How Wide Open Agriculture Halved Losses While Advancing Lupin Protein Sales
Wide Open Agriculture Limited reported a 52% reduction in its half-year net loss to $2.05 million, alongside a 41% revenue increase, as it pushes forward with lupin protein product development and cost management.
- Half-year net loss reduced by 52% to $2.05 million
- Revenue increased 41% to $381,000
- First commercial sale of lupin oil achieved
- Cash reserves at $1.5 million supporting near-term operations
- Board strengthened with two new non-executive directors
Financial Performance and Capital Management
Wide Open Agriculture Limited (ASX: WOA), the Australian plant-based protein innovator, has reported a significant improvement in its half-year financial results for the period ending 31 December 2025. The company halved its net loss to $2.05 million, down 52% from $4.3 million in the previous corresponding period, while revenue rose 41% to $381,000. This progress reflects the company’s disciplined focus on capital preservation and cost reduction, including scaling back production activities at its German facility and tightening discretionary spending.
Advancing Lupin Protein Commercialisation
WOA continues to advance its proprietary lupin protein platform, a sustainable and high-protein isolate with promising applications across dairy alternatives, bakery, confectionery, and nutrition bars. Notably, the company achieved its first commercial sale of lupin oil to a European cosmetics customer, validating its whole-of-seed utilisation strategy that aims to maximise revenue streams from lupin protein, fibre, and oil co-products.
Customer engagement remains robust, with ongoing discussions spanning Europe, South America, Asia, and Australia. These include potential ingredient supply agreements and toll manufacturing arrangements designed to increase facility utilisation and generate revenue while preserving cash.
Strategic Initiatives and Leadership Changes
In response to the long sales cycles and high production costs at current volumes, WOA is exploring contract manufacturing partnerships to scale lupin protein production more cost-effectively. This strategic pivot aims to meet growing demand at a lower price point and accelerate market penetration.
The company has also strengthened its governance with the appointments of Claudia Kwan and Vincent Lauwerier as non-executive directors, replacing outgoing directors Anthony Maslin and Brett Tucker, who remains company secretary. Additionally, WOA is actively searching for a new CEO with experience in scaling global ingredient businesses to lead the next phase of growth.
Cash Position and Going Concern
At 31 December 2025, WOA held approximately $1.5 million in cash, providing a runway to support ongoing commercial activities, customer trials, and targeted manufacturing. The company received an R&D tax rebate during the period, which helped reduce operating cash outflows. However, the directors acknowledge a material uncertainty regarding the company’s ability to continue as a going concern due to ongoing losses and cash burn. Management remains confident that cost controls, potential capital raises, and strategic partnerships will sustain operations.
No dividends were declared for the half-year, consistent with the company’s focus on reinvestment and growth.
Bottom Line?
Wide Open Agriculture’s improved financial footing and strategic moves set the stage for potential commercial breakthroughs, but cash constraints and market adoption remain key challenges.
Questions in the middle?
- Will WOA secure a new CEO with the expertise to scale production and commercial partnerships?
- How soon can contract manufacturing partnerships be established to reduce production costs?
- What are the prospects for converting current customer discussions into binding commercial supply agreements?
