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Clean Seas Seafood (CSS) investor relations material
Clean Seas Seafood H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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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