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01/11 03:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals financial strain with increased expenses and limited cash position, despite some revenue growth. Market competition poses challenges, and the Q&A highlights uncertainties in customer commitments and regulatory timelines. Although there are positive developments like USDA approval, the overall sentiment is cautious, with financial and operational risks overshadowing potential gains.
Normalized Revenues and Other Income Approximately $1.3 million, increased from nil year-over-year due to the consolidation of the soy protein ingredient business in April 2023.
Normalized Costs of Goods Sold Close to $1 million, increased from nil year-over-year, resulting in a gross margin of around 18%.
SG&A and R&D Expenses $2.3 million, increased from $1.4 million in Q3 2023, mainly due to non-cash items such as depreciation, amortization, equity incentives, and the consolidation of the soy ingredient business.
Operational Cash Flow Approximately $2.7 million, decreased from $4.2 million in Q3 2023, due to significantly lower cash payments associated with listing costs.
Cash Position Approximately $4.3 million as of Q3 2024, strengthened by approximately $2 million of additional funding received in April 2024 from the equity line of credit.
Piggy Sooy: Moolec achieved regulatory approval from USDA-APHIS for Piggy Sooy, allowing the company to ship products without individual permits. This platform technology enables high expression of animal meat proteins in soybeans.
GLASO: Moolec's gamma-linolenic acid safflower oil (GLASO) is in pre-commercialization stages, with trial production of 5 tons initiated and 600 acres contracted for production.
SPC2: Two U.S. patents granted for SPC2, extending protection of technology and processes until 2041.
Market Potential of Piggy Sooy: Piggy Sooy targets the $700 billion market of processed meat products, aiming to replace traditional soy protein ingredients with a more nutritious alternative.
Operational Cash Flow: Operational cash flow for Q3 2024 was approximately $2.7 million, a decrease from $4.2 million in Q3 2023.
Cash Position: Cash position as of Q3 2024 was approximately $4.3 million, bolstered by $2 million in funding from an equity line of credit.
Commercialization Timeline: Commercialization of Piggy Sooy is expected to begin in 2027-2028, following field trials and breeding strategies.
Regulatory Risks: The company faces inherent risks and uncertainties related to forward-looking statements, particularly in the context of regulatory approvals and compliance with USDA-APHIS regulations.
Supply Chain Challenges: Moolec's commercialization process for Piggy Sooy is projected to begin in 2027-2028, which may face supply chain challenges during the scaling up of production.
Competitive Pressures: The company operates in a highly competitive market, particularly in the $700 billion global meat market, where traditional soy protein ingredients are prevalent.
Financial Risks: Increased SG&A and R&D expenses from $1.4 million to $2.3 million in Q3 2024 may impact financial stability, especially with operational cash flow decreasing from $4.2 million to $2.7 million year-over-year.
Market Adoption Risks: The success of Moolec's products, such as Piggy Sooy and GLASO, depends on market acceptance and the ability to replace traditional meat products, which may pose adoption risks.
Regulatory Approval of Piggy Sooy: Moolec achieved regulatory approval from USDA-APHIS for Piggy Sooy, allowing the company to move and ship products without individual permits.
Commercialization Timeline: Commercialization of Piggy Sooy is expected to begin in 2027-2028, following field trials and breeding strategies.
Safflower Platform Development: GLASO is in pre-commercialization stages with trial production started and contracts for 600 acres of production secured.
Intellectual Property Expansion: Two U.S. patents granted for SPC2, extending protection until 2041, as part of Moolec's strategy to build its IP portfolio.
Revenue Expectations: Normalized revenues increased to approximately $1.3 million in Q3 2024, attributed to the consolidation of the soy protein ingredient business.
Gross Margin: Gross margin for Q3 2024 was around 18%.
Cash Position: Cash position as of Q3 2024 was approximately $4.3 million, bolstered by $2 million in additional funding.
Operational Cash Flow: Operational cash flow for Q3 2024 was approximately $2.7 million, a decrease from $4.2 million in Q3 2023.
Cash Position: Approximately $4.3 million as of Q3 2024, strengthened by approximately $2 million of additional funding received during the end of April 2024.
Operational Cash Flow: Operational cash flow this quarter was approximately $2.7 million.
SG&A and R&D Expenses: Increased to $2.3 million from $1.4 million in Q3 2023.
Normalized Revenues: Increased year-over-year from nil to approximately $1.3 million.
Gross Margin: Around 18%.
The earnings call presents a mixed picture. While there are positive developments like the collaboration with a major CPG company and Bunge, and revenue growth, there are significant concerns. Financial risks are evident with increased cash utilization and reliance on convertible notes. Operational risks and competitive pressures also loom large. The Q&A section highlighted some positive partnerships but lacked clarity on revenue specifics, adding uncertainty. Overall, these factors balance each other, leading to a neutral sentiment with potential for minor fluctuations in stock price.
The earnings call reveals financial strain with increased expenses and limited cash position, despite some revenue growth. Market competition poses challenges, and the Q&A highlights uncertainties in customer commitments and regulatory timelines. Although there are positive developments like USDA approval, the overall sentiment is cautious, with financial and operational risks overshadowing potential gains.
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