MeaTech 3D Ltd.

For the first half of 2024, R&D costs were $1.6 million versus $3.6 million in the same period last year, a 54% year-over-year reduction. Marketing expenses were $700,000, down 56% from $1.6 million, and general and administrative expenses declined 9% to $2 million from $2.2 million. Net loss improved to $4.4 million, or $1.10 per ordinary share, from $9.5 million, or $5 per ordinary share, in H1 2023. Net cash used in operating activities fell to $4.4 million from $7.5 million, and the company entered the first half with $5.4 million in cash and equivalents versus $4.2 million at the end of 2023. Looking ahead, management expects first commercial revenue in late 2024 or early 2025, modest revenue generation to start in late 2024 or early 2025, and accelerated revenue growth in 2025.

Arik Kaufman framed the period as a transition from development to commercialization, saying the company has shifted to two revenue streams: 3D printers/association services and meat and fish premix blends sold to foodservice businesses. He emphasized the four agreements as proof that the market is receptive and said they could support substantial recurring revenue growth beginning in 2025. His tone was optimistic but cautious, stressing that production is just beginning and that real-world validation should help win additional deals.

Moran Attar highlighted a much leaner cost structure after the company completed its major R&D initiative. She cited $1.6 million of R&D costs in H1 2024 versus $3.6 million last year, marketing expense of $700,000 versus $1.6 million, and G&A of $2 million versus $2.2 million. She also noted net loss of $4.4 million, or $1.10 per ordinary share, and operating cash outflow of $4.4 million, while cash and equivalents were $5.4 million at the start of the period. She pointed to the $220,000 grant payment as non-dilutive funding supporting the company’s work.

There was no analyst Q&A; the operator noted no phone questions and none on the webcast. As a result, management did not address additional concerns beyond the prepared remarks. The most notable open point remains execution: when production begins, whether the four agreements convert into meaningful recurring revenue, and timing of the expected global commercial deal in early 2025.