Solar Foods (SFOODS) H2 2024 earnings summary

Executive summary

• Factory 01 began operations in April 2024, marking a key milestone in scaling production of Solein, a novel protein ingredient, and enabling commercial activities in the U.S. after regulatory approval.

• Achieved Nasdaq First North listing, U.S. GRAS status for Solein, and commercial launches in Singapore and the U.S.

• Significant management changes, including new CEO Rami Jokela and expanded leadership team.

• Reviewed strategy for 2025–2030 focuses on Health & Performance Nutrition, higher price points, and capacity expansion.

Financial highlights

• Operating loss for July–December 2024 was EUR 4.6 million, higher than the previous period due to increased OpEx from Factory 01 and listing costs.

• Full-year operating loss was EUR 8.9 million (EUR 6.8 million in 2023); net loss for the year was EUR 11.0 million (EUR 9.0 million).

• Cash and cash equivalents at year-end were EUR 13.4 million (EUR 16.4 million prior year); equity ratio 50% (48%).

• Investments totaled EUR 9.1 million, mainly in development and Factory 01.

• Personnel increased to 53 from 31 year-over-year, reflecting scaling operations.

Outlook and guidance

• Focus on U.S. Health & Performance Nutrition segment, concept sales model, and higher product pricing.

• Factory 01 capacity to expand from 160 to 230 tons by 2026; phased investment plan for Factory 02 underway.

• Positive EBITDA targeted by 2030, driven by higher prices, new markets, and productivity gains.

• Initial revenue expected in 2025–26 with U.S. go-to-market from Factory 01.

• Financing estimated to cover business needs for at least 12 months, subject to liquidity forecasts.