Wide Open Agriculture (ASX:WOA) Releases Q4 2024 Quarterly Report
Financial Performance
Wide Open Agriculture reported $170K in revenue from product sales and toll manufacturing services. The company reduced overhead costs by 50% compared to the previous quarter, achieving a net operating cash outflow of $1.2 million. Cash at the end of the quarter stood at approximately $2.2 million.
Product Development
The company developed a new lupin-based tofu (Lufu) prototype, which showed promising results during cooking tests. WOA is refining the production process to achieve a clean and neutral flavour profile, aligning with consumer expectations.
Strategic Partnerships and Commercialisation
WOA continues to engage with potential industry partners to explore global commercialisation opportunities. Discussions with several food manufacturers and distributors are ongoing to drive product sales and sustain full utilisation of the German production facility.
Sales Team Expansion
The company appointed an experienced Sales Manager to focus on the South East Asian market, targeting strong growth in regions like India and China. This expansion aims to capitalize on the rising demand for plant-based proteins in these markets.
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