Steakholder Foods Ltd.

For the first half of 2024, R&D costs were $1.6 million versus $3.6 million a year ago, a 54% year-over-year reduction. Marketing expenses were $700,000, down 56% from $1.6 million, and G&A expenses fell 9% to $2.0 million from $2.2 million. Net loss decreased 54% to $4.4 million, or $1.10 per ordinary share, from $9.5 million, or $5 per ordinary share, in the first half of 2023. Net cash used in operating activities declined to $4.4 million from $7.5 million, and the company had $5.4 million in cash and equivalents entering the first half of 2024 versus $4.2 million at the end of 2023. Management expects first commercial revenue in late 2024 or early 2025, with accelerated revenue growth in 2025 and a potential global commercial agreement by early 2025.

Arik Kaufman framed the quarter as a clear strategic shift from development to commercialization, emphasizing the move to two revenue streams: selling 3D printers/association services and selling meat and fish premix blends to foodservice businesses. He said the four agreements already signed are proof points that validate the new direction and could create substantial recurring revenue starting in 2025. His tone was optimistic but cautious, repeatedly stressing that revenue is still early and that production and market rollout must happen first.

Moran Attar focused on the improving financial profile tied to the end of major R&D work. She cited first-half 2024 R&D of $1.6 million, marketing of $700,000, and G&A of $2.0 million, with net loss down to $4.4 million and operating cash burn down to $4.4 million. She said R&D should stabilize at the lower level as the company shifts to promoting and optimizing its technologies, and highlighted the $220,000 grant payment as non-dilutive support.

There were no analyst questions on the call, and no webcast or phone questions were taken. Management therefore did not have to address investor pushback directly. The main audience concerns implicitly addressed by the prepared remarks were timing of commercialization, ability to turn partnerships into revenue, and the company's cash and expense trajectory.