Blue Star Foods Corp.

Going-concern-adjacent seafood micro-cap with near-zero cash runway, deep losses and shrinking revenue.

Strengths

• Gross margin recovered to 40.5% (~48th pct) after a prior-year gross loss
• Subsidiary dissolutions and ERTC/other income trimmed losses versus 2024

Risks

• Cash runway ~0.1 quarters (2.8 pct) and current ratio 0.31 (10.5 pct) signal acute liquidity distress
• Net margin -124% and ROA -2.6% (5th pct); revenue fell 19.5% with operating margin -81%
• Reverse split, debt-conversion losses, and active landlord/supplier litigation

Notable findings

• No interest coverageInterest coverage -5.23 (cannot cover interest)
• Net lossNet loss (net margin -123.9%)
• Cash burnNegative free cash flow (-0.7M)
• Weak liquidityCurrent ratio 0.31 (<1)
• Buying back stockNet buyback — share count -65%/yr over 2y
• Revenue declineRevenue -36.0% YoY