Miami-based Blue Star Foods saw revenue sink by 40.8 percent to $14.1 million (€11.8 million) in 2020, the result of a sharp decline in volume sales from COVID-related shutdowns, and warned its losses put the company's future in doubt.

The company reported that gross profit was slashed in half to nearly $1.5 million (€1.2 million), due to lower volumes and sales prices, combined with higher inventory costs.

The losses have put the company under financial strain, it said, leaving it with "a net capital deficiency that raises substantial doubt about its ability to continue as a going concern."