Can Wide Open Agriculture Overcome Production Hurdles to Profitability?
Wide Open Agriculture has made significant strides in expanding its intellectual property and commercial footprint, including a new patent for lupin protein milk and first sales of lupin oil, while progressing plans for a large-scale manufacturing facility in Western Australia.
- Filed patent for novel lupin protein milk formulation targeting beverage applications
- First commercial sale of lupin oil to European cosmetics sector
- Advanced Pre-Feasibility Study for 10,000 tonne-per-annum lupin protein plant
- Initiated early talks with contract manufacturers to scale production cost-effectively
- Strengthened governance with new Non-Executive Director appointment
Strategic Expansion in Intellectual Property and Product Range
Wide Open Agriculture Ltd (ASX – WOA) has taken a decisive step forward in its product innovation journey by lodging a patent application for a novel lupin protein milk formulation. This new development aims to overcome traditional challenges in plant-based milk alternatives, such as flavour neutrality and texture, positioning lupin protein as a competitive ingredient in beverages like tea, coffee, and functional drinks. The patent is part of a broader strategy to diversify applications of lupin protein beyond core extraction and processing technologies.
Progressing Commercialisation and Market Penetration in China
WOA has also advanced its go-to-market strategy in China through a partnership with Univar Solutions China. Following a detailed market entry plan presented in late 2025, the company is moving from preparation to execution, focusing on established functional food and beverage sectors where demand for high-performance plant proteins is already strong. Participation in the 2025 China International Import Expo in Shanghai provided a valuable platform to showcase lupin protein products to potential Chinese manufacturers and distributors.
Scaling Manufacturing and Operational Efficiency
On the manufacturing front, Wide Open Agriculture is progressing a Pre-Feasibility Study for a 10,000 tonne-per-annum lupin protein facility in Western Australia. This study, conducted with Process Partners and MO Consultants, aims to define the technical and financial framework necessary for commercial-scale production. In parallel, the company has initiated early-stage discussions with contract manufacturers to explore scalable and capital-efficient production models, which could accelerate the path to profitability by reducing upfront capital expenditure.
Whole-of-Seed Strategy and New Revenue Streams
WOA’s commitment to maximising value from lupin seeds is evident in its whole-of-seed strategy. The company achieved its first commercial sale of lupin oil to a European cosmetics firm, marking a milestone in unlocking additional revenue streams beyond protein isolates. Additionally, ongoing work to characterise lupin fibre aims to support future product development and customer validation, potentially broadening the company’s market reach.
Governance and Financial Position
Governance has been bolstered with the appointment of Vincent Lauwerier, Managing Director of Malteurop Australia & New Zealand, as a Non-Executive Director, bringing extensive FMCG and manufacturing expertise. The company is also actively recruiting a CEO with global experience in scaling plant protein businesses, signalling readiness for the next growth phase. Financially, WOA reported $1.5 million in cash at quarter-end and generated $230,000 in toll manufacturing income, while managing a net operating cash outflow of $0.5 million. Production was temporarily moderated to conserve capital but has since resumed normal levels.
Bottom Line?
Wide Open Agriculture’s strategic moves in IP, manufacturing scale, and China market entry set the stage for its next growth chapter, but execution risks remain as it seeks to commercialise at scale.
Questions in the middle?
- How soon will contract manufacturing agreements be finalised to scale production?
- What impact will the new lupin protein milk patent have on market adoption and competition?
- How will the company balance capital efficiency with the need to ramp up production to meet demand?
