In H1 2023, the company shifts into high gear with
strategic B2B focus, groundbreaking commercial agreement, and major
technological advancements.
REHOVOT, Israel, Aug. 30,
2023 /PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq:
STKH), an international deep-tech food company at the forefront of
the cultivated meat industry, is pleased to provide a business
update for the first half of 2023, including a summary of its
successful advancements in funding, commercialization and
technological capabilities, commercialization and more. In
parallel, the company has reported its H1 2023 financial
results.
Steakholder Foods' CEO, Arik
Kaufman, commented: "With a fresh focus on a B2B model and
our first multi-million-dollar commercial agreement with a GCC
governmental body, Steakholder Foods is accelerating its path from
R&D to commercialization. Further bolstered by significant new
funding and key technological advancements, the company continues
to establish itself as an innovator in the alternative protein
sector."
H1 2023 and Up to Date Business Highlights
From R&D to Commercialization - Groundbreaking Agreement
and New Funding:
Steakholder Foods took a monumental leap in H1 2023, signing its
first ever multi-million-dollar agreement with a GCC
governmental body. The agreement is expected to involve significant
financial commitments and to open up lucrative markets for
Steakholder Foods, and is expected to serve as a critical catalyst
in accelerating Steakholder Foods' endeavors in research,
development and commercialization. The Company also raised
$12.5 million in two rounds of public
offerings ($6.5 million in
January 2023, and $6 million in July
2023) to fuel further development, commercialization, and
other corporate goals.
Major Technology Advancements:
In the first half of 2023, Steakholder Foods 3D-bioprinted the
world's first ready-to-cook cultivated fish. This achievement not
only established Steakholder Foods as a pioneer in the cultivated
meat space but also signaled its readiness for various
collaborative opportunities, especially in bio-ink
customization.
Additionally, the company announced a major printer
upgrade that has substantially enhanced its production
capabilities. The new upgrade allows for faster printing speeds,
increased reliability, and the ability to create more intricate
designs, all with a view to ensuring a stronger competitive edge in
the market.
Government and Industry Recognition:
The Company received high-profile validation by hosting Israeli
Prime Minister Benjamin Netanyahu, who reviewed Steakholder
Foods' innovative technology first-hand and enthusiastically tasted
the results, before joining in a roundtable discussion that the
Company hosted with foodtech industry leaders, academics, and
government representatives.
H1 2023 Financial Results Summary:
- R&D expenses reached $3.4 million in H1 2023, compared to $3 million in H1 2022, reflecting an expansion of
investment in Steakholder Foods' research and development
capabilities.
- Operating loss reached $6.8
million in H1 2023, compared to $8.2
million in H1 2022. The decrease was primarily driven by a
reduction in general and administration expenses.
- Loss from continuing operations was
$7.0 million in H1 2023, or
$0.038 per ordinary share, compared
to $7.2 million and $0.057 per ordinary share in H1 2022.
- Cash flow used in operating activities was
$7.7 million in H1 2023, compared to
$7.4 million in H1 2022.
- Cash and equivalents as of June 30, 2023 were $3.9
million, compared to $6.3
million as of year-end 2022. Pro forma to our capital raise
in July 2023 and net of associated
fees, our cash and equivalents as of June
30, 2023 were $9.4
million.
- Non-current assets as of June 30, 2023 amounted to $6.3 million, compared to $8.2 million as of year-end 2023. The decrease
was primarily driven by a reduction in the fair value of an asset
deriving from a debt arrangement to which we are party, and fixed
assets depreciation, including in right-of-use assets, partially
offset by our investment in Wilk Technologies.
- Total assets stood at $10.8
million as of June 30, 2023,
prior to our recent fundraising, compared to $15.3 million as of year-end 2022.
- Total capital stood at $0.7
million as of June 30, 2023,
prior to our recent fundraising, compared to $7.9 million as of year-end 2022.
About Steakholder Foods
Steakholder Foods Ltd., is an international deep-tech food
company at the forefront of the cultured meat revolution. The
company-initiated activities in 2019 and is listed on the Nasdaq
Capital Market under the ticker "STKH", with headquarters in
Rehovot, Israel.
The company is developing a slaughter-free solution for
producing cellular agriculture meat products, such as beef and
seafood, by offering manufacturers the ability to produce a
cultivated meat product that aims to closely mimic the taste,
texture, and appearance of traditional meat— as an alternative to
industrialized farming and fishing. With its membership in the UN
Global Compact, Steakholder Foods is committed to act in support of
issues embodied in the United Nations Sustainable Development Goals
(SDGs) which include strengthening food security, decreasing carbon
footprint, and conserving water and land resources.
For more information, please visit:
https://steakholderfoods.com
Forward-Looking Statements
This press release contains forward-looking statements
concerning Steakholder Foods' business, operations and financial
performance and condition as well as plans, objectives, and
expectations for Steakholder Foods' business operations and
financial performance and condition. Any statements that are not
historical facts may be deemed to be forward-looking statements.
Forward-looking statements reflect Steakholder Foods' current views
with respect to future events and are based on assumptions and
subject to known and unknown risks and uncertainties, which change
over time, and other factors that may cause Steakholder Foods'
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as "may," "could," "should," "will," "would,"
"believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan" or words or phases of similar meaning and include, without
limitation, Steakholder Foods' expectations regarding the success
of its cultured meat manufacturing technologies it is developing,
which will require significant additional work before Steakholder
Foods can potentially launch commercial sales; Steakholder Foods'
research and development activities associated with technologies
for cultured meat manufacturing, including three-dimensional meat
production, which involves a lengthy and complex process;
Steakholder Foods' ability to obtain and enforce its intellectual
property rights and to operate its business without infringing,
misappropriating, or otherwise violating the intellectual property
rights and proprietary technology of third parties; and other risks
and uncertainties, including those identified in Steakholder Foods'
Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and
Exchange Commission on April 4,
2023. New risks and uncertainties may emerge from time to
time, and it is not possible for Steakholder Foods to predict their
occurrence or how they will affect Steakholder Foods. If one or
more of the factors affecting Steakholder Foods' forward-looking
information and statements proves incorrect, then Steakholder
Foods' actual results, performance or achievements could differ
materially from those expressed in, or implied by, forward-looking
information and statements contained in this press release.
Therefore, Steakholder Foods cautions you not to place undue
reliance on its forward-looking information and statements.
Steakholder Foods disclaims any duty to revise or update the
forward-looking statements, whether written or oral, to reflect
actual results or changes in the factors affecting the
forward-looking statements, except as specifically required by
law.
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SOURCE Steakholder Foods Ltd.