REHOVOT, Israel, April 30,
2024 /PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq:
STKH), a leading innovator in 3D-printed meat and fish technology
and cultivated cell innovation, is pleased to provide an annual
business update for the year ended December
31, 2023 and subsequent events. Demonstrating significant
strides in both technological advancements and market presence,
Steakholder Foods continues to solidify its position as a leader in
the future of alternative meat and fish production.
Steakholder Foods' CEO, Arik
Kaufman, said: "As we reflect on the
accomplishments of this year, I'm incredibly proud of our team's
dedication and the milestones we've achieved together. From forging
strategic partnerships to securing substantial funding and making
groundbreaking advancements in technology and intellectual
property, 2023 has been a year of immense progress for Steakholder
Foods. I'm excited about the future possibilities and confident in
our continued success as we lead the way in the alternative meat
and fish production."
2023 and Up to Date Business Highlights
Throughout 2023, Steakholder Foods achieved significant
milestones and business highlights that underscore its leadership
in the alternative protein industry.
Steakholder Foods unveiled its 3D printing business model to
offer its 3D commercial scale meat and fish printers and to supply
the SHMeat and SHFish plant-based premixes, making a huge step
forward commercialization readiness. The company also announced the
optimization of funds and closure of its Belgian subsidiary,
showcasing strategic financial management and streamlining of
operations.
Steakholder Foods signed a strategic agreement with a GCC
governmental body, marking a significant milestone in international
partnerships and expansion efforts.
In early 2024, Steakholder Foods signed an MoU with Wyler Farm,
Israel largest tofu producer and
one of its leading alternative protein producers. As part of the
MoU, Steakholder Foods aims to sell and install a commercial-scale
3D meat printer between Q4-24 and Q1-25 with production capacity of
up to 500 kg per hour of plant-based beef steaks. This is the first
private-sector deal for Steakholder Foods and is expected to be
valued at several million dollars over the coming years.
The Prime Minister of Israel
visited Steakholder Foods to experience its cutting-edge 3D
printing technology, highlighting the company's recognition at the
highest levels of government and its technological leadership.
In 2023 and 2024, the company received confirmation from a
highly-regarded consultant regarding the use of the ingredients of
the SHMeat and SHFish blends in the
United States and the United Arab
Emirates.
In 2023, Steakholder Foods received approval of a $1M grant from the SIIRD (Singapore-Israel
Industrial R&D Foundation), reflecting a vote of confidence
from both the Israel Innovation Authority and Enterprise Singapore
in the company's technological capabilities. In March 2024, the company received the first grant
payment of $220 thousand, following
the achievement of initial grant milestones.
Major Technology Advancements:
Steakholder Foods has made significant strides in the
development and production of commercial scale 3D meat and fish
printing technology and in the plant-based premixes:
Printing technologies:
- Drop Location in Space (DLS): A cornerstone of our
seafood replication process, DLS technology allows the company to
create textures that mirror the delicate structure of real seafood,
from the tenderness to the flakiness, offering an authentic seafood
dining experience devoid of the ocean's bounty.
- Fused Paste Layering (FPL): In our quest to recreate
meat's unique fibrous texture, FPL technology plays a pivotal role,
enabling the company to produce plant-based meats that rival their
animal-based counterparts in both chewiness and texture, satisfying
the palate of even the most discerning meat lovers.
Plant based premixes:
Central to our product lineup, the SHMeat and
SHFish ranges offer an extensive variety of plant-based
alternatives, designed to cater to a broad spectrum of culinary
tastes and dietary preferences.
- SHMeat Blends: Our expansive SHMeat collection features
a wide array of meat alternatives, spanning both printed and minced
formats. From the savory depths of the SHMeat Beef Steak blend to
the succulent tenderness of SHMeat Chicken, we offer an eclectic
variety of options including pork, lamb, and even exotic meats.
Meticulously crafted to emulate the exact taste and texture
profiles of traditional meats, our SHMeat blends provide a truly
authentic and enjoyable eating experience across a diverse range of
culinary applications.
- SHFish Blends: The SHFish series is dedicated to
delivering genuine fish and seafood alternatives, encompassing both
printed and minced product forms. Our lineup includes the delicate
SHFish White Fish blend, perfect for crafting flaky, tender
fillets, alongside options such as salmon, tuna, and various
shellfish. Harnessing our advanced production technologies, each
SHFish product captures the distinctive textures and flavors
specific to each type of seafood, offering a sustainable and
responsible choice without compromising on the culinary experience.
Ideal for a multitude of dishes, from elegant sushi to hearty
seafood tacos, our SHFish blends meet the expectations of seafood
enthusiasts and eco-conscious consumers alike.
2023 Financial Results Summary:
Research and development expenses increased to
$7.0 million for the year ended
December 31, 2023, compared to
approximately $6.5 million for year
ended December 31, 2022. The increase
resulted mainly from payroll expenses, materials and professional
services expenditures related to our research and development
operations.
The loss from continuing operations increased to
$15.5 million for the year ended
December 31, 2023, compared to
approximately $14.5 million for the
year ended December 31, 2022. After
deducting non-cash share-based compensation expenses and net
financial income and expenses, the net loss decreased by
approximately $1.4 million, driven
mainly by decreases in marketing expenses.
Net loss per share from continuing operations
decreased to $0.07 per ordinary
share, compared to $0.11 per ordinary
share in 2022.
Cash flow - Net cash used in operating activities
decreased to $12.7 million for the
year ended December 31, 2023,
compared to approximately $14.8
million for the year ended December
31, 2022.
Net cash provided by financing activities increased by
approximately $5.3 million, or 91%,
to $11.2 million for the year ended
December 31, 2023, compared to
$5.8 million for the year ended
December 31, 2022. This increase was
due to the increase in proceeds from issuance of shares and
warrants.
Cash and equivalents at year-end 2023 was
$4.2 million, compared to
$6.2 million as of year-end 2022.
Non-current assets stand at $5.8 million as of year-end 2023, compared to
$8.6 million as of year-end 2022,
primarily driven by a decrease in fixed assets due to discontinued
operation and loss from other investment.
Total assets stand at $10.8
million as of year-end 2023, compared to $15.8 million as of year-end 2022.
Total capital stands at $5.8
million as of year-end 2023, compared to $9.4 million as of year-end 2022.
About Steakholder Foods
Steakholder Foods is at the forefront of transforming the
alternative protein industries through its advanced technology.
Founded in 2019, Steakholder Foods specializes in developing and
selling 3D-printing production machines, supported by proprietary
premix blends, formulated from the highest-quality raw ingredients.
These innovative tools are designed to help manufacturers of all
sizes efficiently produce foods that meet and exceed consumer
expectations for taste, texture, and appearance and offer a safe
and sustainable alternative to industrialized meat and seafood
production.
Steakholder Foods' expertise in creating alternative proteins
products that replicate the complex textures of traditional meats
such as beef steaks, white fish, shrimp, and eel. The company is
also exploring the integration of cultivated cells, preparing for
future advancements in food technology.
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 the technologies which it is developing, which may require
significant additional work before Steakholder Foods can
potentially launch commercial sales; Steakholder Foods' research
and development activities associated with printing technologies,
including three-dimensional food printing, 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, 2023, filed with the Securities and Exchange Commission
on April 30, 2024. 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.