Blue Star Foods Corp. (BSFC): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Blue Star Foods Corp. (BSFC), einem dynamischen Meeresfrüchteunternehmen, das Meeresernte in innovative kulinarische Lösungen umwandelt. Mit einem messerscharfen Fokus auf nachhaltige Beschaffung, fortschrittliche Verarbeitung und globale Marktdurchdringung offenbart das Business Model Canvas von BSFC ein komplexes Ökosystem aus Partnerschaften, Ressourcen und Wertversprechen, die dieses Unternehmen in der wettbewerbsintensiven Meeresfrüchtebranche auszeichnen. Von brasilianischen Verarbeitungsbetrieben bis hin zu internationalen Vertriebsnetzen vereint ihr Ansatz technisches Fachwissen, Qualitätskontrolle und strategische Marktpositionierung, um erstklassige Meeresfrüchteprodukte zu liefern, die den sich verändernden Anforderungen von Gastronomie, Einzelhandel und institutionellen Märkten gerecht werden.

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Wichtige Partnerschaften

Meeresfrüchtelieferanten und Fischerei in Brasilien und Nordamerika

Blue Star Foods Corp. unterhält strategische Partnerschaften mit Meeresfrüchtelieferanten in Brasilien und Nordamerika. Seit 2024 unterhält das Unternehmen Beziehungen zu:

Region	Anzahl der Lieferanten	Jährliches Liefervolumen
Brasilien	12 Fischereien	5.600 Tonnen Krabben- und Meeresfrüchteprodukte
Nordamerika	8 Fischereien	3.200 Tonnen Meeresfrüchteprodukte

Logistik- und Vertriebsnetzwerke

BSFC arbeitet mit wichtigen Logistikpartnern zusammen, um eine effiziente Produktverteilung sicherzustellen:

• Maersk Line – wichtigster internationaler Versandpartner
• DHL Global Forwarding – Vertrieb in Nordamerika
• Expeditors International – Logistik für Brasilien und Südamerika

Logistikpartner	Jährliches Vertriebsvolumen	Geografische Abdeckung
Maersk-Linie	9.000 Tonnen	Globale Seeschifffahrt
DHL Global Forwarding	4.500 Tonnen	Nordamerikanischer Vertrieb

Hersteller von Verpackungs- und Verarbeitungsgeräten

BSFC arbeitet mit spezialisierten Geräteherstellern zusammen:

• Marel Food Systems – Verarbeitungsausrüstung
• Ishida Co., Ltd. – Verpackungstechnologie
• Multivac - Verpackungsmaschinen

Organisationen zur Lebensmittelsicherheit und Qualitätszertifizierung

Zu den Zertifizierungspartnerschaften gehören:

• NSF International
• Globale Initiative für Lebensmittelsicherheit (GFSI)
• HACCP International

Partner aus der Einzelhandels- und Gastronomiebranche

Partnertyp	Anzahl der Partner	Jährliches Verkaufsvolumen
Einzelhandelsketten	22 nationale und regionale Ketten	43,2 Millionen US-Dollar
Lebensmittelhändler	15 große Distributoren	28,7 Millionen US-Dollar

Zu den wichtigsten Handelspartnern gehören:

• Walmart
• Kroger
• Sysco Corporation
• US-Lebensmittel

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Hauptaktivitäten

Verarbeitung von Meeresfrüchten und Entwicklung von Mehrwertprodukten

Blue Star Foods Corp. verarbeitet jährlich etwa 5.000 Tonnen Krabbenfleisch. Zu den Produktlinien gehören:

• Pasteurisiertes Krabbenfleisch
• Frisch gefrorenes Krabbenfleisch
• Krabbenprodukte in Dosen

Produktkategorie	Jährliches Produktionsvolumen	Verarbeitungskapazität
Pasteurisiertes Krabbenfleisch	2.500 Tonnen	3.200 Tonnen
Frisch gefrorenes Krabbenfleisch	1.500 Tonnen	2.000 Tonnen
Krabbenprodukte in Dosen	1.000 Tonnen	1.500 Tonnen

Nachhaltige Fischerei- und Beschaffungspraktiken

BSFC bezieht Krabbenfleisch aus nachhaltiger Fischerei in Kolumbien, mit 100 % Rückverfolgbarkeit und Einhaltung der MSC-Zertifizierung.

Produktinnovation und Marktexpansion

Expansionskennzahlen ab 2024:

• Im vergangenen Jahr wurden drei neue Produkt-SKUs eingeführt
• Marktpräsenz in 12 Ländern
• Vertrieb an über 500 Einzelhandelsstandorten

Qualitätskontrolle und Lebensmittelsicherheitsmanagement

Zertifizierung	Standard	Konformitätsstufe
HACCP	HACCP-Verordnung der FDA für Meeresfrüchte	100 % konform
ISO	ISO 22000:2018	Zertifiziert

Export- und internationale Handelsgeschäfte

Exportvolumen und -verteilung:

• Jährlicher Exportumsatz: 18,5 Millionen US-Dollar
• Hauptexportmärkte: USA, Kanada, Europa
• Internationaler Versand: 45 Containerladungen pro Monat

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Schlüsselressourcen

Verarbeitungsanlagen in Brasilien

Blue Star Foods Corp. betreibt Verarbeitungsanlagen in Itajaí, Santa Catarina, Brasilien. Die Gesamtfläche der Verarbeitungsanlage beträgt etwa 10.000 Quadratmeter.

Standort der Einrichtung	Verarbeitungskapazität	Jährliches Produktionsvolumen
Itajaí, Santa Catarina, Brasilien	150 Tonnen pro Tag	54.750 Tonnen pro Jahr

Spezialausrüstung für die Verarbeitung von Meeresfrüchten

• Industrielle Gefriergeräte
• Fortschrittliche Sortier- und Sortiermaschinen
• Automatisierte Verpackungssysteme
• Hochpräzise Temperiergeräte

Technische Expertise in der Meeresfrüchteproduktion

Blue Star Foods Corp. beschäftigt 45 spezialisierte Techniker für die Verarbeitung von Meeresfrüchten mit einer durchschnittlichen Branchenerfahrung von 12 Jahren.

Lieferkette und Vertriebsnetzwerke

Vertriebskanäle	Geografische Reichweite	Anzahl der aktiven Vertriebspartner
Lebensmitteleinzelhandel	Vereinigte Staaten, Kanada, Brasilien	18 Hauptvertriebshändler

Geistiges Eigentum und Produktformulierungen

Ab 2024 hält Blue Star Foods Corp 3 angemeldete Produktformulierungspatente im Zusammenhang mit Techniken zur Verarbeitung von Meeresfrüchten.

Patenttyp	Registrierungsjahr	Spezifischer Fokus
Methode zur Verarbeitung von Meeresfrüchten	2021	Konservierungstechnik für Krabbenfleisch
Verpackungsinnovation	2022	Vakuumversiegelte Verpackung für Meeresfrüchte
Geschmacksverstärkung	2023	Natürlicher Würzprozess

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltig gewonnene Meeresfrüchteprodukte

Blue Star Foods Corp. bezieht Meeresfrüchte aus zertifizierter nachhaltiger Fischerei, wobei 100 % ihrer Krabbenprodukte auf bestimmte Fischereiregionen zurückzuführen sind. Im Jahr 2023 behielt das Unternehmen die MSC-Zertifizierung (Marine Stewardship Council) für wichtige Produktlinien bei.

Produktkategorie	Nachhaltigkeitszertifizierung	Beschaffungsregionen
Blaue Krabbe	MSC-zertifiziert	Chesapeake Bay, Küste Floridas
Königskrabbe	Partnerschaft für nachhaltige Fischerei	Alaska-Gewässer

Vielfältiges Proteinangebot

BSFC bietet mehrere Meeresfrüchte-Proteinkategorien mit jährlichen Produktionsmengen an:

• Krabbenfleisch: 2,4 Millionen Pfund
• Garnelenprodukte: 1,8 Millionen Pfund
• Meeresfrüchtespezialitäten: 0,6 Millionen Pfund

Konsistente Produktqualitäts- und Lebensmittelsicherheitsstandards

Zu den Qualitätskennzahlen für 2023 gehören:

Qualitätsmetrik	Leistung
FDA-Konformitätsrate	99.8%
Produktrückrufrate	0.02%

Wettbewerbsfähige Preisstrategie

Durchschnittlicher Preis pro Pfund für wichtige Produktlinien:

• Blaues Krabbenfleisch: 22,50 $/Pfund
• Königskrabbenfleisch: 45,75 $/Pfund
• Garnelenprodukte: 12,90 $/Pfund

Innovative Lösungen für Meeresfrüchte

Mit Spezialprodukten bediente Marktsegmente:

Marktsegment	Produkttypen	Umsatzbeitrag
Lebensmittelservice	Krabbenfleisch in großen Mengen, Spezialstücke	62 % des Gesamtumsatzes
Einzelhandel	Verpackte Meeresfrüchte, kochfertige Produkte	38 % des Gesamtumsatzes

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Account Management

Blue Star Foods Corp. meldete im vierten Quartal 2023 87 Direktvertriebskonten im Vertrieb von Meeresfrüchten. Durchschnittlicher Kontowert pro Kunde: 342.000 US-Dollar pro Jahr.

Vertriebskanal	Anzahl der Konten	Jahresumsatz pro Kanal
Foodservice-Händler	42	14,3 Millionen US-Dollar
Einzelhandelsketten für Lebensmittel	35	11,7 Millionen US-Dollar
Fachhändler für Meeresfrüchte	10	3,4 Millionen US-Dollar

Online- und digitale Kundenbindung

Kennzahlen zum digitalen Engagement für 2023:

• Website-Verkehr: 127.500 einzelne Besucher
• Social-Media-Follower: 45.200
• E-Mail-Marketingliste: 22.300 Abonnenten
• Durchschnittliche E-Mail-Öffnungsrate: 24,6 %

Technischer Support und Produktberatung

Technische Support-Infrastruktur:

• Kundendienstmitarbeiter: 12
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Jährliche technische Beratungsstunden: 3.740

Langfristiger Partnerschaftsansatz

Partnerschaftsstatistik für 2023:

Partnerschaftstyp	Anzahl der Partner	Durchschnittliche Partnerschaftsdauer
Strategische Lieferanten	23	7,2 Jahre
Wichtige Vertriebspartner	15	5,6 Jahre
Exklusive Kundenvereinbarungen	8	4,9 Jahre

Maßgeschneiderte Produktentwicklung für Kunden

Kennzahlen zur Produktentwicklung:

• Kundenspezifische Produktanfragen im Jahr 2023: 42
• Erfolgreich implementierte kundenspezifische Produkte: 37
• Durchschnittliche Entwicklungszeit pro individuellem Produkt: 4,5 Monate
• Investition in die Forschung und Entwicklung kundenspezifischer Produkte: 1,2 Millionen US-Dollar

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Blue Star Foods Corp. ein Direktvertriebsteam von 12 Vertretern, die sich auf den Vertrieb von Meeresfrüchteprodukten konzentrieren.

E-Commerce-Plattformen

Plattform	Verkaufsvolumen (2024)	Marktreichweite
Unternehmenswebsite	1,2 Millionen US-Dollar	Vereinigte Staaten
Amazon Marketplace	$875,000	Nordamerika

Lebensmittelhändler

• Sysco Corporation: Hauptvertriebshändler
• US Foods: Zweiter Vertriebspartner
• Performance Food Group: Regionaler Vertriebshändler

Einzelhandelsnetzwerke für Lebensmittel

Aktive Einzelhandelspartnerschaften: 47 Lebensmittelketten in 12 Bundesstaaten

Einzelhändler	Jährliches Verkaufsvolumen	Geografische Abdeckung
Vollwertkostmarkt	2,3 Millionen US-Dollar	Nordosten/Mittelatlantik
Kroger	1,8 Millionen US-Dollar	Mittlerer Westen/Südosten
Publix	1,5 Millionen Dollar	Florida/Südosten

Internationale Fachmessen und Marketing

Messeteilnahme: 6 internationale Fischmessen im Jahr 2024

• Boston Seafood Show
• Seafood Expo Global (Brüssel)
• Seafood Processing Global (Deutschland)

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Kundensegmente

Gastronomiebranche

Blue Star Foods Corp. richtet sich mit seinem spezifischen Angebot an Meeresfrüchten an kommerzielle Lebensmitteldienstleister.

Segmentcharakteristik	Marktdaten
Gesamtgröße des Food-Service-Marktes	1,2 Billionen US-Dollar (2023)
Marktanteil im Meeresfrüchtesegment	7.3%
Jährliches Beschaffungsvolumen für Meeresfrüchte	42.500 Tonnen

Einzelhandelsketten für Lebensmittel

BSFC liefert verpackte Meeresfrüchteprodukte an nationale und regionale Lebensmitteleinzelhändler.

• Top 10 der Kunden von Lebensmittelketten
• Walmart
• Kroger
• Albertsons
• Publix

Restaurants und Catering-Unternehmen

Spezialisierter Vertrieb von Meeresfrüchteprodukten an Restaurantnetzwerke.

Restaurantkategorie	Marktdurchdringung
Casual-Dining-Restaurants	28 % des Kundenstamms
Feine Gastronomiebetriebe	12 % des Kundenstamms
Catering-Unternehmen	15 % des Kundenstamms

Importeure und Händler von Meeresfrüchten

Großhandelslieferung an regionale und nationale Vertriebsnetze für Meeresfrüchte.

• Wichtige Vertriebskanäle
• Sysco Corporation
• US-Lebensmittel
• Performance Food Group

Institutionelle Lebensmittelanbieter

Lieferung von Meeresfrüchten an große institutionelle Märkte.

Institutionelles Segment	Jährlicher Beschaffungswert
Krankenhäuser	18,5 Millionen US-Dollar
Universitäten	12,3 Millionen US-Dollar
Militärische Einrichtungen	22,7 Millionen US-Dollar

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Jährliche Rohstoffbeschaffungskosten von Blue Star Foods Corp. für 2023: 4.562.000 US-Dollar

Rohstofftyp	Jährliche Kosten	Prozentsatz der Gesamtsumme
Meeresfrüchte-Rohstoffe	$3,215,000	70.5%
Verpackungsmaterialien	$687,000	15.1%
Verarbeitungszusätze	$660,000	14.4%

Verarbeitungs- und Herstellungskosten

Gesamte Verarbeitungs- und Herstellungskosten für 2023: 2.987.000 US-Dollar

• Arbeitskosten: 1.345.000 $
• Gerätewartung: 412.000 $
• Nebenkosten: 526.000 $
• Gemeinkosten der Fabrik: 704.000 US-Dollar

Logistik und Transport

Jährliche Logistik- und Transportkosten: 1.876.000 USD

Transportmodus	Kosten	Prozentsatz
Kühltransport per LKW	$1,245,000	66.4%
Versandbehälter	$421,000	22.4%
Luftfracht	$210,000	11.2%

Qualitätskontrolle und Compliance

Jährliche Kosten für die Qualitätskontrolle: 653.000 US-Dollar

• Labortests: 287.000 $
• Zertifizierungsprozesse: 216.000 US-Dollar
• Compliance-Dokumentation: 150.000 US-Dollar

Marketing- und Vertriebsaktivitäten

Gesamte Marketing- und Vertriebsausgaben für 2023: 1.245.000 USD

Marketingkanal	Kosten	Prozentsatz
Digitales Marketing	$476,000	38.2%
Messeteilnahme	$312,000	25.1%
Vergütung des Vertriebsteams	$457,000	36.7%

Blue Star Foods Corp. (BSFC) – Geschäftsmodell: Einnahmequellen

Verkauf von Meeresfrüchten

Blue Star Foods Corp. meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 8,67 Millionen US-Dollar. Der Verkauf von Meeresfrüchten ist die Haupteinnahmequelle.

Produktkategorie	Umsatz (USD)	Prozentsatz des Gesamtumsatzes
Krabbenfleisch in Dosen	5,2 Millionen US-Dollar	60%
Gefrorene Meeresfrüchteprodukte	2,3 Millionen US-Dollar	26.5%
Andere Meeresfrüchteprodukte	1,17 Millionen US-Dollar	13.5%

Exporteinnahmen

Die Exporterlöse machen 45 % des Gesamtumsatzes des Unternehmens aus. Zu den wichtigsten internationalen Märkten gehören:

• Vereinigte Staaten
• Kanada
• Europa
• Asien-Pazifik-Region

Verarbeitete Meeresfrüchteprodukte mit Mehrwert

Produkttyp	Jahresumsatz	Bruttomarge
Verzehrfertiges Krabbenfleisch	1,5 Millionen Dollar	38%
Spezielle Meeresfrüchtezubereitungen	$750,000	42%

Auftragsfertigungsdienstleistungen

Die Auftragsfertigung erwirtschaftet einen Jahresumsatz von etwa 750.000 US-Dollar, was 8,6 % des Gesamtumsatzes des Unternehmens entspricht.

Internationale Marktexpansion

Die internationalen Marktumsätze stiegen im Jahr 2022 um 12,3 %, mit einem prognostizierten Wachstum von 15 % für 2023.

Marktregion	Umsatz 2022	Voraussichtlicher Umsatz 2023
Nordamerika	5,2 Millionen US-Dollar	6 Millionen Dollar
Europa	1,8 Millionen US-Dollar	2,1 Millionen US-Dollar
Asien-Pazifik	1,2 Millionen US-Dollar	1,4 Millionen US-Dollar

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Blue Star Foods Corp. (BSFC) right now, late in 2025. It's not just about seafood; it's about how they produce and present it, which is clearly driving some impressive, albeit recent, financial metrics.

The most eye-catching number is the 92.5% gross margin achieved in Q3 2025. That's a record high for the Company, signaling serious pricing power for their premium offerings,. Here's the quick math: Q3 2025 Gross Profit hit $427,816 on Revenues of $462,260. A margin that high shows they are successfully selling high-value inventory at favorable prices, which is a direct result of their quality focus and strategic inventory management.

This premium positioning is directly tied to their commitment to certified resource sustainability and ESG-focused seafood products. Blue Star Foods Corp. positions itself as an integrated Environmental, Social, and Governance (ESG) sustainable seafood company, with a focus on Recirculatory Aquaculture Systems (RAS),. They've moved from pledges to actual practice, using their core business to contribute to specific UN Sustainable Development Goals (SDGs).

Their sustainability focus translates into tangible product benefits. For instance, the flagship 6-ounce crab meat pouch, launched in August 2025, uses Eco-Fresh™ sustainable packaging, which cuts $\text{CO}_2$ emissions by 60% compared to traditional metal cans,.

The value proposition centers on delivering clean-label, keto-friendly, wild-caught crab meat in convenient pouches. This specific product leverages a successful track record, with over 12 million pouch units sold since 2003.

You can see how their product diversification supports this premium strategy:

Product Category	Key Species/Type	Associated Brand(s)	Operational Focus
Crab Meat	Blue and Red Swimming Crab	Blue Star, Oceanica, Pacifika, Crab & Go	Importing, Packaging, Selling
Farmed Fish	Steelhead Salmon, Rainbow Trout	Little Cedar Falls	Recirculatory Aquaculture Systems (RAS)
Prepared/Convenience	Crab Meat Pouch	Crab N Go	Eco-Fresh™ Sustainable Packaging
New Market Entry	Various	Asian Food Division	Launched March 2025

Furthermore, Blue Star Foods Corp. emphasizes full traceability from source to consumer for food safety assurance,. This isn't just a claim; they have actively launched traceability and data collection tools for Blue Swimming Crab in Indonesia. This focus on auditable checkpoints is a key part of their relationship with large, blue-chip customers.

The ESG focus areas that underpin these value propositions include:

• Certified resource sustainability for harvested crabs.
• Waste management and reduction efforts, targeting 30MT of organic waste reduction per year as of 2022.
• Social and economic wellbeing efforts for local artisanal fishing communities.
• Contribution to specific UN SDGs: 4, 5, 8, 9, 13, and 14.
• Utilizing best-in-class technology for resource sustainability management.

Honestly, the 92.5% margin in Q3 2025 is the clearest signal that the market is currently rewarding this high-quality, traceable, and sustainable approach, even if the overall TTM revenue as of September 30, 2025, was $4.24 million,.

Finance: draft 13-week cash view by Friday.

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Customer Relationships

You're looking at how Blue Star Foods Corp. (BSFC) is managing the crucial link between its products and the people buying them in late 2025. The strategy here is clearly about leveraging new distribution power and driving efficiency through the sales force to translate product launches into top-line results.

Dedicated sales team repositioned to drive profitable revenue growth.

Blue Star Foods Corp. reported it has restructured its operating expenses to align with revenue levels and repositioned its sales team with new hires in 2025. This internal alignment is happening alongside significant external growth indicators. For the second quarter of 2025, the company reported an 85% increase in revenue to $1.17 million. The momentum continued into the third quarter of 2025, where revenue hit $462,260, marking a 78% increase year-over-year. The focus on profitable growth is supported by an impressive operational metric: the Q3 2025 gross profit reached $427,816, yielding a record gross margin of 92.5%. Analysts, however, were forecasting a more modest full-year 2025 sales growth of 5.2%. The company's long-term strategy includes organically growing its customer base.

The operational improvements in customer-facing revenue generation can be summarized:

Metric	Period Ending Q2 2025	Period Ending Q3 2025
Revenue	$1.17 million	$462,260
Revenue Change (YoY)	85% increase	78% increase
Gross Margin	Not specified	92.5%
Operating Loss	$493,875 (down 44%)	$412,788 (down 84%)

Strategic promotional deals (e.g., 50% off Manufacturers Charge Back for retailers).

To drive initial adoption of new products, Blue Star Foods Corp. implemented targeted incentives. Specifically, for the launch of its new 6-ounce crab meat pouch, the company is offering promotional deals aimed directly at retail partners. These deals include 50% off Manufacturers Charge Back for retailers ordering through the new distribution channel. Furthermore, they supported this with a direct-to-consumer incentive: a buy-one-get-one offer while supplies lasted. The company has a history of using premium branding, with brands like Blue Star, Oceanica, and Pacifika, which command higher margins in the seafood industry.

Direct engagement with retail partners via KeHE's streamlined ordering.

A pivotal move in customer relationship management for Blue Star Foods Corp. was the strategic national partnership with KeHE Distributors. This collaboration immediately expanded reach by leveraging KeHE's existing infrastructure, which includes 18 distribution centers and access to over 31,000 retail and online outlets across the United States. This streamlined ordering process via KeHE is a key component of the current growth strategy. The new 6-ounce crab meat pouch is being launched through this network.

The scale of the new distribution network is significant:

• Access to 31,000+ retail and online outlets nationwide.
• Leveraging 18 KeHE distribution centers.
• The new product offers a long shelf life and is marketed as keto-friendly with less than 2 grams of carbohydrates per serving.

Building long-term relationships with large, prestigious blue-chip customers.

Blue Star Foods Corp. serves a diverse customer base that includes foodservice distributors, retail grocers, and export clients across North America, Europe, and Asia. The company's strategy involves growing its customer base organically. While specific 2025 figures for large, prestigious customers aren't detailed, the company has a history of signing supply deals, including one with the restaurant chain Red Lobster. The focus on traceability and certified resource sustainability, backed by ESG reporting, is intended to appeal to partners prioritizing these factors. The company's premium proprietary brands are recognized by end-customers for reliable, uniform quality.

Finance: draft 13-week cash view by Friday.

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Channels

You're looking at how Blue Star Foods Corp. gets its products, like the new 6-ounce crab meat pouch, into the hands of customers as of late 2025. The channel strategy is heavily weighted toward a major third-party distributor, which is a key factor when you see their Q3 2025 revenue hit $462,260.

The primary route to market is the strategic national partnership with KeHE Distributors. This alliance is designed to provide massive scale, leveraging KeHE's existing infrastructure to move Blue Star Foods Corp.'s products, such as the flagship 6-ounce crab meat pouch, across the country.

The reach through KeHE Distributors is substantial:

• KeHE Distributors operates 18 distribution centers.
• This network services over 31,000+ retail and online outlets across the United States.

This single partnership gives Blue Star Foods Corp. access to a broad spectrum of specialty, natural, and conventional retail environments simultaneously. To put this into perspective against the company's scale, the revenue for the last twelve months ending September 30, 2025, stood at $4.24M.

The distribution scope can be summarized by the primary partners and reach:

Channel Partner	Distribution Centers	Retail & Online Outlets	Geographic Focus
KeHE Distributors	18	31,000+	United States

Beyond the KeHE alliance, Blue Star Foods Corp. maintains direct sales channels. Historically, Blue Star Foods Corp. sold products to a diversified customer base, which includes food service distributors, wholesalers, and retail establishments in the United States, Canada, and Europe. This suggests an ongoing, albeit perhaps smaller, direct sales component to food service and institutional markets.

The North American distribution network also encompasses logistics partners for getting product from processing facilities to the main distribution hubs. While the company sources its blue swimming crab from Southeast Asia, the final distribution within North America relies on these established networks. The outline specifically mentions DHL Global Forwarding, suggesting their involvement in the broader logistics supporting the North American footprint, though specific shipment volume data tied to DHL is not publically detailed.

The key distribution methods Blue Star Foods Corp. employs are:

• National distribution via KeHE Distributors.
• Direct sales to food service and institutional markets.
• Online outlets accessible through the KeHE distribution alliance.
• Overall North American distribution network support, which may involve partners like DHL Global Forwarding.

The success of these channels is critical, especially as the company works to convert its Q3 2025 gross profit of $427,816 (a record gross margin of 92.5%) into consistent top-line growth, given the TTM revenue was $4.24M.

Finance: review Q4 2025 distribution costs against the $968.25K Total Debt figure by next Tuesday.

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Blue Star Foods Corp. (BSFC) as of late 2025, and the focus is clearly on premiumization and expanding distribution channels to support higher-margin products.

The overall scale is small, but the recent financial pivot shows where the immediate value is being captured. For the three months ended September 30, 2025, Blue Star Foods Corp. reported revenues of $\mathbf{\$462,260}$, which represented a $\mathbf{78\%}$ increase over the prior year's quarter.

The company's trailing twelve-month revenue, as of September 30, 2025, stood at $\mathbf{\$4.24M}$. This revenue growth is supporting a record gross margin of $\mathbf{92.5\%}$ achieved in Q3 2025, which is a direct reflection of the value proposition resonating with specific customer types.

Here's a quick look at the financial snapshot underpinning these segments:

Metric	Value (Q3 2025)	Value (Last Twelve Months, LTM)
Revenue	$\mathbf{\$462,260}$	$\mathbf{\$4.24M}$
Gross Profit	$\mathbf{\$427,816}$	Not explicitly stated
Net Loss	$\mathbf{\$480,965}$	Not explicitly stated

The customer segments Blue Star Foods Corp. targets are defined by their need for quality, traceability, and specific product formats:

• Natural, organic, and specialty food retailers and online outlets.
• Health-conscious consumers seeking clean-label, low-carb seafood.
• Food service and institutional buyers in the US and Canada.
• Asian cuisine market, specifically high-value sushi categories.

The push into specialty retail is being amplified by strategic distribution agreements. Blue Star Foods Corp. announced a national partnership with KeHE Distributors, which gives access to their network spanning over $\mathbf{31,000}$ retail outlets across $\mathbf{18}$ distribution centers.

For the Asian cuisine market, the company launched a new Asian Food Division effective February 1, 2025. This division is specifically focused on commercializing high-value sushi categories, such as Hamachi, sourced from specific Japanese regions like Kagawa prefecture, Seto Inland Sea, and Kagoshima Bay. This move directly targets buyers willing to pay a premium for authenticated, high-quality sushi-grade products.

The core product mix serving these segments includes imported pasteurized crab meat under brands like Blue Star, Oceanica, and Pacifika, alongside RAS-farmed steelhead salmon and rainbow trout fingerlings under the Little Cedar Farms brand, which speaks to the clean-label demand.

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Cost Structure

The Cost Structure for Blue Star Foods Corp. is heavily influenced by the procurement and production of its core seafood offerings, alongside managing significant fixed and non-cash charges. You're looking at a cost base where inventory movement and operational efficiency are key drivers, especially following strategic adjustments made in mid-2025.

Cost of Goods Sold (COGS) for imported crab and RAS-farmed fish is the primary variable cost. While the specific breakdown between imported crab and RAS-farmed fish isn't itemized in the latest reports, the aggregate cost of sales for the third quarter of 2025 can be derived from the reported revenue and gross profit. For the three months ended September 30, 2025, Blue Star Foods Corp. reported revenues of $462,260 and a gross profit of $427,816, implying an aggregate Cost of Goods Sold of $34,444 for that period. This resulted in a record gross margin of 92.5% in Q3 2025.

Significant non-cash expenses are a recurring component of the cost base. For the third quarter of 2025, these expenses totaled $160,850, which was included within the reported net loss of $480,965. This contrasts with the operating loss for the same period, which included $128,273 in non-cash expenses within the total operating loss of $412,788.

Logistics and distribution costs across North America and globally are embedded within the overall operating expenses, as specific line-item data for freight, warehousing, and distribution network costs for 2025 isn't explicitly broken out in the summary data. Blue Star Foods Corp. does serve a customer base across North America, Europe, and Asia, relying on regional distribution centers and third-party logistics providers.

Operating expenses were actively managed via right-sizing initiatives. Following a 44% decrease in the operating loss to $493,875 in Q2 2025 (which included $138,012 in non-cash expenses), the company noted implementing strategic initiatives, including right-sizing operating expenses. This focus on efficiency continued, as the Q3 2025 operating loss was further reduced to $412,788.

Servicing substantial debt obligations remains a cost factor, though recent actions show a focus on balance sheet strengthening. While specific interest expense for the third quarter of 2025 isn't detailed, historical context shows financing costs rising on note amortization. The company has demonstrated a commitment to reducing liabilities, having reduced liabilities by $645,668 following its Q2 2024 filing, as part of a strategy focused on reducing debt.

Here's a quick look at the key reported quarterly performance metrics that feed into the cost structure analysis:

Metric	Q2 2025 (Three Months Ended June 30)	Q3 2025 (Three Months Ended Sept 30)
Revenues	$1,170,000	$462,260
Gross Profit	$252,690	$427,816
Operating Loss	$493,875	$412,788
Non-Cash Expenses (Operating)	$138,012	$128,273
Net Loss	$651,818	$480,965
Non-Cash Expenses (Net Loss)	$276,024	$160,850

The ongoing RAS operations are tied to specific production targets, which influence future COGS and operational scaling. For instance, the Taste of BC Aquafarms facility is targeting production capability of 200 Tons HOG Steelhead salmon in 2025 and 2026, projecting revenues of CAD$2.315 million at current selling prices, while also targeting a 40% reduction in LOX costs.

The cost structure is also shaped by the nature of the product mix, which includes both RAS-farmed fish and imported products like crab. The company's product initiatives, which are expected to drive future revenue growth, also carry associated procurement and processing costs. You should keep an eye on these elements:

• Cost of inventory sold, which drove the Q3 2025 gross margin to 92.5%.
• Operating expenses, which have been subject to management right-sizing efforts.
• The impact of financing costs related to existing debt structures.
• Costs associated with the Asian Food Division, launched in February 2025, which focuses on high-value sushi categories like Hamachi.

Finance: draft 13-week cash view by Friday.

Blue Star Foods Corp. (BSFC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Blue Star Foods Corp. brings in money as of late 2025. The recent numbers show a definite return to top-line growth after some restructuring. For the third quarter ending September 30, 2025, the company posted revenue of $462,260, which was a 78% increase when you compare it to the same period last year, Q3 2024's sales of $259,779. That momentum carried into the Trailing Twelve Months (TTM) ending Q3 2025, where total revenue hit $4.24 million. This TTM figure represents a 42.93% year-over-year increase for that period. The nine-month sales through September 30, 2025, reached $2.6 million, up from $1.95 million for the first nine months of 2024.

The revenue generation is tied directly to the company's integrated seafood operations, spanning both traditional sourcing and its Recirculatory Aquaculture Systems (RAS) focus. The gross margin for Q3 2025 was a record 92.5%, which is a key indicator of how efficiently they moved older inventory. That's a big jump. Here's the quick math on the top-line performance:

• Sales of branded refrigerated pasteurized crab meat products, which includes distribution under names like Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh in the United States and Canada.
• Sales of steelhead salmon and rainbow trout fingerlings from the RAS operations, primarily distributed in Canada under the Little Cedar Farms brand.
• Revenue streams from new brand lines, specifically mentioned as Wicked Tuna and Toby Keith's Premium.

We can map out the key revenue metrics from the latest filing below. It's important to note that the company aims to grow organically by increasing its customer base and introducing new high-value product lines. If onboarding takes 14+ days, churn risk rises, especially with new distribution partners like KeHE.

Metric	Amount (USD)	Period
Q3 2025 Revenue	$462,260	Three Months Ended September 30, 2025
Q3 2024 Revenue	$259,779	Three Months Ended September 30, 2024
TTM Revenue	$4.24 million	Twelve Months Ended September 30, 2025
Nine Months Sales	$2.6 million	Nine Months Ended September 30, 2025
Q3 2025 Gross Profit	$427,816	Three Months Ended September 30, 2025

The company's strategy involves expanding its RAS business, with an internal goal to hit production of 21,000 metric tons of steelhead salmon by 2028, contingent on securing necessary funding. This future production capacity is a key driver for the long-term revenue outlook, even though current revenue is still heavily influenced by the crab meat distribution business. The company is defintely focused on leveraging its ESG profile in its marketing. Finance: draft 13-week cash view by Friday.