Seafarms Group (SFG ) H1 2025 earnings summary

Executive summary

• Interim loss of $6.7 million for H1 FY25, up 11.1% year-over-year, reflecting continued investment in Project Sea Dragon and reduced production in response to market conditions.

• Revenue fell 44.5% to $11.3 million compared to the prior period, driven by lower production and sales volumes.

• Export sales of tiger prawns increased significantly, with 131 tonnes exported in CY2024 versus 76 tonnes in CY2023.

• Sale of Farm 1 and Farm 2 became unconditional, with $7.56 million received and $5.94 million due on completion in April 2025.

Financial highlights

• Net loss for the half-year was $6,672,701, compared to $6,003,711 in the prior year.

• Revenue from ordinary activities was $11,269,858, down from $20,324,041 year-over-year.

• Net tangible assets per share declined to 0.17 cents from 0.31 cents at 31 December 2023.

• No dividends were paid or declared for the period.

• Cash and cash equivalents at period end were $3.18 million, up from $1.23 million at 30 June 2024.

Outlook and guidance

• Ongoing focus on securing full project financing for Project Sea Dragon before commencing further development.

• Continued development of export markets and engagement with potential investors.

• Settlement of Farm 1 and 2 sale expected to provide additional liquidity in April 2025.