0001213900-26-050174
SEC filingSteakholder Foods remained in a pre-revenue commercialization phase in FY2025, with no new purchase orders and a net loss widening to $11.2M, though operating cash burn improved.
Steakholder Foods generated only $10K in revenue in FY2025, identical to FY2024, as the company received no additional purchase orders from Bondor Foods following the initial order delivered in December 2024. The supply agreement with Bondor Foods, signed in September 2024, has an initial two-year term, but the lack of follow-on orders highlights the early-stage nature of the company's plant-based fish premix business. The partnership with Premazon to integrate fish premix blends into a white fish kebab line has not yet translated into revenue. The Wyler Farm agreement, which provides for royalty payments from commercial-scale alternative protein production, also generated no revenue in 2025. These outcomes underscore the gap between pilot agreements and recurring commercial sales.
Operating loss improved 12.5% to $7.4M from $8.5M, driven by reductions in research and development and general and administrative expenses. However, net loss widened 32% to $11.2M from $8.5M, reflecting increased other expenses, including a loss from discontinued operations. Gross margin remained negative at -120%, as cost of goods sold exceeded revenue.
Management expects continued losses and negative cash flow, with no near-term catalyst for revenue growth. The Bondor Foods agreement remains the primary commercial channel, but no purchase orders were received in 2025. The Twine insolvency and the geopolitical situation in Israel add uncertainty. The company's ability to execute its business strategy depends on securing additional funding and commercial partnerships.