Seafarms Group (SFG ) H2 2024 earnings summary

Executive summary

• Continued investment in Project Sea Dragon and aquaculture operations, with progress in breeding and international market development, but legal and financing challenges persist.

• Group produced 1,118 tonnes of prawns in FY2024, down from 1,260 tonnes in FY2023, reflecting weaker market conditions and cost pressures.

• Sale of Farms 1 and 2 agreed, with settlement in April 2025, to release capital for further investment in Project Sea Dragon.

• Net loss after tax increased to $19.3 million (FY2023: $15.4 million), with revenue stable at $25.5 million.

Financial highlights

• Revenue: $25.5 million, slightly down from $26.0 million in FY2023.

• Net loss after tax: $19.3 million, up from $15.4 million loss in FY2023.

• Cash and cash equivalents at year-end: $1.2 million (FY2023: $8.5 million).

• Net cash outflow from operating activities: $9.8 million (FY2023: $23.4 million).

• Basic and diluted loss per share: (0.40) cents (unchanged from FY2023).

Outlook and guidance

• Strategic focus remains on developing Project Sea Dragon as a scalable integrated prawn aquaculture project.

• Sale of Farms 1 and 2 to provide capital for Project Sea Dragon; legal resolution and project financing are key to future progress.

• Directors believe sufficient funds will be available for at least 12 months, but material uncertainty exists if initiatives are unsuccessful.