Steakholder Foods Ltd. (Nasdaq: STKH), a leading player in the cultivated meat industry, has released its business update for the first half of 2023. The report highlights the company’s major strides in funding, commercialization, and technological advancements.
Multi-Million-Dollar Agreement and Funding
Steakholder Foods announced its first-ever multi-million-dollar commercial agreement with a GCC (Gulf Cooperation Council) governmental body in significant development. This landmark agreement is expected to involve substantial financial commitments and open up new market opportunities for the company. “Steakholder Foods is accelerating its path from R&D to commercialization,” said CEO Arik Kaufman.
The company also secured $12.5 million in two rounds of public offerings to further its development and commercialization efforts. The first round in January 2023 raised $6.5 million, followed by a $6 million round in July 2023.
Steakholder Foods achieved a world-first by 3D-bioprinting ready-to-cook cultivated fish, establishing itself as a pioneer in the alternative protein sector. The company also announced a significant upgrade to its 3D-bioprinting technology, enhancing production capabilities. The upgrade features faster printing speeds, increased reliability, and the ability to create more intricate designs.
Government and Industry Recognition
The company received high-profile validation from Israeli Prime Minister Benjamin Netanyahu, who visited Steakholder Foods to review its innovative technology. The Prime Minister tasted the company’s cultivated meat products and participated in a roundtable discussion with foodtech industry leaders, academics, and government representatives.
Financial Summary for H1 2023
- R&D expenses increased to $3.4 million, up from $3 million in H1 2022.
- Operating loss decreased to $6.8 million, compared to $8.2 million in the previous year.
- Continuing operations’ losses stood at $7.0 million, or $0.038 per ordinary share.
- Cash flow used in operating activities was $7.7 million.
- As of June 30, 2023, cash and equivalents were $3.9 million, rising to $9.4 million after the July 2023 capital raise.
- Non-current assets decreased to $6.3 million, primarily due to a reduction in the fair value of an asset deriving from a debt arrangement.
- Total assets were $10.8 million as of June 30, 2023, compared to $15.3 million at the end of 2022.
- Total capital stood at $0.7 million as of June 30, 2023, before the recent fundraising, compared to $7.9 million at the end of 2022.
Steakholder Foods Ltd. continues to progress significantly from a research and development-focused company to a commercial entity. With new funding, technological advancements, and high-profile endorsements, the company is well-positioned to lead the burgeoning cultivated meat industry.
Image provided by Steakholder Foods