Barfresh Food Group Inc.

Good afternoon, everyone, and thank you for participating on today's second quarter 2022 corporate update call for Bar Fresh Food Group. Joining us today is Bar Fresh Food Group's founder and CEO, Ricardo Del Costa, and Bar Fresh Food Group's CFO, Lisa Roger. Following prepared remarks, we will open the call for your question. The discussion today will include forward-looking statements. Except for historical information herein, matters set forth on this call are forward-looking within the meeting, of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the company's commercial progress, success of its strategic relationship, and projections of future financial performance. These forward-looking statements are identified by the use of words such as grow, expand, anticipate, intend, estimate, believe, expect, plan, should, hypothetical, potential forecast and project, continue, could, may, predict, and will, and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements other than the statements of historical fact that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments, and other factors that the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of the company. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date they are made. The contents of this call should be considered in conjunction with the company's recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K and the quarterly reports on Form 10-Q and current reports on Form 8-K including any warnings, risk factors, and cautionary statements contained therein. Furthermore, the company expressly disclaims any current intention to update publicly any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions, or otherwise. In order to aid in the understanding of the company's business performance, the company is also presenting certain non-GAAP measures including adjusted EBITDA, which are reconciled in the table in the business update release to the most comparable gap measures. The reconciling items are non-operational or non-cash costs, including stock compensation, stock issued for services, and gain or loss on the sale of derivatives and other non-recurring costs, such as those associated with the company's recent NASDAQ uplist. Management believes that adjusted EBITDA provides useful information to the investor because it is directly reflective of the period-to-period performance of the company's core business. Now I'd like to turn the call over to the CEO of Barfresh Food Group, Mr. Ricardo Del Costa.

Please go ahead, sir.

Good afternoon, everyone, and thank you for joining us for our second quarter 2022 earnings call. I'm very pleased with the first half of this fiscal year. Revenue in the second quarter increased 115% year over year to 2.8 million despite continued supply chain issues as well as significant cost pressures impacting our ability to fulfill all immediate orders. Our revenue growth was driven by continued success in the education channel with our Twist and Go products and also by an uptick in our single serve and bulk products as we entered into the summer selling season. We have continued to expand our footprint with new school locations as we tackle the massive opportunity in the United States with over 98,000 schools and 14,000 school districts. The growth in single serve and bulk was from our military, amusement park and restaurant clients and offset the seasonal slowdown in the education channel. The reintroduction of single serve and bulk is a high margin business enabling us to offset some of the inflationary pressures we and our industry continue to face. We also raised prices in order to offset a portion of the inflationary pressures and began implementing price increases across all product offerings at the end of the first quarter. These are now fully implemented as we enter the third quarter. Additionally, we have been expanding our customer base in all channels, including the education channel, driven by strong product adoption and increased size of our sales team and administrative support. We are now well positioned to drive efficiencies in the back half of 2022, and believe the expected increase in revenue will enable us to significantly improve gross and operating margins. In addition, we recently entered into a strategic manufacturing agreement that will enable us to expand our production capabilities in a phased approach positioning us to properly partner with larger school districts and improve cost efficiencies beginning in the back half of this year. Once fully implemented Our production capacity will more than triple our current outsource capacity. We believe the back half of this year is going to generate meaningful sequential top line growth and improvements in our gross and operating margins as we better leverage our recently added infrastructure and all other efficiency improvements. I'll now turn the call over to our CFO, Lisa Roger, to talk about the second quarter results in more detail. Lisa?