Steakholder Foods® Reports H1 2024 Financial Results and Provides Business Update
30 Agosto 2024 - 3:15PM
Steakholder Foods Ltd. (Nasdaq: STKH), a leading
innovator in alternative proteins and 3D printing technologies, is
pleased to provide a business update for the first half of 2024,
including a summary of its successful advancements in funding,
technological capabilities, commercialization and more. In
parallel, the company has reported its H1 2024 financial results.
Arik Kaufman, CEO of Steakholder Foods,
said: “Our transition from R&D to commercialization
this year, marked by four strategic deals secured in the first half
of 2024, represents a pivotal moment for our company. These deals
are validating our technology in the marketplace, with one set to
generate our first recurring revenue stream by late this year or
early next year. While initial revenue will be modest, it provides
crucial proof of concept of our recurring revenue business
model.”
Mr. Kaufman continued, “The expectation of
revenues did not interfere with the implementation of our fiscal
responsibility plan, following which expenses were reduced by more
than 50% in H1 2024, relative to the same period in 2023. Looking
ahead to 2025, we anticipate meaningful recurring revenue growth as
these deals mature and our innovative products gain market
traction. The success of these initial deals is already catalyzing
interest from other potential market participants. We’re
particularly excited about advanced discussions for a significant
international deal, which we aim to finalize by early 2025. This
commercialization phase validates our R&D efforts and positions
Steakholder Foods as a leader in the alternative protein
market."
H1 2024 and Up to Date Business
Highlights
Strategic Deals and
Collaborations:
Wyler Farm, a
leader in alternative protein production.
- In February 2024, Steakholder Foods
announced its inaugural commercial memorandum of understanding in
the private sector with Wyler Farm. The terms of the deal involve
Wyler Farm acquiring Steakholder Foods’ MX200 meat printer, along
with its SH™- Beef premix blends for plant-based meat
production.
- In May 2024, the company announced
a royalties and raw materials supply agreement with Wyler Farm
whereby Wyler Farm will manufacture alternative proteins on a
commercial scale using Steakholder Foods’ premixes and know-how, in
return for the payment of royalties from sales.
Industrial
Technology Research Institute (ITRI), a Taiwan-based world-leading
applied technology research institute.
- In May 2024, Steakholder Foods
announced a partnership agreement with ITRI to develop and
commercialize a wide range of food products utilizing Steakholder
Foods’ proprietary 3D printing technology and plant-based premixes
tailored specifically for Taiwanese cuisine. To accelerate
expansion across Taiwan, the partnership will focus on
commercializing Steakholder Foods' products through collaborations
with leading food companies in Taiwan. A key part of this strategy
will involve the sale of Steakholder Foods' commercial-scale 3D
printer and premixes to commercial partners.
Sherry
Herring, a gourmet fish delicacies brand.
- In June 2024, Steakholder
Foods announced the signing of an MOU to establish a strategic
partnership with Sherry Herring to unveil a new line of vegan fish
salads developed with the company’s proprietary SH™- Fish premix
blends. The collaboration will leverage Sherry Herring’s regional
expertise and brand recognition to expand Steakholder Foods’
geographic footprint and customer base, and further bolster
Steakholder Foods’ growing product portfolio. Capitalizing on
Sherry Herring’s well-established distribution network spanning
delis and restaurants, this new vegan fish salad line will roll out
to Sherry Herring’s current channels as well as new locations.
Premazon, a
renowned frozen foods manufacturer.
- In August 2024, Steakholder
Foods announced a strategic deal with Premazon to introduce a new
line of plant-based white fish kebabs, developed with the company’s
proprietary SH™- Fish premix blend and made commercially available
through Premazon’s manufacturing capabilities and distribution
network. Through this partnership, Premazon, known for its
high-quality frozen food products, will integrate Steakholder
Foods’ innovative SH™- Fish premix blend into a new plant-based
white fish kebab line. Premazon currently produces and distributes
its products across Israel, selling into hotels, restaurants,
catering services and other foodservice establishments. This
strategic partnership will leverage Premazon’s established
distribution network, introducing the new line of plant-based white
fish kebabs to these diverse channels in the Israeli market.
Funding:
Singapore-Israel Industrial R&D Foundation
(SIIRD).
- Following approval of a grant in
the amount of one million U.S. dollars from the Singapore-Israel
Industrial R&D Foundation, the Company received an initial
payment of USD 220,000 in March 2024, following its successful
production of 3-D printed hybrid fish using its proprietary Printer
HD144 and Drop Location in Space (DLS)™ printing technologies.
H1 2024 Financial Results
Summary:
- R&D expenses,
net, decreased by 54% from $3.6 million in H1 2023 to
$1.6 million in H1 2024. The decrease resulted mainly from the new
focus adopted by the Company on developing novel, proprietary
three-dimensional printers to print structured food, and the
receipt of non-dilutive grant funding for research and development.
Net of non-cashflow-affecting share-based payments, R&D
expenses were the primary source of Company expenses, forming 43%
of the Company’s expenses in H1 2024.
- Marketing expenses
decreased by 56% from $1.6 million in H1 2023 to $0.7 million in H1
2024. This reduction was primarily due to lower public relations
and manpower costs. Net of non-cashflow-affecting share-based
payments, marketing expenses formed 14% of the Company’s expenses
in H1 2024.
- General and administrative
expenses decreased by 9% from $2.2 million in H1 2023 to
$2.0 million in H1 2024. Net of non-cashflow-affecting share-based
payments, general and administrative expenses formed 42% of the
Company’s expenses in H1 2024.
- Net
loss decreased by 53% from $9.5 million in H1 2023 to
$4.4 million in H1 2024. The decrease was primarily driven by a
reduction in research and development expenses and marketing
expenses. The loss per American Depositary Share in H1 2024 was
$1.10 per ADS, compared to $4.00 per ADS in H1 2023.
- Cash
flow used in operating activities was $4.4 million in
H1 2024, compared to $7.5 million in H1 2023.
- Cash and
equivalents as of June 30, 2024, were $5.4 million,
compared to $4.2 million as of year-end 2023.
- Non-current
assets as of June 30, 2024, amounted to $5.8 million,
unchanged from year-end 2023.
- Total
assets stood at $12.1 million as of June 30, 2024,
compared to $10.8 million as of year-end 2023.
- Total
capital stood at $7.7 million as of June 30, 2024,
compared to $5.8 million as of year-end 2023.
Outlook:
- Looking ahead to the back half of
this year, the Company’s focus remains on securing additional
commercial deals, expanding its market reach, and launching more
product applications. The strategic deals and technological
advancements already achieved lay a solid foundation for the
Company’s future growth and commercialization efforts.
- As Steakholder Foods progresses
through the early stages of commercial operations and product
rollout, it anticipates modest initial revenue generation, which
may commence in late fiscal year 2024 or early fiscal year 2025.
Looking further ahead, the Company projects accelerated revenue
growth in fiscal year 2025, as its commercial activities expand and
its strategic agreements take full effect. The anticipated revenue
growth will come from two main sources: printers and service,
plant-based premixes for crafting edible products.
Conference Call Information
- The Company will host a conference
call on Thursday, September 5, 2024 at 8:30 am Eastern Time to
discuss financial results for the half-year ended June 30, 2024 and
provide a business update. Investors interested in participating in
the live call can dial (877) 407-3982 from the U.S. International
callers can dial (201) 493-6780. A telephone replay will be
available approximately two hours after the call concludes and will
be available through Thursday, September 19, 2024, by dialing (844)
512-2921 from the U.S., or (412) 317-6671 from international
locations; passcode is 13747922. The webcast will be archived for
30 days on the Investor Relations section of the Company's website
at
https://www.steakholderfoods.com/investors/investor-relations.
About Steakholder Foods
Steakholder Foods is at the forefront of
transforming the alternative protein industries through its
advanced technology. Founded in 2019, Steakholder Foods specializes
in developing and selling 3D-printing production machines,
supported by proprietary premix blends, formulated from the
highest-quality raw ingredients. These innovative tools are
designed to help manufacturers of all sizes efficiently produce
foods that meet and exceed consumer expectations for taste,
texture, and appearance and offer a safe and sustainable
alternative to industrialized meat and seafood production.
Steakholder Foods’ expertise in creating
alternative proteins products that replicate the complex textures
of traditional meats such as beef steaks, white fish, shrimp, and
eel. The company is also exploring the integration of cultivated
cells, preparing for future advancements in food technology.
For more information, please visit:
https://steakholderfoods.com
Forward-Looking Statements
This press release contains forward-looking
statements concerning Steakholder Foods’ business, operations and
financial performance and condition as well as plans, objectives,
and expectations for Steakholder Foods’ business operations and
financial performance and condition. Any statements that are not
historical facts may be deemed to be forward-looking statements.
Forward-looking statements reflect Steakholder Foods’ current views
with respect to future events and are based on assumptions and
subject to known and unknown risks and uncertainties, which change
over time, and other factors that may cause Steakholder Foods’
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as “may,” “could,” “should,” “will,” “would,”
“believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,”
“plan” or words or phases of similar meaning and include, without
limitation, Steakholder Foods’ expectations regarding the success
of the technologies which it is developing, which may require
significant additional work before Steakholder Foods can
potentially launch commercial sales; Steakholder Foods’ research
and development activities associated with printing technologies,
including three-dimensional food printing, which involves a lengthy
and complex process; Steakholder Foods’ ability to obtain and
enforce its intellectual property rights and to operate its
business without infringing, misappropriating, or otherwise
violating the intellectual property rights and proprietary
technology of third parties; and other risks and uncertainties,
including those identified in Steakholder Foods’ Annual Report on
Form 20-F for the fiscal year ended December 31, 2023, filed with
the Securities and Exchange Commission on April 30, 2024. New risks
and uncertainties may emerge from time to time, and it is not
possible for Steakholder Foods to predict their occurrence or how
they will affect Steakholder Foods. If one or more of the factors
affecting Steakholder Foods’ forward-looking information and
statements proves incorrect, then Steakholder Foods’ actual
results, performance or achievements could differ materially from
those expressed in, or implied by, forward-looking information and
statements contained in this press release. Therefore, Steakholder
Foods cautions you not to place undue reliance on its
forward-looking information and statements. Steakholder Foods
disclaims any duty to revise or update the forward-looking
statements, whether written or oral, to reflect actual results or
changes in the factors affecting the forward-looking statements,
except as specifically required by law.
Press Contact: |
Investor Contacts: |
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Maissa Dauriac Rainier Communications
mdauriac@rainierco.com Tel:
+1-818-642-5257 |
Steakholder Foods
Investors@steakholderfoods.com |
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Steakholder Foods (NASDAQ:STKH)
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