Fermentalg (FALG) H1 2025 earnings summary

Executive summary

• Revenue nearly tripled year-over-year, driven by expansion into new market segments such as infant and animal nutrition, and the launch of new products including a natural blue colorant approved by the FDA for the US market.

• Achieved major milestones in expanding the BioSolutions portfolio and entering new markets, despite a challenging macroeconomic environment.

• Strategic transformation focused on customer-centric organization, industrial competitiveness via partnership with HuvePharma, and ambitious geographic expansion.

• Achieved FSSC22000 quality certification and joined the UN Global Compact.

• Expanded presence in the value chain and enhanced product offering, especially in sustainable alternatives to fish oils.

Financial highlights

• Revenue for H1 2025 reached €7.6M, up from €6.3M in H1 2024, entirely from DHA Origins® sales.

• Net loss narrowed to -€4.3M from -€5.7M year-over-year, mainly due to lower net financial expenses.

• Operating expenses increased to €12.7M from €11.5M, mainly due to higher cost of goods sold and a less favorable sales mix.

• Cash position declined from €20.6M at end-2024 to €12.8M at June 2025, reflecting negative operating cash flow, working capital needs, investments, and repayments of advances.

• Equity decreased to €30.3M from €32.8M at year-end 2024.

Outlook and guidance

• Plans to finalize industrialization and launch of the FDA-approved blue colorant in the US in H2 2025.

• Targeting double-digit revenue growth for full-year 2025 compared to €11.5M in 2024.

• Medium-term ambitions remain strong, driven by new product industrialization, strategic customer acquisition, and cost optimization.

• Continued commercialization of Omega-3 range, now including EPA alongside DHA.

• Targeting €25M in revenue by 2026.