **48%** from 5 major customers (large food distributors, retail, wholesale clubs)
- **Main Sectors:**
  - Food service distributors
  - Wholesalers
  - Retail establishments
  
## Employees
- **Total Employees:** 11 full-time employees as of June 20, 2025

## Financial Highlights
- **2024 Revenue:** ~$3.59 million
- **2024 Net Loss:** ~$12.48 million
- **2024 Cash on Hand:** ~$326,854
- **2024 Working Capital Deficit:** ~$411,225
- **Market Capitalization (as of June 20, 2025):** ~$2.2 million (Market value based on last stock price of $0.051 per share with 16.25 million shares outstanding)

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## Strategic & Market Positioning
- Focuses on creating a vertically integrated seafood business with sustainable, traceable supply chains.
- Differentiators include proprietary brands, eco-friendly packaging, and sustainable sourcing practices.
- Aims to expand through organic growth, product diversification, and strategic acquisitions.
- Moving away from prior operations (e.g., Keeler & Co.) toward subsidiaries Coastal Pride, Blue Star, and TOBC.

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This summary presents a detailed, factual overview of Blue Star Foods Corp. based solely on provided data.

Blue Star Foods Corp. is an international seafood company based in Miami that imports, packages, and sells premium seafood products, primarily refrigerated pasteurized crab meat, emphasizing sustainability and traceability.

# Company Overview: Blue Star Foods Corp.

## Business Activities
Blue Star Foods Corp. is an international seafood company based in Miami, Florida. The company primarily imports, packages, and sells refrigerated pasteurized crab meat along with other premium seafood products. Blue Star emphasizes sustainable sourcing, food safety, and traceability in its operations.

### Key Products and Brands
- **Crab Meat:** Blue Star imports blue and red swimming crab meat sourced from Southeast Asia, particularly from Indonesia, the Philippines, and China. The crab meat is sold under various brand names, including:
  - **Blue Star**
  - **Pacifika**
  - **Oceanica**
  - **Crab & Go Premium Seafood**
  - **First Choice**
  - **Good Stuff**
  - **Coastal Pride Fresh**
  
- **Aquaculture Products:** The company distributes steelhead salmon and rainbow trout fingerlings produced under the brand name **Little Cedar Farms** for the Canadian market.

### Operations
- **Processing Facilities:** The crab meat is processed in 13 plants across Southeast Asia, with a significant emphasis on sustainability and ethical practices. 
- **Technology:** Blue Star utilizes a proprietary GPS-based tracking system to ensure traceability of its seafood products. It also employs real-time technology for monitoring its supply chain.

### Customer Base
- Blue Star Foods serves a diverse range of customers including large food service distributors, wholesalers, retail establishments, and seafood distributors.
- The company has nine customers that accounted for approximately 52% of its revenue for the year ended December 31, 2023.

### Financial Overview
- **Employees:** As of March 28, 2024, Blue Star Foods employed 39 full-time employees.
- **Revenue:** The company’s primary source of revenue is from the import and sale of crab meat and other seafood products in the United States and Canada.
- **Revenue Breakdown:** For the year ended December 31, 2023, sales to food distributors and retail and wholesale clubs accounted for 52% of total revenue. Smaller seafood distributors and value-added processors made up the remainder.
- **Income:** The financial statements highlight that the company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern.

### Market Position and Strategy
Blue Star Foods aims to grow its business both organically and through strategic acquisitions, focusing on sustainable practices. The company's long-term strategy includes:
- Increasing its customer base and introducing new high-value product lines.
- Exploring acquisition opportunities to expand into new territories and diversify its product offerings.

By leveraging its proprietary brands and sustainable practices, Blue Star Foods positions itself to meet the growing demand for premium seafood in a competitive marketplace.

Blue Star Foods Corp.

10-K / June 23, 2025

10-K / April 1, 2024

10-K / June 23, 2025

Company Summary - Blue Star Foods Corp.

Business Overview

Product Lines & Brands

Operations & Subsidiaries

Customer Base

Employees

Financial Highlights

Strategic & Market Positioning