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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Clean Seas Seafood
Clean Seas Seafood (CSS) investor relations material
Clean Seas Seafood has been acquired
Clean Seas Seafood H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary26 Feb, 2025
Executive summary
Revenue declined 10.4% year-over-year to $30.5 million, with a statutory net loss after tax of $32.6 million, driven by higher-than-expected mortalities in the Year Class 24 fish cohort and significant asset impairments.
Realised price per kg increased 3% to $23.24, but production metrics deteriorated, with tonnes sold down 13% and harvest volumes down 45% compared to the prior period.
Operating cash flows improved to $5.7 million from a $2.7 million outflow, and free cash flows turned positive at $4.3 million, reflecting operational changes and reduced feed purchases.
Financial highlights
EBITDA loss widened to $30.1 million from $23.7 million year-over-year; EBIT loss increased to $32.2 million from $25.6 million.
Net tangible asset backing per share fell to $0.14 from $0.34.
No interim or final dividend declared.
Total assets dropped from $87.0 million at June 2024 to $49.5 million at December 2024, mainly due to lower biological assets, asset impairments, and inventory reductions.
Total liabilities decreased from $25.0 million to $20.1 million over the same period.
Outlook and guidance
Future underlying profits are expected to be materially higher in the second half due to seasonal fish growth patterns.
The company’s ability to continue as a going concern depends on the successful completion of the Yumbah merger proposal, additional funding, ongoing financier support, and operational improvements.
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Frequently asked questions
Clean Seas Seafood Limited is an Australian-based aquaculture company specializing in the breeding, farming, processing, and marketing of Yellowtail Kingfish, known as Hiramasa. The company focuses on two primary segments: Finfish Sales, involving the propagation, grow out, and sale of Yellowtail Kingfish, and Tuna Operations, which are dedicated to research and development activities related to Southern Bluefin Tuna. Its operations are centered in the Spencer Gulf of South Australia, where it runs its hatchery and farms. The company is headquartered in Port Lincoln, South Australia, and its shares are listed on the Australian Stock Exchange.