Solar Foods (SFOODS) H2 2025 earnings summary

Executive summary

• 2025 marked a pivotal shift to commercial operations, with first U.S. supply agreements, initial product deliveries, and strategic partnerships, including GEA for Factory 02 scaling.

• Factory 01 achieved all productivity and energy efficiency targets, confirming 100-fold scaling of production technology.

• Factory 02 project was initiated in Lappeenranta, Finland, with phased investment, pre-engineering, and strategic partners.

• Organization and management were restructured to accelerate go-to-market and support Factory 02 development.

• Signed five contracts and several LOIs/MOUs for Solein commercialization, targeting Health & Performance Nutrition markets.

Financial highlights

• Revenue for 2025 was EUR 0.1 million, reflecting initial commercialization.

• Operating loss increased to EUR 10.4 million, mainly due to expanded operations and recruitment.

• Net loss for the period was EUR 11.5 million; loss per share EUR -0.47.

• Cash and cash equivalents at year-end were EUR 8.0 million, with net cash flow for the year at EUR -5.4 million.

• Equity ratio declined to 37%, net gearing rose to 77%, and order book at year-end was EUR 1.5 million.

Outlook and guidance

• Focus on scaling production, with Factory 02 targeting 6.4 kilotons capacity and investment decision preparation.

• Regulatory approvals in Europe and the U.K. expected in 2026; U.S. commercialization ongoing.

• Strategy prioritizes rapid market entry with health and performance brands and long-term CPG partnerships.

• Management expects sufficient financial resources for 2026 after EUR 25 million equity raise.

• Anticipation of further commercialization milestones and new contracts in 2026.