1. To have no stock of a certain item or product because the last one has just been sold or used. I'm sorry, but it looks like we're fresh out of tangerines. They checked their inventory, but apparently they're fresh out of the blender that's on sale.

2. To have just completed a particular task or goal, often a level of education. This candidate is fresh out of college and has no teaching experience. I'm fresh out of swim practice, so I need to shower.