Seafarms Group (SFG ) H1 2026 earnings summary

Executive summary

• Net loss after tax for the half-year ended 31 December 2025 was $7.1 million, compared to $6.7 million in the prior corresponding period, reflecting ongoing investment in Project Sea Dragon Shrimp.

• Acquisition of all non-cash assets and undertakings of Project Sea Dragon Pty Limited (in liquidation) was completed for $750,000 plus GST, removing legal uncertainty and enabling pursuit of project funding.

• The company is actively seeking project financing and aims for a Final Investment Decision within the financial year.

Financial highlights

• Sales revenue for the half-year was $7.4 million, down from $11.3 million year-over-year, driven by domestic and export prawn sales and hatchery post larvae sales.

• Operating cash outflow was $8.2 million, with net cash used in investing activities of $0.9 million and net cash from financing activities of $8.3 million.

• Cash and cash equivalents at 31 December 2025 were $2.5 million, down from $3.3 million at 30 June 2025.

• Net assets turned negative to $(4.0) million from $3.1 million at 30 June 2025, with accumulated losses increasing to $319.2 million.

Outlook and guidance

• The company is focused on securing full project funding for Project Sea Dragon Shrimp before commencing development.

• Additional capital will be required to continue operations, with options including project funding, recovery of DOCA funds, equity raising, asset sales, or further borrowings.